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HomeMy WebLinkAbout895392Recording requested°by: Wells Fargo Bank, N.A Wells ?argo Bank, N.A. P 0 BOX 31557 B ~NOS, M~ 59~0~ - DOCUMENT MANAGEMENT ~OOK ~ PRPAG~ 0 2 5 RECEIVED NCOL,~.t COUr, ITY CLERK 03,0u 19 .!t!,; 10:2.9 State of W),omh~l~- - . REFERENCE #: 20032397000065 MORTGAGE (With Furore Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 10 / 1712003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: DAVID LOMELI AND STEPHANIE MARIE LOMELI-MARIANI , HUSBAND AND WIFE AS TENANTS BY THE ENTIRETIES Space Above This Lhte For Recording Data- ACCOUNT #: 0654-654-0819093-1998 [] If checked, refer to lhe attached Addendmn incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank, N.A. P. 0. BOX 31557 BILLINGS, MT 59107 CONVEYANCE. For good and wduable consideration, the receipt and sufficiency of wldch is acknowledged, aud to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Insmnnem, Mortgagor grams, bargains, cmweys, mortgages and warrants to Lender, with power of sale, the followiug described property: LOT 12, TRAIL CREEK SUBDIVISION, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT PLAT FILED APRIL 3, 2002 IN THE OFFICE OF THE LINCOLN COUNTY CLERK AS PLAT NO. 196F. The property is located in L I NCOLN at: 92 ASHLEY DRIVE ALPINE, wy(C°~')128 and parcel number of 36191630038600 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and fiitt~re improvements, structures, fixtures, and replacements that may now or at auy time in the future be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 100,000. O0 . This linfitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instnnnent. Also, this limitation does not apply.to advances made under the terms of tiffs Security Instrmnent to protect Lender's security and to perform any of the covenants contained in this Security Instnunent. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. ,. Debt incurred under the temps of the promissory note, revolving line of credit, contract, ¢~aranty or other evidence of debt darted 10 / 13 / 2003 togeth¢r with all amcndmeuts, extensions, modifications and renewals, and having a maturi~ date of 10/1 ~ 12043 ~ B. All fl~ture advances frmn Lender to Mm~gagor u:~der snch evidence of debt. All fi~ture advances are secured as if made on the date of this Security Iustmment. Notlfing in this SecuriB~ Agreement shall constitute a comnfitment to make additional or future loans or,advances which exceed the amount shown in Section 3. ~y such cmm~tment nmst be agreed to in a separate writing. C. All sums advauced and expenses incurred b~r Lender for insuring, prese~Sng, or othenvise protecting tim Property and its value and any otlmr sums advanced and expenses incurred by Lender under the terms of this Security Iustmment. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECU~TY ~TERESTS. With regard to any other nm~gage, deed of trust, secufily agreement or other lien document that created a prior secnrity interest or encumbrance ou the Property, MoNgagor agrees: A. To make all payments when due and to perform or comply with all Covenants. B. To promptly deliver to Lender any notices lhat Mo~gagor receixres Rom the holder. C.. Not to allow any modification or extension of nor to request any fltture advances nnder any note or agreement secured by the lien docnmeut witliout Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Modgagor to provide to Lender copies of all notices that such amounts are due and the reCeipts evidencing Mortgagor's payment. Mortgagor will defend tire to the Pmpe~5 against a~Lv claims that would impair the lien of the Securib~ Instrument. Mo~gagor agrees to assign to Lender, as reqnested by Lender, any rights, claims or defenses Mortgagor may hm~e against paflies who supply labor or materials to maintain or improve the Properb~. 8. DUE ON SALE OR ENCUMB~CE. Upon sale, transfer, hypothecatiou, assigmnent or encumbrance, whether voluntau, involuntau, or by operation of law, of all or any pa~ of the Properbr or any iuterest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immedialely due and payable, except to the extent that such acceleration for and iu such patlicular circumstances where exercise of such a rigM by Lender is prohibited by law. 9. PROPERTY CONDITION, ALTE~TIONS AND ~SPECTION. Mo~gagor will keep the Prope~y in good condition and make all repairs that are reasonably necessa~. Mortgagor shall not cmmnit or allow any waste, impairment, or deterioration of tlm Property. Mortgagor will keep the Property free of noxious weeds aud grasses. Morlgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit auy change in any license, restrictive covenant or easement without Lender's prior written consent. Mo~gagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of auy loss or damage to the Prope~y. Lender or Lender's agents may, aI Lender's option, enter the Prope~y at any reasonable time for the pu~ose of inspecting the Property. Lender shall give Mo~gagor notice at the time of or before an inspectiou specifying a reasonable purpose for ll~e inspection. Any inspection of the Properb' shall be entirely for Lender's benefit and Mortgagor will in no way rely 0n Lender's inspection. 10. AUTHORITY TO PE~ORM. If Mo~gagor fails to perform any duty or any of the covenants contained in this Securib~ Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessaD~ for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights nnder the law or this SecuriW Instrument. If any construction ou tim Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessa~ to protect Leuder's security interest in the Properly, including completion of the construction. 11. ASSIGNMENT OF LEASES AND ~NTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to ' Lender as additional securiff all th.e rigl~t, title and to any and all e~sfing or fnture' leases, snbleases, aud any other written or verbal agreements for the use and occupancy of any portion of the Properly, iuclnding any extensions, renewals, modi'ficafions or snbstitntions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mo~gagor will promptly provide Lender with tree and correct copies of all existiug and futnre Leases. 'Mortgagor may collect, receive, enjoy and use the Rents so 16rig as Mo~gagor is not in default under the terms of this Security Instrument. Mo~gagor agrees that this assigument is immediately effective between the parties to this Secnfiff Instrument. Mortgagor agrees that this assignment is effective as to third parties when Leuder t~es affirmative action prescribed by law, and that tiffs assignment will remain in effect during any redemption period uutil the Secured Debt is satisfied. Mortgagor agrees that Leuder may t~e actual possession of the prope~y without the necessib~ of comme~ming legal action and that actual possession is, deemed to occur when Lender, or its agent, notifies Mo~gagor of default and demauds tbat any lenant pay all ~ture Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive auy Rents in trust for Lender and Will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instmmeut. Mortgagor warrants that no default exists under 12. 027 the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require ally tenant 1o comply with tile terms of the Leages and applicable law. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with lhe provisions of any lease if tits Security Instrument is on a leasehold. If the property is a milt in a Condominimn Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates lhe Condominium Projects or PUD and any homeowners assocmtion or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent docmnems. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to tile Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blaldcet" policy on the Condominimn Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender pro~npt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the stuns secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condelnnation. The proceeds of an)' award or claim for damages, direct or consequential, payable to Mortgagor in connection with ally condenmation or other taking of all or any part of the Property, whether of the unit or of the conn'non elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the stuns secured by the Security Instnnnent as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condomilfinm Project or PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) ally amendment to any provision of the Constituent Docmnents if the provision is for the express benefit of Lender; (iii) termination of professional managemem and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage lnaintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condonfininm or PUD dues and assessments when due, then Lender may pay them. Any amoums disbursed by Lender nnder this section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fifils to make payment when due. Mortgagor will be in defimlt if a breach occurs under the terms of this Security Instmn~ent or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good fifith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of all)' payment or the value of the Property is impaired shall also constitute all event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. At th.e option of Lender, all or any part of the agreed fees' and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anylime there~ffter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related docmnents, including without limitation, the power to sell the Property. All remedies are distinct, cmmdative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any stun in payment or partial payment on the Secured Debt after the balance is due or is accelerated or ,'flier foreclosure proceedings are flied shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mollgagor 'agrees to pay all of Lender's expenses if Mortgagor breaches any covenaut iu this Security Instrument. Mortgagor will also pay on demand any amoun.t incurred by Lender for iusuring, inspecting, prese~ing or othe~vise protecting the Propeay and Lender's security interest. These expenses will bear interest from the date of the payment until paid in frill at the highest interest rate in effect as provided in the terms of the Secured Debt. Moflgagor agrees to pay all costs and expenses incurred by Lender in collecting, e~ffo.rcing or protecting Lenders' rights and remedies under this Securi~ Instrument. This amounl may include, but is not limited to, attorneys' fees, court costs, aud other legal expenses. This amount does not include aUorneys' fees for a salaried employee of the Lender. This Security Ii~stmment shall remain in effect until released. Mo~gagor agrees to pay for any recordatiou costs of such release. 16. ENVIRONMENTAL LAWS ~D HAZA~OUS SUBSTANCES. As used in this section, (1) Environmental Law means, without linfitation, the Comprehensive EmStonmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinauces, cou~ orders, attorney general opi~fions or inte~retive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutaut or contanfinaut which has characteristics which render the substance dangerous or potentially daugerous to the public health, safety, we~are or enviromnent. The term includes, without limitation, ally substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Enyironmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Leuder, no Hazardous Substance is or will be located, stored or released ou or in the Prope.fly. This restrictiou does not apply to small quantities of Hazardous Substauces that are generally recognized to be appropriate for the normal use and mainteuance of the Properly. B. Except as previously disclosed and ac~mwledged in writing to Lender, Mortgagor and eve~~ tenaut have been, are, and shall remain in full compliance with any applicable Enviromnental Law. C. Mo~gagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs ou, under or about the Property or there is a violation of any Enviromnental Law coucerniug the Propc~~. In such an event, Mortgagor shall t&e all necessa~ remedial actiou in accordance with any Euviromuental Law. D. Moflgagor shall immediately noti¢ Lender in wriling as soon as Moflgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of alky Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of auy pending or threatened action, by private or public entities to purchase or take any or all of fl~e Property through condemnation, eminent domain, or any other means. Mo~gagor authorizes Lender to inle~ene iu Mortgagor' name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected witli a condemnatiou or other t&ing of all or auy part of the Property. 'Such proceeds shall be considered paymeuts aud will be applied as provided in tlfis Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lieu document. I8. INSUR~CE. Moagagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Prope~y due to its ~pe aud location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mo~gagor snbject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Prope~ according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender aud shall inclnde a standard "mortgage clause" aud, where applicable, "loss payee clause." Mortgagor shall immediately notify Leuder of cancellation or tetnfination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mo~gagor shall inunediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give inunediate notice to the iusurauce carrier aud Lender. Lender may make proof of loss ff not made ilumediately by Mortgagor. U~fless othe~vise agreed in writing, all insurance Proceeds shall be applied to the restoration or repair of the Proper~ or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Auy excess will be paid to Mortgagor. ~ the Properly is acquired by Lender, Mo~lgagor's right to any iusurance policies and proceeds resulting [rom damage to the Properly before the acquisition shall pass to Lender to the extent of the Secured Debt inunediately before the acquisition. 19. ESCROW FOR T~ES AND INSU~NCE. Unless othemSse provided in a separate agreement, Moflgagor will not be required to pay to Lender funds for taxes and iusurauce iu escrow. 20. F~ANCI~ ~PORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, an.y financial statement or itfformaliou Lender may deem reasonably necessa~. Moflgagor agrees to sign, deliver, and file auy additional documents or cefli:fications that Lender may consider necessa~ to perfect, continue, and presen,e Moflgagor's obligations under this SecuriB~ Iustmment and Lender's lien status on the ProperS,. 21. JOINT AND INDIVIDUAL .L~BILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Moagagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property tO secure payment of the Secnred Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights -oay include, but are not limited to, an), anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instnunent may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instnunent. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVEILABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extem otherwise required by the laws of the jurisdiction where the Property is located. This Security Instmmeut is cmnplete and fully integrated. This Security h~stmment may not be amended of modified by oral agreement. Any section in this Security Instrmnent, attachments, or any agreement related to the Secured Debt that cmrtlicts with applicable law will not' be effective, unless that law expressly or impliedly permits the variations by written agreement, if any section of this Security Instrument cannot be enforced according to its terms, that sectiou will be severed aad will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or d~fine the terms of this Secnrity Instrument. Time is of the essence in this Security Iustmment. In the event any section of this Security Instnnnent directly conflicts with any section of a certain Home Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreemem to Provide .Flood/Property Iusurance, all of which I agree to by signing this Security Instrmnent, the terms of the Home Equity Closing Handbook shall coutrol. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrmuent, or as showu in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing m~d waivh~g all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: FX-] Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrmnent will remain in effect until released. ~ Construction Loan. This Security Instmn~ent secures au obligation incurred for the construction of an improvement on the Property. ~TX-] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fim~re and that are or will become fixtures relates to the Property. This Security Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrume,a. The covenants and agreements of each of the riders checked below are incorporated into and supplelnent and amend the terms of this Security Instrmnent. ~ Third Party Rider '{~/-A] Leasehold Rider' ~ Other SIGNATUI~n%i By signing below, Mortgagor agrees to the terms and covenants contained in llffs Security Instrument and in any atlachnrents. Mdrtgagor also a&atowledges receipt of a copy of tiffs Security Instrument on the date stated on page 1. STEP'H-A-~ I E 1MAR I E LOk~EL - ~ I . Mortgagor Mortgagor Dat~ Mortgagor Date Morlgagor Date Mortgagor Date ACKNOWLEDGMENT: (Individual) ST.^ E /ZJ5 COUNTY OF ~,'~CO/~t The foregoing inslmment was acknowledged before me by tlffs _.~) ~ dayof Mortgagor Date Witness my hand and official seal. /;/,, ,~ , (Signature of Officer) My Comnffssion Expires: (Seal) ACI~I 0 WLED GBIENT: (Indiyidual) STATE OF [.L) ~ O~D cOUNTY OF b.u.,t The foregoing instrument was acknowledged before me by fids 13 day of ~~ , 200 ~? Witness my hand and official seal. (Title of Offi r) My Commission Expires: (Seal) EQISOF (10/2:::;:, ~ · .i: · ii:i':i[ili)!i: ':