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HomeMy WebLinkAbout895505Recording requested by: '~';ells Fazgo Bank, Whe~record¢dreturnto: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 DOCUMENT MANAGEMENT 895505 ' ~~PRPAOE RECEIVED LINOOLN COUNT'( OLERI( Stale of Wyoming · · Space Above Tiffs Line For Recording Data- REFERENCE #: 20032g-17200~5 ACCOUNT #: 0654-~54-0924288-1998 /. MORTGAGE ~ (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrmnent") is 11 i 04 / 2003 and fl~e parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: RICHARD J ZENGER, JR. A MARRIED MAN AND JUANA C ZENGER, NON VESTED SPOUSE. WHO AQUlRED TITLE AS RICHARD J ZENGER, A SINGLE MAN [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and ackuowledgments. LENDER:wells Fargo Bank, N.A. P. O. BOX 3155q BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of ~vhich is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performauce uuder this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, fl~e following described property: 'LOT 11, ROBERT LOUIS STROUT SUBDIVISION, AS SHOWN BY IHE OFFICIAL PLAT THEREOF IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY, WYOMING, BEING SIIUAIED IN THE SOUTHEAST QUARTER OF SECTION 2g, TOWNSHIP 37 NORTH, RANGE 118 WEST, 6IH P.M. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS, OIL, GAS OR MINERAL RIGHTS OF RECORD, IF ANY. The Property is located in L I NCOLN at: 208 SAWMILL ROAD ALPINE, w¢C°""~'5128 aud parcel nulnber of 37182940222200 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 future improvements, structures, fixtures, and replacemeuts that may now or at any time in the future be part of the .real estale described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one dine shall not exceed $ 15,000. O0 . This limitation of mnount does not include interest and other fees and charges validly made pursuaut to lhis Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Iustrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defiued as follows: A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 11 / 04 ! 2003 together with all amendlnents, extensions, modifications and renewals, and having a maturity date of 11 / 04 t 2028 B. All future advances from Lender to Mortgagor under such evidence of debt. All fi~ture advances are secured as if made on the date of this Security Instrumem. Nothing in tlfis Security Agreement shall constitute a comnfitment to make additional or fi~ture loans or advances which exceed the amoum shown in Section 3. Any such commimmnt must be agreed to in a separate writing C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terins of this Security Instrument. 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 SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien · ~ docmnent that created a prior security interest or encmnbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior wrilten 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 Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of the Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have. against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any imerest therein, then at its sole option, Lender 1nay, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such particular circmnstances where exercise of such a right by Lender is prohibited by law_. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not cmnmit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not pernfit any chauge in an), license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of auy loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the puqmse of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be emirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants comained in this Security Instmn~ent, Lender may, without notice, perform or cause them to be performed. Mortgagor appoims Lender as attorney in fact to sign Mortgagor's name or pay any amoum necessary for performance. Lender's right to perform for Mortgagor shall not create au obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or tiffs Security Instrmnent. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, iuclnding completion of the construction. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and to any and all existing or fixture leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreemems (all referred to as "Leases") and rents, issues and profits (all referred to as "Rems"). Mortgagor will promptly provide Lender with tree and correct copies of all existing and fim~re Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that tlfis assignment is innnediately eifective between the parties to this Security Instrumem. Mortgagor agrees that this assignment is effective as to third parties when Lender takes ,'fffirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of tim property without the necessity of commencing legal action and Il'mt actual possession is deemed to occur when Lender} or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor Will endorse and deliver to Lender any payment of Rems in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rems with any other fi~nds. An), amounts collected will be applied as provided in this Security Iustmment. Mortgagor warrants that no default exists under 11. EQI50B (107 . ,~ thc Leases or auy applicable laudlord~tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPi~IENTS. Mortgagor agrees to comply with the provisions of any lease ffthis Security Instrument is on a leasehold, ff the property is a unit in a Condmninmn~ Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees lo the following: A. Obligations. Mortgagor shall perform all of Mor~gagor's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document wlfich creates the Condonfilfium Projects or PUD and al\~, homeowners association or equivalem entity ("Owners Associatimf'); (ii) by-laws; (iii) code of regulations; and (iv) other equfl~alm~t ~ocuments. Mortgagor shall promptly pay, when duc, all dues and assessments imposed pursuant to tlm Constituent Documents. B. Hazard Insurance; So long as the Owners Association maintains, with a ge~mrally accepted insurance carrier, a "master" or "blanket" policy on the Coudonfinium Prqject or PUD which is satisfactory, to Lender and which provides insurance coverage in the anmunts, 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 ou the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt 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 10ss to Property, whether to the milt or to cmmnon elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintaih flood insurance for the life of the Secured Debt which is acceptable, as to form, am.ount 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 iii form, amount, aud extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with any condemnation or other taking o:f all or any part of the Property, whether of the unit or of the common elements, or for any couveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided iii 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 ternrination of the Condomilfinm Project or PUD, except for abandonment or ternfination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemna:tion or entinent domain; (ii) auy amendment to any provision of the Constituent Documents ff the prm,ision is for the express 'benefit of Lender; (iii) termination of professional management and assumption of serf- management by the Owners Association; or (iv) any action which would bare tlm effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condonfinium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additional debt of Mortgagor secured by tlfis Security !nstmment. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secnred 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 fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Insmm~ent or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any persou or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Prope[ty is impaired shall also constitute an 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, ff any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a rammer provided by law if Mortgagor is in defaultl At the option of Lender, all or'any part of the agreed fees and charges, accrued interest and principal shall beconm inunediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instmmeut and any related documents, including without linfitation, the power to sell the Property. All remedies are distinct, cumulative 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 sum in payment or partial payment on the Secured Debt 'after the balance is due or is accelerated or after foreclosure proceedings are filed 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 ff it continues or happens again. · 349 15. EX~PENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any anzo'unt incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the paynmnt until paid in fifll at the highest interest rate in effect as provided in.the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, ezfforcing or protecting Lenders' rights and remedies under this Security Instnnnent. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmemal Law means, without limitation, the Comprehensive Enviromnental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnent. The term includes, without limitation, any substances defined as "hazardous material," "toxic snbstances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenauce of the Property. B. Except as previously disclosed and aclmowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in fifll compliance with any applicable Enviromnental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Snbstance occurs on, under or about the Property or there is a violation of any Environmental Law concenfing the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as MOrtgagor 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 any Enviromnental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Properb, through condemnation, eminent dmnain, or any other means. Mortgagor a:uthorizes Lender to intervene in Mortgagor' name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages cmmected with a conde~m~ation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instnnnent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Pr0perb~ insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and 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 Mortgagor subject 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 Property according to the terms ofllfis Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause:" Mortgagor shall immediately notify Leuder of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid prenfimns and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property 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. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisit!on shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreemem, Mortgagor will not be required to pa), to Lender fi~nds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional docmnents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrmnent are joint and individual. If Mortgagor sigus this Security Instrument but does not sign an evidence of debt, MOrtgagor does so only to mortgage Mortgagor~s interest in the Proper~ to secure payment of the Secured 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 may include, but are not linfited to, auy anti-deficiency or one-action laws. Mo~lgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any Change in the terms of this Security Instrument .or any evideuce of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; .INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent othenvise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended of modified by ora! agreement. Any section in this Security Instrumeut, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly pemfits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singnlar shall include the plural and the plural the singular. The captions and headings of the sections of tlfis Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instm~nent. Ti~ne is of the essence in tlfis Security Iustmutent. In the event any section of this Security Instrument directly cmfflicts with any section of a certain Hmne Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms Conditions (as applicable), the Arbitration Agree~nen.t, and the Agreement to Provide Flood/Property Insurance, all of wlfich I agree ~o by signing this Security Instrument, the terms of the Home Equity Closing H~!ndbook shall control. 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 I of this Security Instrument, or as shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extent prolfibited by law, Mo~1gagor waives any right regarding the marshalling of liens and assets, and hereby releasing and wai:viug al! rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERI~IS. 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, tlfis Security Instrument will remain in effect until released. ~ Construction Loan. This Security Instm~nent secures an obligation incurred for the construction of an improvmnent on the Property. ~ Fixtm'e Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fi~ture 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 Instrument. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. ~ Third Party Rider Ir*/Tq Leasehold Rider ~ Other EQISOE (I0/i SIGNATURES: By signing below, Mortgagor agrees 1o the terms and CoYenants contained in fids Securily Insimment and in any attaclunents Mortgagor also acknowledges receipt of a cop}, of lids Security Instrument on the date stated on page 1. Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date ACI~NOWLED GMENT: (Individual) STATE _7J5 e c COUNTY'OF /~: wC~l ~ The foregoi~g insmunent was acknowledged before me by ibis q dayof ~ ~6mK Witness my hand and o~cial seal. (S ignatt~d of~)aicer) (Title Of Officer) My Commission Expires: Mortgagor Date EXPIRES I~,AY 25, 2006 (Seal) A CIe_NOW'LED GMENT: (htdMdual) STATE OF COUNTY OF The foregoing instrmnent was acknowledged before me b'y this day of Wimess my hand and official seal. (Signature of Officer) (Title of Ol:ficer) My Commission Expires: (Seal) EQ150F (10/2003) 77' 7- ~-C