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HomeMy WebLinkAbout896620Recording requested by: Wells Fargo Bank, N.A. RECEIVED LINCOLI, I. gc~II~ITy.~.. :~: CLERK When I:ecorded ~'eturn to: Wells Fazgo Bank, N.A. P O. BOX 3~55~ B LLINGS, MT 5910ff DOCUMENT MANAGEMENT Sf:~te of Wyoming Space Above This Line For Recording Dala REFERENCE #: 20033217000-/17 ACCOUNT #: 0654-654-1860607-1908 MORTGAGE ~ L~7/ (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrmnent") is 1 ~ / ~ 0 / ~003 and the parties, their addresses and tax identification numbers, if req~fired, are as follows: MORTGAGOR: SAMUEL R SUMMERS AND SUNI M SUMMERS WHO ACQUIRED TITLE AS SUNI SUMMERS AND SAMUEL SUMMERS, WIFE AND HUSBAND [] If checked, refer to fl~e attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER:wells Fargo Bank, N.A. P, O. BOX 31557 BILLINGS, Mf 5910-/ ~ CONVEYANCE. For good and valuable consideration, the receipt and sufficient3' of which is ackno~vledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: THE FOLLOWING DESCRIBED REAL PROPERTY LOCATED IN THE COUNTY OF LINCOLN, STATE OF WYOMING, BESCRIBED AS FOLLOWS LOT 8 OF THE HIALEAH SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. The property is located in L I NCOLN at: . ~28 HIALEAH COUNTY RD 405 S(~"~) OSMONB, WY 83110 find parcel nulnber of 12-3119- 13-4-01-006. oo together with all rigl!ts, easements, fippurtenances, royalties,, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all ~xisting and fi~ture improvements, structures, fixtures; and replacements that may now or at an)' time in the future be part of the rem estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instmmeut at an3, one time shall not exceed $ 35,000 ..00 . This limitati0u of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances, made under the terms of this Security Instrument to protect Lender's security and to perform an), of the covenants contained in tlfis Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term %ecured Debt" is defined as follows: i. 093 A. Debt incurred under thc tea~s o£ the p~ondsso~ nora, m~oi~i~g ]in~ o~ credit, commct, ~am~ o~ mh~ ~ide~c~ o~ debt dated 12 / l 0 / 2003 together with all amendmems, extensious) modifications and renewals, and having a mamfi~ date of q 2 / l 0 / 2043 B: All furore advances from Lender to Mo~gagor under such evidence of debt. ~1 ~ture advances are secured as ffmade on the date of tiffs Secufi~ Instnunent. Nothing in tlfis Securi~ Agreement shall constitute a cmmmtment to make additional or hture loans or adv~ces which exceed the amount shown in Section 3. ~y such commitment nmst be agreed to in a separate writing. C. All sums advanced and expenses incuged by Lender for insuhng, prese~ing, or othenvise protecting the Prope~ . and its value and any other sums advanced and expenses inc~red by Lender under the terms of tiffs Secufi~ Instrument. 5. PAYMENTS. Mo~gagor 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 SecufiW Instnunent. 6. P~OR SECU~TY ~TE~STS. With regard to auy other mo~gage, deed of trust, secunw agreement or other lien docmnent that created a prior secufiB~ interest or encumbrance onthe Prope~, Mortgagor agrees: A. To make all payments when due and to peffom~ or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modffication or extension o[ nor to request any ~ture advances Under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLA~S AGAINST TITLE. Mo~gagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may reqnire Mortgagor to provide to Lender copies of all notices that such amounts are due ~d the receipts evidencing Mo~gagor's pay~nent. Mortgagor will defend tffie to the Prope~ against any claims that wonld impair the lien of the Securi~, Instrument. Mo~gagor agrees to assi~ to Lender, as requested.by Lender, any rights, claims or defenses Mo~gagor may have against pa~ies who supply labor or materials to maintain or improve the Prope~. 8. DUE ON S~E OR ENCUMB~NCE. Upon sale, transfer, hypothecation, assignmem or encmnbrance, whether volunta~, invohmtaD~, or by operation of law, of all or any pa~ of the Prope~, or any interest therein, titan at its sole option, Lender may, by written notice to Moggagor, declare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such pa~icular circumstances wlmre exercise of Such a fight by Lender is prohibited by laxv: 9. PROPERTY CONDITION, ~TE~TIONS AND ~SPECTION. Mo~gagor will keep the Prope~ in good condition and m}~e all repairs that are reasonably necessaw. Mortgagor shall not conmfit or allow any Waste, impairment, or deterioration of the Property. Mo~gagor will keep the Prope~, free of noxious weeds and gr~ses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mo~gagor will not pemit any change in auy license, restrictive covenant or easement without Lender's prior xmtten consent. Mortgagor will noti~ Lender of all demands, proceedings, clai~ns, and actions against Mortgagor, and of any loss or danmge to the Prope~,. Lender or Lender's agents may, m Lender's option, enter the Prope~ at any reasonable time for fl~e pu~ose of inspecting the ProperS,. Lender shall give Mortgagor notice at the time of or before an inspechon specking a reasonable pu~ose for fl~e inspection. Any inspection of the Prope~, shall be emirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHO~TY TO PE~O~. If Mo~gagor fails to perform any dn~ or any of the covenants contained in t~s SecuriW Instrument, Lender may, without notice, perform or cause them to be peffomed. Mo~gagor appoints Lender as attorney in fact to sign Mo~gagor's name or pay any amount necessa~~ for performance. Lender's fight to perform for Mo~gagor shall not create an obligation to perform, and Lender's hilure to perform will not preclude Lender from exercising any of Lender's other rights Under the law or t~s SecufiW Instrument. ff any construction on the prOpe~ is discontinued or not camed on in a reasonable mmmer, Lender may t~e all steps necessao, to protect Lender's securiB~ interest in tim Prope~, including completion of the construction. 11. ASSIGNMENT OF LEASES AND ~NTS. Mo~gagor igevocably grants, bargains, conveys, mo~gages and wa~ants to Lender as additional securi~ all the right, tkle and to auy and all existing or ~mre leases, subleases, and any other wfi~en or verbal agreements for the use and occupancy of any potion of fl~e Prope~~, including any ex~ensions~ renewals, modifications or substitutions 0f sUCh agreements (all refe~ed to as "Leases") and renm, issues and profits (all referred to as "Rents"). Mo~gagor will promptly provide Lender with tree and correct copies of all existing ~d ~ture Leases. Mo~gagor may collect, receive, enjoy and use the Rents so long as Mo~gagor is not in default under the terns oft~s SecuriW Instrument. Mo~gagor agrees that tlfis assigment is immediately effective between the pa~ies to this SecufiW Instalment. Mo~gagor agrees that tlfis assignment is effective as to flfird pa~ies when Lender t~es ~mative action prescribed by law, and that this assignment will remain in effect during any redemption period uutil fl~e Secured Debt is satisfied. Mo~gagor agrees that Lender may t~e actual possession of the prope~ witlmut the necessiff of con~encing legal action and that actual possession is deemed to occur when Lender, or ks agent, notifies Mortgagor of default and demands that any tenet pay all fi~mre Rents directly to Lender. On.receiving notice of default, Mo~gagor will endorse and deliver to Lender any payment of Rents in Mongagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other fimds. ~y amounts collected will be applied as provided in tlfis Securi~ Instrument. Mo~gagor wa~ants that no default ehsts under EQ150B (10/2~ . !i!:!i:ii!ii:!:i!.. : the Leases or any applicable landlord/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 DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the property, is a unit in a Condominium Project or is part of a Planned umt 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 tim: (i) Declaration or any other docuntent which creates the Condominium Projects or PUD and any homeowners association or equiva!em entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. ltazard Insm'ance. So long as the Owners Association maintains, with a generally accepted insurauce carrier, a "master" or "blanket" policy on the Condo~ninium Project or PUD which is satisfactm3~ to Lender and which provides insurance coverage in the alnom~ts, 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 dee~ned 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 loss 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 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, amoum, and extent of coverage to Lender. E. Condemnation. The proceeds of ~any award or claim for dmuages, direct or consequential, payable to Mortgagor in connection with any condemnation or other taking of all or rely part of the Property, whether of the milt or of tim conm~on elemems, 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 sums secured 'by the Security Instrument as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and xvith Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of rite Condominium Project or PUD, except for abandonmem or ternfination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condenmation or endnent domain; (ii) any amendment to any provision of the Constituent Docmnents if the provision is for the express benefit of Lender; (iii) termination of professional management and asstunpti0n of self- management by the Owners Association; or (iv) a~ action wlfich would have the effect of rendering the public liability, insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condonmfium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under tiffs section shall become additional debt of Mortgagor secured by tiffs Security Instrument. U~fless 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 paylnent. 13. DEFAULT. Mortgagor will be in default if any para.~ obligated on the Secured .Debt fails to make payment when due. Mortgagor will be in default if a breacl3 occurs under the terms of this Security Instmmem or any other document executed for the purpose of creating, securing or goarantying the Secured Debt. A good faith 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 any payment or the value of ' the Property 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, 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 the option of Lender, all:0r a~\¥ part of the agreed fees and charges, accrued interest and principal shall become inunediately due and payable, after giving notice if required by laW, upon the occurrence of a defanlt or anytime thereafter. 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 docnments, including without limitation, 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 stun in payment or partial payment on the Secured Debt afmr 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 if it continues or happens again. r'9 5 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses ff Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount 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 payment until paid in fifll at the highest ,interest rate in effect as provided in the terms of the Secnred Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. Tiffs mnount may inchide, but is not liinited to, attorneys? fees, court costs, and other legal expenses. Tins amount does not include attorneys' fees for a salaried employee of the Lender. Tins 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) Environmental Law meaus, without linfitation, the Comprehensive Enviromnental Response, Compeusation 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 pnblic health, safety, welfare, enviromnent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, polhitant or contannnant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without linfitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Enviromnental 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. Tins restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the uormal use and maintenance of the Property. B. Except as preViously disclosed and acknowledged iu writing to Lender, Mortgagor and every tenant have been, are, and shall rmnain in full compliance with any applicable Enviromnental Law. C. Mortgagor shall inunediately notify Lender if a release or threatened release of a Hazardous Substance occurs on? under or about the Property or there is a violation of any Enviroument~fl Law concerning 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 violati0n of any Enviro~m~ental 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 Property through condemnation, ennnent domain, or any other means. Mortgagor authorizes 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 connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in tins Security Instrument. Tins assig~m~eut of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien docmnent. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. Tins 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 of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall inchide a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Leuder shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall inm~ediately give to Lender all receipts of paid prenfiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss ff 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 ~vill 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 acquisition shall pass tO Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. U~fless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender fimds 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 documents 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 Instrument are joint and individual. If Mortgagor 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 Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If tiffs Security Instrument secretes a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevem Lender from bringing any action or claim against Mortgagor or al~y party indebted under the obligation. These rigMs may include, but are not linfited to, any anti,deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrmnem may extend, modify or make any change in tile terms of tiffs Security Instrument or any evidence of debt without Mortgagor's consem. Such a change will not release Mortgagor from the terms of tlfis Security Instrument. The duties and benefits of this Security Instmmem shall bind and benefit the successors and assigns of Mortgagor and Lender. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrumem is governed by the laws of the jurisdictiou in which the Propem.~ is located, except to the extent othenvise required by the laws of the jurisdiction where the Property is located. This Security Instnunent is complete and fully integrated. This Security Instrument ~nay not be amended of modified by oral agreement. Any section in tiffs SecuriB_' Instrument, attachinents, or any agreement related to the Secured Debt that cmfflicts 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 mfforced according to its terms, that section will be severed and will not ,affect the mfforceability 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 tiffs Security Instrument are for convenience only and are not to be Used to iuterpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. In the event rely section of this Security Instn~ment directly cmfflicts with any sectiou 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 Agreement to Provide Flood/Property Insurance, all of which I agree to by signing this Security Instrument, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. U~fless 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 Instrument, or as shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extent prolffbited by law, Mortgagor waives any right regarding the nmrshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the hmnestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: gx'] 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 Instrument will remain in effeet uutil released. N-X-1 Construction Loan. Tiffs Security Instnunent secures an obligation incurred for the construction of an improvement on the Property.. ~ Fixture Filing. Mortgagor grants to Lender a secllrity interest in all goods that Mortgagor owns now or in the future 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 Unifonn Conunercial Code. ~ Additional~Terms. 26. RIDERS. If checked, the follo~ving are applicable to this Security Iustmment. The covenants and agreements of each of the riders checked below are iucorporated into and supplement and amend the terms of this Secnrity Instrument. ~ Tlffrd Party Rider ~ Leasehold Rider ~ Other SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this S¢curiW Instrument and in any .~s. Mortgagor also acknowledges receipt of a copy of this SecuhW Ins~ment on the date stated on page 1. UMMERS ~ ~ - Mo~gagor Date , ~U~I M SUMMERS Mo~gagor Date Mortgagor Date Mortgagor Date Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF COUNTY oF The foregoing instrument was acknowledged before me by this I O day of ~'~h f.~ ' Mortgagor Date Witness my hand and official seal. (Signde of Officer) My Conmtission Expires: (Seal) ACKNOWLEDGMENT: (Individual) STATE OF (/{){l/O~t~, ~ COUNTY OF /ft,t~, The foregoing instrument was acknowledged before me by this [ O day of ~ ec~°v~'he~ , %o0 j Witness my hand and official seal. .'-. (S~fure of Officer) (Title of 0~ p[L'J) ~1 c' My Cmmnission Expires: EQ150F (10/2 ' (Seal)