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HomeMy WebLinkAbout896659Recording requested by: Wells Fargo Bank, N.A. Whenrecp~dedre~rnto: Wells Fargo Bank, P. O. BOX 31557 BILLINGS, MT 59107 DOCUMENT MANAGEMENT 896659 'BOOK .PR PA GE 2O6 RECEIVED LII'qGOI_N COtjNTY CLERK Slate of Wyoming · . Space Above This Line For Recording Data REFERENCE #: 20033427200662 ACCOUNT #: 00,54-654-2107163-1008 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Securi .ty Instrument") is 12 / 18 / 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: 'JEFFERY A. SCHOIT AND LINDA M. SCHOTT, HUSBAND AND WIFE, AS ~TENANTS BY THE ENTIRETY 2°¸ [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgmeuts. LENDER: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, the receipt and sufficient7 of which is acknowledged, 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: LOT 11 OF THE SOUTHBROOK RANCHES SUBDIVISION, LINCOLN COUNTY WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. The property is located in L I NCOLN at: (County) 176 POPLAR DR. THAYNE, WY 83127 and parcel number of 34191040004300 together with all rights; ease]neats, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock aud all existing and future improvements, structures, fixtures, and replacements that may now or at any time in the fitture be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 30,000.00 . This limitation of amount does not include interest and other fees and charges validly made pursnaut to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's securib' and to perform an), of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred mrder the terms of the promissory note, revok, ing line of credit, contract, guaranty or other evidence of debt dated 12 / 18 / 2003 together with all amendments, extensions, modifications and renewals, and haxfing a lnamh~ date of 12 / 18 / 204S B. ~1 ~ture advances from Lender m Mo~gagor under such evidence of debt. All fi~ture advances are secured as if made on the date oftttis SecuriB~ Instrument. Nothing in this SecuriB~ Agreement shall constitute a colmmtment to m~e add/fional or fitmre loans or advances which exceed the amoum shown in Section 3. Any such co~nmit~nent must be agreed to in a separate writing. C. All sums advanced and expeuses incurred by Lender for insuring, preseming, or othem,ise protecting the Prope~y and its value and any other stm~s advanced and expenses incurred by Lender under the terms of tlfis SecuriB~ Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and m accordmxce with the terms of the Secured Debt and this SecufiB~ Insmunent. 6. P~OR SECU~TY ~TE~STS. With regard to any other mortgage, deed of trust, secufi~ agreement or other lien document that created a prior securiW interest or encumbrance on the Prope~, 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 fl~e holder. C. Not to allow any mod~cation or extension of, nor to request any furore advances under any note or agreemeut secured by the lien docmnent wiflmut Lender's prior written consent. 7. CL~S AGA~ST TITLE. Mo~gagor will pay all taxes, assessments, liens, encumbrances, lease paymems, ground rents, utilities, and other charges relating to the ProperB~ 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 rifle to the Prope~ against auy claims that would impair the lien of lhe SecuriB~ Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against panics who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMB~NCE. Upon sale, transfer, hypofltecation, assignment or encmnbrance, whether volmaa~, involuntaD,, or by operation of law, of all or any pan of the Property or any interest therein, then at its sole option, Lender lnay, by written notice to Mortgagor, declare all obligations secured !mreby immediately due and payable, except to the extent that such acceleration for and m such particular circmnstances where exercise of such a right by Lender is prohibited by law: 9. PROPERTY CONDITION, ALTE~TIONS AND INSPECTION. Mo~gagor will keep the Prope~, in good condition and m~e all repairs tl~at are reasonably necessa~. Mortgagor shall not connnit or allow any waste, ilnpairment, or deterioration of the Property. Mon.gagor will keep the Prope~ free of nohous weeds and grasses. Mo~gagor agrees that the nature of the occupancy and use will not snbstmmally change without Lender's prior written consent. Mortgagor will not penmt any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will not~ Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Prope~,. Lender or Lender's agents may, at Lender's option; enter the Prope~ at any reasonable time for the pu~ose of inspecting the Prope~y. Lender shall give Mo~gagor notice at the time of or before an inspection speci~4ng a reasonable pu~ose for the inspection. ~y inspection of the Prope~ shall be entirely for Lender's benefit and Mo~gagor will in no way rely on Lender's inspection. 10. A'UTHO~TY TO PE~O~. ff Mo~gagor fails to perform any du~ or any of the covenants contained in this SecuriB, Instrument, Lender may, wiflmut notice, perform or cmtse fl~em to be performed. Mo~gagor appoints Lender as attorney in fact to si~ Mo~gagor's name or pay any amount necessa~ 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 m~v of Lender's other rights under the law or tlfis SecmW hlstmmem, ff any construction on the Prope~ is discontinued or not carted on in a reasonable manner, Lender may t~e all steps necessaD, to protect Lender's securi~ interest in the Proper~,, including completion of the construction. 11. ASSIGNMENT OF LEASES ~D ~NTS. MoRgagor irrevocably grants, bargains, conveys, mo~gages and warrants to Lender as additional security all the fight, title and to auy and ~1 ex4sting or ~mre leases, subleases, and any other written or verb~ agreements for the use and occupancy of any portion of the Prope~~, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits 0~1 refe~ed to as "Rents"). Mortgagor will promptly provide Lender wiflt tree and correct copies of all e~sting and ~ture Leases. Mo~gagor may collect, receive, enjoy and use the Rents SO long as Mortgagor is not iu default under the terms of this Security Instmmem. Mo~gagor agrees that this assig~mxent is immediately effective 'between the panics to tlfis SecufiB, Instrument. Mo~gag'or agrees that this assigmnem is effective as to third parties when Lender t~es fffim~ative action prescribed by law, and that this assignment will remain in effect duhng any redemption pehod until the Secured Debt is satisfied. Mo~gago.r agrees that Lender may t~e actual possession of the prope~ without the necessiB, of commencing legal action and that actual possession is deelned to occur when Lender, or i~ agent, notifies Mo~gagor of default and demm~ds that any tenant pay all furore Rents directly to Lender. On receiving notice of default, Mo~gagor will endorse and deliver to Lender any payment of Rents in Moffgagor's possession and will receive any Rents in trust for Lender and will not comufingle the Rents with ~y other ~nds. ~ty amoums collected will be applied as provided in this SecnriB~ Instm~nent. Mortgagor wa~ants that no default emsts under 208 Mortgagor also agrees to maintain and require any tenant to comply with the the Leases or any applicable landlord/tenant law. 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 Plamled U, nit Development ("PUD"), Mortgagor agrees to the following: A. Ohligations. Mortgagor shall perforin all of Mortgagor's obligations under the Constituent Documents. The "Constituent Docmnents" are the: ti) Declaration or auy other document which creates the Condominium Projects'or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regnlations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard lnsurauce. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium 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 p~ompt 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 conunon elements, any proceeds payable to'' Mortgagor are hereby assigned and shall be paid to Lender for applicatiou to the sums secured by tltis Security Instrument, with any excess paid to Mortgagor. C. Flood Insm'ance. Mortgagor agrees to maintain :flood insurance for the life of the Secured Debt wlfich is acceptable, as to form, amount mid extent of coverage to Lender. D. Puhlic 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. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with auy condemnation or other taking of all or any part of the Property, whether of the unit or of the colmnon elements, or for auy 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 with Lender's prior written consent, either partition or subdivide the Property or consent to: ti) the abandonment or termination of the Condonfinium 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 condenmation or eminent domain; (ii) anv amendment to mLv provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the pnblic liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominmm or PUD dues and assessments xvhen due, then Lender may pay them. Any amounts disbursed by Lender under 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 Dcbt rate and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAULT.' Mortgagor will be in default ff any part}.' 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 Instrument 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 an5' 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 defanlt. 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 luay establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument [na mmmer provided by law if Mortgagor is in default. At the option of Lender,i.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 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 documenls, including withont limitation, the power to sell the Property. All remedies are distinct, cnmulative 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 reqnire complete cure of any existing default. By not exercising any remedy on Mortgagor's defanlt, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. EQI50C (10/2. t . ....·... 0S3G 5 2.09 15. EXPENSES; 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 tlfis Security lnstnmleut. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or othenvise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the 1Gghest interest ra[e in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instnunent. This amount may include, but is not linfited to, attorneys' fees, court costs, aud other legal expenses. This an~ount does not include attorneys' fees for a salaried employee of the Lender. This Security Iustrmnent shall remain iu 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 Environmemal Response, Compensation trod Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attoruey general opinions or interprelive letters concerning the public health, s,'ffety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, polhitam or contaminant wlfich has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "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 quantifies of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as prexfously disclosed and acknowledged in writing to Lender, Mortgagor and every, tenam have been, are, and shall rexnain in full compliance with any applicable Enviromnental Law. C. Mortgagor shall innuediately 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 Environmental Law concerning the Property. In such an event, Mortgagor shall lake all necessary remedial action in accordance with any Enviromnemal 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 Enviro~m~ental 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 the Property. through condenmation, eminent 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 cmmected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered paymems and will be applied as provided in this Security Instrument. This assigmnent of Proceeds is subj/ct to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 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 16cation. This insurance shall be ~naintained in the amouuts 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 witldteld. 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. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor.shall inmlediately 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 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. An), application of proceeds to principal shall not emend or postpone tile 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 an), 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 tile acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pa5, to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon " request, any financial statement or i~fformation 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 Instrument are joint and individual. If Mortgagor signs riffs Security. Instnnnent but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interesi in the Property to secnm payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this SecuriW Instnnnent secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any fights that ma}' prevent Lender from bringing any action or claim against Mortgagor or aW part)' indebted under the obligation. These nghis may include, but are not limited to, aW anti-deficiency or one-action laWs.~ Mortgagor agrees that Lender and aW part}., to this Security Instnunent may extend, modify or make aW change in tM terms of this Security Instrument or any evidence of debt withont 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. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Secufilq Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent othenvise required by the lmvs of the jurisdiction where the Property is located. Tlfis Security Instrument is complete and fiflly integrated. This Security Instmntent may not be amended of modified by oral agreement. Any section in this Security h~stmment, attachments, or any agreement related to the Secured Debt that cmfflicts with applicable law will not be effective, nnless that law expressly or impliedly permits the variations by ~vritten agree~nent. If any section of this Security Instrument cannot be e~fforced according to its terms, that section will be severed and will not affect the enforceabili.ty 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 define the terms of this Security Instrument. Time is of the essence in this Security Instmme:nt. In the event any section of this Security Instrument 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 Agreemeut, and the Agreement to Provide Flood/Property Insurance, all of which I agree to by sighting this Security Instrument, the terms of the Home Equity Closing Handbook shall control. 23; NOTICE. Unless otherwise required by law, any notice shall be given by delivering it'or by ~nailing it by first class mail to the appropriate pmly. 's address on page 1 of this Security Instrument, or as shown in Lender's records, or to any other address designated iu writing. 24. WAIVERS. Except to the extent prolfibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by vim~e of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Secamty Instrument: Line of Credit. The Secured Debt inclndes a revolviug line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. Constructiou Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fitture and that are or will become fixtures relates to the Propeay.. This Security Instrument suffices as a financing statement and auy carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. D'~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrument. The covenants aud agreements of each of the riders checked below are incorporated into and supplement aud amend the terms of this Security Instnunent. F-~ Third Party Rider F7-a Leasehold Rider ~ Other N/A SIGNATU~S: By siguing below; Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attaching{~ts. IVlortgagor a.lso acknowledges receipt of a copy of tlus Security Instrument on the date stated on page 1. M SCHOTJ -/ Mortgagor ' / 'D a/NBA Mortgagor Date Mortgagor Date EQ [ 5 0E ( 10/2 ?::i:i!!ili!ii!i: :' _ '.:,:,:~:,'.': ':.: Mdrtgagor Date Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF ~0 ¥ O '~'~.3 COUNTY OF CAu~co [n Tlie foregoing instrument was ~cknoWledged before me by this I ~ da), of ~ ho- Witness my hand and official seal. i~/ttt OQicer) My Commission Expires: ]0/}-9/200¢ kly ~ Explr~l O~ 24, 2004 ~' (Seal) ACKNOWLEDGMENT: (Indh,idual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by this day of Witness my hand and official seal. (Signature of Officer) (Title of Officer) My Commission Expires: (Seal)