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HomeMy WebLinkAbout896926Recording requested by: Wells Fazgo B~nl%, Whenrecordedreturnto: Wells Fargo Bank, N.A. P. O. BOX 31553 BILLINGS,, MT 59107 DOCUMENT MANAGEMENT 896926 BOOK 54 ~.PR PAGE 858 LINCOLN COUNTy CLER~ " ["~t: h:[ ~ ':uvr, t~r -,~ , ,.J--,,h ~ State of Wyonthtg Space Above Tlds Lhte For Recordh~g Data- REFERENCE #: 20033507400098 ACCOUNT #: 0654-054-2035232- 1998 MORTGAGE ~t¢~a (With Future Advance Clause) DATE AND PARTIES. The date oftlfis Mortgage ("Security Instrument") is 01 / 09 / 2004 and the parties, their addresses and tax identification nmnbers, if required, are as follows: MORTGAGOR: FRITZ JOHN ASHAUER AND CAROLYN E. ASHAUER, HUSBAND AND WIFE, BY THE EN/ RETIES 2o [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER:Wells Fargo Bank, N.A. P O. BOX 3165'/ BILLINGS, MT 5910'7 CONVEYANCR. For good and valuable consideration, lhe receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instmmem, 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, DESCRIBED AS FOLLOWS LOT 85, STAR VALLEY RANCH, PLAT 6, ACCORDING TO THAT PLAT OF RECORD IN THE OFFICE OF IHE COUNTY CLERK, LINCOLN COUNTY, WYOMING. The property is located in L I NCO LN at: 133 OAK DR THAYNE, WY sa17~unty) and parcel number of 12-3518-30-4-01-029. together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas fights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now or at any time in the future be part of the real estate described above (all referred to as "Property"). MAXIMIJM OBLIGATION LIMIT. The total principal anmunt secured by this Security Instrument at any one time shall not exceed $ 50,000. O0 . This linfitation of amount does not include interest and other fees and charges validly made pursuam to this Security Instrument. Also, this limitation does not apply to advances made under the temps of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, ~aran~ or other evidence of debt. dated, .,-r"l, / 0g.~ / 2004 together with all amendments, extensions, modifications and renewals, and having a maturity date of .0 ~ / Og 12.044 B. ~1 future advances front Lender to Moagagor under such evidence of debt. All furore advances are secured as if made on the date of tlfis Securi~ Instrument. Notlfing in this Securi~ Agreement shall constitute a comnfitment to m&e additional or hture loans or advances which exceed the amount shown in Section 3. ~ty such co~tment must be agreed to in a separate writing. C. ~1 sums advanced and expenses incurred by Lender for insuring, prese~ing, or othe~ise protechng the Proper~ and its value and any other sums advanced and e~enses incurred by Lejtder under the terms of this Securi~ Instrument. 5. PAYMENTS. Moagagor agrees that all payments under rte Secured Debt Will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. P~OR SECU~TY ~TE~STS. With regard to any other moagage, deed of trust, securi~ agreement or other lien documeut that created a prior securi~ interest or encnmbrance on the Prope~, Moagagor 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 Moagagor receives from the holder. C. Not to allow any modfficafion or extension o[ nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLA~S AGA~ST TITLE. Mo~gagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Prope~ when due. Lender may reqnire Moagagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Moagagor's payment. Moagagor will defend title to the Prope~ against any claims that would impair fl~e lien of the Security Instm~nent. Moagagor agrees to assign to Lender, as reqnested by Lender, any rights, claims or defenses Mo~gagor may have against pa~ies who supply labor or materials to main~in or iutprove the Prope~. 8. DUE ON SALE OR ENCUMB~CE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether volunta~r, involuntaw, or by operation of law, of all or any paa of the Property or any interest therein, then at its sole option, Lender may, by written notice to Moflgagor, declare all obligations secured hereby inm~ediately due and payable, except to the e~ent that such acceleration ~or and in such pa~icular circumstances where exercise of such a right by Lender is prohibited by law: 9. PROPERTY CONDITION, ~TE~TIONS ~D ~SPECTION. Mo~gagor will keep the Prope~ in good condition and m&e all repairs that are reasonably necessa~.. Mortgagor shall not cmnmit or allow any waste, i~npairment, or deterioration of the Properly. Mortgagor will keep tbe Proper~ free of noxious weeds and grasses. Moagagor agrees that the nature of the occupaucy and use will not substantially change without Lender's prior wriaen consent. Mo~gagor will not pernfit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mo~gagor will not~ Lender of all demands, proceedings, claims, and actions against Mo~gagor, and of any loss or damage to the Prope~. Lender or Lender's agents may, at Lender's option, enter the Prope~y at any reasonable time for the pu~ose of inspecting the Propeay. Lender shall give Moagagor notice at the time of or before an inspection speci~ing a re~onable pu~ose for the inspection. Any inspection of the Propeay shall be entirely for Lender's benefit and Moagagor will in no way rely on Lender's inspection. 10. AUTHO~TY TO PE~O~. ~ Mo~gagor fails to perform any duty or any of the covenants contained in this Securi~ Instrument, Lender may, without notice, perform or cause flmm to be performed. Mo~gagor appoints Lender as attorney in fact to sign Moagagor's name or pay any amount necessa~, for performance. Lender's right to perform for Mo~gagor 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 under the law or this SecuriW Instntment. ~ any construction on the Prope~ is discontinued or not carried on in a reasonable rammer, Lender may t&e all steps necessaD~ to protect Lender's securi~ interest in the Prope~, including completion of the construction. 11. ASSIGNMENT OF LEASES ~D ~NTS. Moagagor irrevocably grants, bargains, conveys, moagages and wa~ants to Lender as additional secufi~ all the fight, title and to any and all e~sting or h~re leases, subleases, and any other written or verbal agreements for the use and occupancy of any poaion of the Prope~, including auy extensions, renewals, mod~cations or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Moflgagor will promptly provide Lender with tree and correct copies of all eMsfing and ~ture Leases. Mo~gagor ~nay collect, receive, enjoy and use the Rents so long as Mortgagor is not in default uuder the terms of tiffs Securi~ Instrument. Mo~gagor agrees that tiffs assignment is i~ediately effective between the pa~ies to this Securi~ Instrument. Mo~gagor agrees that this assigmnent is effective as to tlfird paaies when Lender t&es ~rmative action prescribed by law, and that tlfis assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mo~gagor agrees that Lender may t&e actual possession of fl~e prope~ without the necessiB, of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Moagagor of default and demands that any tenant pay all ~ture Rents directly to Lender. On receiving notice of default, Moagagor will endorse and deliver to Lender any payment of Rents in Moagagor's possession and will receive any Rents in trust for Lender and will not con, ingle the Rents with any other funds. ~y amounts collected will be applied as provided in Otis Secufi~ Ins~ment. Mo~gagor warrants that no default e~sts under O )GO G 8 6 0 the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to cmnply with the terms of the Leases a:~rt app.licable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if tiffs Security Instrument is on a leasehold. If the property is a unit in a Condominium Project or is part of a Plmmed 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 docnmem which creates the Condominium Projects or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent docmnents. 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 "blanket" policy on the Condominium Project or PUD wlfich is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender reqnires, 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 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 unit or to common elemeuts, any Proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrmnent, 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. Condemnation. The proceeds of any aWard or claim for damages, direct or consequential, payable to Mortgagor in Connection with any condenmation or other taking of all or any part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condenmation, 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 Sectioh 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 abaud0nment or termination of the Condominiun~ Project or PUD, except for abandonn~ent 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 eminent domain; (ii) any amendinent to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) ternfination of professional management and assmnption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by tile Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominium 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 this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest frmn the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payinent. 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 Instrument or any other docmnent 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 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 rammer provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest an.d principal shall become inunediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime tlmreafter. 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 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 stun 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 · dethult. 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. ExpENsES~ ADVANCES ON COVENANTS~ ATTORN,EYS' FEESi COLLECTION COSTS. Except when prohibited by !aw, Mortgagor agr~:,'s to .pay all of Lender's expenses if Mortgagor breaches mw covenant in this 8edurity Instrument. Mortgagor will also pay on demand any amount incffrred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses .will bear interest front the date of the payment until paid in full at the ldghest 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, enforcing or protecting Lenders' rights and remedies under tlds Security Instrument. This amount may include, but is not linfited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys* fees for a salaried mnployee 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) Enviromnental Law means, without limitation, the Comprehensive Envirmmxental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulatim~s, ordinauces, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, enviromnent or a hazardous substance; and (2) Hazardous Substance meaus any toxic, radioactive or hazardous material, waste, pollutant or contandnant which has characteristics which render tile substance dangerous or potentially dangerous to tile public health, safety, weffare or enviromuent. 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. This restriction does not apply to small quantities of Hazardous Substances that are generally recog~tized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and ackatowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately 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 take all necessary rentedial action in accordance with any Environmental Law. D, Mortgagor shall immediately notify Lender in writiug as soon as Mortgagor has reason to believe there is any pending or threatened iuvestigation, claim, or proceeding relating to the release or threatened release of any Hazardous Snbstmme or the violation of any Envirmm~ental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, l~y private or public entities to purchase or take auy or all of the Property through condemnation, eminent domain, or any other ~neal~s. Mortgagor authorizes Lender to interveue 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 com~ected with a condenmation 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 Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trnst, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and oti~er hazards and risks reasonably associated with the Property due to its type and location. This insuralme shall be maintained in the anmunts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor 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 Property according to the terms of this Security Instrumeut. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "nmrtgage clause" and, wlmre applicable, "loss payee clause." Mortgagor shall inunediately notify Lender of cancellation or ternfination of the insurance. Leuder shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall im~nediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give inunediate notice to the insurauce carrier aud Lender. Lender may ~nake proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writiug, 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 acquisition shall pass to Lender to the extent of the Secured Debt inunediately before the acquisitiou. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay 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 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 tiffs Security Instrumeut are joint and individual. If Mortgagor signs tkis Security lnstruntent but does not sign an evidence of debt, EQISOD (10/2¢' ~, ", · '""'"" r 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 b~.?erso~ally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights thru 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, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any Party to tlfis Security Instru~nent may extend, modify or make any change in the terms of tlfis Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terries of this Security Instrument. The duties and benefits of this Security Instrnment shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERpRETATION. Tlfis Security Instrument is governed by the laws of the jurisdiction in which tim Property is located, except to the extent otherwise required by tile laws of the jurisdiction where the Property is located. This Security Instrument is complete and full), integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, attachn~ents, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, mfless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrulnent 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 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 ter~ns of this Security Instrument. Time is of the essence in this Security Instrument. In the evem any section of tiffs 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 Agreement, and the Agremnent to Provide Flood/Property Insurance, all of which I agree to by signing this Security Instrnment, 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 mailing it by first class mail to the appropriate party's address on page 1 of'tiffs Security Iustnunent, or as shown 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 and waiving all rights under and by virtue of the homestead exemption laws of tlfis state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: F-~ 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 renmin in effect until released. ~7X3 Construction Loan. This Security Instnun6nt 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 future and that are or will become fixtures relates to the Property. This Security Instru~nent stff:fices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Cmmnercial 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. B-~ Tlfird Party Rider ~ Leasehold Rider ~ Other N / A CAROL YN ~ 'ASH-'TaJ£R SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument andin any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. FRITZ JOHN ASHAUER Mortgagor Date Mortgagor Date Mortgagor Date EQ150E (10/20~ Mortgagor Date Mortgagor 883 Date Mortgagor D ate ACKNOWLEDGMENT: (Individual) STATEO [ff S m / COUNTY OF fi/'/'7 F~)//L The foregoing instrument was acknowledged before me by this ~ ~L-~_ day of --'~"6~ /q d4 ~ ¢-~ Wit~ss my hand and official seal. (Signature of Officer) (Thle'or Ott~cer) My Commission Expires: ,~'-cfi ~' - ~d2~f) ~, Y OF ~ STATE OF LN ~ WYOMING (Seal) ACKNOWLEDGMENT: (Individual) STATE OF ?.U~ ~9 The fore~oin[ instrumen}t was acknowledged before me by this (~ffMs- da) of Witness my hand and official seal. (Signature of Officer) My Comndssion Expires: (Seal)