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HomeMy WebLinkAbout896998Recording requested by: Wells Fazgo Bank, .N.A. WI{EN RECORDED MAII, TO: FIDELITY NATIONAL-LPS P.O. BOX 1.9523 IRVINE,CA 92623-9523 WFIHE 896998 7 PR PAGE__ 323 RECEIVED LINCOLN COUNTY CLERK Oli FEB 33 10:51 JEANNE WAGNER -State of Wyoming- . · -Space Above This Lhte For Recording Data' REFERENCE #: 200333674002§7 ACCOUNT #: 0650-650- 1978780-1998 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 01 ! 13 ! 2004 and the parties, their addresses and tax identification nmnbers, if required, are as follows: MORTGAGOR: TERESA A. GARMON, A MARRIED PERSON [] 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 31557 BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, tile receipt and sufficiency of wldch 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 50 OF STAR VALLEY RANCH SUBDIVISION PLAT 18, LINCOLN COUNTY,.WYOMING.AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. 4o The properly is located in L I NCOLN at: 824 HARDMAN RD THAYNE, WY (~3°§'~71056 and parcel number of 34180530305300 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 replacements that may now or at any time in the filture be pa~rt 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 $ 60, OOO. 00 . This li~nitation 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 any of the covenants contained in this Security Instrmnent. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: EQISOA (10/2003) A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 01 I 13 / 2004 together with all amendments, extensions, modifications and renewals, and ha, viag a maturity date of 01 / 1312044 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of [his Security Instrument. Nothing in this Security Agreement shall constitute a commitment to make additional or future loans or advances which exceed the amount shown in Section 3. Any such commitment 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 terms 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 INTE1LESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perfor~n 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 futnre advances under any note Or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require 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 volunta~, involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may, 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 circumstances 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 commit 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 permit any change in any 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 any 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 purpose 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 entirely 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 contained in this Security Instrmnent, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. 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, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the riglit, title and to any and all existing or future 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 agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future 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 this assigmnent is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative 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 Lehder may take actual possession of the property without the necessity of commencing legal action and that 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 Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not com~ningle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under EQISOB (10/2003) the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to mply with the terms of the Leases and applicable law. 12. LEASE/lOLl)S; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Sgcufity Instrument is on a leasehold. If the properly is a unit in a Condominium Project or is part of a Planned Unit Develbpment ("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 docmnent which creates the Condmninium Projects or PUD and any homeowners association or equivalent 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. /lazard 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 wtficb 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 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 elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid Io 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, 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 condemnation 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 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: (i) the abandonment or termination of the Condominium Project or PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any 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 public liability insurance coverage maintained by the Owners Association unacceptable to Lender. (3. Remedies. IfMortgag0r 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 from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from 'Lender to Mortgagor requesting payment. 13. DEFAULT.. Mortgagor will be in default if any party obligated on the Secured Debt 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 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 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 documents, including without limitation, the power to sell the Properly. 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 sma 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 fight to require complete cure of any existing default. By not exercising any remedy on M0rtgagor's default, Lender does not waive Lender's fight to later consider the event a default if it continues or happens again. 15. EXPENSES; ADyANCES ON COyENANTS; ATTORNEYS' FEES; COLLECTION COSTS. ~xce~t whc~ ~ohJbJtcd b~ 'law, ~o~gagor ag~ccs to ~a~ ail o[ ~e~der's cx~euses J[ ~o~gagor breaches a~ co~eua~t Jn t~s SeCUri~ ]~st~mcut. Mo~gago~ will also pa~ on demand a~ amouut J~cur~ed b~ ~e~der for i~sufi~g, i~s~ccti~g, ~cse~ng or otherwise ~otccd~g the Prope~ and Lender's secufi~ interest. These expenses will bear interest from ~e date of the payment until paid in ~11 at · e highest intereSt rate'in effect as provided in fl~e terms of the Secured Debt. Mo~gagor agrees to pay all costs and expenses incited by Lender in collecting, efforcing or protecting Lenders' rights and remedies under this SecuriB, Ins~ment. T~s amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This mount does not include attorneys' fees for a salaried employee of the Lender. This Securi~ Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENV~ONMENTAL LAWS AND HAZA~OUS SUBSTANCES. As used in tiffs section, (1) Environmental Law me~s, without limitation, the Comprehensive Environment~ Response, Compensation and Liabili~ Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, re~lations, ordinances, court orders, attorney gener~ opi~ons or inteCrefive letters concerning the public health, s~ety, welfare, environment or a hazardous substance; ~d (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or conta~nant w~ch has characteristics w~ch render ~e substance dangerous or potentially dangerous to the public health, s~e~, ~velfare or environment'. The term includes, Mthout limitation, ~y substances defined as "hazardous material," "rotc substances," "ha~dous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, w~ants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no H~ardous Substance is or will be located, stored or released on or in the Prope~. This restriction does not apply to small quantities of H~ardous Substances that are generally recognized to be appropriate for the nomal use and maintenance of the Prope~. B. Except as previously ~sclosed and acknowledged in writing to Lender, Mongagor ~d eve~ tenant have been, are, and shall remain in ~I1 compliance with ~y applicable Environment~ Law. C. Mo~gagor shall immediately noti~ Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Prope~ or there is a violation of any Enhromental Law concerning the Prope~. In such ~ event, Mortgagor shall t~e all necess~ remedi~ action in accordance with any Environmental Law. D. Mo~gagor shall immediately noti~ Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to fl~e rel~se or ~reatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or t~e any or all of the Prope~ tluough condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intemene 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 co~ected ~th a condemnation or other t~ing of all or m~y p~ of the Prope~y. Such proceeds shall be considered payments and will be applied as provided in ~is Security Ins~ment. T~s assignment of proceeds is subject to fl~e terms of any prior mortgage, deed of trust, securi~ agreement or o~er lien document. 18. ~SU~NCE. Mortgagor shall keep Prope~ insured against loss by fire, flood, theR and other hazards and risks reasonably associated with the Prope~ due to its ~e and location. This insurance shall be maintained in ~e amounts and for the periods · at Lender requires. The insurance carrier provi~ng the insurance shall be chosen by Mortgagor subject to Lender's approva¥ which shall not be unreasonably withheld. ~ ~ Moflgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtaincoverage to protect Lender's rights in the Prope~ according to the terms of this Securi~ Ins~ment. All insurance policies and renew~s shall be acceptable to Lender and shall include a standard "mortgage clause" .and, where applicable, "loss payee clause." Mo~gagor shall immediately noti~ Lender of cancellation or terminatiou of ~e insurance. Lender shall have the fight to hold the policies and renewals. ~ Lender requires, Mo~gagor sh~l immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to ~e insurance c~ier and Lender. Lender may m~e proof of loss if not made inunediately by Mongagor. Unless othe~ise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Prope~ 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. ~ the Proper~ is acquired by Lender, Moflgagor's right to any insurance policies and proceeds resulting from damage to ~e Prope~ before fl~e acquisition shall pass to Lender to the extent of the Secured Debt i~ediately before the acquisition. 19. ESCROW FOR T~S AND INSU~NCE. Unless othe~ise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. F~ANCIAL ~PORTS ~D ADDITIONAL DOCUMENTS. Moflgagor will provide to Lender upon request, any financial statement or i~fformation Lender may deem reasonably necessa~. Mortgagor agrees to sign, deliver, and file any additional documents or ce~ifications that Lender may consider necessa~ to perfect, continue, and preseme Mongagor's obligations Under this Secufi~ Instrument and Lender's lien status on the Prope~. 21. JOlT AND IND~IDUAL L~B~ITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Securi~ Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, EQISOD (10/2003) 7 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 this Security Instrmnent 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 limited to, any anti-deficiency or one-action laws. Mortgagor agre¢~ 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 evidence 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; SEVER. ABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fidly integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, attachments, or any ~greement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that 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 terms of this Security Instrument. Time is of the essence in this Security Instrument. 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 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. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, 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 this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: ~ 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 effect until released. Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. [iYZ] 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 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. D-~ Third Party Rider ~ Leasehold Rider ~ Other NI a SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. TERESA A GARMON g~GARMON, NON-VESTED SPOUSE Mortgagor Date Mortgagor ' / Date Mortgagor Date EQISOE (10/2003~ _ Mortgagor Date 328 Mortgagor Date Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF - I- . coumY The foregoing instrument was acknowledged before me by this /% q~ day of~-~__~'(..tS4( ~  fficial seal. ~'f'bf,~u fa"of om cer) , .,¢t'ooz / (Title of Officer) My Commission Expires: Y COMMISSION EXPIRES MAYS, 2006 (Seal) dofficial ./ ACKNOWLEDGMENT: (Individual)/..~z STATE.OF c//4~'../?.M,,/f COUNTY OF /~/~2 The foregoing instrument was~owledged ~efore me by ~~ ~ this ~q~ dayo~/~.4~/ , fi~gC/ seal. (Title of Officer) My Commission Expires: . ¢OUNIY ~ S~'ATEOFt T To. 'WYOM,NG t (Seal)