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HomeMy WebLinkAbout897399Recording requegted by: ' Wells Fa]:go Bank, N.A. RECEIVED LINCOLN COUNTY CLERK WHEN RECORDED MAIL TO: FIDELITY NATIONAL-LPS P.O. BOX 19523 IRVINE,CA 92623-9523 WFSRP4 891399 State of Wyonthtg- . . 'Space Above This Li~*e For Recordh~g Data REFERENCE #: 20OgO 137~0(2~93 ACCOLrNT #: 0E54-~54-3314243-0001 ! MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date oftlfis Mortgage ("Security Instrument") is 02 ! 05 / 200a and the parties, their addresses and tax identification numbers, if reqnired, are as follows: MORTGAGOR: ROY E. RORABAUGH AND HEATHER D. RORABAUGH. HUSBAND AND WIFE, AS TENANTS BY THE ENIlRETIES [] If checked, refer to the attached Addendmn incorporated herein, for additional Mortgagors their signatures and ,'lclmowledgments. LENDER:Hells FarElo Bank, N.A. P. O. BOX 3155'7 BILLINGS, MT 5910'7 CONVEYANCE. For good and valnable consideration, the receipt and sufficiency of which is ackdmwledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, m.ortgages and warrants to Lender, with power of sale, the following described property: A PORTION OF THE SE 1/4 OF SECTION 20, TB4N, RllSW, OIH P.M., LOCATED NORTH OF BEDFORD. LINCOLN COUNTY, WYOMING, BENG MORE PARTICULARLY DESCRIBED AS FOLLOWS BEGINNING AT A POINT IN THE SOUTH LINE OF SAID SECTION 20, SAID POINT BE NG 800.00 FEEl WEST FROM THE SOUTHEAST CORNER OF SALE} SECTION 20 THENCE CONTINUING WEST, ALONG SAID SOUTH LINE, 004.43 [EET THENCE NORTH 14'75.6-/ FEET l'O A FENCE LINE THENCE S '72 DEGREES ,40 MINUTES 2,4 SECONDS E, ALONG SAID FENCE LINE. 095.04 FEE~ THENCE SOUTH 1269.05 FEET TO THE PO NT OF BEGINNING. The property is located in L I NCOLN at: 3'710 COUNTY RD 122 BEOFORD~C°~Vn~) 83112 and parcel ~mmber of 3418204002'7200 together with all rights, easemeuts, appurtenances, roy,'tlties, nfineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and fitture nnprovements, stmctnres, 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"). MAXIMUM OBLIGATION LI/VIIT. The total, principal amount secured by this Security Instrument at any one tizne shall not exceed $ 165,000 00 . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this linfitation does not apply to advances made under the temps of Otis Security Instrument to protect Lender's security and to pm-form 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, guaranty or other evidence of debt dated 02 / 0512004 together with all amendments, extensions, mod~cations and renewals, and haviug a matu~ date of B. All ~re advances kom Lender to Moagagor under such evidence of debt. ~1 fi~ture advances are secured as ~ made on the date of this Securi~ Inst~ment. Nothing in this Security Agreement shall constitute a conmntment to make additional or amore loans or advances wltch exceed ~e amoum showu in Section agreed to in a separate writing. C. M1 sums advanced and expenses incurred by Lender for insuring, prese~in~, or othenvise protecting the Prope~ aha its value and any other sums advauced and expenses incu~ed by Lender under the terms of this Securi~ Inst~ment. S. PAYMENTS. Moagagor agrees ~at all paymems uuder the Secured Deb; will be paid when due and in accordance with the temps of the Secured Debt and this Secuh~ Instnunent. 6. P~OR SECU~TY ~TE~STS. With regard to any other moagage, deed of trust, securi~ agreement or other lien document that created a prior securi~ interest or encumbrance on the Prope~, Moagagor agrees: A. To m~e all paymems when due and to perfom~ or cmnply with all covenants. B. To promptly deliver to Lender any notices that Mo~gagor receives from the holder. C. Not to allow any modification or extension of, nor to request any fitmre advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CL~S AGA~ST TITLE. Mo~gagor will pay all taxes, assessments, lieus, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Proper~ when due. Lender may require Moagagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mo~gagor's payment. Mortgagor will defend title to the Prope~ against any claims that would impair the lien of the SecuriB, Instntment. Mo~gagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Moagagor may have against parties who supply labor or materials to maintain or improve the Prope~. 8. DUE ON SALE OR ENCUMB~NCE. Upon sale, transfer, h~othecation, assigument or encumbrance, whether volunta~, involnnta~, or by operation of law, of all or any pa~ of the Prope~ or any interest therein, then at its sole option, Lender may, by Whtten notice to Mortgagor, declare all obligatious secured hereby immediately due and payable, except to the extent that such acceleration for ~d in such paaicular circumstances where exercise of such a right by Lender is prohibited by law~ 9. PR~ERTY CONDITION, ~TE~TIONS ~D ~SPECTION. Mo~gagor will keep the Prope~y in good condition and make all repairs that are reasonably necessa~. Mo~gagor shall not comnfit or allow any waste, impairment, or deterioration of .the ProperS. Moagagor will keep the Prope~ free of noxious weeds and grasses. Mo~gagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mmtgagor will not pernfit any change in any license, restrictive covenant or easement without Leuder's phor written consent. Mo~gagor will noti~ 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~ at any reasonable time for the pn~ose of inspecting the Prope~. Lender shall give Mo~gagor notice at the time of or before an inspection specifyiug a reasonable pn~ose for the inspection. Any inspection of the Prope~, shall be entirely for Lender's benefit and Mo~gagor will in no way rely on Lender's inspection. 10. AUTHO~TY TO PE~O~. ~ Mo~gagor fails to perfom~ any du~ or any of the covenants coutained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mongagor appoiuts Lender as attorney in fact to sign Moagagor's name or pay any amount necessa~ for performance. Lender's right to perfom~ for Moagagor shall not create an obligation to peffomL and Lender's failure to perfom~ will not preclude Lender ~om exercising any of Lender's other rights under ~e law or this SecufiV Instnuneut. If any construction on the Prope~ is discontinued or not camed on in a reasonable manner, Lender may t~e all steps necessa~ to protect Lender's securi~ imerest in the ProperS, including completion of the construction. 11. ASSIGNMENT OF LEASES AND ~NTS. Mo~gagor i~evocably grants, bargaius, conveys, mortgages and warrants to Lender as additional securiV all the fight, title and to any and all existing or ~ture leases, subleases, and any other written or verbal agreements for the use and occupancy of any potion of the Prope~, includiug any extensions, renewals, modifications or substitutions of such agreemems (all referred to as "Leases") and ren~, issues and profits (all referred to as "Rents"). MoHgagor will promptly provide Lender with tree and correct copies of all existiug and ~ture Leases. MoHgagor may collect, receive, enjoy and use the Rents so long as MoHgagor is not in defanlt under the terms of this SecoriW Instrument. Mortgagor agrees that tiffs assigmnent is immediately effective between the paHies to this SecufiW Instrument. Moffgagor agrees that this assignment is effective as to third pa~ies when Lender t~es ~rmative action prescribed by law, and that this assig~m~ent will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may t~e ac~al possession of the prope~ without the necessiV of commencing legal action and that actual possession is deemed to occur when Lender, 0r its agent, not,es Mortgagor of default and demands that auy tenant pay all hture RenB directly to Lender. On receiving notice of default, MoHgagor will endorse and deliver to Lender any payment of Rents in MoHgagor's possession and will receive any Rents iu trust for Lender and will not conmfingle the Rents with any other hnds. Any amounts collected will be applied M provided in this SecufiV Instrument. Mortgagor warrauts that no default e~sts under 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 ahd 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 Condonfinium Project or is part of a Plam~ed Unit Development ("PUD"), Mortgagor agrees to the following: A. Obligatious. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constitnent Documents" are the: (i) Declaration or any other document wlfich creates the Condonfininm Projects or PUD and any homeowners association or eqnivalem emity ("Owners Associatioff'); (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 D ocunlents. B. H~ard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominimn 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 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 to Lender for application to the sums secured by tlfis 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, anlount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable iii form, amount, 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 taldng of all or any part of the Property, whether of the unit or of the conunon 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 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 cousent to: (i) the abandoiunent 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 condenmation or enfinent 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 uuacceptable 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 Instrumeut. Uniess Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbnrsement 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 tlfis 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 m~paired shall also constitute an event of default. 14. REMEDI]gS ON DEFAULT. In SOlne instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish true 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 ff 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, tlfis Security Instrument and any related documents, 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 after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrebs to pay all of Lender's expenses if Mortgagor breaches any covenaut 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 iu full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs aud expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrmnent. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instnunent 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 means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or ~nterpretive letters concerning the public health, s',ffety, welfare, environmem or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous malerial, waste, pollutant or contanfinant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or elwironment. The tern~ 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 Prope~. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Prope~. B. Except as previously disclosed and acknowledged in writing to Lender, Moflgagor and evew tenant have been, are, and shall remain in ~11 cmnpliance with any applicable Environmental Law. C. MmXgagor shall immediately noti¢ Lender if a release or threatened release of a Hazardous Substance occurs on, under or abont the Prope~ or there is a violation of any Environmemal Law concerning the Prope~. in such an evem, Mortgagor shall t~e all necessaw remedial action in accordance with any Environmental Law. D. Moagagor shall immediately nofi~ Lender in writing as soon as Mortgagor has reason to believe there is any pending or tlueatened investigation, claim, or proceeding relating .to the release or threatened release of any Hazardons Snbstance or the violation of any Environmental Law. 17. CONDEMNATION. Mo~gagor 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~ through condemnation, eminem domain, or any other means. Mortgagor authorizes Lender to inte~ene in Mortgagor' name in any of the above described actions or claims. Mo~gagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other t~ing of all or any paff of the Prope~. Such proceeds shall be considered paymems m~d will be applied as provided in tiffs SecufiW Instmmem. This assignmem of proceeds is subject to the terms of any prior mo~gage, deed of trust, securiW agreemem or other lien document. 18. ~SU~CE. Mo~gagor shall keep Prope~ insured against loss by fire, flood, theft and other hazards and risks reasonably associated with ~e Prope~ due to its ~e and location. This insurance shall be maintained in the amounts and for the periods that Lender reqmres. The insurance caffier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be m~easonably withheld. ~ Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Prope~ according to the terms of this SecufiW Instmmem. All insurance policies and renewals 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 temfinafion of the ~nsurance. Lender shall have the right to hold the policies and renewals. ~ Lender requires, Mongagor shall immediately give. to Lender all receipts of paid premiums and renewal notices. Upon loss, Moagagor shall give immediate notice to the insurance career and Lender. Lender may make proof of loss if not made immediately by Mo~gagor. Unless othenvise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of tim 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. ~y excess will be paid to Moagagor. ~ the Prope~ is acquired by Lender, Mongagor's right to any insurance policies and proceeds resulting from damage to the Prope~ before the acquisition shall pass to Lender to the extent of the Secured Debt in~ediatelybefore the acquisition. 19. ESCROW FOR T~ES ~D INSU~NCE. Unless othe~ise provided in a separate agreement, Moffgagor Will ~not be required to pay to Lender funds for t~es and insurance in escrow. 20. F~ANC~L ~PORTS ~D ADDITIONAL DOCUMENTS. Mo~gagor will provide to Lender upon reqnest, any financial statement or i~ffonnati6n Lender ~nay deem reasonably necessaw. Moagagor agrees to sign, deliver, and file any additional documents or ce~ifications that Lender may consider necessaw to perfect, continue, and prese~e Mo~gagor's obligations under tiffs SecufiW Instrument and Lender's lien sta~s on the Prope~. 21. JOlT ~D ~D~UAL L~B~ITY; CO-SIGNE~; SUCCESSORS AND ASSIGNS BOUND. All duties nnder this SecufiW Instrument are joint and individual. ~ Mortgagor signs this SecufiW Instrument but does not sign an evidence of debt, EQ150D (10['" . )' ~ ~. ~'~ Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agre~ to be Personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or airy party indebted under/he obligation: These rights ~nay include, but are not liufited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument 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 fronl the terms of this Security Instrument. The duties and benefits of tlfis Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. Tiffs Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extem otherwise required by the laws of the jurisdiction where the Property is located. Tiffs Security Instrument is complete and fully integrated. Tiffs Security Instrument may not be amended of 1nod:fled by oral agreement. Any section in tlfis Security Instrument, attachments, or any agreement related to the Secured Debt that cmfflicts with applicable law will not be effective, unless that law expressly or impliedly pernfits the variations by written agreenrent. If m~y section of this Security Instrument cammt 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 tiffs 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. Ttds 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 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 U~fiform Conm~ercial Code. fiT~ 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 Instnnnent. ~7~ Third Party Rider ~TN Leasehold Rider ~ Other N ! h SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instru~nent and in any attachments. Mortgagor also acknowledges receipt of a copy of tiffs Security Instrument on the date stated on page 1. ~------"~-EATHER D RORABAUG% ~ Mortgagor Date / Mortgagor ~//~'D~a~t? Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was ackno.wledged before me by this ~ ~ day of Wimess my hand and Official seal. (~g~i'amre of Officer) My Comnfission Expires: (Seal) ACKNOWLEDGMENT: (Individual) 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)