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HomeMy WebLinkAbout897611Recordh]g requested by: Wells Fargo Bank N.A. Wells Fargo Home Equity 7600 Office Plaza Drive West Des Moines. IA 50266 When recorded return to: Wells Fargo Bank N.A. Wells Fargo Services Co. Consumer Loan Servicing Center P.O. Box 31557 Billings, MT 59107-9900 State of Wyoming 89761 RECEIVED LINCOLN COUNTY CLERK Space Above this Line For Recording Date MORTGAGE 65024296910001 (With Furore Advance Clause) DATE AND PARTIES. The date of this Deed of Trust ("Security h~struinent") is 27 February 2004 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: MARK V DICKS0N. If checked, refer to the attached Addendum h~corporated herehh for additional Mortgagors their signatures and ackmowledgments. LENDER: Wells Fargo Bank N.A. 420 Montgomery Street San Francisco. CA 94104 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is ackmowledged, and to secure the Secured Debt (def'med below) and Mortgagor's performance under this Security hmtmment, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, With power of sale, the followh~g described property: . See attached Exhibit A Tax ID 35192510510600 The property is located in Lincol n at 18 PIUTE DR (County) THAYNE , Wyomh~g 83127 (City) (Zip Code) WYOMING - MASTER FORM MORTGAGE Page 1 o1' 8 LEWy1 10210} VMP MORTGAGE FORMS- (8001521-7291 (Address) 20040373652641 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, lVLXtures, and rep]acements that may now or at ally thne in the future be part of the real estate described above (all referred to as "Property"). 3. MAX~IUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument 'at any one time shall not exceed $ 22,860.00 . This limitation 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 Instrument. 4. SECURED DEBT AND FUTUI~E ADVANCES. The term "Secured Debt" is def'med as follows: A. Debt iucurred under the terms of the promissory note, revolvh~g line of credit, contract, guaranty or other evidence of debt dated 2/27/2004 together with all amendments, extensions, modifications or renewals. The nmturity date of the Secured Debt is 3/20/2014 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if nmde on the date of this Security Instrument. Nothing in this Security Agreement shall constitute a co~mnitment to make additional or future loans or advances which exceed the amount shown in Section 3. Auy such counnitment 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 ally 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 wifl~ the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. 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 lnake all payments when due and to perform 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 future 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 evidenchlg Mortgagor's payment. Mortgagor will defend title to the Property agahmt any claims that would impair the lien of the Security Iustrument. 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 ENCU3'IBRANCE. Upon sale, transfer, hypothecation, assigmnent or encumbrance, whether voluntary, involuntary, or by' operation of law, of all or any part of the Property or auy interest thereby, 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 conmfit 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 writteu cousent. Mortgagor will not pernfit any change in any license, restrictive covenant or easement without Lender's prior written consent. WYOMING - MASTER FORM MORTGAGE LEWY2 {o2 lO! Page 20040373652641 Mortgagor will notify Lender of all demands, proceedh~gs, clahns, 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 thne for the purpose of h~specth~g the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for file inspection. Any hmpection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. ~ 10. AUTHORITY TO PERFORlVI. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney hi fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perforln 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 h~strument. If any construction on the Property is discontinued or not carried on h~ a reasonable mmmer, Lender may take all steps necessary to protect Lender's security interest in the Property, includh~g 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 right, 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 file Property, including any extensions, renewals, modifications or substitutio~ts o'f 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 existh~g and future Leases. .Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under file terms of tiffs Security Instrument. Mortgagor agrees that this assig~m~ent is hnmediately effective between the parties to this Security Instrument. Mortgagor agrees that this assigmnent is effective as to third parties when Lender takes affirnmtive action prescribed by law, and that this assig~m~ent will remah~ ha effect durh~g any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of connnench~g 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 receivh~g notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents ha Mortgagor's possession and will receive any Rents in trust for Lender and will not conuningle the Rents with any other funds. Any amounts collected will be applied as provided hx this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintaha and require any tenant to comply with the terms of the Leases and applicable law. 1'2. LEASEHOLDS; CONDOMINIUIVIS; 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 Condomhfium Project or is part of a Plam~ed Unit Development ("PUD"), Mortgagor agrees to the followh~g: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates tim Condominium 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 hnposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted hasurance carrier, a "master" or "bla~tket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage ha the amounts, for the periods, and against the hazards Lender requires, including fire and hazards hmluded withh~ the term "extended coverage," then Mortgagor's obligation under Section 19 to mah~tah~ hazard hasurance coverage on the Property is deemed satisfied to fl~e extent that file required coverage is Page 3 of B WYOMING - MASTER FORM MORTGAGE LEWY3 20040373652641 14. provided by &e 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 h~ 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 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 mah~tah~s a public liability h~surance policy acceptable h~ form, amount, and extent of coverage to Lender. E. Condenmation. The proceeds of any award or clahn for damages, direct or consequential, payable to Mortgagor in cmmection with any condemnation or other talo~g 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 consent to: (i) the abandomnent or tem~ination of the Condominium Project or PUD, except for abandomnent 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) 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. G. Relnedies. 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. U~fless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 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, securh~g 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 hnpaired shall also constitute an event of default. 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 thne 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 inter~st and principal shall become inunediately 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 lhnitation, 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 sum i~l payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are fffled shall not constitute a wai*er of or WYOMING - MASTER FORM MORTGAGE LEWY4 Io2~o) Page 4 of 8 20040373652641 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 agrees to pay all of Lender's expenses if Mortgagor breaches any covenant ha this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for h~suring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at tim highest 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 collecth~g, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This amount may include, but is not lhnited 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 Instrument shall remah~ 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) Envirmm~ental Law means, without linfitation, the Comprehensive Enviromnental 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 interpretive letters concenfing the public health, safety, welfare, enviromnent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render file substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnent. The term includes, without lhnitation, any substances def'med 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 aclo~owledged in writing to Lender, no Hazardous Substance is or will be locatedl stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances flint are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acla~owledged h~ writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Enviromnental Law. C. Mortgagor shall hmnediately 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 Enviromnental Law concerning the Property. In Such an event, Mortgagor shall take all necessary remedial action in accordance with any Enviromnental Law. · D. Mortgagor shall hmnediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or fl~reatened investigation, clahn, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Enviromnental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condenmation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or clain~s. Mortgagor assigns to Lender tim proceeds of any award or clahn for damages co~mected 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 assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, WYOMING - MASTER FORM MORTGAGE LEWY5 (o21o) "'~' ~ °' ~ 20040373652641 18. 19. 20. 21. 22. WYOMING - MASTER FORM MORTGAGE LEWY6 {0210! INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing file insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be um:easonably withheld. If Mortgagor fails to maintah~ file coverage described above, Lender may, at Lender's optionl obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All h~surance policies and renewals shall be acceptable to Lender and shall inunediatelY notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Leuder requires, Mortgagor shall inunediately give to Lender all receipts of paid prenfiums and renewal notices. Upon loss, Mortgagor shall give inm~ediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made innnediately by Mortgagor. Unless otherwise agreed in writing, all hzsurance proceeds shall be applied to the restoration or repak of fl~e 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 fl~e scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any hmurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt inmmdiately before the acquisition. 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. FINANCIAL REPORTS AND ADDITIONAL DOCUI~LENTS. Mortgagor will provide to Lender upon request, any fi~mncial statement or information Lender may dee~n reasOnably necessary. Mortgagor agrees to sign, deliver, and fde 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. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If 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 clahn 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 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 frown 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; SEVERAB1LITY; INTERPRETATION. This Security Instrument is governed by the laws of tile 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 Iustrument is complete and fully integrated. This Security Instrument nmy not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly pernfits the variations by written agreement. If any section of this Security Instrument cam~ot be enforced according to its terms, that section will be severed and will not affect the enforceability of fhe 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 Page 20040373652641 23. 25. Security Instrument directly conflicts with any section Of the revolving line of credit agreement or pronfissory note referenced in Section 4, the terms and conditions of the revolving line of credit agreement or promissory note (as applicable), the arbitration agreement and the agreement to provide agreement or pronfissory note (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 and conditions of said documents and not the Security Instrument shall control. 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. WAIVERS. Except to the extent prohibited by law, Mortgagor waives and 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. OTHER TERMS. If checked, the followh~g are applicable to this Security Instrument: ~-] Line of Credit. The Secured Debt includes a revolvh~g Ii. ne of credit provision. Ahhough 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 in~provement on the Property. ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the furore and that are or will become fixtures related 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 file Uniform Commercial Code. [~ Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and h~ any attaclunents. Mortgagor also acka~owledges receipt of a copy .of this Security Instrument on the date stated on page I. Mortgagor MARK V DICKSON Date Mortgagor Date Morlgagor Mortgagor Date Dale Mortgagor Date lVlortgagor Date Mortgagor Date Mortgagor Date WYOMING - MASTER FORM MORTGAGE LEWY7 102 tO} Page 7 of 8 20040373652641 395_ ACKNOWLEDGMENT: (Individual) STATE OF WY COUNTY OF Li ncol n The foregoing h~strument was aclmowledged before me by MARK V DICKSON this ~ 7 day of Witness my hand and official seal. / (Title of Officer) Connnission Expiresi~/~J-_ /~/ -.~t~ 7 My (Seal) WYOMING - MASTER FORM MORTGAGE LEWY8 {o21o) Page 8 of 8 20040373652641 Exhibit "A" Lot 88 of the Prater Canyon Estates Unit No. 4, Lincoln County, Wyoming as described on the official plat thereof.