Loading...
HomeMy WebLinkAbout898332Recording requested by: Wells ,yazgo,,,.Bank, N.A. BOOS[_ When recorded return to: Wells Falgo Bank, N.A. 898332 P. 0 BOX 31557 BILL NGS, MT 59107 DOCUMENT MANAGEMENT RECEIVED LINCOLN COUtqlY CLERK -State of Wyomh~g - - Space Above This Lh~e ]?or Recordh~g Data REFERENCE #: 2004047-/200021 ACCOUNT #: 0654-654-4138961 - 1998 MORTGAGE \~ (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instnnnent") is 03 ! ~ 0 / 2004 and the parties, their addresses and tax identification nmnbers, it required, are as follows: MORTGAGOR: DANIEL A. V SHON, A SINGLE MAN [] ~ cbecked, rear to the attached Addendmn inco~oral'ed herein, Br additional Mo~gagors their signatures and acknowledgments. LENDER:Wells Fargo Bank, N.A. P O. BOX 31557 BILL~NGS, MT 59107 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, aud to secure the Secured D~t (defiued below) and Mo~gagor's performance under this Securi~ Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the ~llowing described properly: ALL OF IHE S 1/2 NE 1/4 SW 1/4 NE 1/4 OF SECTION 19, T34N, ~118W OF THE 6TH .P.M., LINCOLN COUNTY, WYOMING BEING MORE SPECIFICALLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE CENTERLINE OF LINCOLN LANE, SAID POINT BEING 660 35 FEET, N 89 DEGREES 36 MINUTES 02 SECONDS E AND 669.36 FEET, N 0 DEGREES 33 MINUTES 31 SECONDS E, FROM THE CENTER 114 CORNER OF SAID SECTION lg BEING THE SOUTHWEST CORNER OF THE GARY ARNOLD TRACT AS DESCRIBED IN BOOK 141PR ON.PAGE 399; THENCE N 0 DEGREES 33 MINUTES 32 SECONDS E, ALONG SAID CENTERLINE, 334.68 FEET; 'THENCE N 8g DEGREES 43 MINUTES 33 SECONDS E, 660.26 FEET TO THE EAST LINE OF THE SW 1/4 NE 1/4 OF SAID SECTION lg; THENCE S 0 DEGREES 33 MINUTES 18 SECONDS W, ALONG LAST SAID EAST LINE, 334.20 FEET; THENCE S 89 DEGREES 41 MINUTES 02 SECONDS W, 660.2g FEET TO THE POINT OF BEGINNING. The property is located in L I NCOLN at: lgo LINCOLN LN THAYNE, WY (%°~"?~7 and parcel mlmber of 34181 g 1000g~00 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 fim~re improvements, structures, fixtures, and replacements that may now or at auy time in the fmure be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 30,000.00 . This linfitation of amount does not iuclude interest and other fees and charges wdidly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of. this Security Instnn'nent to protect Lender's security and to perform auy of the covenants contained in this Security Instnuuent. SECU1LED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory nole, revolving liue of credit, contract, guaranty or other evidence of debt dated 02 / 10 / 2004 together with all amendments, extensions, modifications and renewals, and having a · mat,nrity date of 03/ 10/2044 B. All future advances frmn Lender to Mortgagor under such evidence of debt. All fnlnre advances are secured as if made on the date of this Security Iustmmenl Nothing in this Security Agreement shall constitute a commilmeut to make additional or fi~ture loans or advances which exceed the amouut shown in Section 3. A~B, such commitment nmst be agreed to in a separale writing. C. All sums adwmced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property and its value and any other stuns advanced and expenses incurred by Lender nnder the terms of this Security Instntment. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secnred Debt and this Security [nstmntent. 6. PRIOR SECURITY INTERESTS. With regard to any other morlgage, deed of trust, security agreement or other lien docmnent that created a prior security interest or encmubrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply wilh all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives front the holder. C. Not to allow arty modification or extension o:f, uor to request arty fmnre advances under any note or agreement secured by the lien document without Lender's prior whtten consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pa), :'fit taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, aud 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 receipls evidencing Mortgagor's payment. Mortgagor will defend title to the Property against arty chfi'ms that would impair the lien of the Security Iustnnnent. Mortgagor agrees to assign to Lender, as requested by Lender, arty 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, h)q)othecation, assignment or encmubrance, whether voluntary, 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 exlent that such acceleration for and in such particular circumstances where exercise of such a right by Leuder is prohibited by law. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition aud make all repairs that are reasonably necessary. Mortgagor shall not commit or allow auy waste, impairmeni, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds aud grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior writteu 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 agaiust Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Properb' at alt), 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 Mollgagor will in no way rely on Lender's inspection. 10.. AUTIlORITY TO PERFORM. If Mortgagor fails to perform auy dui)' 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 in fact to sign Mortgagor's name or pay m~Y amonnt necessaly fol- performauce. Lender's right to perform for Mortgagor shall uot create an obligation to perform, and Lender's failure to perform will not preclude Leuder from exercising any of Lender's other rights under the law or this Security Instrument. If arty constmctiou ou the Property is discontiuued or uot carried on in a reasonable manner, Lender may take all steps necessary lo 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 right, title and to any and all existiug or fim~re 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") aud renls, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with tree 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 lhe terms of this Security Instnunent. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Insmunent. Mortgagor agrees that this assignmeut is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assigmnent will remain in ell'ecl during any redemplion period until the Secured Debt is satisfied. Mortgagor agrees that Lender 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 fi~tnre Rents directly to Lender. On receiving notice of default, Mortgagor will eudorse and deliver to Lender any payment of Rents itt Mortgagor's possession and will receive arty Rents in trust for Lender and will not commingle the Rents with any other fimds. Any anmunts collected will be applied as provided in this Security Instnnnent. Mortgagor warrants that no default exists under EQI50B (10/2003) the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintaiu and require any tenant to comply with the terms of the Leases and applicable law. 12. LE),SEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold If the property is a unit in a Condominium Project or is part of a Planned Unit Developmem ("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 document which creates the Condominimn Projects or PUD and any homeowners association or equivalem entity ("Owners Association"); (ii) by-laws; (iii) code of regmlations; attd (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So lo.ng as the Owners Associatiou maintains, with a geuerally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards iuclnded within the term "extended coverage," then Mortgagor's obligation under Section 19 to mainiain 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 iix required hazard insurance coverage. In the event: of a distribution of hazard insurance proceeds in lien 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 Leuder for application to the stuns 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 Liahility Insurance. Mortgagor shall t:~ke such actions as may be reasonable to insure that the Owners Association ~naintains a pnblic liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condmnnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with any condemnation or other t~cking of all or any part of the Property, whether of the nnit or of the common elements, or for any conveyance in lien 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 Instnunent as provided iu Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Lender's prior written consem, either partition or subdivide the Property or consent to: (i) the abandonment or temfination of the Condonfinimn 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 condemnaliou or enfinent domain; (ii) m~y amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination 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 the 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 from the date of disbursement at the Secured Debt rate and shall be payable, with interest, npon notice from Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any part), obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs uuder the terms of this Security Instrmnent 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 lhe Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of defimlt. 14. REMEDEES ON DEFAULT. In some iustances, 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 Instnunem 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 tile' Secured Debt, this Security Instrument and any related documents, inch~ding without linfitation, the power to sell the Property. All remedies are distinct, cmmdative and not exclusive, and the Lender is entitled to all rmnedies provided :',t law or equity, whether or not expressly set forth. The acceptance by Leuder of any sum'in payment or partial paymem on the Secured Debt ,'filer 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 exisling default. By not exercising any remedy on Mortgagor's default, Leuder does not waive Lender's right to later consider the event a default if it conti~mes or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pa), all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrmnent. Mortgagor will also pay on demand any amoum incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest froln the date of the payment until paid in tall at tile highest interest rate in effect as provided in tile terms of the Secm'ed Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, com~ costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrmueut 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 iix 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 interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, s~ffet-y, welfare or environment. The terln 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 iu the Property. 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 Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in fidl compliance with any applicable Environlnental 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 Enviromuental Law concerning tile Property. Iu such an event, Mortgagor shall take all necessary remedial action in accordauce with any Enviromnental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any 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 condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to interveue in Mortgagor' name in any of the above described actious or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected 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 lhis Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained iix the amounts and for the periods that Lender requires. Tile insurance carrier providing the insurance shall be chosen by Mor[gagor subject 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 fights in the Property according to the terms of this Secufity Instx-ument. All insurance policies and renewals shall be acceptable to Lender and shall include a stmidard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall mnnediately uotify Lender of cancellation or termination of the insurance. Lender shall have the fight to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid. premimns and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. 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 immediately betbre the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender fimds for taxes and insurance in escrow. 20. FINANCIAL iREPORTS AND ADDITIONAL DOCUMENTS. Mortgagor Will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional docmnents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrmnent and Lender's lien status ou tile Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, EQISOD (10/2003) Mortgagor does so only to mortgage Mortgagor's interest in the Properly to secure paymem of lite Secu}et~-~)ebt and Mortgagor does not agree to be personally liable'on the Secured Debt. If this Security Instnunent secures a guaranty betWeen Lender and Mm-tgagor, Mortgagor agrees to waive m~y rights that may prevent Lender from bringing any action or claim agains! Mortgagor or any party iudebted under the Obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and auy party to this Security Instrument may extend, modify or make any change iu the terms of this Security Iustn~ment 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 aud benefits of this Security Instn~n~ent shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVE.RABI LITY; INTERPRETATION. This Security !ustnuneut is governed by the laws of the jurisdiction in which the Property isiocated, except to the extent othem, ise required by the laws of the jarisdiction where the Property is located. This Security Instrument is complete aud fitlly integrated This Security Instrument may not be amended of modified by oral agreement. Auy section in tiffs Security Instrument, altachments, or ally agreelnent related lo the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly pemfits Ihe Variations by written agreement. If any seclion of this Security Instrument cmmot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Inslrument. Wheuever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instn,ment are for cmwenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in lhis Security Instnunent. In lhe event any section of this Secnrity Insmunent directly conflicts with any section of a certain Home Equity Closing Handbook which conlains the Account Agreement Terms and Cmttlitions (as applicable), Fixed Rale Note Terms and Conditions (as applicable), the Arbitration Agreement, and lhe Agreement to Provide. Flood/Property lusnrance, all of which I agree to by signing this Security Instnmmnt, 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 b'y mailing it by first class mail to the appropriate party's address on page 1 of this Security lustmn~ent, or as showu iu Lender's records, or lo 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. ffchecked, the following are applicable to this Security h~stnunent: F'g-1 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. Cunstruction Loan. This Security lnstrmnent 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 fim~re and that are or will become fixtures relates to lhe Property. This Security Iustmn~ent suffices as a financing stalement and 'any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. [g/g-] Additional Terms. 26. RIDERS. If checked, tl~e following are applicable to this Security Instmn~ent. The covenants and agreements of each of the riders checked below are incorporated into and supplement and anrend the terms of this Security Instrument. ff-/¢'l Third Party Rider ~ Leasehold Rider ~ Other N / A SIGNATF~URES: By signing below, Mortgagor agrees to the t~fms and covenants conlained ill ,his Sectlrity Iustn, ment and in any afl{rdhnrfints. Mortgqgor also acknow},edges receipt of a cop) of this Securit5 Instnnuent on the date stated on page 1. '" DAN I EL A V (SHON - Mortgagor ~ Y Mortgagor Date lvlortgagor Date Mortgagor Date Mortgagor Date ACKNOWLED (Individual) CO~TY OF The foregoing inslmment was acknowledged before me by this / ~ day or ~/Vl~ r~k Witness my hand and official seal. (Signature of Officer) (Title of Officer) My Commission Expires: ,../eo ,/' / (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 OIlicer) (Tille of Officer) My Corn mission Expires: (Seal)