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HomeMy WebLinkAbout898409Recordint~' requested by: R E C E IV E D We115 Fargo Bank, N.A. LINCOLN COUNTY OLERK Whe. recorded re,.r. ,o: 8913 h 09 0t-,, ,tm Il: We11"s ?ar§o Bank, N.A. , ~ .,~ ._ . ,,-,r-:,~acg, '}-) ~.'¢G~,~ DOCUMENT MANAGEMENT -State of Wyoming - · Space Above This Lhle For Recordh~g Data- REFERENCE #: 200407~0-/200841 ACCOUNT fl: 0654-654-4340482-1998 MORTGAGE ~0'~ (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 03 / 1 § / 2004 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: HAL R. ROB NSON AND LARAINE A. ROB NSON, HUSBAND AND WIFE, BY THE ENTIRETIES [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their s~gnatures and acknowledgnrents. LENDER: Nells F'argo Bank, Iq.A. P. O. BOX 3155:/ BILLINGS. MT 59107 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which 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: BEGINNING 15-2/3 RODS SOUTH AND 10 RODS EAST OF THE NORIHWEST CORNER OF LOT 2 OF BLOCK '13, AFTON TOWNSITE SURVEY, LINCOLN COUNTY, WYOMING, THENCE RUNNING EAST 10 RODS, THENCE SOUTH 15-2/3 RODS, THENCE WESI 10 RODS, THENCE NORTH 6-2/3 ROBS TO THE POINT OF BEGINNING. The property is located in L I NCOLN at: 440 EAST THIRD AVENUE AFTof~C,°~"~ 83110 and parcel munber of 32183040408~00 together with all rights, easeme!~ts, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and Mmre improvements, structures, fixtures, and replacements that nmy ~fow or at any time in the ~ture be real estate described above (all referred to as "Property"). M~UM OBLIGATION L~IT. The total principal amount secured by this SecuriW Instrument al any one time shall not exceed $ ~ 25,000. O0 . This' limitation of amount does not iuclude interest and other fees and charges validly made pursuant t° this SecuriW instrument.' ~so, this limitation does not apply to advances made under the terms of this SecnriW Instrument to protect Lender's secud~ and to perform any of the covenants contained in this Security Instrument. SECU~DDEBT AND FUTU~ ~V~CES. The term "Secured Debt" is defined as follows: EQ150A (10/2003) A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 03/10 ! 2004 together with all amendments, extensions, modifications and renewals, and having a maturity date of 03! 1 § ! 2044 B. ~1 ~ture advances from Lender to Mortgagor under such evidence of debt. All ~ture advances are secured as if made on the date of this Securiw Instrument. Notlfing in this Security Agreement shall consti~te a commitment to make additional or ~tum loans or advances which exceed the amount shown in Section 3. Any such commitment ~nust be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, prese~ing, or othe~ise protecting the Prope~ and its value and any other sums advanced and expenses incurred by Lender under the terms of this SecuriW 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 Securi~ Instrument. 6. P~OR SECU~TY INTERESTS. With regard to any other mo~gage, deed of trust, security agreement or other lien ' document that created a prior securi~ interest or encumbrance on the Prope~, Mo~gagor agrees: 'A. To m~e all payments when due and to perform or comply 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 ~ture advances under any note or agreement secured by the lien docmnent without Lender's prior wri~en consent. , 7. 'CLA~S AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Prope~ when due. Lender may require Mo~gagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mo~gagor will defend title to the Property against any claims that would impair the lien of the SecuriW Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against pa~ies who supply labor or materials to maintain or improve the Prope~. 8. DUE ON SALE OR ENCUMB~NCE. Upon sale, transfer, h~othecation, assignment or encumbrance, whether volunta~,~ involunta~, or by operation of law, of all or any pan of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mo~gagor, declare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such pa~icular circumstances where exercise of such a right by Leuder is prohibited by law: 9. PROPERTY CONDITION, ALTE~TIONS AND INSPECTION. Mortgagor will keep the ProperW in good condition and make all repairs that are reasonably necessa~. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Prope~. Mortgagor will keep the Proper~ free of noxious weeds and grasses. Moagagor 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 noti~ Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the ProperS. Lender or Lender's agents may, at Lender's option, enter the Proper~ at any reasonable time for the pu~ose of inspecting the Prope~. Lender shall give Mo~gagor notice at the time of or before an inspection speci~ing a reasonable pu~ose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mo~gagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFO~. 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. Mo~gagor appoints Lender as attorney in fact to sign Mo~gagor's naxne or pay any amonnt necessa~ for performance. Lender's right to perform for Mo~gagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender frotn exercising any of Lender's other rights under the law or this Security Instrument. If any Construction on the Prope~ is discontinued or not carried on in a reasonable ~nanner, Lender may t~e all steps necessa~ to protect Lender's security interest in the Prope~y, including completion of the construction. 11, ASSIGNMENT OF LEASES AND ~NTS. Mortgagor irrevocably grants, bargains, conveys, mo~gages 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 the ProperS, 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 ~ture Leases. Mo~gagor may collect, receive, enjoy and use the Rents so long as Mo~gagor is not in default under the terms of this SecuriW Instrument. Mo~gagor agrees that this assignment is immediately effective between the pa~ies to this Security Instrument. Mortgagor agrees that this assignment is effective as to tlfird paflies 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. Mo~gagor agrees that Lender nmy take actual possession of the properW 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 ~ture Rents directly to Lender. On receiving notice of default, Mo~gagor will endorse and deliver to Lender any payment of Rents in Moffgagor's possession and will receive any Rents in trust for Lender and will not coinmingle the Rents with any other ~nds. Any amonnts collected will be applied as provided in this Securi~ Instminent. Mortgagor warrants that no default exists under 0S3S40, -' 094 the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the - terms ~)f the Leases and 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 Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The '~Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Projects or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; aud (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long asthe Owners Association maintains, with a generally 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 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 com~non 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 Insurauce. 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 ~nay be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, alnount, and extent of coverage to Lender. E. Condenmation. 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 nnit 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 sliall not, except after notice to Lender and with Lender's prior written consenL either partition or subdivide the Property' or consent to: (i) the abandonment or termination of the Condominium Project or PUD, except forabandonment or termination requiredby 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 assmnption of self- management by the Owners Association; or (iv) any action which would lmve 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 becolne additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amo0nts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice frown Lender to Mortgagor requesting payment. 13. DEFAULT.' Mortgagor will be in d~?ault if any part3' obligated on the Secured Debt fails to ~nake payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any other docmnent executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provideMortgagor 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 auy part of the agreed fees and c!~arges, 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 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 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. EQ150C (10/2003) 0S:9S40 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 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 in full at the 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 collecting, enforcing or protecting Lenders' rights and reniedies under this Security Instrument. This ambunt 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 Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Colnpensation 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 heialth, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollntant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," )'hazardous waste" or "hazardous substancd" 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 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 full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary reinedial action in accordance with any Environmental Law. D. Mortgagor shall i~nmediately notify Lender in writing as soon as Mortgagor has reason to believe there is an), pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of an), 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 intervene 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 connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of 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 in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor 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 rights in tile Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or ternfination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums 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 othenvise 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 tile scheduled pa),ment 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 tile Secured Debt im~nediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Utfless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties tinder this Security Instrument are joint and indMdual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so onJy to mortgage Mortgagor's iuterest in fl~e Prope~y to secure paymen~ o~ fi~e Secure~ does ~ot agree ~o be personally liabl~ o~ fi~ ~ecured DebL If tiffs gecnril~ ~s~mme~l secures ~ gu~ramy between ~o~gago~, ~o~gago~ agrees ~o ~aive a~y figb~s fim~ may p~evenl Le~de~ ~rom bringing any aclio~ or claim against ~o~gago~ or an~ ~a~y i~debte~ u~de~ the obligation. These rights may include, bu~ are nol limited ~o, a~y laws. Mo~gagor agrees that Lender and any pa~y to this Securi~ Instrument may extend, modi~ or m~e any change in the terms of this SecuriW Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release M0ffgagor from the terms of this SecuriW Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. ~PLICABLE LAW; SEVE~BILITY; INTE~TATION. This SecuriW Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent othem, ise required by the laws of the jurisdiction where the Proper~ is located. This Security Instrument is complete and fiflly integrated. This SecuriW Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that co~icts with applicable law will not be effective, unless that lawexpressly or impliedly pemfits the variations by written agreement. If any section of this Security Instrument cannot be e~orced according to its terms, that section will be severed and will not ~ect the e~orceabili~ of the remainder of this Security Instrument. Whenever used, the sin~dar shall include the plural and the plural the sin~lar. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to inteCret or define the terms of this Securi~ Instrument. Time is of the essence in this Securi~ Instrument. 23. NOTICE. Unless othenvise required by law, any notice shall be giveu by delivering it or by mailing it by first class mail to the appropriate pa~'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. WAWE~. Except to the ement prOhibited by law, Mo~gagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and bY vi~ue of the homestead exemption laws of this state. ' 25. OTHER TE~S. If checked, the following are applicable to this Security Inslrmnent: 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 Securi~ Instrument secures an obligation incurred for lhe Construction of an improvement on the Property.. ~ Fixture Filing. Mo~gagor grants to Lender a securi~ interest in all goods that Mortgagor owns now or in the hture 'and that are or will become fixtures relates to the ProperS. This Security Instm~nent s~ces as a financing statement and any Carbon, photographic or other reproduction may be filed of record for pn¢oses of Article 9 of the Uniform Commercial Code. ~ Additional Terms. 26. RIDE~. If checked, the following are aPplicable to this SecuriW Instrument. The covenants and agreements of each of the riders checked below are inco~orated into and supplement and amend the terms of this SecuriB, Instnnnent. ~ Third Pa~ ~der ~ Leasehold ~der ~ Other N / A SIGNATU~S: By signing below, Mo~gagor agrees to the terms and covenants contained in this Securi~ Instmmeut and in any aaacl~e[t~oagagor also acknowledges receipt of a copy of this Securi~ Instrument onthe date stated on page 1. HA L~ ~R' R 0B ] NgON' Moagagor Date LARAINE ~-~1NSON ' ' ' '' Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQI50E (10/2003) ACKNOWLEDGMENT: (Individual) STA ' oF "fX The foregoing instrument was acknowledge, d before me by this /~ day of ~-'~,/]q ,~Pc_ I'k W~_~smy hand and2C~l~eal...~ (Title of Officer) My Commission Expires: ~ ~.ff~ (Seal) ACKNOWLEDGMENT: (Individual) ,_~/{ ) STATE OF _ COUNTY OF L', ~ 0~o The foregoing instrument was a.ckn, owledge, d before me by this /~ day ofX~/I ~, t~ 0... [X.~ , W{~ess my hand and/~ia~ seal. (Sigmatur'eofOfficer) ~ ~J (Title of O~r) My Commission Expires: BEVERLY JO!i~ISON- NOTARY PUBI:..IC { Coun~ of ~ State ol ][ (Seal)