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HomeMy WebLinkAbout898959TI~ document is being red, ordeal by Southwest Title Company oo ,55 ['iI(']COL?,4 CO'tII~!TY OLERK P. o. BOX 31553 Afterrecording, B I L LINGS, MT 59103 recording Information I~n DOCUMENT MANAGEMENT AccuFile, Inc. RO. B~ 390190 State ofWyonfmg~-~9~O~-~]/L-/tr)'~ ~"-~ Space Above Tiffs Lh~e For Recording Data REFERENCE #: 20033233200491 ACCOUNT #: 0654-654-2332045-1998 MORTGAGE (With Future Advance Clause) 1. DATE AND PART]ES. The date oftkis Mortgage ("Security Instrument") is 12 ! 29 ! 2003 and the parties, their addresses and tax idemification mm~bers, if reqtfired, are as follows: MORTGAGOR: REX K. RADFORD AND LINDA P. RADFORD, HUSBAND AND WIFE, AS TENANTS BY ENTIRETIES WITH RIGHTS OF SURVIVORSHIP AND NOT AS TENANTS IN COMMON THE [] If checked, refe~ to the attached Addendum Incorporated hereiu, for additional Mortgagors their signatures and acknoWledgments. LENDER: Wells Fazgo Bank, N .A. P. O. BOX 31553 B~LLINGS, MI' 59103 CONVEYANCE. For good attd valuable consideration, the recmpt and stffficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instmn~em, Mortgagor grants, bargains, conveys, mortgages and warfares to Lender,'with power of sale, the lbllowing described property: LOT 1 OF SECTION I T35N RllgW OF THE 6IH P.M., LINCOLN COUNTY WYOMING BEING MORE PARTICU[_ARLY BESCRIBED AS FOLLOWS: PARCEL 1 LOT 1 OF SECTION1, T35N R119W OF THE 6TH P.M., L NCOLN COUNTY, WYOMING PARCEL 2 PART OF THE NWI/4NElt4 OF SECTION 1, T35N RllgW OF COUNTY, WYOMING BEING MORE PARTICULARLY DESCRIBED BE NG Al THE NORTH EAST CORNER OF NWl~4NEI/4 OF SA 10 RODS, THENCE SOUTH 16 RODS; THENCE EASI l0 RODS; THENCE NORTH 16 RODS TO THE POINT OF BEGINNING THE 6TH P M., LINCOLN AS FOLLOWS: D SECT ON 1, THENCE WEST The property is located in L I NCOLN at: 354 CO RD ~59 ETNA, WY 83fcf~'ty) aud parcel number of 1235190110033400 & 1235190110014900 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas hghts, all water and riparian rights, ditches, and water stock and all existing and fi~ture m~provements, structures, fixtures, and replacements that may now or at any time in the hture be pa~ of the real estate deschbed above (all referred to as "Property"). M~~ OBLIGATION L~IT. The total phncipal amount secured by this Securi~ Instrument at any one dine shall not exceed $ 235. 000.00 . This limitation of amoum does not include imerest and other fees aud charges validly made pursuant to this SecuhW Instrument. Also, fltis limi~tion does not apply to advances made under the terms of tlfis Security lustrmnent to protect Lender's securiW and to perfonu any of/he covenants coutai~md in this Secuhty Instrument. SECU~D DEBT ~D FUTU~ ADVANCES. The term "Secured Debt" is defined as Ibllows: ,0 .-. A. Debt incurred under the terms ~f the pro~nissory note, revoh,ing line of credit, contract,' guaranty or other evidence of debt dated 12 / 2g ! 2003 together with all amendments, extensions, modifications and renewals, and having a maturity date of 1212§1204B B. All fmure advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of this Security Instrmnent. Nothing in this Security Agreement shall constitute a commitment to make additional or fittnre loans or advances which exceed the anmnnt shown in Section 3. Any such conmfitment nmst be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, 0r otherwise protecting the Property and its value and any other stuns 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 whm~ due and in accordance with the terms of the Secured Debt and this Security Instnnnem. 6. PRIOR SECURITY INTERESTS. With regard to any other ~nortgage, deed of trust, security agreement or other lien docmnem that created a prior security interest or encmnbrance on the Property, Mortgagor agrees: A. To make all payments when dne 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 requesl auy fi~ture advances under any note or agreement secured by the lien docmnent withont Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, grmmd rents, milities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such antounts are due and the receipts evidencing Mortgagor's paymem. Mortgagor will defend title to the Property against any claims that would impair the lien of the Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, h)~pothecation, assignmem or encumbrance, whether voluntary, invohmtary, 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 paya'ble, except to the exteut 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 reasonabfy necessary. Mortgagor shall not conunit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxioos weeds and grasses. Mortgagor agrees that the natnre of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not pemfit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at an), 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 p)~rpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instnnnent, Lender may, without notice, perform or cause them to be performed Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amoum necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not prechlde Lender from exercising any of Lender's other fights under the law or this Secnrity Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security imerest 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 fight, title and to any and all existing or fixture leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, inch~ding any extensions, renewals, modffications or substitutions 'of such agreemems (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with tree and correct copies of all existing and furore Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instnlmem. Mortgagor agrees that this assigmnent is immediately effective between tim parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes ',fffinnative action prescribed by law, and that this assigmnent will remain in effect during any redemption period tmtil the Secured Debt is Satisfied. Mortgagor agrees that Lender may take actual possession of the property witho'ut the necessity of conunencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of defimlt and demands that any tenam pay all fi~ture Rents directly to Lender. On receiving notice of default, Mortgagor will endorse aud deliver to Lender any payment of Rems in M0rtgagor's possession and will receive any Rents in trust lbr Lender and will not comnfingle the Rents with any other fimds. Any mnounts collected will be applied as provided in this Security Instnunent. Mortgagor warrauts that no defimlt exists under EQ150B (10/2003) 12. 071 the Leases or any applicable landlord/te{~am law. Mortgagor also agrees To maintaiu and require any tenant to comply with the terms of the Leases and applicable law. LEASEHOLDS; 'CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the prowsions 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 Docmnents. The "Constituent Docmnents" are the: (i) Declaration or any other docmnem which creates the Condominhnn ProJects or PUD and any homeowners association or equivalem entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equiwdem docmnenls. Mortgagor shall promptly pay, when due, all dues and assessments imposed pnrsuant to the Constituent D ocuulents. B. Hazard Iusurance. So long as the Owners Association maintains, with a generally accepted insnrauce 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 incloded witlfin 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 prmnpt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lien of restorahon or repair following a loss to Property, whether to the mdt or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid To Lender 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 extem of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in cmmection with any condemnation or other taking of all or auy part of the Property, whether of the unit or of the common elelnents, 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 stuns secured by the Security Instnunent as provided in Section 18 F. Lender's Prior Consent. Mortgagor shall not, except ~ffler notice to Lender and with Lender's prior written consent, eilher partition ot subdivide the Property or consent to: (i) the abandomnent 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 eminent domain; (ii) any a~nendment to arty 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. Remedies. If Mortgagor does not pay condominimn or PUD dues and assessments when due, then Lender may pay them. Any mnonnts disbursed by Lender under tlfis section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, lhese amounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with inlerest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAIJLTi Mortgagor will be in default if auy 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 doculnent 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 DEFAIJLT. In so,ne instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and ~nay establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose tlfis Security Instrument in a rammer provided by law if Mortgagor is in defimlt. At the option of Lender, all or an), part of the agreed fees and charges, accrued interest and principal shall becmne immediately due and payable,, after giving notice if required by law, npon the occurrence of a default or anytime thereafler. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instmn~ent and any related docmnents, including without limitation, the power to sell the Property. All remedies are distinct, cmnulative 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 ~n 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 evem a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVEI;qANTS; ATTORNEYS' FEES;. COLLECTION COSTS. Except when prohibited by law,. Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenaut in this Security Instrument. Mortgagor will also pa), on demand any amount incurred by Lender for insuring, inspecting, preserving or otbenvise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment mrtil paid in full at the lfighest 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 remedies under this Security Instnunem. This amount may include, but is not limited to, attorneys' fees, court costs, aud other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. Tlfis Security Instmmem 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 ill this section; (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compeusation 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 contanfinaut which has characteristics which render the substance dangerous or potentially dangerous to the public health, s,'ffety, welfare or environment. The term includes, without linfitation, any substances defined 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 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 quautities of Hazardous Substauces 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 Snbstance occurs on, under or about the Property or there is a violation of auy Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall innnediately noti~, 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 Enviroumental 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 condemnalion, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in an), o:f 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 Secnrity Instnunent. This assignment of Proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien documeut. 18. INSURANCE. Mortgagor Shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the PropexV7 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 insurauce shall be chosen by Mortgagor subject to Lender's approwtl, wlfich shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain Coverage 1o protect Lender's rights in the Properly according to the terms of this Security Instrument. All insurance policies aud renewals shall be acceptable to Lender and shall iuclude a standard "mortgage chmse" and, where applicable, "loss payee clause." Mortgagor shall inmrediately notify Lender of cancellation or temfination 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 lVlortgagor. 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 dffe, at Lender's option. All)' applicatiou 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 before the acqnisition. 19. ESCROW FOR TAXES AND INSURANCE~ Unless otherwise provided in a separate agreemen, t, 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 Instnunent and Lender's lien status on the 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 Ilfis Security Instnunent but does not sign an evidence of debt, EQ150D (10/2003) 0 7 3 Mortgagor does so only to mortgage Mo~tgagor's interest in the Property to secure paymem of the Secured Debt and Mortgagor does not agree to be personally liableon the Secured Debt. ffthis Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Leuder from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, bm are not linffted to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Insmnnem may extend, modify or make any change in the terms of this Security Instrumem or any evidence of debt without Mortgagor's consem. Such a change will not release Mortgagor from the terms of this Security Instrument. The dnties aud benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent otherwise required by the' laws of the jurisdiction where the Property is located. This Security Instnnnem is complete and fully integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instnunent, attachments, or any agreement related to the Secured Debt that cmffiicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be e~fforced according to its temps, that section will be severed and will not affect the e~fforceability of the'remainder of tlfis Security Instrmnent. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instnunem 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 tiffs Security Ii~stmmem directly cmfflicts with any section of a certain Home Equity Closing Handbook wtfich coutains the Account Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreemem; 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 comrol. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Inslnm~eut: F-~ Line of Credit. The Secured Debt includes a revolving line of credit provisiou. Although the Secured Debt may be reduced to a. zero balance, this Security Instmmeut will remain in effect umil released. ~TZ] Construction Loau. This Security Instmmem secures an obligation incurred for the construction.of an improvemem on the Property. ~TZ] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fitture and that are or will become fixtures relates to the Property. This Security Instrument stfffices as a financing statement and any cm'bon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Conuuercial Code. lilT'X3 Additional Terms. 26. RIDERS. If checked, the following are applicable to' iris Security Instrument. The covenams and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. ~ Tlffrd PartyRider ~ Leasehold Rider ~7~ Other N / ^ SIGNATURES: By signing below, Mortgagor agrees to the terms and coveuants contained in this Security Instrument and in any atl'achnmnts Mo~gagor also ac~owledges receipt of a copy of this Security h~stmment on the date stated on page 1. R . Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF (U~{) >'J"7 I' lq ~ COUNTY OF Z/'/9 Z0//'L The foregoing instalment was acknowledged before me by tiffs ff-~' day of ~-r 6 C' O-q ~ (' v' Witness my hand and official seal. (Title of Officer) ~ My Commissim~ Expires: ~ '~ ~' ~ ~ ~'~ (Seal) ACKNOWLEDGMENT: (Individnal) /~ STATE OF COUNTY OF The forego!ng ins}mment was acknowledged before ]ne by this : ~.q ~-bc day of ~,~ C C rlA ~-,' ~- Witness my hand and official seal. '(g~'tureofOfficer) O_.lactctia (Title of Officer) My Conlmission Expires: (Seal) EQ150F (1012003)