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HomeMy WebLinkAbout899017Recording requested by: Wells Faigo Bank, N.A. Wh~h record~ed return to: Wells Fazgo Bank, N.A. 8990 ~ 7 P O. BOX 31557 BILLINGS. MT 5910-~ DOCUMENT MANAGEMENT RECEIVED uINCOt-N COUNT"( CLERK Stale of Wyon~h~g- Space Above Tlds Lh~e For Recordhig Data REFERENCE//: 20040387400180 ACCOUNT #: 0654-~4-~74~4 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 04 ! ~ 412004 and the parties, their addresses and tax idemification nnmbers~ if required, are as follows: MORTGAGOR: PATRIC A J. MAGEE AND GEORGE MAGEE, A NON VESTED SPOUSE [] If checked, refer to the attached Addendmn ~ncorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER:Wells Fargo Bank, N.A. P O. BOX 31557 El LLINGS MT 59107 CONVEYANCE. For good and valoable consideration, the receipt and stffficiency 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: THE FOLLOWING DESCRIBED TRACT OF LAND N LINCOLN COUNTY, STATE OF WYOMING, TO-WIT: BROKEN WHEEL RANCH SUBDIVISION, LOTS 35 AND 36 TRACT 36 RANGE 119 SECTION 15 TOTALING 1 46 ACRES The property is located in L I NCOLN at: 200 HAWTHORNE DR ALPINE. and parcel number of 36191510301600 together with all rights, easemems, appmtenances, royalties, mineral rights, oil and gas rights, all water and fipahan rights, dilches, and water stock and all existing and fi~ture improven~ents, sn'ucmres, fixates, and replacements that may now or at any time in the lhmre be part of the real estate described above (all referred to as "Pmperb?'). M~HM OBLIGATION L~IT. The total principal amonm secured by tlfis Security Instrmnent at m~y one time shall not exceed $ 100,000. O0 . This lmfitadon of amount does not include interest mid other fees and charges wfiidly made pursuant to this Security Instmmenl Also, this limitation does not apply to advances made under, the terms of this Security Instrument to protect Lender's securi ty and to perform any of the covenants contained in this Security Instrument. SECU~D DEBT ~D FUTU~ ADV~CES. The term "Secured Debt" is defined as follows: EQISOA (1012003) A. Debt incurred under the terms of the pronfissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 04 / 14 / 2004 together with all amendments, extensions, modifications and renewals, and having a mantrity date of 04 / 14 / 2044 B. All fixture advauces from Lender to Mortgagor under such evidence of debt. All fixture advances are secured as if made on the date of rids Security Instmntem. Nothing in this Security Agreemem shall conslitute a colnmimiem to make 'additional or fi~ture loans or advances which exceed the atnount shown in Section 3. Amy such cmnmitmen! must be agreed to in a separate writing. C. All stuns advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting rile Property and its value and any other stuns advanced and expeuses recurred 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 with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreemem or other lien docmnent that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or cmnply 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 fi~lure adwmces 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 paymeuts, 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 evidencing Mortgagor's payment. Mortgagor will defend tire to the Property against any claims that would impair the lien of the Security Instnm~ent. 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, hypothecation, assigmnem or encumbrance, 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 lo 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 commit or allow any waste, impairn~ent, or deterioration of the Prope.rty. 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 written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consem. 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 any 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 emirely 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 covenams contained in this Security Instrmnent, Lender may, without notice, perform or cause them to be per£ormed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay auy am.ount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation !o 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 Instrument. If any construction ou the Property is discontinued or not carried on in a reasonable rammer, Lender may take all steps necessary to 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 hdditional security all the right, title and to any and all existing or fi~ture leases, subleases, and any other written or verbal agreemems for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all refe. rred to as "Leases") and reuts, issues and profits (all referred to as "Rents~'). Mortgagor will promptly provide Lender with tree and correct copies of all existing and fi~ture Leases. Mortgagor may collect, receive, eujoy and 'use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is innnediately effective between the parties to this Security Instminent. Mortgagor agrees that this assignment is effective as to third parties 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. Mortgagor agrees that Lender may take actual possession of the propertY withont the necessity of commencing legal action and that actual possession is deemed to occur when Lender, Or its agent, notifies Mortgagor of dethult and demands that any tenam pay all fi~ture Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Leuder any payment of Rents in Mortgagor's possession and will receive any Renls in trust for Lender and will not connningle lhe Rents with any other fimds. Any amounts collected will be applied as provided in this Security Instn~ment. Mortgagor warranls that no default exists under the Leases or any applicable landlord/tenure law. Mortgagor also agrees to maintain and require hny tenure to comply with tile terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor' agrees to comply with the provisions of any lease if tiffs Security Instrmnem is on a leasehold. If the property, is a unil in a Condominimn Projecl 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 "Constiluem Documems" are the: (i) Declaration or any, other docmnent which creates the Condominimn Projects or PUD and an), homeowners association or equivalent emily ("Owners Association"); (ii) by-laws", (iii) code of regulations; and (iv) other eqnivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent D ocmnents. B. Hazard Insm'ance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condonhnimn 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 "ex-tended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extenl 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 nnit 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 Instmmem, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for tile life of the Secured Debt which is acceptable, as to fume, 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 maintains a public liability insurance policy acceptable in form, mnount, aud extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with any condenmation or other taking of all or any part of the Properly, whether of tile unit or of the common elements, or for auy conveyance in lieu of condenmation, are hereby, assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to 'the stuns secured by the Security Instnnnent 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 abandonment or termination of the Condonfinimn Project or PUD, except for abandomnent or termination required by law in the case of substantial destructiou 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 Docmnents if the provision is for the express benefit of Lender; (iii) termination of professional managemem and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering tlie public liability iusurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condonfinium or PUD dues and assessmems 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 Instrmnem. 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 imerest, upon notice from Lender to MOrtgagor requesting payment. 13. DEFAULT~ Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in del~hult if a breach occurs under the terms of this Security Instrument or any other docmuent 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 tile 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 provide Mortgagor with notice of the right to cure or other notices and may establish ti~ne schedules for foreclosure actions. Subject to these limitations, if any, Lender ~nay accelerate the Secured Debt and foreclose this Security lnsmnnem 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 becmne immediately due and payable, after giving notice ii' required by law, upon the occurrence of a default or auytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instnnnent and any related documents, including without limitation, the power to sell tile 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 stun in payment or partial payment on tile 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 defimlt. 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) 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 Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting~ preserving or otherwise protecting the Property and Lender's secufity interest. These expenses will bear ~merest from the date of the paymem until paid in fidl at the highest interest rme in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses iucurred by Lender in collecting, mrforcing or protectiug Lenders' rights and remedies under this Security Instrmueut. This amount may include, but is not li~nited 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 Instrumem 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, withont linfitation, the Comprehensive Enviromnemal Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et sdq.), and all other federal, state and local laws, regulations, ordinances, cona orders, attorney general opinions or inteq3retive le~ers concerning the public health, s~eW, welfare, environment or a hazardous snbstance; and (2) Hazardous Substance means any to,c, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially daugerous to the public heallh, safety, welfare or environment. The term includes, without linfitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmemal Law. Mortgagor represents, warrants and agrees fl~at: A. Except as previously disclosed and acknowledged in wfiting to Lender, no Hazardous Substance is or will be located, stored or released on or in the Prope~. This restriction does not apply to small quantifies of Hazardous Substances that are generally recogmzed to be appropriate for the normal use and maintenance of the ProperS. B. Except as previously disclosed and acknowledged in writing to Lender, Moagagor and eveD, tenant have been, are, and shall remain in fidl compliauce with any applicable Environmental Law. C. Mo~gagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occnrs on, under or about the ProperW or there is a violation of any Environmental Law concenfing the Property. In such an event, Moffgagor shall t~e all necessaD, remedial action in accordance with any Enviromnenlal Law. D. Mo~gagor shall immediately not~, 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 Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take aKv or all of the Property through condemnation, eminent domain, or any other means. Mortgagor attlhorizes Lender to intmwene 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 co~mected with a condemnation or other taking of all or any pan oflhe Prope~. Such proceeds shall be considered payments and will be applied as provided in this Security Instnunent. This assigmnent of proceeds is subject to the terms of auy prior mortgage, deed of trust, security agreemeut or other lien docmuem. 18. ~SU~NCE. Mortgagor shall keep Prope~ 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 tlm periods that Lender requires. The insurance carrier providing the insurauce shall be chosen by Mo~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 Prope~~ 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 termination of the insurance. Lender shall have the rigla to hold ihe policies and renewals, ff Lender requires, Mortgagor shall immediately give to Lender all receipts of paid prenfiums and renewal notices. Upon loss, Mo~gagor shall give im~nediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made inuuediately by Mortgagor. · Unless othenvise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Propeay 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 amoum of any paymem. Any excess will be paid to Mortgagor. If the Prope~y is acqnired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Proper~ before the acquisition shall pass to Lender to the extent of'tlm Secnred Debt inunediately before the acquisition. 19. ESCROW FOR TAXES AND INSU~NCE. Unless othenvise provided in a separate agreement, Mortgagor will not be required to pay to Lender fimds for taxes and insurance in escrow. 20. FINANC~L ~PORTS ~D ADDITIONAL DOCUMENTS.. Mortgagor will provide to Lender upon request, any financial statement or i~fformafion Lender' may deem reasonably necessm3,. Mortgagor agrees to sign, deliver, and file any additional documeuts or certifications that Lender may consider necessaD~ to perfect, continue, and prese~e Mortgagor's obligations under tiffs Security Instmmem and Lender's lien status on the Prope~. 21. JOlT ~D INDIV~U~ L~B~ITY; CO-SIGNE~; SUCCESSORS AND ASSIGNS BOUND. ~1 duties under this Security htstnnnent are joint and individual. If Mo~gagor signs this Security Instrmnent but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of tile Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. It' this Security Instnnnent secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or 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 temps of'this Security Instrmnent or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor ffoln the terms of this Security Instrument. The duties and benefits of this Security Iustmment shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instnunent is governed by the laws of the jurisdiction in which the Property is located, except to the extent othenvise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fifily integrated. Tiffs Security Instmnm~t 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 cotrflicts 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 Instnunent cannot be enforced according to its temps, that section will be severed and will not ~fffect the enforceability of the remainder of this 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 iustrument are for convenience only and are not to be used to interpret or define the terms of this Securib' Inslrmnent. Time is of the essence in this Security Instrument. 23. NOTICE. Uuless othenvise 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, oras 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 vim~e of lhe homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: - ~ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. ~-~ Construction Loan. This Security Instrument secures an obligation inc'ur}ed for the construction of an improvement on the Property. ~TX-] Fixtm'e Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fi~ture and that are or. will become fixtures relates to the Property. This Security Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. [fiTZ] Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instntment. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instnunent. ~ Third Party Rider ~ Leasehold Rider ~ Other N / A SIGNATURES: By signing below, Mortgagor agrees to the terins and covenants contained in this Security Instrument and in any attaclmxents. Mortgagor also aclomwledges receipt of a Copy of this Security Instrument on the date stated on page 1. Mortgagor Mortgagor Date Mortgagor Date Mortgagor Date EQ150E (10/2003) Mortgagor Date Mortgagor Date ACICNOWLEDGMENT: (Individual) STATE OF /~ ! COUNTY OF ~/"P/~ / PL The foregoing instrument was ackjcowledged before nle by L'I ~ this /~ dayof ~,'/ ' Witness my hand and official seal (~t~re o£ Officer) My Commission Expires: (Seal) ACI~NOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrumem was acknowledged before me by this day of Witness my band and official seal. (Siglmture of Officer) (Title of Officer) My Conmfission Expires: (Seal)