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HomeMy WebLinkAbout899229Recording requested by: Wells Fargo 1Sank N.A. REOEIVED ltOOI, t ,5_5~5IMp.AOL- .0-51 LINCOLN COUNTY CLERK When recorded return to: Oh Fargo Bank, N.,,. 899229 Wells ' ' P 0 BOX 3155~ BILLINGS MT 6g107 , , ,.~ DOCUMENT MANAGEMENT ' .State of Wyomh~g . . -Space Above Tlds LiJ~e For Recordh~g Data' REFERENCE #: 2004061 -/400683 ACCOUNT #: 0854-654-5703417-1998 IVlORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 04 t 19/2004 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: THOMAS M. NEWMAN AND LAUNI S NEWMAN, AS J01N'r TENANTS WlfH FULL RIGHTS OF SURVIVORSHIP [] If checked, refer to the attached Addendmn incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank, N.A. P. 0. 80X 31557 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: LOT S XTY-TWO (62) IN STAR VALLEY RANCH PLAT THREE (31 AS PLATTED AND RECORDED IN THE OFFIC AL RECORDS OF L NCOLN COUNTY, WYOMING. The property is located in L I NCO LN at: g PINE DR THAYNE, WY 8312{c°"my) and parcel number of 351 g 2441207600 togethdr 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 fi~ture improvements, structures, fixtures, and replacements that may now or at any time in the fim~re be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amoum secured by this Secuhty Instnmrent at any one time shall not exceed $ 31. 000.00 . This limitation of amoum does uot include interest and other fees aud charges validly nmde pursuant to this Security htstmment. Also, this limitation does not aPPly to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrmnent. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: 052 A. Debt incurred nnder the lerms of the promissory note, revolving line of credit, contract, ~mranW or other evidence of debt dated 0a ~ ~ 9 / 200~ together with all amendments, extensions, modifications and renewals, and having a maturity date of 04 t 1 g / 2044 B. All fi~lure advances from Lender to Mortgagor under such evidence of debt. All fi~lure advances are secured as if made on the date of this Sect'triW Instrument. Nothing in this Securily Agreement shall constitute a conmhlment to make additional or fi~re loans or advances which exceed the amounl shown in Section 3. Any such commitment nmst be agreed to in a separate writing. C. All sums advanced and expenses incu~ed by Lender for insuring, prese~w]ng, or othenvise protecting the Proper~ and its valne and any other sums advanced and expenses incurred by Lender nnder the terms of this Secuhty Instalment. 5. PAYMENTS. Mo~gagor agrees that all paymems under the Secured Debt will be paid when da~ and in accordmme wilh lhe terms of the Secured Debt and this Securi~, Inslnnnem. 6. P'~OR. SECU~TY ~TE~STS. With regard to any other mo~gage, deed of trust, secnrity agreement or other lien document that created a prior security interest or encmnbrance on the Property, Mortgagor agrees:. A. To make all paymems when due and to perform or cmnply wilh all covenants. B. To promptly deliver 1o Lender any notices thai Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor Io request any fi~lure advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mo~.ga.gor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the ProperB, when due. Lender may reqnire Mo~gagor to provide to Lender copies of all notices that such amounts are due and the recmpts evidencing Mortgagor's payment. Mortgagor will defend lille to the Proper~ agmnst any claims that would impair the lien of the Securi~ Iustrumenl Mortgagor agrees to assign to Lender, as request~ by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintaiu or improve the Prope~. 8. DUE ON SALE OR ENCUMB~NCE. Upon sale, transfer, hypofl~ecation, assignment or encumbrance, whether volunta~, involunta~, or by operation of law, of all or m~y 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 ement that such acceleration for and in such particular circumstances where exercise of such a right by Lender is prohibited by law, 9. PROPERTY CONDITION, ALTE~TIONS AND INSPECTION. Mortgagor will keep the Proper~ in good condition and make all repairs that are reasonably necessa~. Mo~gagor shall not commit or allow any waste, m~pairment, or deterioration of the Property. Mo~g'agor will keep the Property free of uoxions weeds and grasses. Mortgagor agrees that the nature of the occnpancy and use will ~mt substanlially change without Lender's prior written consent. Mo~xgagor will not permit any change in any license, resthctive covenant or easement without Lender's prior written consent. Mortgagor will noti6* Lender of all demands, proceedings, claims, and actions against Mo~gagor, and of auy loss or damage to the Prope~. Leuder or Lender's ageuts may, at Lender's option, enter the Property at any reasonable time for the pn~ose of inspecting the Property. Lender shall give Mo~gagor notice at the time of or before an inspection specifying a reasonable pm-pose for the inspection. A][g inspection of the Prope~ shall be entirely for Lender's benefit and Mo~gagor will m no way rely on Leuder's inspection. 10. AUTHO~TY TO PE~ORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Secud~ h~stnnnent, Lender may, wilhont notice, perform or cause them to be performed. Mortgagor appoims Lender as attorney in ~act to sign Mo~gagor's name or pay any amount necessa~, for performance. Lender's hghl to perform for Mo~gagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other hghts under the law or this Security Instntment. If any construction on the Prope~y is discontinned or not carried on in a reasonable manner, Lender may take all steps necessa~ to protect Lender's securiw inlerest in the Property, inclnding completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional secnhty all the right, title and ~o any and all dxisling or future leases, subleases, and any other wri~en or verbal agreements for the use and occupancy of any porlion of the Property, including any extensions, renewals, modifications or substitutions of such agreemeuts (all refe~ed to as "Leases") and 'rems, tssnes and profits (all refe~ed to as "Rems"). Mo~gagor will promptly provide Lender with tree and correct copies of all exisling and future Leases. Mortgagor ~nay collect, receive, enjoy and use the Rents so long as Moagagor is not in default under the terms of this Security Instmmem. Mo~gagor agrees that this assignment is immediately effective between the p}~ies to this Security Instrmnent. Mo~gagor agrees that this assigmnent is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignmem will remain in effec~ during any redemption period nmil 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 a~ual possession is deemed to occur when Lender,' or its agent, notifies Mortgagor of defimlt and demands that any tenant pay all fi~ture Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mo~gagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other fimds. Any amounts collected will be applied as provided in this SecuriB, h~slrument. Mortgagor warrants that no default exists uuder EQISOB (10/2003) 0S',9229 -.. 05 3 the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instnnnent is on a leasehold. If the property is a milt in a Condonffnimn Project or is part of a Plmmed 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 docmnent which creates the Condominimn Projects or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent docmnents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. lrIazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "bla~flcet" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amonnts, 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 extem that the reqnired 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 common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, 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 condenmation or other taking of all or any part of the Property, whether of the unit 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 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 Condonffninm 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 condemnation or eminent domain; (ii) any amendntent to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self- managexnent 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 condonfinium or PUD dues and assessments when due, then Lender may pay them. Any amoums 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 amoums shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 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 default if a breach occnrs under the terms of this Security Instrument or any other document executed for the purpose of creating, secunng or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time ~s 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 ixnpaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will reqnire 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 tim Secured Debt and foreclose tiffs Security lnstnm~ent m a manner provided by law ff Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued inierest and priucipal shall become immediately due and payable, after giving notice ff 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 docmnents, including without limitation, the power to sell the Property. All remedies are distinct, cmnttlative 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 coustitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mongagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 054 15. EX~PENSES; 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. Mortgagdr wilFal§o pay on demand any amount incurred by Lender for insuring, respecting, preserving or otherwise protecting lhe Property and Lender's security interest. These expenses will bear interesl from thc dale of lhe payment until paid in fidl at the highest interest rate in effect as provided in thc terms of the Secured Debt. Mortgagor agrees to pay all cosls and expenses incurred by Lender in collecting, enforcing or protecting Leuders' rights and remedies under this Security lnslmment. This mnouut may include, but is uot linfited to~ attorneys' fees, court costs, and other legal expenses. This amount does nol include attorueys' fees for a salaried employee of the Lender. This Security h~strun~eut 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) E~wironmental Law means, without limitation, the Con~prehensive Environmental Response, Compensation and Liability Acl (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 an), toxic, radioactive or hazardous material, waste, pollutant or contalninant 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 substance" under any Euvironmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged iu writing to Lender, no Hazardous Substauce 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 tenam have been, are, and shall remain in fitll compliance with any applicable Enviromnental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or abont the Property or there is a violation of any 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 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 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 coudenmation 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 Iustrnn~ent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien docmnent. 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 maiutained in the amoums and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, wlfich 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 the Property according to the terms of this Security Instrmnent. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" aud, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold lhe 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 inunediately 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 paymem 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 acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender fi~nds for taxes and insurance In escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or hfforn~atiou Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file auy additional docmnents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrnment and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrmnent are joint and individual. If Mortgagor signs this Security Ii~strnmeut but does not sigu an evidence of debt, EQ150D (10/2003) 0S99;d'29 055 Mortgagor does so only to mortgage Mortgagor's interest in lite Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt If this Securi~ Instrument secures a gnaran~ between Lender and Mortgagor, M6rtgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mo~gagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees thal Lender and any puny to this Securi~ Iusm~ment may extend, modi~ or make any change in the terms of this SecuriB, h~strument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terns of this SecuriW Instrument. The duties and benefits of tlfis Security Instrument shall biud and benefit the successors and assigns of Mortgagor and Lender. 22. ~PLICABLE LAW; SEVE~B~ITY; ~TE~TATION. This Security Instrument is governed by the laws of the jurisdiction in wlfich the Prope~ is located, except to the extent othe~ise required by the laws oflhe jurisdiction where the Proper~ is located. This SecuriW Instrument is complete and fiflly integrated. This SecufiW Instrument may not be amended of modified by oral agreement. Any section in this SecuriB, Instmn~ent, attachments, or any agreement related to the Secured Debt that co~ffiicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by wrilten agreement. ~ any section of this SecuriB, Instrument cannot be e~fforced according to its terms, that section will be severed and will not affect the mfforceabiliW of the remainder of tiffs Security Instmmeut. Whenever used, the sin~dar shall include the plural and the plural the sin~flar. The captions and headings of the sections of tiffs SecuriW Instnnnent are for convenience only and are not to be nsed to inte~ret or define the terms of this SecuriB, Instrument. Time is of the essence in this Securi~ Instrument. 23. NOTICE. Unless othe~ise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate pa~'s address on page 1 of this SecuriW Instrmnent, or as shown in Lender's records, or to any other address designated in writing. 24, WA~E~. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, . aud hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TE~S. If checked, the Ibllowing are applicable to this Security Iustmment: ~ 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 SecuriW Instrument will remaiu iu effect until released. ~ Constn~tion Loan. This Securi~ Instrument secures an obligation incu~ for the construction of au improvement ~ on the Prope~. ~ Fixtm'e Filing. Moggag0r grants to Lender a secufi~ interest in all goods that Mortgagor owns now or in the fi~a~re and that are or will become fix~tres relates to the ProperS. This SecuriB, Instrument s~ces as a financing statement and any caxton, photographic or other reproduction may be filed of record for pu~oses of Article 9 of the Uniform Commercial Code. ~ Additional Terms. 26. I~ERS. 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 Security Instnunent. ~ Third Pa~ ~der ~ Leasehold ~der ~ Other N/A SIGNATU~S: By signing below, Mortgagor agrees to the terms and coveuants'conmined in this Securi~ Instrument and in any attachn)ents. Mo~gagor a~o ac~owledges receipt of a Securi~ Instrument on the date stated page 1. ~AUNI S NEWMAN Mortgagor t Mortgagor Date Mortgagor Date ' Mortgagor Date Mortgagor Date 056 ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoiA~g instrument was ackanowledged before mc by this [ 6/ Witness my hand and official seal. ~g~alure of Officer) (Title of Officer) ~J My Conmfission Expires: (Seal) ACICNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoi[~g instnimem was acknowledged before me by this / ~J ~ day of /~/-'/ / Witness my hand and official seal. (Signalm-¢ of Officer) O'ifle of Officer)--Y My Commission Expires: ~0N £XP~£S }~^¥ 2S. ~006 (Seal) EQ150F (10/2003)