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HomeMy WebLinkAbout899649Recording requested by: R E C ~ IV E D Wells ];'argo Bank, N.A. LINCOLN COUNTY CLERK Wells Fargo Bank, N.A. e O. BOX 31559 DOCUMENTBILLINGS, MANAGEMENTMT 59107 BOOK State a fWymmng -Space Above This Line For Recordiag ~FE~NCE.~: 20041033400161 ACCOST ~: 0654-654-6230492-1998 MORTGAGE (With Fn~re Advance Clause) DATE ~D PARTES. The date of this Mortgage ("Security Instnnnent") is 05 / 03 ~ 2004 and the parties, their addresses and tax identificahon numbers, if required, are as follows: MORTGAGOR: GORDON D. BARNES AND JAYNE BARNES, HUSBAND AND W FE, AS IENANIS 3Y IHE ENI~REI~ES [] If checked, refer to the attached A. ddendnm incorporated herein, lbr additional Mortgagors their signatures and ac~mwledgmems. LENDER:Wells Fargo Bank, N.A. P. 0 BOX 3155-/ BILLINGS, MT 5910~ CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secm-e the Secured Debt (defined be]ow) and Mortgagor's performance under this Securib, Insmm~ent, Mortgagor grants, bargains, conveys, mortgages and warrants to Lende:r, with power of sale, the following described property: PART OF SECTION 20. T34N R118W OF THE 6TH P.M., L NCOLN COUNTY. WYOMING MORE PARIICULARLY DESCRibED AS EOLLOWS: BEGINNING AT THE EAST QUARTER CORNER OF SAID SECTION 20 AND RUNNING THENCE NORTH ALONG IHE CENIER LINE OF COUNTY ROAD, 300 FEEl; IFENCE WEST 182 ~2 FEET; THENCE SOUIH 300 FEET; THENCE EAST 182.62 TO THE POINT OF BEGINNING The property is located in L I NCOLN at: 343 COUNTY RD 121 BEDFORD, (~tY) 83112 and parcel number of 34182010011300 to gelher 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 fitture improvemems, structures, fixtures, and replacements thai may now or at any lime in the fitture be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMI1L The total principal amoum secured by this Security Instrument at any one ti~ne shall not exceed $ gO, 000.00 . This limitation of amount does not include interest and other fees and charges validly made pnrsuanl to this Security Instrmnent. Also, this linfilation does not apply to advances made nnder the terms of this Security lnstmmenI to. protect Lender's security ,!nd to perform any of the covenants contained in this Security Instnmtent. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: EQ150A .(10/2003) Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 05 ! 03 ! 2004 · 10ge!her with all amendments, exteusious, modifications and renewals, and having a maturity date of 05 ! 03 ! 20zi:4 All fi!lure advances from Lender 1o Mortgagor'under such evidence of debt. All fi~ture 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 lomas or advances which exceed the ammmt shown in Section.3. Any such conunitment must be agreed to in a separate writing. All stuns advauced and ext~'enses incurred by Lender for insuring, preserving, or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees tha~ all payments nnder the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Secmity Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security'agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A To make all paymeuts when d'ue and to perform or comply with all covenauts. 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 auy future advances under auy note or agreement secured by the lien document withou[ Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, 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 title to lhe Property against an5, claims that would impair the lien of the Security Instnnnent. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses: Mortgagor may have against pat~ies who supply labor or materials, to maintain m' improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assigmnent or encumbrance, whether volnntaD,, involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to the extent !!mt such acceleration for and in such particular circmnstances 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 sltall not commit or allow any waste, impairment, orl delerioration of the ProPerty. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substanti~illy change without Lender's prior written consent. Mortgagor will not pemfit any change in any license, restrictive covenant Or easement without Lender's prior wrilten consent. Mortgagor will notil~, Lender of all demands, proceedings, claims, and achons against Mortgagor, and of any loss or damage to the Property. Lender or' Lender's agents may, at Lender's option, enter the Propen3~ at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspectiou specifying a reasonable pml~ose for the inspection. Any inspection of file Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's iuspection. 10. AUTHORITY TO PERFORM. If Mortgagor fifils to perform any duty or any of the coveuants contained in this Security Instrument, Lender may, without notice, perform Or cause them to be performed. Mortgagor appoints Lender as attorney m fact to sigu Mortgagor's name or pay any amormt necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perfoYm, and Lender's failure to perform will uot preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may hflre all steps necessary to protect Lender's security interest in the Properly, including completion of the construction. 11. ASSIGNMENT OF LEASES ANI) RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and to any and all existing or Ih!ute leases, subleases, and auy other written or verbal agreements for the use aud occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") aud rents, issues and profits (all referred to as "Rents").. Mortgagor will promptly provide Lender with tree and correct copies of all existing and fi!lure Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default nnder the terms of this Security Instruu~ent. Mortgagor agrees 'that tlfis assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assigmnent will remain in effect during any redemption period until the Seem'ed Debt is satisfied. Mortga,gor agrees that Lender may take actual POSSession of the property without the necessity of commencing legal action and that actual p0ssession, is dee~ned to occur when Lender, or its agent, notifies Mortgagor of defimlt and demands that any tenant pay all fi~tnre Renls directly to Leuder. On receiving notice of defimlt, Mortgagor will endorse and deliver to Lender any paymeut of Rents iu Mortgagor's possession and will receive auy Rents in trust for Lender and will not comnfingle the Rents with auy oilier fimds. Auy amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists uuder the Leases or any applicable landlo~'d/tenam law. Mortgagor also agrees to maintaiu and require any leuant 1o comply with lhe terms or the Leases and applicable law. 12. LEASEIIOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Iustnnnem is on-a leasehold. If the property is a uuit iii a Condominium Project or is part of a Planned Unit Developmem ("PUD"), Mortgagor agrees to the following: A. Obligations. Mortgagor Shall perform all of Mortgagoi-'s obligations nnder the Constituent Documents. The "Constitnem Docmnents" are the: (i) Declaration or any other document which creates the Condominimn Projects or PUD and any hmneowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other eqnivalent docmnents. Mortgagor shall promptly pay, when dire, all dues and assessments imposed pursuant lo lite Constituent D ocmnents. B. llazard Insurance. So !ong as the Owners Associatiou maintains, with a generally accel)ted inst, rance career, a "master" or "blanket" policy on the iCondmmnimn Projecl or PUD which is satisfactory to Lender and which provides insurance coverage in the amonnts, for the periods, and against the hazards Lender reqnires, including fire and hazards included Within the term "exqended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent thai 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 lhe eveut of a distribution of hazard insurance proceeds in lieu of restoratiou or repair following a loss to Property, whether to the unit or to common elemenls, any proceeds payable to Mortgagor are: hereby assigned and shall be paid to Lender for application to the stuns secured by lhis Security Instrumem, with auy excess paid to Mortgagor. C. Flood Insm'ance. 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 thai the Owners Association maimains a public liability insurance policy acceptable iii form, amount, aud extent of coverage lo Lender. E. Condemnation. 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 auy part of the Property, whether of the unit or of the conunou elements, or for any conveyance in liet~ of condenmation, are hereby assigned and shall be paid lo Lender. Such proceeds shall be applied by Lender to the stuns secured by the Security Instnmmnt as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after nolice to Lender and wilh Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandoument or temfination of the Condonfinimn Project or PUD, except for abandonment or tenninatimt 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) auy amendulent to any provision of the Constituenl Docmnents if the provision is for the express benefit of Lender; (iii) termination of professioual management and assmnption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage mainlained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condonfinium or PUD dj.es and assessinents when due, then Lender may pay them. Any amomrts disbursed 'by Lender under this section shall become additional debt of Mortgagor secured by this Security Instrmnent. Uxfless Mortgagor and Leuder agree to other terms of payment, these amounts shall bear interest fi'om flxe date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice fi'om Lender to Mortgagor requesting payment. 1.3. DEFAULT.' 'Mortgagor will be m default if any part3.' obligated on the Secured Debt fails to make payment wheu due. Mortgagor will be in default if a breach occurs under the terms of this Security Inslmmenl or any other documenl executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender thal Lender at mB' 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 Ilm Property is impaired shall also constilnte 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 ;nay establish time schedules for foreclosure actions· Subject to lhese limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security hlstrument m a mamier provided by law if Mortgagor is in default. At the option of Lender, all or any [)art of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, ,'flier giving notice if required by law, upon the occurrence of a defimlt or anytime there'Mter. In addition, Lender shall be eutitled 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 distract, cunmlalive 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 &dter the.balance is due or is accelerated or after foreclosure proceedings are filed shall not constilnte a waiver of Lender's right to require complete cure of any existing. default. By not exercising any remedy on Mortgagor's defimlt, Leuder does not waive Lender's right to later consider lhe event a &find! if it conlinues or happens again. EQ] 50C (I 0/2003) 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prolfibited '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 amomtt incurred by Lender tbr insuring, inspecting, preservntg or od~erwise protecting the Property and Lender's security interest. These expenses will bear interesl from the date of the payment until paid in fidl at the highest interest rate in effect as pr'ovided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, erforciug or protecting Lenders' rights aud remedies under this Security Instnmtem. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amoum does not include attorneys' lees for a salaried employee of the Lender. This Security Instrmnent shall remain m effect tmtil released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDO US SUBSTANCES. As used in this section, (l) Enviromnental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U. S.C. 9601 et seq.), and all other federal, state and local laws, regmlations, ordinances, court orders, attorney general opimons or inteq)retive letters concerning the public health, s~ffety, welfare, euvironment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous 'material, waste, pollutant or contammant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without linfitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrauts 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 ~n the Property. This restriction does not apply to small quantilies of Hazardous Snbstances that are generally recognized to be appropriate for the normal use and rnaintenance o~' the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenaut 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 tbere is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with auy Environmenlal 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 Environlnental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or lhreatened action, by private or public entities to purchase or take any or all of the Property through condenmation, enfinenl domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the above described actions oi claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condenmation or other taking of all or any part of the Property. Such proceeds shall be ,considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject lo t he terms of any prior mortgage, deed of tiust, security agreement or other lien docmnent. 18. INSURANCE. Mortgagor shall keep Property insured against 'loss by fire, flood, theft and oilier hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maiutained in lhe amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, whicl't shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Leuder's option, obtain coverage 'to protect Lender's rights in the Property accordiug to the terms of this Secm'ity Iustnunent. All insurance policies and renewals st~all be acceptable to Lender and shall inchtde a standard "mortgage clanse" and, where applicable, "loss payee clause." Morltgagor shall innnediately notify Lender of cancellation or termination of lhe iusurance. Lender shall have the right to hold thle policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid prenfinms and renewal nolices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not lnade immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgager'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 od~erwise 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 npon request, any financial statement or i~fformation Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file an), additional docmnents or certification,s that Lender may consider necessary to perfect, contiuue, and preserve lVlortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNEILS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrun~ent are joint and individual. [f Mortgagor sigus this Security Instrument but does not sign an evidence of debt, EQi 50D ~ ~ . .: (lO/' , ~ Mortgagor does so only to mortgage Mortgagor's inleres! in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Secltrity Instrmuent secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive~any rights that ma5r prevent Lender from bringing mty action or clafin against Mortgagor 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 that Lender a~d any party to this Security Inslrmnent may extend, ~nodify or make auy change in the terms of this Security Instrmnenl or any evidence of debt witltout Mongagor's consent. St,ch a change will not release Mortgagor from the terms of this Security Instnunent. The duties and benefits of this Security Instruntenl shall brad and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instmn~eut is governed by the laws of lhe jurisdiction in which the Property is ~ocated, except to the extent othenvise required by the laws of the jurisdiction wliere the Property is located. This Security Instrmnent is complete and dilly 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 cmfflicts with applicable law will not be effective, imless that law expressly or inlpliedly permits the variations by written agreement. If any section of this Security Instrunxent cannot be enforced according to ils terms, that section will be severed and will not ,'fffect the enlbrceability of die remainder of this Securib' Instrument. Whenever 'used, the singular shall include lite plural and the plural the singular. The captions and headings of the sections of this Security insmunent are for convenience only and are not to be used to interpret or define the terms of this Secm-ity Inslmment. Time is of the essence in Ihis Secm'ity Instrmnent. 23. NOTICE. Unless oflterwise required by law, any notice shall be given by delivering it or by mailing it by first class mail lo 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 exqent prohibited by law, Mortgagor waives any right regarding lhe marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of Ihe homestead exemption laws .of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: ~ Line of Credit. The Sect;red Debt includes a revolving line of credit provision. Although the Secm'ed Debt may be reduced to azero balance, this Security Instrun~ent will renlam m effect until released. [[/~13 Construction Loan. This Security Instrument secures an obligation incurred for the construction of au improvement on rite Property. Ih-TX-I Fixtm'e Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the t:uture mtd that are or will become fixtures relates to the Property. This Secnrity Instrument suffices as a financing slalement and any carbon, photographib or other reproduction may be filed of record lbr purposes of Article 9 of the Uuiform Commercial Code. [WX3 Additional Terms. 26. RIDERS. Ii~ checked, lhe following ~!re applicable to this Security Inslrmnent. The covenants and agreements of each of the riders Checked below are incorporated htto and supplement and amend Ihe terms of this Security Instrument. ~ Third Party Rider ~ Leasehold Rider ff-~ Other N/A SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Secm:ity Instnlmem and in any a~tachments. Mortgagor also acknowledges receipt of a copy of this Security Instrmnent on lhe date staled on page 1. Mortgagor Date Mortgagor Dale Ivlortgagor Dale Mortgagor Date Mortgagor Date EQISOE (10/2003) lvlortgagor Date '-' 824 ACKNOWLEDGMENT: (Individual) CO.TV OF ~ ) m ~/ & The fore,gj)ing instrmnent was acknowledged before me by Witness my hand and official seal. (Signature of< ~'tice,) (Title of Officer) My Comnfission Expires: (Seal) ACKNOWLEDGMENT: (Individual) STATE OF dl.J c, jDl4.1,, l,~ COUNTY OF ,~,' et ~'* / t<, The foregoing insl:rmnent was acknowledged before me b'y this ..~ ~ d~ day of ~/',/~/,~t !~ Wimess my hand and official seal. (Signatm'e of Officer) (Titl[ ot' Officer) My Connnission Expires: COUNTY OF ~ STATE OF L2Y c?d,,,~s?~?,~?~s ~AY 2~. 200_. ~ . (Seal)