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HomeMy WebLinkAbout899838Recording requested by: Wells Fargo Bank, N.A. Whenrecordedreturnto: Wells Fargo Bank, N.A. P 0. BOX 3155-/ BILLINGS, MT 5910-/ DOCUMENT MANAGEMENT 899838 RECEIVED LINCOLN COUNTY CLERK · State of Wyonthlg--- 'Space Above Tiffs Lhle For Recordh~g Data REFERENCE #: 2004119-/200100 ACCOUNT #: 0054-054-6441653-1998 MORTGAGE (With Futnre Advance Clause) DATE AND PARTEES. The date oLthis Mortgage ("Security Instrument") is 05 ! 10/2004 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: JUDITH A. TOLAND AKA JUDITH ANN TOLAND, A SINGLE PERSON [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank, 1,;.A. P. O. BOX 3155-/ BILLINGS, MT 5910-/ CONVEYANCE. For good and ~aluable 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 followiug described property: PART OF LOT 2 OF BLOCK 2-/ 'OF THE TOWN OF AFTON, LINCOLN COUNTY, WYOMING, MORE PARTICULARLY DESCRIBEO AS FOLLOWS: COMvlENC NG -7 RODS WEST OF THE NORTHEAST CORNER OF SA D LOT 2 AND RUNNING THENCE SOUTH 12 RODS; THENCE WEST 3 RODS; THENCE NORTH 12 RODS; THENCE EAST 3 RODS TO THE POINT OF BEGI NN I NG. The property is located in L I NCOLN at: (Comity) 220 E 5TH AFTON, WY 83110 and parcel number of 3218302 15251 O0 together with all rights, easements, appurtenances, royalties, mineral right,s, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now or at any time in the future be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT2 The total principal amount secured by this Security Instrmnent at any one time shall not exceed $ 30,000. O0 . This limitation of amount does not include interest and other fees and charges validly made pursuant to tlfis ~ecurity Instrument. Also, this limitation does nol apply to advances made under the terms of this Security Instrument to protect Lender's secnrity and to perform any of the covenauts contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: EQISOA (10/2003) Debt. incurred under the term,s of the promissory note, revolving line of credit, con[ract, guhranty or other evidence of debt dated 06 t 10 ! 2004 tosether with all amendments, exteasions, modifications and renewals, and having a maturity date of 05 / 10 / 2O 441 B. All future advances from LeEdet to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of this Security Irstrument. Nothing in this Security Agreement shall constitute a comnfitment to make additional or future loans or advances which exceed the amount shown in Section 3. Any such commitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or othenvise protecting the Property and its value and any othe: sums 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 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 agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when clue iand 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 modificatior or, extension of, nor to request any future advances 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 payments, ground rents, utilities, and other charges relating to '}he'Property when due. Lender may require Mortgagor to provide lo Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. 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 defeuses 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, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of dl or any part of the Property or any interest therein, then al its sole option, Lender may, by written notice to Mortgagor, declare all. obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such partichlar circumstances where exercise of such a right by Lender is prohibited by laxw 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good cond-ition and make all repairs that are reasonably ne:essary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of fl~e Property. 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 consent. Mortgagor will notify Lender of all demands, proceedings, claims, and acti,)ns 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 th6 time of or befere an inspection specifying a reasonable purpose for the inspection Any inspection of the Property shall be :nfirely 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 Instrument, 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 amount 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 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 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 additional security all the right,~ title and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promPtly provide Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, recetve, enjoy 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 immediately effective between the parties to this Security Instrmnent. 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 without the ,::cessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor,s possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under -':' ':' ":'" ' j!;':,;.: - - :i ": 12. the L~ases or any applicable landlord/tek, an! law. Mortgagor also agrees to maintain 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 provisions of any lease if this Security Instrument is on a leasehold· If the property is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD"}, Mortgagor agrees to the following: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the: (ii Declaration or any other document which creates the Condominium Projects or PUD and any homeowners association or equi~ alet~t entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall~,promptly pay, whe. n due, all dries and assessments imposed pursuant to the Constituent Documents. ~ B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then Mortgagor's obligation under Section 19 lo mmntain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of anydapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restora:ion or repair following a loss to Property, whether to the unit or to connnon 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 cov.~rage to Lender. ' D. Public Liability Insuram:e..M°rtgag°r 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 conseqnential, payable to Mortgagor in connection with any condemnation 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 heu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secared by the Security Ir.~rument as provided in Section }8. 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 Pr('perty or consent to: (i) the abandonment 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 condemnation or,eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self- management by the Owners Assoc!:atiq, n; or (iv) any actmn which would have the effect of rendering the public liability insurance coverage ~naintained by th: O/ivners Association unacceptable to Lender. G. Remedies. If Mortgagor ' ' ' or d?s not.. pay condomtmum PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Londe/' 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 amounts shall bear interest from the date of disbursement at the Secured Debt rale and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAULT.' Mortgagor will be i~,n d~fault if any party obligated 0u the Secured Debt fails to make payment when due. Mortgagor will be in default if a breact~ occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing o[. guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In s.~me instances, federal and state law will require Lender to provide Mortgagor with notice of the fight to cure or other notices and nlay establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured .)ebt and foreclose this Security Instrument 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 become immediately due and payable, after giving notic.: if:required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, including withoat limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled '~o all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in.payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. EQ150C (10/2003) 15. EXPigNSESi ADVANCES ON CO;VENANTS; ATTORNEYS' FEES; COLLECTION. COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expense~, if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand ~ny amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in effect as ~)rovided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, e~'.fiorcing or protecting Lenders' rights and remedies under this Security Instrument. This amount may include, but is not limi'.~d to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remmn in effect until released. Mortgagor agrees to pay for any recordation cos s of such release. 16. ENVIRONMENTAL LAWS AND llAZARI)OUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the ComprehensF~e Environmental Response, Compensation 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 contaminant which has characteristics which render the substance dangerous or potentially c':angerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined a~ "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing ~o Lender, no Hazardous Substance is or will be located, stored or released on or in ;the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognize] to be appropriate for the normal use and maintenance of the Property: B. Except as previously disclos-,d and acknowledged itl writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C Mortgagor shall immediately .notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or the:e 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 Enviromnental 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 Hazardons Substance or tile 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 any or all, of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or'claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to :he terms of any prior mortgage, deed of trust, security agreement or other lien docmnent. 18. INSURANCE. Mortgagor shall ke:p Property insured against loss by fire; flood, theft and other hazards and risks reasonably associated with the Property due to i:s type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance, carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described abOve, Lender may, at Lender's option, obtain ·coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall inclnde a standard "mortgage clause" and, where applicable, "loss payee clause." M~rtgagor shall immediately notify Lender of cancellation or ternfination of the insurance. Lender shall have the right to hold :he 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 proo:?.6f loss if not made 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 duc, at Lender's option..Any application of proceeds to principal shall not extend or postpone the due date of the scheduled paymergt 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 L:ader 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 funds for ta~es 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 rea~,onably necessary.. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIAE, ILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and in,!iyidual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in tile Properly to secure payment of [h~ Secured Debt and Mortgagor does not agree to be personally liable, on the Secured Debl If [his Security Instrument secures a guaranly 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 limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender aBfl any party to this Security Instrument may extend, modify or make an), change in the terms of [his Security Instrument cr .any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits of this S¢curily 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[he jurisdiction in which tile Property is bcated, except to the extent otherwise required by tile laws of tile jurisdiction where the Property is located. Tilts Security Instrument is complete and fully integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security [,.qtrtnnent, attachments, or any agreement related to [he Secured Debt that conflicts with applicable law wil I not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any Section of this Security Instrument cannot be enforced according to its terms, [hat section will be severed and will not affect the enforceability of Ire remainder of this Secnrity Instrument. Whenever used, the singular shall include [he plural and the plural [he singnlar. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret, or define the terms of this Security Instrument. Time is of [he essence in [his Security Instrument. 23. NOTICE. Unless otherwise required bY law, any notice shall be given by delivering it or by mailing it by first class mail to [he appropriate party's address on page I of this Security Instrument, or as shown in Lender's records, or to any o[her address designated in writing. 24. WAIVERS. Except to the.extent p~ohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtne of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the lollowing are applicable to this Security Instrument: ~ Line of Credit., The Secured Debt includes a revolving line of credit provision. Although [he Secured Debt may be reduced to a zero balance, ti,tis Secnrity Instrument will remain in effect until released. Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. [iT'i'-I Fixture Filing. Mortgagor grants to Lender a secUrity interest in all goods that Mortgagor owns now or in the future 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 [he Uniform Commercial Code. ~7$-] Additional Terms. · ' 26. RIDERS. If checked, the following are applicable to this Security Instrument. The covenants and agreements of each of the riders checked below are incorporated :into and supplement and amend the terms of this Security Instrument. ~ Third Party Rider ~ Leasehold Rider ~ Other N ! A SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. JUD I~l A TOLAND Mortgagor Date, Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQISOE (10/2003) · Mortgagor Date :1:571:? , :::::::::::::::::::::::: ACKNOWLEDGMENT: (Individual). ts, The foregoing instrument was acknowledg/~,d before this /~7 day of ~ ~,i~ness my hand and o~i~xal seal. (Title of Officer) ' ' me by , XDo '-/ BEVERLY JOHNSON. NOTARY PUBI. lC My Commission Expires March 29, 2005 (Seal) ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by this day of Witness my hand and official seal. (Signature of Officer) (Title of Officer) My Commission Expires: (Seal)