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HomeMy WebLinkAbout899911Recording requested by: Wells Fargo Bank, N.A. BOOK .... 75 0 RECEIVED LINOOLt',! COUNTY CLERK Wells Fargo Bank, N.A. ,; f i"i [: [ ~ P. 0 BOX 31557 ..... , DOCUMENT MANAGEMENT k,.~-[:;~ ,.,.,~,¢:,r.?. ¢.'" :-*.,,t ~- ,r. -State of XVyomh~g- -Space Above Tlds Line Fo,' Recordh~g Data REFERENCE .#: 20041043400183 ACCOUNT//: 0854-654-~328881 - 1998 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date o'~this, Mortgage ("Security Instrmnent") is 05 / 0512004 and the parties, their addresses and mx identification nmnbers, if reqnired, are as follows: MORTGAGOR: SCOTT P REED AND CASS E M. REED, HUSBAND AND W FE AS JOINT TENANTS WI fH RIGHT OF SURVIVORSHIP. WHO ACQUIRED T TLE AS SCOT~- P. REED, A SINGLE MAN AND CASSIE M BACHES A S.NGLE WOMAN, AS JOINT TENANTS WITh RIGHT OF SURF I VORSH I P [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER:Wells Fargo Bank, N.A. P 0 BOX 31557 B I L L I NOS, MT 591 O? CONVEYANCE, For good and valuable consideration, the receipt and sofficienc~, of which is acknowledged, and to secure the Secured Debl (defined below) and Mortgagor's performance under this Securib, Instnuuent, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, lhe following described property: LOT 241, LAKE VIEW ESTATES SUBDIVISION TRACT A, ACCORDING TO THAT PLAT THEREOF F LED IN THE OFFICE OF THE COUNTY CLERK, L NCOLN COUNTY, WYOMING. 3o The property is located in L I NCOLN at: - os TERRACE ALPINE, WV · and parcel m]mber of 3718 294 13084 O0 together wilh all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and waler stock and all existing and fim~re improvements, stractures, fixtures, and replacements lhat may now or at any time in the future be part of Ire real estate described above (all referred to as "Property"). M~IMUM OBLIGATION LIMIT. The lotal principal amount secured by lhis Security Inslnnnent at any one time shall not exceed $ 40,000. O0 . This l:mitaHo'n of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument Also, this limitation does not apply to advances made under d~e terms of Ihis Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Iustrmnent. SECURED DEBT AND FUTU~ ,~ANCES. The term "Secured Debt" is defined as follows: EQISOA (10/2(!.Q~ A Debt incurred under the ret,ns of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 06 / 06 / 2004 together with all amendments, extensions, modifications and renewals, and having a maturity date of 06 ! 06 ! 2044 ~ B. All filture adwmces front Ldnder to Mortgagor under such evidence of debt. All fi~ture advances are secured as if made on the date of this Security Instr/tment. Nothing in this Security Agreement shall constitttte a commitment to make additional or fiflure loans or advances which exceed the amount shown in Section 3 Any such comrninnent nmst be agreed to in a separate writ:'ng. C All stuns advanced and expenses incurred by Lender for insuring, preserving, or olherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instnunent. 5. PAYMENTS. Mortgagor agrees th(t all payments under the Secured Debt will be paid xvhen due and in accordance with the terms of the Secured Debt and this Security Instmtnent. 6. PRIOR SECURITY INTERESTS. With regard to auy other mortgage, deed of trust, security agreement or other lien docmnent that created a prior security inte rest or encmnbrance on the Properly, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covertures. B. To promptly deliver to Lend':r any notices that Mortgagor receives from lhe holder. C. Not to allow any modilication or~ extension of, nor to request any future advances under any note or agreement secured by the lien docmnent withon't Lender's prior wrilten consent. 7. CLAIM'S AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payment& ground rents, utilities, and other charges relating to the Property when due. Lender may require Ivlortgagor to provide to Lender copies of all notices that such amoums are due an;] the:. receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any clai~ns that would impair the lien of the Security Instrmnent. Mortgagor agrees t0 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, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, c f all or any part of the Property or any interest therein, then a~ its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby innnediately due and payable, except to the extent that such acceleration for and in such particular c~rcumstances 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, impairment, or deterioration of the Property. Mortgagor will keep 'the Propeily free of noxious weeds and grasses. Mortgagor agrees that lhe nature of the occupancy and use will not substantially change without Lender's prior written cousent. Mortgagor will not permit any change in auy license, restrictive covenant .')r easemem without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's ot.tion, enter the Property at any reasonable time for the purpose of mspectiug the Property. Lender shall give Mortgagor notice at th~ time of or before an ~nspection specifying a reasonable pnq~ose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will iii no way rely on Lender's inspeclion. 10. AUTHORITY TO PERFORM. If Moagagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without not-ce, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact · to sign Mortgagor's name or pay ary amonnt necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's fait,re to perform ';¥ill not preclude I.ender titan exercising any oi' Lender's olher rights under the law or this Secnrit)r Ins~rmuent. II' any construction on the Property is disconfinued or not carried on in a reasonable manner, Lender lnay take ail steps necessary to protect Lender's security interest in tim Property, including completim~ of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargaius, conveys, mortgages and warrants to Lender as additional security all the right, title and to any and all existing or fi~tnre leases, subleases, and any other written or verbal agreements for the use and ocdnpancy of any portion of the Properly, including any extensions, renewals, modifications or substitutions of such agree~nents (all Yefened 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, receive, enjoy and use the Rents so long as M~mgagor is not in default m~der the terms of this Security h~stnuuent. Mortgagor agrees that this assignmert is i:mnediately effective between the parlies to this Secuhty Instrmnent. Mortgagor agrees that this assigmnent is effective as~ to third parties when Lender takes affirmative action prescribed by law, attd that this assignment will remain in effdct duri xg any redemption period until the Secnred Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of comlnencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of defimlt and demands that any tenant pay all fi~t'ure Rents directly 'to Lender. On receiving nctice of default, Mortgagor will endorse and deliver to Lender auy payment of Rents in Mortgagor's possession and will receive any Rents in tnlst lbr I~ender and will not commingle the Rents with auy other hinds.. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no defindt exists under EQ150B (10/2003) 12. the Leases or any applicable landlorcLqenam law. terms of the Leases and applicable law. Mortgagor also agrees to maintain and require any tenaut to comply with the LEASEHOLDS; CONDOMINIUMS; :PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security htsfmment is on a leasehold. If the property is a milt iii a Condonfinimn Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: A. Obligations. Mortgagor .';ball,: perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Docnmeuts" are the: (i) Derilaration or any other docmnem which creates the Coudominium Projects or PUD aud any homeowners association or eqniw, lent ienlity ("Owners Association"); (ii) by-laws; (iii) code of regulatious; and (ix,) other equiwdent docunrents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuaut to the Constimeut Docmnents. B. Hazard h~sm'ance. So long as tim Owners Association mainlains, with a generally accepted insurance carrier, a "master" or "blauket" policy on the Co'udon~iniun~ 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 Sectiou 19 to maintain hazard insurauce coverage ou the Property is deemed satisfied to the ex:em that the required coverage ~s provided by the Owner's Association policy. Mortgagor shall give Lender prompt uotice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard iusurance proceeds in lieu of restoration or repair following a loss to. Properly, whether to the unit or to common elemems, any proceeds payable to Mortgagor are hereby ass~gued aud shall be paid to Lender for applicatiou to the sums secured by this Security Instnnnent, with any excess paid to Mortgagor. C. Flood h~surance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to foruL amount and exlent of cove:age Io Lender. D. Public Liability Insm'ance. 1V~ortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amomtt, and extenl of coverage to Lender. E. Condemnation. The procee,ds of any award or claim for damages, direct or cousequential, payable to Mortgagor in com~ection with any condeumation or other taking of all or any part of the Property, whether of the unit or of the commou elements, or for any conveyance iu lieu of condemnation, are hereby assigned aud shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secu:ed by the Security Instnmtent as provided iii Section 18. F. Lender's Prior Consent. iMortgagor shall not, except after notice to Lender and with Lender's prior written conseut, either partition or subdivide the Prol:srty Or consem to: (i) the abandonment or termiuation of/he Condominimn Project or PUD, except for abandonment or lerminati~n required by law in the case of st,bstantial destruction by fire or other casualty or in the case of a taking by condemnation or emiuent 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) auy action which would have the effect of rendering the public liability insurance coverage ~nainlained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condomininxn or PUD dues aud assessmenls 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 Instnnnent. lJnless Mortgagor and Lender agree to other terms of paymen/, these amounts shall bear interest from the date of disbursement at the Secured Debt rateand shall be payable, with iuterest, upon notice from Lender to Mortgagor requesting . payment. 13. DEFAULT. ' Mortgagor will be in. default ff any party obligated on the Sectored Deb[ fails to make paymcnt when due. Mortgagor will be in default if a bret;ch occurs under the terms of this Security Instrmnent or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at auy time is insecure with respect to any person' or ent'~ty obligated on the Secured Debt or that the prospect of auy payment or the value of the Property is impaired shall also co~;.stitute an event of default. 14. REMEDIES ON DEFAULT. In some iustances, federal and state law will reqnire Lender to provide Mortgagor with notice of the right 1o cure or other notices and. may establish time schedules for foreclosure actions. Subject to these limitations, ff any, Lender may accelerate the Secured Debt and foreclose this Security Instrumeut in a maturer provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued i~aerest and principal sh;dl become inunediately due and payable, ,after giving notice 'if required by law, upon the occurrence of a default or ansqime thereafter. In addition, Lender shall be entitled to all the reinedies provided by law, the terms of the Secured Debt, tiffs Security Instnnnem and any related documents, including without limitation, the power to sell the Property. All remedies are distinct, cumulative aud 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 paymdnt or partial payment on the Secured Debt ,'filer the balance is due or is accelerated or after foreclosure proceedings are filed sh,'ill not constitute a waiver of Lender's right to require complete cure of an), e×isting default. By not exercising any remedy on'Mortgagor's default, Lender does not waive Lender's right to later consider the event a defimlt if it continues or happens ag:fin. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTIO'N COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Secnrity lnstrumeut. Mortgagor will also pay on demand any amount incurred by Lender for insuriug, inspecting, preserving or otherwise protecting the Property and Lender's security i.lmre~t. These expenses will bear interest from the date o£ lhe paymenl until paid in fifll at tile highest i~tterest rote iu effect as provi;ded in tile terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security lnstrmnent. This amount may include, but is not lilniled to, attorneys' fees, court costs, and other legal expenses. This amotmt does not include attorneys' fees for a salaried employee of the Lender. This Security Iostrument shall remain in effect until released· Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARD OUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensi'¥e E~3viromnental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, re/,nflations, ordinances, court orders, attorney general 6pinions or iuterpretive letters concerning the public health, [s~ffety, wellhre, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardou,; material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or Potentially dangerous to the public health, safety, wdfare or environment. The term includes, without limitation, any substances defined tis "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previo'usly disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriclion does not apply to small quantities of Hazardous Substances that are generally recognized to he appropriate for the normal use and maintenauce of the Property. B. Except as previously disclosed at,d acknowledged in writing to Lender, Mortgagor and evmy tenant have been, are, and shall remain in fidl compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threateued release of a Hazardous Substauce occurs on, nnder or about the Property or tl:ere ts a violation of any En\,ironmental Law concerning lhe Property. In such an event, Mortgagor shall take all necessary remedial action in accordauce with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mo~lgagor has reason lo believe lhere is auy pending or threa[ened investigation, cla'im, or proceediug relating to lhe release or threatened release of any Hazardous Substance or the violation o'~ any Environmenlal Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or tlireatened action, by private or public entities to purchase or take auy or all of the Property through condemnation, emmeut domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the above described actions dr claims. Morlgagor assigns to Lender the proceeds of any award or clahn for damages connected wilh a coudemnation or oilier taking of all or any part of lhe Property. Such proceeds shall be consadered payments and will be applied as provided in this Security lustrument. This assigmnent of proceeds is subject to 'he terms of any prior mortgage, deed of tn.st, security agreement or other lien docmnent. 18. INSURANCE. Mortgagor shall ke~p Property insured against loss by fire, llood, theft and oilier hazards aud risks reasouably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender reqmres. The insurance carrier providing the insurance shall be chosen by lvlortgagor subject to Lender's approval, which shall not be nnreasonably withheld If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Leader's rights in the Property ::ccording to the terms of!Iris Security Instmmem. All tnsnrance policies and renewals shall be acceptable to Lender and shall inch,de a standard "mortgage clause" and, where applicable, "loss payee clanse." Mortgagor shall itnmediately 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,rm~ewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance career and Lender. Lender may make proof of 10ss if not made inuuediately by Morlgagor. Unless otherwise agreed itl writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then d,e, at'Lender's option. An5, applicatiou of proceeds to principal shall not extend or postpone the due date of the scheduled payment ngr change rite amount of any payment. Any excess will be paid to Mortgagor· If the Property is acquired by Lender, Mo~ tgagor's right to any insurance policies and proceeds resulting t¥om damage to the Property before the acquisition shall pass to L:ndet to lhe exqent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless othenvise provided iu a separate agreement, Mortgagor will not 'be required to pay to Lender fitnds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instn,ment and Lender's lieu status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instnm~ent are joint and individual. If Mortgagor signs lhis Security Instrument but dues not sigu an evidence of debt, EQISOD (10/2003) Mortgagor does so only to mortgage Mortgagor's interest in the Property lo secure paymdnt of the Secured Debt aud Mortgagor does not agree to be personally liable on~ the Secured Debt. If this Security Instrmnent secnres a guaramy between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevem Lender from bringing any aclion 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. Mortg~g0r agrees that Lender and any party to this Security lnslmment may extend, modify or make any change in the terms of this Security Instnnnent ~ r any evidence of debt without Mortgagor's conseut. Such a change will not release Mortgagor from the terms of this Security h'~strmnem The duties aud beuefits of this Security Instrmnent shall bind and benefit tile successors aud assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABLLITY; INTERPRETATION. This Security Instn~ment ~s governed by the laws of the jurisdiction iu which the Property is located, except to the extent otherwise required by tile laws of tile jurisdiction where the Property is located. This Security In:;tnuuent is complete and fidly integrated. This Security Iustrmneut may not be amended of modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to tile Secured Debt that co~fflicts with applicable law wii'.l not be effective, unless that law expressly or impliedly permits the variations by written agree~nem. If any section of this Security Instrument cannot be enforced according to/,ts lerms, that section will be severed aud will uot affect the e~fforceability of the ~'emainder of this Security Instrtuueut. Whenever used, the singular shall include the plural and the plural the singrflar. The captions and headings of the sections of this Security Instrmnent are for convenience only and are not to be used to interpret or define the terms of this Security Instrument Time is of the essence iu this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailiug it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's records, or to mty oliver address desiguated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor wmves any right regarding the marshalling of liens and assets, and hereby releasing and waiving all righ_ts 'under and by virtue o'f the homestead exemplion laws of this state. 2.5. OTHER TEILMS, If checked, the l~llowing are applicable to this Security Instrumem: ~ Line of Credit. The Secured Debt iucludes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance,, t]is Security Instrumem will remain in effect until released. [fiYX] . Construction Loan. This .SecUrity Instrument secures an obligation iucurred for the construction of an intprovement on the Property. ~ Fixtm-e Filing. Mortgagor gra~nts to Lender a security interest iu all goods that Mortgagor owns now or in the tim[re and that are or will become: fixtures relates to the Property. This Securily Iustrument suffices as a financing slatement and any carbon, photographic 6r other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. DY~q AdditiOnal Terms. 26. RIDERS. If checked, the following are applicable to this security Iustrmuent. The covenants aud agreements of each of the riders checked below are incorporated into and supplement and amend tile lerms of this Sechrity Instrument. ~ Third Parly Rider ~ Leasehold Rider ~ Other N / A SIGNATURES: By'signing below, Mortgagor agrees to the terms aud covenants contained in this Security h~strument and in any attachutents. Mortgagor also ackno;;.ledges receipt of a copy of this Security htstmment on the date stated on page 1. ~COTT~P ~EED CAS~-E M REED Mortgagor Ivlortgagor Date Date Mortgagor Mortgagor Mortgagor Date Date Date Mortgagor Date ACKNOWLEDGMENT: (Individual) ST^,~ OF ~J;~o m,' COUNTY OF / {' FI ~9 The foregoing instrument was acknowledged before me by this ! fl-- day of Wimess my band and official seal (S"t'~gnature of Officer) (Title of Officer) ' My Commission Expires: (Seal) · -755 ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The fore,going instrmnent was ackpowledged 'before me by this G ~ day of ~-!J Wimess my hand and official seal. (Signature of Officer) (Title of Officer) My Commission Expires: Y CO~MISSION [XP RES IdAY 25 20015 (Seal) EQ150F (10/2003)