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HomeMy WebLinkAbout900341 ~ RECEIVED Wells FaTgo.~Bank N.A. LIIIOOI_H C,,I!,., C. LERI'( Wells Fazgo Bank, N.A. e O. SOX 31557 ,..IEt,,~.l~.,,]f7_,, ', , ~?.',t::', ... '.,E~-C',, B LLINGS. MT 5910~ '-' ~.sx.';r":'F ..... .... DOCUMENT MANAGEMENT State of Wymnhtg Space Ahovc This Line For Recording Data REFERENCE #: 20041247400127 ACCOUNT #' 0654-654-697§998- 1998 MORTGAGE (With Furore Advance Chmse) DATE AND PARTIES. The date of-thi~ Mortgage ("Securily Instrument") is 05 / 2 1 t 2004 and the parties, their addresses and tax identification nmnbers, if required, are as follows: MORTGAGOR: JOdN L POTEE AND PATRICI N C POTEE HUSBAND AND WIFE. AS TENANTS BY THE ENT RETIES [] If checked, refer to the attached Adilendum incorporated herein, for additional Mortgagors their signatures and acknowledglnems. LENDER: Wells Fargo Bank, N P 0 BOX 31657 B LL I NGS. MT 5g 107 CONVEYANCE. For good and valm~ble consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrumem, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, lhe following described property: LOI 11, STAR VALLEY RANCH. PLAI 22. AS PLATTED AND RECORDED IN THE OFFIC AL RECORDS OF LINCOLN COUNTY, WYOMING. The property is located in L I NCOLN at: 303 NORTH FOREST THAYNE and parcel nmnber of 35183020519300 together with all rights, easements, appurtenances, royalties, mineral right~,, oil and gas rights, all water and riparian rights, ditches, and water slock and all existing and fim~re improvements, structures, fixtures, and replacements thal nmy now or at any time in the fimtre be pan oflhe real estate described above (all referred to' as "Property"). M~IMUM OBLIGATION LIMIT.~ ~he total principal amount secured by this Securi~ instrnmem at any one tinm shall not exceed $ B0,000 O0 . This limitation of amoum does not include interest and other fees and charges validly made pursuant to this Security Instrument. A:so, this limitation does not apply 1o advances made under the terms of this Security Instrument to protect Lender's secufiB~ and to perform any of the covenants corttained in this Security instrument. SECURED DEBT AND FUTU~ A'DV~CES. The terin "Secured Debt" is defined as follows: A. Debt incurred under the term; of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 06 / 21 / 2004 ¥ogether with all amendmems, extensions, modifications and renewals, and having a ma,'urily dale of 05 / 2 q / 2044 B. All fi~ture advances from Lender to Mortgagor under such evidence of debt. Ail fl~ture advances are secured as if made on the date of this Security Instr'tm~ent. Notlfing in this Security Agreement shall constitute a commitment to make additional or f~ture loans or advances which exceed the amouut shown in Section 3. Any suclt comnfitment nmst be agreed to in a separate writin,; , C. All Sttlns advanced and expenses incurred by Lender for insuring, preserving, or othenvise protecting tlle Property and its valne and any other: stuns advanced and expenses incurred by Lender nnder the terms of this Security Instrmnent. 5. PAYMENTS. Mortgagor agrees that :ill ipayments nnder the Secured Debt will be paid when due and in accordance with the tertns of the Secured Debt and this Sec~,rity Insmnnent. 6. PRIOR SECURITY INTERESTS." With regard to any other mortgage, deed of trust, security agreentent or oilier lien document that created a prior security interest or encmnbrance on the Property, Mortgagor agrees: A. To make all payments when dale and to perform or comply with all covenants. B. To promptly deliver to Lender. any notices that Mortgagor receives fi'om the holder. C. Not to allow any modification', or extension of, nor to request any fimtre advances under any note or agreement secured by the lien docmnent without Lm.der's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgag6r will pay all taxes, assessments, liens, encmnbrances, lease payments, grotmd rents, utilities, and other charges relating to ;he Property when due. Leuder 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 PropmB~ against arty claims that would impair ti~e 2ten of the Security lnstrmnenl. Mortgagor agrees to assign to Lender, as reqnesled by Lender, any rights, claims or defenses 'vlortgagor may have against parties who supply labor or malerials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether vohmtary, involuntary, or by operation of law, of.311 or any part of the Property or any interest therein, then at its solo option, Lender may, by written notice to Mortgagor, declare all obligalions secured hereby immediately due and payable, except to the extent lhat such acceleration for and in such particular circmnstances where exercise of such a right by Lender is prohibited by law: 9. PROPERTY CONDITION, AL'I'EI;U~TI. ONS AND INSPECTION. Mortgagor will keep lhe Property in good condilion and make all repairs that are reasonably necessmy. Mortgagor shall not connnit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep tl:e Property fi'ee of noxious weeds and grasses. Morlgagor agrees that the nature of lhe occupancy and use will not substantially change without Lender's prior written consent. Ivloi-tgagor will not permit any change in any license, restrictive covenant o~ ea'sement without Lender's prior wrilten consent. Mo~lgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage lo the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time lbr the purpose of inspecting the Property. Lender shall give Mortgagor notice a~ the time of or before an inspection specifying a reasonable purpose for tlte inspection. Any inspection of the Property shall be emirely Ibr 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 m lhis Security Instrument, Lender may, without notice, ret/btm or cause them 1o be performed Mortgagor appoints Lender as attoruey in fact to sign Mortgagor's name or pay any anlount necessary for performance. Lender's right to perform Ibr Mortgagor shal! not create air obligation to perform, and Lender's fitilure to perform will not preclude Lender from exercising any of Lender's olher rights under the law or this Security htstrmnent. 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 warranls to Lender as additional security all the right} title' and to any and ali existing or lhmre leases, subleases, and any other written or verbal agreements for the use and occupm.cy of any portion of the Properly, including any extensions, renewals, modifications or substitnl'ions of such agreements (all referred lo as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with trt'e i'nd correct copies of all existing and lhmre Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the lerms of this Security lnstrmnent. Mortgagor agrees that this assignment is immediately effective between the parties to this Security h~strmnent. Mortgagor agrees that lhis assignment is effective as tp third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain ill effect during all}, redemption period unlil the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessil5~ 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 temlut pay all fitture Rents directly 1o Lender. On receiving nofi:e .of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will recei;,e a~B~ Rents in trust tbr Lender and will not conuniugle the Reuts with any other fimds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants thai no default exists nnder EQI50B (10/2003) 12. the Leases or any applicable landlord/t.~nant law. Mortgagor also agrees to maintain and require any mnant 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 ~:nstrument is on a leasehold, il' the property is a unit in a ~ondominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the followh~g: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the ~onsfituent Documems. The "~oustituent Docmnents" are the: (i) Declaration or any other documem which creates the ~ondominimn Projects or PUD and any homeowners assocmtion or equivalen~ entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other eqnivalent docmnents. Mortgagor shall pronrptly pay, when due, all dues aud assessments imposed pursuant to the Constituent Docunrems. B. Hazard lnsm'ance. So lon; as the Owners Association mamlams, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Co~dbminium Project or PUD which is satisfactory to Leuder and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the ternr "extended coverage," then l~Jm:tgagor's obligation under' Section 19 to maintain hazard insurance coverage on lhe Property is deemed satisfied to the exte'ut:that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any l;~pse in required hazard insurance coverage, hr the event of a distributioa of hazard insurance proceeds in lieu of restoratio'a 6r repair following a loss to Property, wi'tether to lhe unit or to common elements, auy proceeds payable to Mortgagor are heteby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess p;' id ilo Mortgagor. C. Flood Insurance. Mortgagor a'grees to maintain flood insurance for lhe life of the Secured Debt which is acceptable, as to form, amomtt and extent of covert ge to Lender. D. Public Liability Insurance. Mortgagor shall take such actious as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable iu form, amount, aud extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in cmmection with any conderunation or other taking of all or any part of the Property, whether of the unit or of the conn-.mn elements, or for any conveyance in lieu' of condemnation, are hereby assigned aud shall be paid to Lender. Soch proceeds shall be applied by Lender to the stuns secured by the Security Instrument as provided in Section 18. F. Leuder's Prior Consent. Mcrtgagor shall not, except after nolice to Lender and with Lender's prior written cousent, either partition or subdivide the Prope,~:y or consem to: (i) the abandomueut or lermination of the Condomimtnn Project or PUD, except for abandonment or te'rmina~on required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation o.: eminent domain; (ii) any amendment to any provision of the Constiluent Docmneuts if the provision is for the express benefit of Lender; (iii) temrination of professional managemeut and assumptiou of self- management by the Owners Association; or (iv) any action which would have the effect of reudermg the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condouhnium or PUD dues aud assessments when due, then Lender may pay them. An), amounts disbursed by Lender mxder tiffs section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lerder agree to other ternrs of payment, these amounts shall bear interest fi-om the dale of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice fi'om Lender to Mortgagor requesting payment. 13. DEFAIJLT. Mortgagor will be in ,lefault ff any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breac'!~ occurs under the terms of this Security Instrument or any other document executed the purpose of creating, securing or g?arantying the Secnred 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. hr some igstances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices m~d may establish time schedules for Ibreclosm'e actions. Subject to these limitations, if any, Lender may accelerate the Secnred Debt and foreclose this Security h~strumeut in a nnmner provided by law if Mortgagor is in defindI. At the option of Lender, all or any par; o£ the agreed fees and charges, accrued interest and principal shall become iunnediately due and payable, after giving notice i/required by law, upon the occmr-ence of a default or an)slime thereafter. In addflion, Lender shall be entitled to all the fern':dies provided by law, lhe terms of the Secured Debt, this Security Instrmnent and an'y related documents, including without 'imitation, the power to sell the Property. All remedies are distiuct, cumulative and not exclusive, and the Lender is entitled to. all remedies provided at law or equity, whether or uot expressly set Ibrth. The acceptance by Lender of any sum irt pa:~nient or partial payment oa the Seem-ed Debt ,'filer the balance is due or is acceleraled or after foreclosure proceedings are filed ,shall not constitute a waiver of Lender's right to require complete cure of auy existing default. 'By not exercising any remedy, on Mortgagor's default, Lender does not waive Lender's right to later consider lhe event a defimlt if it continues or happens again. EQ 150C (10/200~[~. ::~ 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by la;v, Mortgagor agrees to pay all o? Lender's expenses if Mortgagor breache~ any covenant in this Security lnstnnnent. Mortgagor will also pay on demand any 'amount incurred by' Lender tbr insuring, inspecting, preserving or otherwise proteclmg the Property aud Lender's security interest. These expenses will bear mteresl l¥om the date of the payment until paid in full m tim highest interest rate in effect as prov, ided in the terms of the Secured Debt. Mortgagor agrees to pay all costs aud expenses incurred by Lender in collecting, enf3r6ing or prolecting Lenders' rights and remedies under this Security Iustrmnent. This amoum may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amoum does not include attorneys' fees for a salaried employee of the Lender. This Security luslrument 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 m this section, (1) Environmental Law means, without lmfitation, the Comprehensiw. Ei~viromnental Response, Compeusatiou and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinauces, court orders, attorney gm]eral opinions or inteq)retive letters concerning the public health, s:ffe~Y, welfare, environmem or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous m~.terial, waste, pollutant or contaminant wlficb has characteristics which render Ire substance dangerous or potentially daagerous to the public health, safety, welfare or enviromnent. The term includes, wiflmut limitation, any substances defined, as "l~iazardous material," "toxic substances," "hazardous waste" or "hazardous substauce" under any Environmental Law. i Mortgagor represents, warrants and a~;ret:s that: A. Except as previously disclosed ~md acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the )roperty. Tiffs restriction does not apply lo small quantities of Hazardous Substances that are generally recognized leo )e appropriate for the uormal use and maiutenance of the Property. B. Except as previously disclosed aud acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliau :e with an), applicable Enviromneutal Law. C. Mortgagor shall immediately nol:ify Lender if a release or threatened release of a Hazardous Substance occurs on, 'under or about the Property or the!!'e ils a violation of any Environmental Law concerning the Properly. In such an event, Mortgagor shall take all necessary rentedial action in accordance with any Environmental Law. D. Mortgagor shall immediately noti~~ Lender in writing as soou as Mortgagor has reason to believe there is any pending or threatened investigation,. cl?fim, or proceeding relating to the release or threatmmd release of any Hazardous Substance or the violation of my Environmental Law. 17. CONDEMNATION. Mortgagor w:]l give Lender prompt notice of auy pending or threatened action, by privale or public entities to purchase or take any or all'of the Property through condemnatiou, enfinent domain, or any other means. Mortgagor authorizes Lender to intervene in M?rtgagor' name in any of the above described actions or claims. Mortgagor assigns to Lender the Proceeds of any award or ,']aim lbr 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 tltis Security Instrmnent. This assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor studl 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 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 withl~eld. If Mortgagor fails lo 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 Insmunent. All insurance policies and renewals shal] be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." M0rtgz. gor shall inm~ediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold tl'~e policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid prenfimns and rm. ewal notices. Upon loss, Mortgagor shall give.immediate notice to the iusurance carrier and Lender. Lender may make proof of l'¢ss if not made immediately by Mortgagor. Unless othenvise agreed in writing, all iusurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due'~ m Lender's option. Any application of proceeds to principal shall uot extend or postpone the due date of the scheduled payment ~*or change 'the amount of an), payment. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mort{iagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Let~de r to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INS, URANCE. Unless otherwise provided in a separate agreelnent, 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 Leuder upon request, any financial statement or i~fformation Lsnder may demn reasonably necessary. Mortgagor agrees to sigu, deliver, and file any additional docmnents or certificatior.s that Lender may consider necessar3~ to perfect, continue, and preserve Mortgagor's obligations uuder this Security Instnu~ent and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO,SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Sectmty Instnmient but does not sigu m~ evidence of debt, EQISOD (10/2003) osooa4. _ 4 4 6 Mortgagor does so only to mortgage Mo:lgagor's interest in the Property to secur.e payment of the Secured Debt and Mortgagor does not agree to be personally liable mf~ the Secured Debt. If tiffs Securib~ htstn~ment secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender £rom bringing any action or claim against Mortgagor or any~ party indebted under the obligatim~. TheSe rights may include, but are not limited to, any ami-deficiency or one-action laws. Mortgagor agrees that Lender ~?nd any party to this Security lnstnmlen! may extend, modify or make any change m the terms of this Security Iustrmnent or aay evidence of debt withoul Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Securit. g Instrument. The duties and benefits of this Security Instrmnent shall bind and benefit the successors and assigns of Mortgagor and Lender 22. APPLICABLE LAW; SEVERABIL [TiY; INTERPRETATION. This Security instrument is governed by the laws of the jurisdiction in wlfich the Property is lo?aled, except to the extent othenvise required by lhe laws of the jurisdiction where the- Property is located. This Security Inst.:ument is complete and fidly integrated. This Security Instrument may not be amended of modified by oral agreement. Any sectior., in tiffs Security Instrument, altachments, or any agreement related lo the Secured Debt that co~fflicts with applicable law will not be effective, unless that law expressly or impliedly pernfits the variations by written agreeinent. If any section of this Security Instrun~ent cannot be e~fforced according Io its terms, lhat section will be severed and will not 'affect the enforceability of the :-emainder of tlfis Security Inslrmneut. Whenever 'used, the singular shall incl'ude the plural and the plural the singular. Tile captions and headings of the seclions of this SecuriB~ Instrument are for convenience only and are not to be used to interpret or define the terms of this Secm-ity Instnunent. 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 mailing it by first class mail to the appropriate party's address on page IoT this Security Instrmnem, or as shown iu Lender's records, or to any other address designated in writing. ~ 24. WAIVERS. Except 1o the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all r, gl:ls nnder and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS, If checked, the fo!~lowing are applicable to this Security Instrument: Line of Credit. ~Flte Secured ,Debt includes a revolving line of credit provision. Altltouglt the Secured Debt may be reduced to a zero balance, this Security Instrument will remain iu effect tmtil released. Constructim~ Loan. This S-scurity Instrument secures an obligafiou incurred for the construction of an improvement on the Property. [fiT~ Fixtm'e Filing. Mortgagor grffnts to Lender a security interest in all goods that Mortgagor owus now or m the fi~tnre and that are or will become lixlnres relates to the Property. This Securit~ Instrument suffices as a financing statemeut and any carbon, photograph'c :~r other reproduction may be filed of record for purposes of Article 9 of lbe Uuiform Commercial Code ..... ~ Additional Terms. ? ~ 26. RIDERS'. if checked, the following art.: applicable to this Security Instrument. The covenants and agreemenls of each of the riders checked below are incorporated i~ito and supplement and amend the terms of this Security lnstnunent. ~ Third Party Rider ~ Leasehold Rider ~ Other N / A SIGNATURES: By signing below, Morlgagor agrees to the ternls and covenants contained in this Security lnstrulnent aud ill any attachments, Mortgagor also ~lr~rnowlcdges receipt of.a copy of this Security Instrument on the date stated on page 1. ~P0q'£ E ' -- ' --~ ' Mortgagor Date '- _-'.- / PAIR CIA C. POTEE Mortgagor Date Mortgagor Date ,. Mortgagor D ate lVlortgagor Date ACKNOWLEDGMENT: (Individual) STAT~ OF ~L9 ~ ~ ~ ~' COUNTY OF /-~ t¢ & ~-4J) t/ The foregoing instrumem was ackamwledged ~,efore me by this cvQ / dayof Witness my hand and official seal. (Signalure of officer) (Title of Officer) My Conmdssion Expires: ACICNOWLEDGMENT: (Individual) STATE OF (Seal) COUNTY OF The foregoing instnlment was acknowledge..d before me by this day of Witness my hand and'official seal. (Signature of Officer) (Title of Officer) My Cmmnission Expires: (Seal) EQI5OF (10/2003)