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HomeMy WebLinkAbout900601Recording requested by: Wells Fa]~go Bank, N.A. Wells Faigo Bank, N.A. P. O. BOX 31557 _ t-7;,: ~:~ .... BILLINGS MT 59107 ~-:~N." '. ' ~ Q~O '' '" ... -~' DOCUMENT MANAGEMENT BOOK O R'PAGE L State of Wyomh~g- -Space Above This Line Fo:' Recording Data REFERENCE #: 2004139-/401337 ACCOUNT #: 01554-654 -7224508-1098 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date ;~f this Mortgage ("Security Instntment") is O5 t 28 t 20O4 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: OANETTE N. JOHNSON, A S.NGLE PERSON [] If checked, refer to the attached Addendum ~ncorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank, N.A. P. 0 BOX 3155-/ BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: kOl 124 NORDIC RANCHES D V S ON NO 9, LINCOLN COUNTY WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF Tim property is located in L I NCOLN at: 1400 SADDLE DRIVE ETNA, wy (C~":~)118 and parcel number of 3619262020900 ~ogether with all rights, easements, appurtenances, royalties, mineral ri~ hts, oil and gas rights, all water and riparian rights, ditches, and water stock and all ex~stmg and future improvements, sm~cmres, fixm~res, and replacements that may now or at any time iu the future be part of the real estate described above (all referred lo as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 35,000. OD . This limitation of amount does not include interesl and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances ~nade under Ihe terms of this Security Instrument to protect Lender's secm .Lty and to perform any of the coveuants contained in this Security Instrument. SECURED DEBT AND FIJTURF ADVANCES. Tim term "Secured Debt" is defined as follows: O OOGO A. Debt incurred Under the te;ms, of. the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 05 / 213 / 2004 together with all amendments, extensions, modifications'and renewals, and having a maturity date of 05 / 28 / ?_044 B. All future advances from 1 ~ender.to Mortgagor under such evidence of debt; All future advances are secured as if made on tf~e date of this Securit) Instrument. Nothing in this Security Agreement shall constitute a commitment to tnake additional or future loans ~)r 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 e..tpenses incurred by Lender for insuring, preserving, or othenvise 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 ti,at all payments under tim 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 securi'~y interest or encumbrance on the Propert3', Mortgagor agrees: A. To make all payments when due and to perform or co~nply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification orextension of, nor to request any future advances under any note or agreement secured by the lien document witho::~t Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgago? will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to tile 'Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due a'hd the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impa:,r the lien of the Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender; any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to xnaimain or improve the Property. 8. DUE ON SALE OR ENCUMBR;1,NCE Upon sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, 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 that such acceleration for and in such particular circumstances 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 reasonabl)~, necessary. Mortgagor shall not commit or allow any waste, impamnent, or deterioration of the Property. Mortgagor will keel:, the Property free of noxious weeds and grosses. Mortgagor agrees that the nature of the occupancy and use will not substanJally change without Lender's prior whiten consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will nolify 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 rption,.enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of ti~e Property shall be emirely 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 SecuriW Instrument, Lender may, without notice, perform or cause lhem to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay ,my amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lendgr's failure to perform will not preclude Lender from exercising any of Lender's otiter rights under the law or this Security Instrument. ff any construction on the Property is discontinued or not carried on in a reasonable manner, Lender ~nay ,ake all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AI~;D 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 occupav, cy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreetnents (al!. 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, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that tlds assigmncnt is immediately effective between the parties to this Security Instrument. Mortgagor agrees that tlds assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that iris assignment will remain in effect dining a~¢~y redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of ti~e property without tlle necessity of couunencing 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 oiher funds. Any amounts collected will be appl'ed as provided in this Security Instnunent. Mortgagor warrants that no defimlt exists under EQ150B (10/2003) the Leases or any applicable landlord~tenan! law. Mortgagor also agrees to maintain and require an), renan! to ~omp~y w~tl~ tim terms of~e Leases and applicable law. 12. LEASEHOLDS; CONDOM~IUMS; ~PL~NED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this SecuriB' Instrument is on a leasehold. ~ the property is a unit in a Condo~ni~fium Project or is pa~ of a Pla~ed Unit Development ("P~"), Mortgagor agrees to the following: A. Obligations. Mo~gagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Projects or P~ and any hmneowners association or equiva!ent entity ("Owners Association"); (ii) by-laws; (iii) code of re~lations; and (iv) other equivalent documents. Mo~gagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Consti~ent Documents. B. H~ard Insurance. So long as the Owners Association maintains, with a generally accepted insurance career, a "master" or "blm~et" policy on the Condominium Project or P~ which is satisfacto~ to Lender and which provides insurance coverage in the amounts, for the periodsd and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then Mor~gagor's obligation under Section 19 to maintain hazard insurance coverage on the Proper~ is deemed satisfied to the extent ~that the required coverage is provided by the Om~er's Association policy. Mo~gagor shall give Lender prompt notice of any ; lapse in required hazard insurance coverage. In the eveut of a distribution of hazard insurance proceeds in lieu of restorat'on 0r repair following a loss to Property, whether to the unit or to common elmnents, any proceeds payable to Mortgagor are ~ereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess >aid to Mo~gagor. C. Flood Insurance. Mo~gaLor agrees to maintain flood insurance' for the life of the Secured Debt which is accepiable, as to ibm, amount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable io insure that the Owners Association maintains a public liabqity insurance policy acceptable in form, amount, and extent of coverage 1o Lender. E. Condemnation. The proce,::ds of any award or claim for damages, direct or consequential, payable to Mo~gagor in co~ection with any condm~ation c r other taking of all or any part of the Properly, whether of the unit or of tim co,non elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to lhe sums secured by the Security Instrument as provided iu Section 18. F. Lender's Prior Consent. Mo~gagor shall not, except after notice ~o Lender and with Lender's phor wrilten consent, either partition or subdivide the Property or consent to: (i) the abandonlnent or termination of the Condominium Project or P~, except for ab~donment or tem. ination required by law in the case of substantial destruction by fire or olher casualty or in the case of a t~ing by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for tl~e express ber':efit of Lender; (iii) termination of professional management and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering lhe public liabiliW insurance coverage maintained by th6 Owners Association unacceptable to Lender. G. Remedies. If Mortgagor dogs not pay condominium or P~ dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender t~nder ~is section shall become additional debt of Morlgagor secured by this Security Instrmnent Unless Mortgagor and Lender agree to ofl~er terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, witl~ interest, upou notice from Lender to Mo~gagor requesting payment. 13. DEFAULT.. Mo~gagor will be in default if any pa~ obligated on the Secured Debt fails to make payment when due. Moflgagor will be in default if a breach occurs under tl~e terns of this Security Instrument or any other document executed for the purpose of creating, securing or ~arantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure wifl~ 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. I~MEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor witl~ notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt a'nd foreclose this Security Iustrument in a manner provided by law if Mortgagor is in default· At the option of Lender, all or any paa of the agreed fees and charges, accrued interest and principal shall become immedialely due and payable, ~er giviug notice~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 thc Secured Debt, this Securi~ Instrument and any related documents, including withom limiiation, the power to sell the Property. All remedies are distinct, cumulative aud not exclusive, and the Leuder is entitled to all remedies provided at law or equity, whetlmr or not expressly set forlh. The acceptance by Lender of any sum in payment or paaial payment on the Secured Debt after the balance is due or is accelerated or ~er foreclosure proceedings are file:t sh~ll not constitute a waiver of Lender's right to require cmnplete cure of any existing default. By not exercising any remedy on Moagagor's default, Lender does not waive Lender's right lo later cousider the event a default ff it continues or happens again. 15. EXPENSES; ADVANCES ON CC VENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of L:,:nder's expenses if Mortgagor breaches an5' covenant in this Security Instrument. Mortgagor will also pay on demand~ any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest front the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, e'.fforci, ng or protecting Lenders' rights and retnedies under this Security Instrument. This amount may include, but is not limited tO, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' tees for a salaried employee of the Lender. This Security Instrmnent shall rmnain in effect nntil released. Mortgagor agrees to pay for any recordation costs of ~uch release. 16. ENVIRONMENTAL LAWS ANE~ HA/AtRDOUS SUBSTANCES. As used in tlfis section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compeusation attd Liability Acl (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state an.:l local laws, regulations, ordinances, court orders, att~)rney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substauce ~neans any toxic, radioactive or hazardous material; waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially ,langerous to the public health, safety, welfare or enviromnent. The lenn includes, without limitation, any substances defined as "t/azardous material," "toxic substances," "hazardous waste" or "hazardous substance" under an5' Enviromnental Law. : Mortgagor represents, warrants and agreds that: A. Except as previously disclcsed and acknowledged in writing to Lender, no Itazardous Substance is or will be located, stored or released on or in the Properly. This restriction does not apply to small quantities of Hazardous Sobstances that are generally recognized to be appr°priate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compli~ince with any applicable Environmeutal Law. C. Mortgagor shall immediate!.y notify Lender if a release or threalened release of a Hazardous Substance occurs on, under or about the Property or tkere is a violation of any Enviromnental Law concerning the Property. In such an eveut, Mortgagor shall take all ne:essary 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 Itazardous Substance or the violation (if anylEnvironmental Law. 17. CONDEMNATION. Mortgagor ?rill give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or ~ll of dm Property through condemnatiou, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in ~lortgago name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award er claim for damages connected with a condeumation 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 the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to ts tyl:e and location. This insurance shall be maintained m the amounts and for the periods flint Lender requires. The insurance carri~:r 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 shal~ be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or terminatiou of the insurauce. Lender shall have the right to hold the p'olicies and renewals. If Lender requires, Mortgagor shall immediately give to Leuder all receipts of paid prenfiums and renewal notices. Upon loss, Mortgagor shall give ilnmediate uotice to the insurance carrier and Lender. Lender may make proc'[ of loss if not made ilmnediately 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 d'ae, at Lender's option. Any application of proceeds to principal shall not exteud or postpone the due date of the scheduled payment nor change the amount of any paymeut. 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 from damage to the Property before the acquisition shall pass to Lender, to the extent of tbe Secured Debt ilmnediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless othem, ise provided in a separate agreement, Mortgagor will riot be required to pay to Lender funds for rexes and insurance in escrow. 20. FINANCIAL REPORTS AND ADD}TIONAL 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 auy additional documeuts or certificati,ns that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under fids Security InStr:nnent and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties tinder this Security Instrument are .joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, EQ150D (10/2003) Mortgagor does so only [o mortgage Morlgagor's interest in the Property m secure paymenl o£ Ire Secured Debt and Mortgagor does nol agree to be personally liable on ':he Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive an7 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 linfited to, any anti-deficiency or one-action laws. ~ Mortgagor agrees that Lender and .any party to this Security Instrument ~nay extend, modify or make any change in the terxns of this Security Instrument (,r any evidence of debt without Mortgager's consent. Such a change will not release Mortgagor from the terxns of this Security Instrument. The duties and benefits of this Security instrument shall bind and benefit the successors and assigns of Mortgagor al'id Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security In:;trument is complete and fully integrated. This Security Instrument xnay not be amended of modified by oral agreement. An), se[:tion in this Security Instrument, attachments, or any agreement related to the Secured Debt that co~fflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Se(urity Instrument cromer be enforced according to its terms, that section will be severed and will not affect the enforceability of _tie remainder of this Security Instrument. Whenever used, the singular shall include lhe plural and the plural the singular. The captions and headings of the sections of this Security Instnunent are for convenience o~fly and are not to be used to interl: ret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise require] by iaw, any notice shall be given by delivering it or by mailing 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 any other address designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Iimtrnment: Line of Credit. The Secnred Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instru~nent will remain in effect until released. Construction Loan. This SecUrity Instrument secures an obligation incurred for the construction of an improvement on file Property. ~q Fixture Filing. Mortgago~. 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 Properly. This Security Instrument suffices as a financiug statement and any carbon, photographic er other reproduction ma), be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~ 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. ~ Tlfird Party Rider ~ Leasehold Rider ~ Other N / A SIGNATURES: B~(~.. ~,mng .... below, Mcrtgagor agrees to the terms and covenants contained in this Security Instrument and in any attaclm..,mrlts. Mortgagor atso-ac~now~eages receipt of a copy of this Security Instrument on the date stated on page 1. DA-NETTE N JOH~-~JON/ ' Mortgagor Mortgagor Date Date Date Date Date Mortgagor Mortgagor Mortgagor EQ150E (10/2003)~ ~:~.~ -: , ~ Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF cOUNTYOF /- The foregoing instrument was acknowle~.ged before me by this ~,~ ~,~ day of Witness my hand and official seal. ~S~'g~ature of Officer) (T~tle of Officer) -~ My Commission Expires: ~-~ - fl- 3-- -~'Z(D D ~ CLAU"~'~IA ANDERSON- , .f.c??jss 0N (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) EQ150F (1012003)