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HomeMy WebLinkAbout900780Recording requested by: Wells Fargo Bank, N.A. RECEIVED l_l,r',~,3OL..r,,! COtJhi'i-Y CLERK When re,Totaled Wells Fazgo Bank, N.A. P 0 BOX 31557 BILLINGS DOCUMENT MANAGEMENT Stale of Wyomlnff Space Almve This l,ine For Recordh~g Dala- REFERENCE' #: 2004138-'/401006 ACCOUNT//: 0654-654-76555~6- 1998 MORTGAGE (With Furore Advance Clause) DATE AND PARTIES. The date of tiffs Mortgage ("Security Instmmeut") is 06 / 08 / 2004 and the parties, their addresses and fax identification nmnbers, if required, are as follows: MORTGAGOR: WILLIAM R SPAULD NG AND ASHLEY J. SPAULDING. HUSBAND AND WIFE AS TENANTS BY THE ,ENT RET ES [] If checked, refer to the attached Addendum incorporated herein, for additiolml Mortgagors their signatures and acknowledgmenls. LENDER: wells Fargo Bank, N .A. P. 0 BOX 31557 B~LL NGS, MT 5910-' CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defiued below) and ldortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warran/s 1o Lender, with power of sale, the following described property: LOT ONE HUNDRED FOURTEEN (114), N STAR VALLEY RANCH PLAT THREE (3), AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF L,NCO~N COUNTY, WYOMING. The property is located in L I NCOLN at: 28 BOX ELDER PL THAYNE, wy(C°~'~)127 and parcel number of 35 192440907800 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements thai may now or at any time in the fi~ture be paa of the mai estate described above (all referred to as "Propeny"). M~UM OBLIGATION LIMIT. :The total principal amount secured by this Security Instrument at any one time shall not exceed $ 20,000.00 . This limitation of amount does not inch}de interest and other l~es and charges validly made pursuant to this Security Instrumem. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender' s security a nd to perform any of the coy en a n l scont ained in iht s Security Instm men t. SECURED DEBT ~D FUTURE ADVANCES. The term "Secured Debt" is defined as follows: EQISOA (10/2003) .. 855 A. Debt incurred under the terms 9f tim promissory note, revolving line of credit, contract, guaranty or od~er evidence of debt dated 08 / 08 / 2004 . toge[l~er with all amendments, cxlensions, modifications and renewals, and having a maturi~ date of 06 i 08 / 204.1 B. All fulure advances from Lender to Mortgagor under such evidence of debt. All ~mre advances are secured as if ~nade oq the datq of this Security Instrument. Nothing in this Security Agreement shall constilute a coininitment to in~e additional or ~ture loans or advances which exceed the amount shown in Section 3. Any such commitment must be agreed ~o in a separate writing.' C. ~1 sums advanced and expenses incurred by Lender'for insuring, preseming, or othenvise protecting the Property and its valne and any other stuns advanced and expenses incurred by Lender uuder the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees tha~ all payments under rite Secured Debt will be paid when due and in accordance with the temps of the Secured Debt and this Security Instrument. 6. P.~OR SEC~TY INTERESTS. Wiflt regard to any other mortgage, deed of trust, secufi~ agreement or other lien document that created a prior securitT..in erest or encumbrance on the Property, Mo~gagor agrees: A. To m~e all payments when due ~d to perform or comply with all covenants. B. To promptly deliver to Lendfir any notices that Mortgagor receives from dm holder. C. Not to allow any modificatiqn 9r extension of, nor to request any fl~ture advances under any note or agreement secured by the lien document without Lt':nder's prior written consent. 7. CLA~S AGAINST TITLE. Mortgagor will pay all taxes, assessmenls, liens, encumbrances, lease pay~nents, ground rents, utilities, and other charges relating tc tt~e Property when due. Lender may require Mortgagor 1o provide to Lender copies of all notices that such amounts are due ant, the receipts evidencing Mo~gagor's payment. Mo~gagor wilt defend title to the Prope~y 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 defenses Mortgagor ~nay lmve against parties who supply labor or materials to maintain or improve the ProperS. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, h~olhecation, assignment or encumbrance, whether volun~aw, involuntaw, or by operation of law, o;~ 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 lo the extenl lhat such acceleration for and in such particular circumstances where exercise of such a right by Lender is prohibited by law: 9. PROPERTY CONDITION, ALTE~TIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably 6ecessaw. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep t.he Property free of noxious weeds aud grasses. Mortgagor agrees that the nature of occupancy and use will not substantially change wiflmut Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant er easement 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 ~nay, at Lender's op[io[~; euter the Property at any reasonable time for the pn¢ose of inspecting the Property. Lender shall give Mo~gagor notice at the time of or before an inspection specie, ing a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHOI~TY TO PERFO~. If' Mortgagor fails to perform any duty or any of the coveuants contained in this Securily Instrument, Lender may, without notice, perform or cause them to be perlbrmed. Mortgagor appoints Lender as attorney iu fact to sign Mongagor's name or pay an,/ amount necessaw for performance. Lender's right to perform for Mortgagor shall nol create an obligation to perform, and Lender's failure to perform will not preclude Lender frmn exercising auy of Lender's other rights under the law or this Security h:.strument. If any cons~ction on the Property is di. scontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's secnri~ interest in the Prope~y, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor i[revocably grants, bargains, conveys, ~nortgages and warrants to Lender as additional security all the right, litle and to any and all existing or fi~ture leases, subleases, and any other wrillen or verbal agreements for the use and occup~.ncy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agree~nents (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, receive, enjoy and use the Rents so long as Mo~gagor is not in default under the terms of this Security Instrument. Mortgagor agrees that fltis assigmnent is. immediately effective between the parties to this Security Instrument. Mortgagor agrees that tlfis assignment is effective as to t~rd pa~es when Lender takes affirmative action prescribed by law, and that assignment will remain in effect dumlg any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may t~e actual possession of the proFe~y without the necessity of commencing legal action and that actual possession is deemed to occur when LendeK or it~; a,gent, notifies Mortgagor of defindt and demands that any tenant pay all fitture 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 arty Rents in trust for Lender and will not commingle the Rents with any other ~nds. Any amounts collected will be applie;] at; provided in this Securib, Instrmnent. Mortgagor warrants that no default exists under EQI50B (10/20;.Q3).~ ...... the Leases or any applicable landlor4'/te~mnt law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 12. 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 Pl,'mne ~d Unit D~evelopment ("PUD"), Mortgagor agrees to the following: A. Obligations. Mortgagor shall pertbrm all of Mortgager's obligations under the Constituent Documents. The "Constituent Doctunents" are the: (i) Eeclaration or any other document which creates the Condominiutn Projects or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent docmnents. Mortgagor sl~,all promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. : B. llazard Insurance. So long as the Owners Association maintains, witha generally accepted insurance carrier, a "master" or "blaltket" policy on the Con~:lonfinium Projecl or PUD which is satisfactory to Lender and which provides insurance coverage in the amonnts, for the periods, and against the hazards Lender requires, including fire and hazards included within tile term "extended coverage," then,Mortgager's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to thee,':texit that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any!lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restorahoni or repair following a loss to Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are .imreby assigned and shall be paid to Lender for application to the stuns secured by this Security instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagorlagrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Leader. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable iu form, amount, and extent of coverage to Lender. E, Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with any condeinnation or other taking of all or an), part of the Property, whether of the unit or of the coinmon elements, or for any conveyance in lizu of condenumtion, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 18. F. Lender's Prior Consent. MoF. gagor shall not, except after nolice to Lender and with Lender's prior written consent, either partition or subdivide the Pr0:)erty 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 ~minent domain; (ii) any amendment to any provision of the Constituent Docmuents if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self- management by rile Owners Ass~)ciation; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by thc Owners Association unacceptable lo Lender. G. Remedies. If Mortgagor dCes not pay condo~ninium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Leader under this section shall become additional debt of Mortgagor secured by this Securily Instrument. U~fless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate ard shall be payable, with interest, upon notice from Lender 1o Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fifils to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security ll~strument 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 any time is insecure with respect to an), 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 some'instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices anti may establish ti~ne schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debl and foreclose this Security lnstnuncnt in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any pi~rt '.>f the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafler. In addition, Lender shall be entitled to all the remedies provided by law, the terms o1' tile Secured Debl, this Security Instrmnent and any related documents, including wifltoc.t li~mitation, t!te power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled lo all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any suxn in !myment or partial paylnent on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed s. hall not constitute a waiver of Lender's right to require complete cure of' any existing default. By not exercising any reme.dy on Mortgager's default, Leader does not waive Lender's right to later consider the event a default if it continues or happens again. EQ150C (10/2003) 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' I~EES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting tile Property and Lender's security inl;:rest. These expenses will bear inleresl from the date of tile payment until paid m full at tile highest,interest/'ate in effect as provided iu tile terms of tile 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 Instrumenl. This amount may include, but is not limited to, attorueys' 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 remain in effect until released. Mortgagor agrees to pay for any recordation costs 0f Such release. 16. ENVIRONMENTAL LAWS AND E(AZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Er:vironmental 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 bazard0us 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 dangerous to lhe public health, safety, welfare or environmeut. The term includes, without limitation, any substances defined as,~"hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environinental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in tl~e Property. This restriction does not apply to s~nall quantities of Hazardous Substances that are generally recognized :to be appropriate 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 compliance with an), applicable Environmental Law. C. Mortgagor shall immediately not!.fy Lender if a release or threateued release of a Hazardous Substance occurs on, tinder or about the Property or there is a violation of any Environlnental Law concerning the Property. Iii such an event, Mortgagor shall take all necessary remedial action in accordance with any Euvironmental Law. D. Mortgagor shall immedi.ately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened iuvestigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any:Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pendiug 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 Io intervene iii Mortgagor' name in any of the above described aclions 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 the terms of any prior mortgage, deed of trust, security agreement or oilier lien document. 18. INSURANCE. Mortgagor shall keel` Property insured against loss by fire, flood, thefl and other hazards and risks reasonably associated with tile Property due to its :type and location. This insurance shall be maintained in the amonnts and lbr 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 withbgld: 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 include a standard "mortgage clause" and, where applicable, "loss payee clause." Mor)gagor shall i~mnediately notify Lender of cancellation or lerndnation of the insurance. Lender Shall have the right to hold th2 policies and renewals. If Lender requires, Mortgagor shall imtnediately give to Lender all receipts of paid premiums and renew,~l notices. 'Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof cf loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all i~surance proceeds shall be applied to the restoration or repair of tim Property or to the Secured Debt, whether or not then due at .Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgager's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass lo Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND 1NSI~JILANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for tax~es and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lend,'~r may deem reasonably necessary. Mortgagor agrees to sign, deliver and file any additional documents or certifications that Lender may consider necessary to perfect, continue, arid preserve Mortgagor's obligations under this Security instrument 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, ;:',;;ii, .i ' ! ": ';' Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured DeN and Mortgagor does not agree to be personally liable ,on the Secured Debt. If this Security lustnunent secures a guaranty belween Lender and Mo~gagor, Moagagor agrees to waive any rights that nmy prevent Lender from bringtng any actiou or claim against Moflgagor or any par~ indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or mm-action laws.. Mor[gagor agrees lhat Lender andgany pa~ to this SecuriW Instrument may extend, modi~ or m~e any change in lhe terms of this Security Instrument or a~y evidence of debt without Mortgagor's consent. Such a change will not release Mo~gagor from the terms of tl~s SecufiB~ Instrument. The duties aud beoefits of this Security Instrmnent shall bind and benefit the successors and assigns of Mo~gagor and Lender. ' '. 22. APPLICABLE LAW; SEVE~BILITV; INTERP~TATION. This Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent othem'ise required by the law5 of the.jurisdiction where the Prope~y is located. This Security Instrument is cmnplete and full)' integrated. This Security Instrument may not be amended of modffied by oral agreement. Any sect;onht fids SecufiB, Instrulnent, attachments, or any agreement related to the Secured Debt that co~icts with applicable law will not be effective, unless that law expressly or impliedly pennies the variations by written agreement. If any section of this Security Ins~ument cannot be enforced according to its terms, that sectiou will be severed and will not ~ect the enforceability of fie remainder of this Security Instrument. Whenever used, the sin~lar shall include the plural and the plural the singular. Tim captions and headings of the sections of this Security Instrument are lbr convenience only and are not to be used to inferrer or define fl~e terms of tiffs Security Instrument. Time is of !he essence in this Security Instrument. 23. NOTICE. Unless othen~se required by law, any notice shall be given by delivering it or by mailing it by first class inail to the appropriate party's address on page 1 of this Security Instrmnent, or as shown in Lender's records, or to any olher address designated in writing. 24. WA~ERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all righ!s under and by virtue of the homestead exemption laws of this state. 25. OTHER 'rE'~S. If checked, the following are applicable to this Security lnstruinent: ~ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be ' reduced to a zero balance, this Security Instrument will remain m efl~ct until released. Construction Loan. This SecuriW Instrument secures an obligation incurred for the construction of an improvement on the Prope~y. ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mo~gagor owns now or in the ~ture and that are or will becmne fixtures relates to the Property. This Security Instrument s~ces as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~ Additional Terms. · 26, RIDERS. If cheoked, the following are applicable to this Security htstrument. The covenants ~d agreements of each of tim riders checked below are mco~oratec into and supplement and amend the terms of this Security Instrument. ~ Third Party ~der ~ Leasehold ~der ~ : ~ Other N / A SIGNATU~S: By sigNng below, Mor, gag°r agrees to the terms and covenants contained in this Securi~ Instrument nnd in any attachments. Mo~gagor also ac~owDdges receipt of a copy of this Securi~ Instrument on the date slated on page 1. WILLIAM R SPAULDI~ '~ Mortgagor Date ' Mortgagor Mortgagor Mortgagor Mortgagor Date Date Date Date EQ150E (10/2(103) ACKNOWLEDGME ~NT: (Individual) STATE OF lJJ/4'gt~'vl t,'n.t4 I ~ CouNTY OF The foregoing in~stm~nent was ac~ged before me by this ~/4'Vt day of Witness. m;~~a, seal. (Sigj~a urge'of 61Ii,Jet)' ' (Title of Ol]io~r) My Coi~ssion Expires: ~J ACKNOWLEDGMENT: (Individual) STATE 0F COUNTY OF The foregoing instrument was acknowledged before me by this ~ lzad day of Witne~/~)fy, ~_ n~,~s my n d official seal. (Sigr~ture of dfficer~ ' - (Title of OflScer) My Co,nmission Expires: (Seal) EQ150F (1012003)