Loading...
HomeMy WebLinkAbout900781Recording requested by: Wells Far§o Bank, N.A. Whenrecordedreturnto: Wells Fargo Bank, N.A. P. 0 BOX 31557 BILLINGS, MT 5910~ DOCUMENT MANAGEMENT 900731 RECEIVED LII',!O01--!',! ¢;C, tJN'i'¥ CLERK -St.'de of Wyoming . . Space Above This I,h~e For Recording Data REFERI~NCE #: 20041423400-135 ACCOUNT #: 0~354-~554--181 gO~g- 1 ~8 MORTGAGE ¢[,'bt //)b · (With Furore Advance Clause) DATE AND PARTIES. The date ofthisMortgage CSecurib' hutrmneut") is 06/q 0/2004 and 'the parties, their addresses and ta>~ identification numbers, if required, are as follows: MORTGAGOR: WILLIAM F. WALLACE AND SH,,3, R£'N L WALLACE, HUSBAND AND WIFE [] If checked, refer to the attached Addendum ~ncorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER:Wells Fargo Bank, N.A P o. BOX 3155-1 B LLINGS, MI 5§10-1 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 nnder this Security Iustmlneut, Mortgagor granls, bargains, conveys, mortgages aud warrants to Ler[der, with power of sale, the following described property: LOT 81 IN STAR VALLEY RANCH PLAT 17. L NCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFIC AL PLAT THEREOF The property is located in L I NCOLN at: (Co~mty) 58 NORTH BRANCh~ CIRCLE THAYNE, WY 8312-~ and parcel number of 12-3418 05-2-01-026 00 together with all rights, easements, appurtenances, royalties, nfineral fights, oil and gas rights, all water aud ripariau rights, ditches, and water stock and all existing and future improvemenls, structures, fixtures, and replacements thai may now or at any time in the future be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. Tke total principal amount secured by this Security Instrmnent at any one time shall not exceed $ 70. GO 1. GO . This lim;tation of amount does not include interest and other lees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply lo advances made under the terms of this Securit3, htstrumem to protect Lender's secnfity ~: ua to perform any of the covenants contained in this Security Instrmnent. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defiued as follows: EQ150A (1012003) A. Debt incurred under the term~ of the promissory note~ revolving line of credit contract guaranty or other evidence of : debt dated 06 ! ~ 0 ! ~00~ . together with all amendments, exleusion$, modifications and renewals, and having a maturity date of 0~! B. All future advances frmn Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of this Security Instrulnent. Nothing in this Security Agreement shall constitute a cominitment to make additional or future loans or advances which exceed the amount shown in Section 3. Any such commitment inust be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or othenvise protecting the Property and its value and any other: sums advanced and expenses incurred by Lender under the terms of this Security Instrmnent. 5. PAYMENTS. Mortgagor agrees that all payxnents under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and tlfis Security Instrument. 6. PRIOR SECURITY INTEREST3. With regard to any other mortgage, deed of trust, security agreement or other lien docnment that created a prior securiB interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promPtly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances nnder any note or agreement secured by the lien document wilton' Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, gronnd rents, utilities, and other charges relating to the Property when due. Lender 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 the Property against any clai~ns that would impair tb.e lien of the Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defense~ 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 volnntary, involuntary, or by operation of law, qf all or any part of the Property or any interest therein, then at its sole option, Lender may, by wrillen notice to Mortgagor, declare all obligations secured hereby im~nediately due and payable, except to the extent that snch acceleration for and in such part~cnlar circmnstances 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 Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupm~cy and use will not snbStantiillly change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant 6r 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 may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be ~¢ntirely 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 conlained in this Security Instrument, Lender maY, without noVce, perform or cause them to be pertbrmed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay a~y amount necessary for perfornmuce. Lender's right to perfor~n for Mortgagor shall not create an obligation to perform, and Lender's failure to perfor~n will not preclude Lender from exercising any of Lender's other rights under the law or this Secnrity Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all Steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and to any and all existing or future leases, snbleases, and any other written or verbal agreeinents for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profils (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and furore Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default nnder the mrms of this Security Instnunent. Mortgagor agrees that this assignmer t is immediately effective between the parties to this Security Instrmnent. Mortgagor agrees that this assignment is effective as'to third parties when Lender lakes '~rmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees thai Lender may take actual possession of the property without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or i~s agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving netice of default, Mortgagor will endorse and deliver to Lender any pay~ncnt of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applie, d as provided in this Security Instrument. Mortgagor warrants that no default exists under EQ150B (10/20030- tim Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with tile tenn~ of the Leases and applicable law.. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Securi~ ~nstrument is on a leasehold. If the property is a milt in a Condominium Project or is part of a Planned Unit Development ("pUD"), Mortgagor agrees to the following: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are tile: (!.) Declaration or any other doctmlcnl which creates lite Condmninium Projects or PUD and any homeowners association or equi-alent entity ("Owners AssOciation"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Docmnents. : B. Hazard Insurance, So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the 2ondominium Project or PUD which is satisPactory to Lender and wlfich provides insurance coverage in the amounts, for the pCrio:ds, and against the hazards Lender requires, including fire and hazards included within the term "exteuded coverage," ther' &lortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of,any lapse in required hazard iusurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to common eleinents, any proceeds payable to Mortgagor are'hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrmnent, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt wtfich is acceptable, as to form, amonnt and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor sball take such actions as may be reasonable to insure that the Owners Association maintains a public liaaility insurance policy acceptable in form, alnonnt, and extent of coverage 1o Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with any condemnation ,or.other taking of all or any part of the Property, whether of the unit or of the common elements, or for any conveyance in l~eu of condemnation, 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. Mortgagor shall not, except ',flier notice 1o Lender and with Lender's prior wrilten consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project or PUD, except for abandonment or termiuation 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 Constituent Documents if the provision is for the express bc:nefit of Lender; (iii) terminatiou of professional management and assumption of self- management by tile Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by th: Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does. not pay condonfinimn or PUD dues and assess~nents when due, then Lender may pay them. Any mnounts disbursed by Lend:r under this section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lerder agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate ~.nd shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a br~ach occurs under the terms of this Security Instrument or any other docmnent execuled for the purpose of creating, securing or g~mrantying the Secured Debt. A good fititb 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 eveut 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 and ma), establish time schedules for foreclosure actions~ Subject to these limitations, ff any, Lender may accelerate the Secured Debt and foreclose tiffs Security Instrument in a manner provided by law if Mortgagor is in default. .~ At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notic;: iF required by law, upon the occurrence of a default or anytime there',filer. In addition, Lender sball be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instnunent and any related documents, including witho,~t dmitation, the power to sell the Property. All remedies are distinct, cumulative and 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 sum in payment or partial payment on the Secured Debt afier the balance is due or is accelerated or after foreclosure proceedings are filed ~ shall not constitme a waiver of Lender's right to require complete cure of any existing default. By not exercising any remcdyon Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens agai~n. EQ150C (10/2003) 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; 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 an) amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in effect as [~ro.~ided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, em~or;ing or protecting Lenders' rights and remedies under this Security Instrument. This amount may include, but is not limit:d to, attorneys' fees, court costs, and other legal expenses. This amouut 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 o2 such release. 16. ENVIRONMENTAL LAWS AND It_AZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensi~/e Environmental Response, Compeusation 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 concerniug fl~e public health, ~,afety, weffare, enviromnem or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous niaterial, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnent. The term includes, without limitation, any substances defined ~s "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and ~igrees that: A. Except as previously disclos:,~d and acknowledged in writiug to Lender, no Hazardous Substance is or will be located, stored or released on or in ~'lie Property. This restriction does not apply to small quantities of ltazardous 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 any applicable Environmental Law. C. Mortgagor shall irmnediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necl',~ssary remedial action in accordance with any Environmental 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 Hazardous Substance or the violation of any Enviromnental Law. 17. CONDEMNATION. Mortgagor will:give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condelnnation, eminent domain, or any other ~neans. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected wilh a condemnation or other taking of all or any part of the Property. Such proceeds shall be ~:onsidered payments and will be applied as provided in this Security Instnunent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lieu documeut. 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 its t)pe and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance Carder providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably with'aekl, if Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Leeder'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." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold tl~e policies and renewals. If Lender requires, Morlgagor shall immediately give to Lender all receipts of paid premiums and re~iewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made i~nmediately by Mortgagor. Unless otherwise agreed in writing, all :nsurance proceeds shall be applied to the restoration or repair of the Property or to the Secnred Debt, whether or not then due, zt Lender's option. Any application of proceeds to principal shall not emend or postpone the due date of the scheduled paymeta nor change tile amount of an)' payment. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mor/gagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lendgr to the extent of tile Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSUllANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds 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 Instrumei?t and Lender's lien status on thc Property. 21. JOINT AND INDIVIDUAL LIAB-WL1TY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrmnent are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debl, EQISOD ( 1 o/2o..p 3~)__~ ! Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure paymenl of the Secured Debt and Mortgagor doe~ not agree to be personally lial;le on the Secured Debt. If this Security lnstrumem secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lende~ from bringing any acuon or clainl against Mortgagor or any party indebted nnder the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor frown tlxe terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22; APPLICABLE LAW; SEVERABIL}TY; INTERPRETATION. 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 laws of the jurisdiction where Ihe Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, nnless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Insmunent cannot be enforced according to its terms, that section will be severed and will not affect lhe enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in 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 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 lhe homestead exemption laws of this state. 25. OTHER TERMS. If checked, thc £ollowing are applicable to this Security Instrument: 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 in effect until released. Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ~ Fixture Filing. Mortgagor ~grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become fixtures relates tothe Property. This Security Instrument suffices as a financing statement and any carbon, photographi: or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. [fi7T] Additional Terms. 26. RIDERS. If checked, the following hre 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 htstrument. ~ Third Party Rider [C~] Leasehold Rider ~ Otl~er N / A SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained iu this Security Instrument and in any attachments. Mortgagor also ackmowledges receipt of a copy of this Security Iustrument on lhe date stated on page 1. WILLIAM F WALLACE SHARON WALLACE Mortgagor Date Mortgagor I) ate Mortgagor Mortgagor Mortgagor Mortgagor Date Date Date Date EQISOE (10/2003) ACKNOWLEDGMENT: (Individual) STATE OF ff/}~OfffiTl'lA~ COUNTY OF /.~ i' ~ ee)/ (Signature of Officer) The foregoing instrument was acknowledged before me by this l. Cc) day of "~G' ~ C Witness my hand and official seal. MY COr,af,41~SlOt~ L~PIfcES MAY 25, 2006 My Co,mnission Expires: (Seal) ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was ackn°wle:aged before me by this day of Witness ~ny liand and official seal. ~ (Signature Of Officer) (Title of Officer) My Commission Expires: (Seal) EQ150F (10/2003) [,'_!',¢.h57,:'.: :: ~ .::