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HomeMy WebLinkAbout900783Recording requested by: R E C E [V~ D Wells Fargo Bank, N.A. [_[,~;tL~L["': QO[-I["JT¥ CLERK When recorded ret.rn ,o: ~eZZs Fazgo Bank, ~.~. P. O. BOX 31553 -'~::/?~[~'::: ' '-~[~['~ DOCUMENT MANAGEMENT 'State of Wyon~g- -Space Above Tlds Line For Recording Data REFERENCE #: 200414534[30523 ACCOUNT #: 0654-054--1936332-1998 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 06 / 14 / 2004 and the parties, their addresses and ta k identification re:tubers, if required, are as follows: MORTGAGOR: J MI ICH COURTER, ALSO KNOWN AS MI ICH COURTER AND BEVERLY u. COURTER, HUSBAND AND WIFE [] If checked, m~r to ~e anached Addendum inco¢orated herein, ~r additional Mo~gagors their signatures and acknowledgments. LENDER:WeLls Fargo Bank,. N.A. P O. BOX 31557 B LLINGS, MI 5910~ CONVEYANCE. For good and valuable consideration, the receipt and sufficien~ ~ which is acknowledged, and to secure the Secured Debt (defined below) and: Mo~gagor's performance under this Securi~ Instrument, Mortgagor grants, bargains, convis, mortgages and wa~ants to Lender, with power of sale, the ~llowing described property: IHE S 1/2 NE 1/4 NW 1/4 NE 1/4 OF SECTION 1§. T34~ RllSW, OF THE 6IH P.M LOCATED EAST FROM THAYNE, LINCOLN COUNTY. WYOMING ~ND BE NG MORE PARTICULARLY DESCRIBED AS FOLLOWS: THE TRUE POINT OF BEGINNING BEING THE B.L.M TYPE MONUMENT FOUND MARK NG THE SOUTHWEST CORNER OF SAID NE 1~4 NW 1/4 NE 1/4; THENCE N 0 DEGREES 43 M~NUTES 42 SECONDS E, ALONG THE WEST LINE OF SAID S 1/2 NE 1/4 NW 1/4 NE lt4 334 64 FEET TO AN ~RON PIPE SET; THENCE S 89 DEGREES 54 M~NUTES 44 SECONDS E 659 58 FEET TO AN IRON PIPE SET AT A POINT ~N YHE EAST LINE OF SAID NE 1/4 NW 1/4 NE 1~4. THENCE S 0 DEGREES 42 MINUTES 36 SECONDS W, ALONG SAID EAST LINE, 334.23 FEET TO THE B.L.M. TYPE MONUMENT FOUND MARKING THE SOUTHEASI CORNER OF SAID NE 1/4 NW 1/4 NE 114; THENCE N B9 DEGREES 56 MINUTES 52 SECONDS W, ALONG THE SOUTH LINE OF SAID NE 1t4 NW 1/4 NE ~/4, 659.69 FEET, TO THE TRUE POINT OF BEGINNING, CONTAINING 5.064 ACRES OF 'LANB. The property is located in L I NCOLN at: 382 LINCOLN LN THAYNE, WY and parcel number of 34181910O06500 together with all rights, easements, appurtenances, royalties, miueral rightS, oil and gas rights, all water and riparian rights, ditches, and water stock and all emsting and fi~ture i~nprove~nenls, structures, fixqnres, and replacements that may now or at any time in the ~ture be pa~ of the real estate deschbed above (all referred~to as "Prope~-y"). M~IMUM OBLIGATION LIMIT: The total principal amoma secured by tiffs Secufi~ Instrument at any one time shall not exceed $ 30,000.00 . This lb~tation of amount does not include interest and other /~es and charges 'vaLidly made pursuant to this SecufiW Instrument. :Also, this linfitation does-not apply to advances made under the terms of this ~ecurity Instrument to protect Lender's secufity:;and to perform any of the covenants contaiued in this Security Instrument. SECU~D DEBT AND FUTU~ ~iDV~CES. The term "Secured Debt" is defined as follows: EQ150A (1012003) A. Debt incurred under the mrms of the promissory note, revolving line of credil, contract, guaranty or other evidence of debt dated 06 / 14 ! 2004 together with all amendments, extensions, mod',fications and renewals, and having a maturity date of 06 / 14 / 2£~44 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of this Security Instrument. Nothing in this Security Agreement shall constitute a com~nitment to make additional or future loans or advances which exceed the amouut shown in Section 3. Any such coinnfitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrmneut. 5. PAYMENTS. Mortgagor agrees that all payments under the 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 agreelnent or other lien document that created a prior securit)interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply wilh 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 furore advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assesslnents, liens, encumbrances, lease payments, ground 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 atnounts are due an i the receipts evidencing Mortgagor's payment. Mortgagor will defend title tu the Property against any clai~ns that would impair the lien of the Secnrity lnstm~nent. Mortgagor agrees to assign to Lender, as requested by Lender, any fights, claims or defense'~'=Mortgagor may have against parties who supply labor or matefials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRAi~CE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether vohintary, 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 fight 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 delerioration of the Property. Mortgagor will.keep ~he Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change withont Lender's prior written consent. Mortgagor will not permit any change in any license, restficlive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all dmna.nds, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's Ol:fion, enter the Properly at an)' 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 entirely for Lender's benefit and Mortgagor will in no way rely ou Lender's iuspection. 10. AUTIIORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security 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 any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender ~nay 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 fight, title and to any and all existiug or future leases, subleases, and any other written or verbal agreements 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 profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all exisliug and future Leases. Mortgagor may collect, receive, enjoy'and use the Rents so long as Mortgagor is not iii default under the terms of this Security Instrument. Mortgagor agrees that tlds assigmnert is immediately effective beW,,een the parties to this Security Instrument. Mortgagor agrees that this assignutent is effective as to third parties when Lender rakes affirmative action prescribed by law, and that this assignment will remain in effect' duril,ng any redemption period until the Secured Debt is satisfied. Mortgagor agrees that 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 ils agent, notifies Mortgagor of default and demands that any tenant pay all furore Rents directly to Lender. On receiving nctice 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 other funds. Any amounts collected will be applied as provided in this Security Instrm~mnt. Mortgagor warrants that no default exists under EQt 50B (10/2003) the LeaSes or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with tim 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 Securit). Instrument is on a leasehold. If the property is a unit iii 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 Coustituent Docmnents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condommmm Projects or PUD and any homeowners association or equivv lent entity ("Owners Assbciation"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shail 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 carder, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfitctory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included wilhin the term "extended coverage," then Mortgagor's obligation under Section 19 to ~naintain hazard insurance coverage on the Property is deemed satisfied to the exteut that tile 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 restoration or repair following a loss to Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to ~naintain flood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. 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 in form, amount, and extent of coverage to Lender. E. Condenmation. The procet':ds of an), award or claim for damages, direct or consequential, payable to Mortgagor in connection with any condemnation er other taking of all or any part of the Property, whether of the unit or of the common 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 the' sums secured by the Security Instrument as provided in Section 18. F. Lender's Prior Consent. iVlortgagor shall not, except after notice to Lender and with Lender's prior written 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 termination required by law in the case of substantial destruclion by fire or other casoalty or in the case of a taking by condemnation or eminent domain; (ii) an), amendment to any provision of the Constituent Docmnents if the provision is for the express benefit of Lender; (iii) ter~nination of professional management and assumption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. 'G. Remedies. If Mortgagor does not pay condominiuln or PUD dues and assess~nents when due, then Lender may pay them. Any amounts disbursed by Lender under tiffs section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and 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 paymenl when due. Mortgagor will be in default if a breaCh occurs under tile terms of tiffs Security Instrmnent or any other document executed for the purpose of creating, securing or .guarantying the Secured Debt. A good fifth 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. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, ii' any, Lender xnay accelerate the Secured Debt and foreclose this Security Instru~nent in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any p;~rt of the agreed fees and charges, accrued interest and principal shall become i~nmediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime lhereafter. In addition, Lender shall be entitled to all the rexnedies provided by law, the terms of the Secured Debt, this Security Instrument and any related docmnents, including without limitation, the power to sell the Property. All rmnedies 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 after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by la}v, 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 interest. These expenses will bear interesl from the date of the payment until paid m full at the highest interest rate in effect as prm, ided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under lhis Security htstrument. This amount may include, but is not limited to, attorneys' 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 o£ such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in tiffs section, (1) Environmental Law means, without limitation, the Comprehensive Environmental 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, s',ffety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, polhitant or contaminant wldch has characteristics which render the substance dangerous or potentially da'agerous.to the public health, safety, welfi~re or environment. The term includes, without limitation, any substances defined ai "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental 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 tile Property, This restriction does not apply to small quantities of ttazardous Substances that are generally recognized 40 be appropriate for the normal use and maintenance of the Property. B. Except as previously discloseat and ackmowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Enviromnental Law. C. Mortgagor shall immediately 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 nece:;sary remedial action in accordance with any Environmental Law. D. Mortgagor shall i~mnediately,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 releaie or th'reatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender protnpt notice of any pending or threatened action, by private or public entities to purchase or take any or all o£ the Property fltrough condmnnation, enfinent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' nmne in any of the above described actions 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 Cgnsidered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior ~nortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep property insured against loss by fire, flood, thefl and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the alnounts 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 to maintain the coverage described above, Lender ~nay, 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 'hnortgage clause" and, where applicable, "loss payee clause." Mo[tgagor shall immediately notil3, Lender of cancellation or termination of the insurance. Lender shall have tile right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof ~f loss if not made immediately by Mortgagor. Unless othenvise agreed in writing, a~l insurance proceeds shall be applied to the restoration or repair of the 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, Mortgagor'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 the Secured Debt immediately before the acquisitiou. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, 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 Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional docmnents or certificafioi~.s that Lender may consider necessary to perfect, continue, and 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 under lids Security Instrument are joint and indi ~,idual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, EQ150D (10/2003) Mortgagor does so only to mortgage hd0rtgagor's interest in the Property to secure, payment of tile Secured Debt and Mortgagor does not agree to be personally liable :on the Secured Debt. If this Security Inst~mmit secures a guaranty between Lender and Mortgagm; Mortgagor agrees to waivt any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obit gation. These rights may include, bnl 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 tiffs Security Instrument m any evidence of debt without Mortgagor's consent. Such a change will nol release Mortgagor from the terms of this Security Instrument. The duties and benefits of this Securi~ Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which tile Property is located, except to the extent otherwisc required by the laws of the jurisdicti9n where tile Property is located. This Security Instrument is complete and fully integrator. This Security Instrument may not be alnended 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 n~t be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the e~fforceability of tt~e remainder of this Securily Instrmnent. Whenever used, tile 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 tile appropriate party's address on page ~. of this Security Instrument, or ns shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extent prchibited by law, Mortgagor waives any right regarding tile marshalhng of lieus and assets, and hereby releasing and waiving all rights under and by virtue of tile homestead exemption laws of this state. 25. OTHER TERMS. If checked, tile following are applicable to this Security Instrmnent: Line of Credit. Thc 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 Instrunrent secures an obligation incurred for the constructiou of an improvement on the Property. N-%'-I 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 to the Property. This Security Instrument suffices as a finaucing statement and any carbon, photographic or other reproduction may be :filed of record for purposes of Article 9 of the Uniform Cmnmercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instru~nent. The covenants and agreements of each of the riders checked below are incorporateC~ into and supplement and amend the terms of this Security Instrument. ~ Tlffrd Party Rider ~ Leasehold Rider ~ Other N I A SIGNATURES: By signing below, Morgagor agrees to the terms and covenants contained in this Security Instrument and in any attactunents. Mortgagor also acknowl.~dges receipt of a copy of tiffs Security Instrument on the date stated on page 1. Morlgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor iDate EQISOE (10/20(~3) .... Mortgagor Date : ACKNOWLEDGMENT: STATE OF (~ COUNTY OF L/'//~ The foregoing instrument was ac_.~knowledged before me by this [ 7 day of .. ~ d_~ ~.e__ Witness my hand and official seal. (Si~ure of Office*) My Commission Expires: ..~'- fl ~--~' ~('?) G) ~ (Seal) ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by tlfis day of Wimess my hand and official seal. (Signature of Officer) (Title of Officer) My Commission Expires: (Seal) gQ] 50F (10/2003)