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HomeMy WebLinkAbout901436Recording requested by: BOOK ~R PAGE L 'r~ O' ~7 '3 ' ' Wells FaIgo BaG. k, N.A. -- '-~--0 LINOOL. N COUNTY CLERK Whe, recorded return to: Wells Fargo Bank, N.A. P O. BOX 3155? BILLINGS, MT 5910~ DOCUMENT MANAGEMENT 'State ofWyonfing--. . Space Above Tltis Line For Recording Data REFERENCE #: 20041147401028 ACCOUNT #: 01354-Ei54-0008~97-1998 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 06/29/2004 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: ARDEN C. ANDERSON AND SUSAN D. ANDERSON, HUSBAND AND WIFE, AS TENANTS BY ~HE ENT RET ES [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER:Wells Fargo Bank, N.A. P O. BOX 31657 B LLINGS, 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 granls, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: LOT 42, PRATER CANYON ESTATES UNIT 4, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT PLAT RECORDED IN THE OFFICE OF LINCOLN COUNTY CLERK, LINCOLN COUN1-Y, WYOMI NG. The property is localed in L I NCOLN at: 1-74 W ELKHORN DR THAYNE, w¢C°~127 and parcel number, of 35192510301400 together with all rights, easemenls, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and fi~mre improvetnents, structures, fixtures, and replacements lhat may now or at any d-nm in the future be par! of lhe real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by tiffs Security Instrument at any Due time shall not exceed $ 32,200. O0 . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made tinder the terms of this Secmity Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 06 / 2g / 2004 together with all amendments, extensions, modifications and renewals, and having a maturity date of 0612gl 2044 B~ All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if inade on the date of this Security Instrument Notlfing in this Security Agreement shall constitute a cominitment to make additional or fiiture loans or advances which exceed the amount shown in Section 3. Any such comnfitment 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 Instrument. 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 agreement or other lien docmnent that created a prior security interest or encumbrance on the }~roperty, 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 reqoest an), future advances under any note or agreement secured' by the lien document without Lender's prior wrmen consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessmeuts, liens, encumbrances, lease payments, gronnd renls, 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 claims that would impair the lien of the Security Instruineut. Mortgagor agrees to assign lo Lender, as requested by Lender, any rights, claims or defenses 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, assigmnent or encumbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any iuterest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby inunediately 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 prolfibited 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 nalure of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or 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 Properly. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for lhe inspection Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely ou Lender's mspectiou. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or auy of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attoruey irt fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perforln for Mortgagor shall riot create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's oilier 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 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, subleases, and any other wrilten 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 existing and fulure Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security lustrument. Mortgagor agrees that this assignment is immediately effective between lhe parties to this Security lnstru~nent. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirinative action prescribed by law, and thal this assignment will remain in effect during any redetnption 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 its agent, notifies Mortgagor of default and dmnauds that any tenaut pay all fi~ture 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 auy Rents in trust for Lender and will not commingle the Rents with auy olher funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no defi~ult exists under EQ150B (10/2003) the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any lenanl to comply with lhe terms of file Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply wilh lhe provisions of aoy lease if this Security Instrument is on a leasehold. If the property is a unit in a Condommmm Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: A. Obligations. Mortgagor ~hall perform all of Mortgagor's obligations nnder the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Projects or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulalions; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," the. n Mortgagor'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 insnrauce 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 colnmon elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Leuder for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurauce for the life of the Secured Debt which is acceptable, as to forin, amount and extent of coverage to Lender. D, Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to iusure that the Owners Association maintains a public liability insurance policy acceptable in form, mnount, 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 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 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. Mortgagor 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 Condominimn Project or PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or m the case of a taking by condemnation or eminent domain; (ii) any amendinent to any provision of tile Constituent Documents if the provision is for the express benefit of~Lender; (iii) termination of professional management and assmnption 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 condominimn or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additional debt of Mortgagor secured by tlds Security Instrument. Unless Mortgagor and Lender agree to otber terms of payment, these amounts shall bear interest from the date of disburse~nent 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 payment when due. Mortgagor will be in default if a breach occurs under the terms of this Securily Instrument 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 any person or entity obligated on the Secured Debt or that the prospect of any paymeut 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 limitatious, if any, Lender tnay accelerate the Secured Debt aud foreclose this Security lnstrmnent 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 notice if required by law, upon the occurrence of a default or anytime therealler. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, including without li~nitation, the power to sell the Propertyl 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 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 re~nedy on Mortgagor's default, Lender does not waive Lender's right 1o 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 law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant iii 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 from the date of the payinent uutil paid in fidl 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~fforcing or protecting Lenders' rights and remedies under this Security Instrumenl. This amount ~nay 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 of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without li~nitation, tl!e Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 960 t et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attoruey general opinions or inlerpretive letters concerning the public health, safety, welfare, enviromnent or a hazardous substance; and (2) Hazardous Substance ~neans any toxic, radioactive or hazardous material, waste, pollutant or contmninant which has characteristics which render the substance dangerous or potentially dangerous to the public health, stffety, welfare or environment. The term includes, without limitation, any substances defined as "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 the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recog~dzed 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 lenant have been, are, and shall remain irt 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 necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall imtnediately 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 threate,~ed release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION, Mortgagor will give Lender prompt notice of any pending or' threalened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any or!mr means. 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 datnages cmmected 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 lnstnmmnt. This assignment of proceeds is subject to lhe terms of any prior mortgage, deed of trust, security agreement or oilier lien document. 18. INSURANCE. Mortgagor shall'keep Property insured against loss by fire, flood, thefl and oilier hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the a~nouuts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Leuder's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain tile 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." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Leuder all receipts of paid premimns and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made iinmediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to lhe Secured Debt, whether or not then due, at Lender's option. Any applicatiou of proceeds to principal shall not extend or poslpone 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 acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes arid insurance in escrow. '20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or itfformation Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file auy additional documents or certifications that Lender may consider necessary to perfect, contiime, 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 uuder this Security Instrument are joint and individual. If Mortgagor signs this Securily Instrument but does not sign an evidence of debt, EQISOD (10/2003) Mortgagor does so only to mortgage Mortgagor's interest in the Property lo secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instruinei~t secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender froln bringing any action or claim against Morlgagor or any party indebted under the obligation. These rights ~nay include, bul are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security lustrument may extend, modify or make any change ~n the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefil 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 the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instru~neut is complete and fully inlegrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, attachinents, or any agreement relaled to the Secured Debt that conflicts with applicable law will not be effective, nnless that law expressly or impliedly penuits the variations by writlen 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 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 lhis 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 Instrmnent, or as shown in Lender's records, or to any otlmr 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 exe~nption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: [--ff-]Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, fids Security Instrument will remain iu effect until released. ~ Construction Loan. Tiffs Security Instrument secures an obligation incurred for the construction of an improvement on the Property. D72-] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or ill lhe fi~ture and that are or will become fixtures relates to the Property. This Security Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Unitbml Commercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrumeut. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the lerms of this Security Instrument. ~ Third Party Rider ~ Leasehold Rider ~ Other bi / A SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the dale stated on page 1. Mortgagor / Date Mortgagor / - ' 'Dales' Mortgagor Date lVlortgagor Date Mortgagor Date EQISOE (10/2 1~}5 .... Mortgagor Dale ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by this r~- ~ day of ~ tq ~ Witness my hand and official seal. (Signature of Officer) (Tiile of Officer) My Comlnission Expires: (SCM) ACKNOWLEDGMENT: (Individual) COUNTYOF The foregmng instrument was acknowledged before me by this c~- ~/ day of ,~--(/ ~ ~. Witness ~ny hand and official seal. (Signature of Officer) (Title of Officer) J My Commission Expires: ~.5-- ~ ~---,'~-C'q d9 (~ (Seal) EQlSOF (10/2003)