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HomeMy WebLinkAbout901691 30921 Recording requested by: Wells Fargo Bank, N.A. . .. ~.. : Whenrecordedreturnto: Wells Fazgo Bank, N.A. o, Bo× 9 016 9 ! BILLINGS, MT 59107 DOCUMENT MANAGEMENT RE ~EtVED LtNOOLN COUt,~TY CLERI< 'State of Wyomh~g- · . Space Above This Line For Recordi"g Data REFERENCE #: 20041833400439 ACCOUNT #: 06~4-654-01 13~4~-0001 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of tiffs Mortgage ("Security Instrmnent') is 07 / 26 / 2004 and the parties, their addresses and tax identification numbers, if requi red, are as follows: MORTGAGOR: CARt_ J. HARRIS AND SHANNON E. HARRIS, HUSBAND AND WIFE [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells ?argo Bank, iq.A. P. O. BOX 3155-/ BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, the receipl aud sulliciency of which is acknowledged, and lo sectlre the Secured Debt (defined below) and Mortgagor's perlbnnance uudcr dfis Security Instrument, Mortgagor grauts, bargains, conveys, mortgages and warrants to Lender, with power of sale, lhe followiug described property: LOT 5 OF SHOOTING STAR SUBDIVISION, LINCOLN COUNTY, WYOMING, ACCORDING TO THE PLAT FILED JULY 18,1995 IN THE OFFICE OF LINCOLN COUNTY CLERK AS PLA'f N0,364 AND INSTRUMENT N0.805315. The property is located in L I NCOLN at: LOT 5 SHOOTING STAR SUBDIV J?ff'Y) THAYNE, WY 8312~ and parcel number of 341817400 1100 together with all rights, easeulenls, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water sfock aud all existing and fi~ture improvements, structures, fixtures, and replacements lhat may now or at any time in lhe fi~ture be par! of Ihe real estate described above (all referred to as "Properly"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 40,000. O0 . This limitation of amount does not include interest and other fees attd charges wdidly made pursuant to tiffs Security Instrmnent. 'Also, this limitation does not apl)ly to advances made under lhe terms of lhis Security Instrument to protect Lender's security and to perform any of the covenants coutained in this Security lnstnnnenl. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: EQ150A (10/2003) A. Debt incurred under the terms of the promissOry note, revoh, iug line of credit, contract, guaranty or other evidence of debt dated 07 / 26 / 2004 together with all amendments, extensions, modifications and reuewals, aud having a maturity date of 0-/t 20 / 2009 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured tls if made on the date of tiffs Security Instrument. Nothing iii this Security Agreement shall constitute a COmlnitluent to make additional or future loans or advances which exceed the amount shown in Section 3. Any such comnfitulent 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 lhis Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and m accordance with the terms of the Secured Debt and Offs Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreelnent or otller lien document that created a prior security interest or encumbrance on the l)roperty, Mortgagor agrees: A. To make all payments when due and to perform or comply with all coveuants. B. To promptly deliver to Lender any notices that Mortgagor receives front the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreemeut seem-ed by the lien docmnent without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, erlcumbrances, 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 amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to tile Property against auy 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 may have against parties who supply labor or materials to maintaiu or itnprove tile Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encmnbrance, whether vohmta~y, involuntary, or by operation of law, of all or any part of the Property or any interest tllerein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby inuuediately due and payable, except to the extent that such acceleration for and in such particular circumstances where exercise of such a right by Lender is prohibited by law: 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. IVlortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impamnent, or deterim ation of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor wilt uot permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will noti~ Lender of all demands, proceedings, claims, and actions against Mortgagor, and of auy loss or dainage to the Properly. 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 inspectiou specifying a reasonable purpose lbr 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. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duly or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause tllem to be performed Mortgagor appoints Lender as attorney in filet to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform fur Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender f¥om exercising any of Lender's other rights under ihe law or this Security Instrument. If auy construction on the Property is discontim~ed or nol carried on in a reasonable inanner, Lender ~nay take all steps necessary to protect Lender's security interest in the Property, irlclnding complelion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grauts, bargains, conveys, mortgages and warrauts to Lender as additional security all the right, title and to any and all existing or future leases, subleases, and any olher written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modificatious or substitutions of such agreements (all referred to as "Leases") and reuts, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in defanlt under the terms of this SecUrity Instrument. Mortgagor agrees that this assignment is im~nediately effective between tile parties to this Security lnstmmerlt. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and lhat this assignment will remain iu effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that kender 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 demands that auy tenant pay all fulure Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender auy payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not co~nmingle tile Rents wilh arty olher rituals. Any a~nounts collected will be applied as provided in this Security Instnnuent. Mortgagor warrants that ilo defimlt exists nnder EQI50B (10/2003) the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain aud require any tenant to cmnply with lhe 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 Instrmnent 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 followiug: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Docmnents" are the: (i) Declaration or any other documeut which creates the Condominium Projects or PUD and any homeowners association or equivalent entity ("Owners Asso.ciation"); (ii) by-laws; (iii) code of regtdations; aod (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assesstnents 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 Condominium Project or PUD which is satisfactory to Lender aud 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 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 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 commou elements, any proceeds payable to Mortgagor are liereby assigned and shall be paid to Leuder for applicalion to the stuns secured by this Security instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of th~ 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 inay be reasonable to insure thal the Owners Association maintains a public liability insurance policy acceptable in form, amonnt, 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 nuit or of the common elements, or for any conveyance in lieu of condmnnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrmnent as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Leuder's prior writteu consent, either partition or subdivide the Property or consent to: (i) the abandonment or lermination of the Condominimn Project or PUD, except for abandonment or termination required by law iii the case of substantial destructiou by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documenls if the provision is for tile express benefit of Lender; (iii) ternfination of professional management aud assumption or' sell-'- 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 condominium or PUD dues mid assessments when due, then Lender may pay them Any amounts disbursed by Lender under this 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 lite 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 nnder the terms of this Security lnstrmnent 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 payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In so,ne 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 may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is itt 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 thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Securily lnstnmmnt and arty related documents, including without limitation, the power to sell the Property. All remedies are distinct, cumulative and nol exclusive, and the Lender is entitled to all relnedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any suni 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 evm, t a default if it continues or happens again. EQ 150c (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 Instrumeut. 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 payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expeuses incurred by Lender in collecting, enforcing or protecting Lenders' rights and rmnedies nnder tiffs Security lnstnunent. This amount may include, but is not limited to, attorneys' fees, court costs, and olher legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrumeut shall rmnain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used iii this section, (1) Environmental l.aw means, without limitation, the Co~nprehensive Enviromnenlal 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, enviromnent or a hazardous substance; and (2) tlazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render lhe substance dangerous or potentially dangerous to the public health, safety, welfare or environlnent. 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 localed, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use aud maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every teuant have been, are, and shall remain in full compliance with any applicable Environmental 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 Environmemal Law concerning the Property. In such au event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall inm~ediately 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 llazardous Substance or the violation of any Environmental 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 condemnation, eminent domain, or any other meaus. 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 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 lnstrmnel~t. This assignment of proceeds is subject to the tenns of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by tire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insuranc~ shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approwd, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Le'nder's rights in the Property according to the terms of this Security Instrmuent. 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 munediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the l~olicies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor sbalt 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 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 1o Mortgagor. If the Properly 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 t? 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 h~strmnent and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All dulies under this Security Instrument are joint aud individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, EQ150D (10/2003) Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Morlgagor does not agree to be personally liable on the Secured Debt. If this Secm'ity Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender l¥om bringing auy action or claHn against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-aclion laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in ire 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 aud 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 the Property is located, except to the exteut otherwise required by the laws of the jurisdiction where lhe Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be ainended of modified by oral agreement. Any section in this Security Instrument, attacluuents, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the varialions by written agreement. If any section of this Security Instrmnent cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security htslrument. Whenever used, lite singular shall include the plural and the plural the singular. The captions and headings of the sechons of this Security Instrumenl are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Titne is of lhe 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 Ihe appropriate party's address on page ! 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 tim marshalling of lieus and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemplion laws of this state. 25. OTIIER TERMS. If checked, the following are applicable to this Security Instrmnent: Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Deb! may be reduced to a zero balance, this Security Instrument will remain in effect nntil released. Construction Loan. This Security Instrmnent 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 lhe fimtre and that are or will become fixtures relates lo the Property. This Security Instrument suffices as a financiug slatement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Unifornt Cmnmercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrument. The covenants aud agreements of each of the riders checked below are incorporated iuto and supplement and amend the terms of this Security Instrmuent. ~ Third Party Rider ~ Leasehold Rider ~ Other N / A SIGNATURES: By signing below, Mortgagor agrees to the terms and covenanls contained in this Security lustrnment and in any attaclunents. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date slated on page 1. SHA~ffD~ F CARL 3 HARRI~ V ~'' Mortgagor Date Mortgagor Mortgagor Date Mortgagor Date Mortgagor Dale EQ150E (10/2003) Mortgagor Date 135 ACKNOWLEDGMENT: (Individual) STATE OF ~ O ~ I~ COUNTY OF L 1'. }q tnJ"')L The foregoing instrument was acknowledged before me by this OO day of~~ , ~OO m Commission Expires: /~' ~0' ~¢ (Seal) ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by this ~-~ ~ day of Witness m/yA~and ogf~ ial seal~ //~J~gi~ature of Office0 (Title of Officer) My Comnfission Expires:' JACK GERALD CADMAN NOYaaY ~t~C- ST^T~O~ ~W w:xm (Seal) EQI 5OF (l 0/2003)