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HomeMy WebLinkAbout901899~ecording requested by: We]is Fargo Bank, BOOK. RECFJVED LINOOLN OOUNTY OLERK Wh6h recorded return to: Wells Fazgo Bank, N.A. P. O. BOX 31567 DOCUMENT MANAGEMENT 'State of XVyomhlg ' - Space Above This Lh~e For Recordh~g Data REFERENCE #: 20041803000802 ACCOUNT #: 0664-654-0110552- 1008 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 03 / 23/2004 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: DAVID W. CURRIE AND PAULA D IPAOLA CURRIE, ALSO KNOWN AS PAULA CURRIE HUSBAND AND WIFE AS TENANTS BY THE ENTIRETIES [] If checked, refer to the attached Addendum incorporated herein, for additioual Morlgagors their signalures and acknowledgments. LENDER:WeiIs Pargo Bank, P. O. flOX 31563 BILLINGS, MT 59103 CONVEYANCE. For good and valuable consideration, the receipt aud sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under lifts Security Inslrument, Morlgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: LOT 1 ASPEN HILL SUBDIV SION, ACCORDING TO THAT PLAT OF RECORD IN THE OFFICI~ OF THE LINCOLN COUNTY CLERK, KEIdMERER, WYOMING The property is located in L I NCOLN at: S44 ASPEN H,LL DR VE ALPlN~C,°~)Y 83128 and parcel number of 3610- 221-01-001-00 togelber with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and waler slock and all e~sting and ~ture improve~nents, structures, fixtures, and replacements that may now or al any time in the fiuure be part of lhe real estate described above (all referred ~o as "Prope~"). M~IMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrnmem at any one lmm shall not exceed $ 180,000.00 This limitation of amount does not include interesl and other fees and charges validly made pursuant to tiffs Security Instrument. Also, this limitation does not al)ply to advances made under the mrms of lhis Secm'ily Instrument to prolecl Lender's security and to perform any of the covenants con tamed in this Security I nslmn~enL SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt' is defined as follows: EQ150A (10/2,003)_ 'A. Debt incurred under the terms of the pronfissory note, revolving line of credil, contract, guaranly or other evideuce of debt dated 0-7 / 23 / 2004 together with all amendments, exteusions, modifications and rei~ewals, and having a maturity date of 0-712BI 2044 B. All future advances frown Lender to Mortgagor under such evideuce 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 conunitment to make additional or future loans or advances which exceed the amount showu in Section 3. Any such commitment 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 Seem'iCy Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and iu accordauce with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other lnortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenauts. 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 rcqnest any future 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, assessmeuls, liens, encumbrances, lease pay~nents, ground rents, utilities, and other charges relating to the Property when clue. 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 Instrument. Mortgagor agrees lo assign to 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, assignment or encumbrance, whether vohmlary, invohintary, or by operation of law, of all or any part of the Property or any iuterest therein, then at its sole optiou, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, excepl 1o the exlenl lhat such acceleration for and in such particular circmnstances where exercise of such a right by Lender is prohibited by law: 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Morlgagor will keep the Property in good coudilion and make all repairs that are reasonably necessary. Mortgagor shall not couunil or allow any waste, impairmeut, or deterioration 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 writteu consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will noilly Lender of all demands, proceedings, claims, and actions against Mortgagor, and ofauy loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasouable 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 for the inspecliou. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's iuspection. 10. AUTItORITY 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 thmn to be perlbrmed. Mortgagor appoints Lender as attorney in fi~ct to sign Mortgagor's name or pay any amount necessary for performauce. Lender's right to perform tbr Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's o~her rights under the law or this Security Instrument. If any construction on Ihe 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 Properly, 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 fi~lure leases, subleases, and any other written or verbal agreements for tile use and occupancy of any portion of the Property, iuchlding any extensions, reuewals, lnodificalions or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred 1o as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and fi~ture Leases. Mortgagor may collecL receive, enjoy and use the Rents so long as Mortgagor is not in default nnder the lerms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective betweeu lhe parties lo this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assigmnent will rmnain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees lhat t. ender may take actual possession of the property without the necessity of commeuciug legal action and that actual possessiou is deemed to occur when Lender, or its agent, notifies Mortgagor of defilult and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will eudorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender aud will not commingle the Rents with any other fimds. Any a~nounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that uo default exists Imder EQ150B (10/2003) the Leases or any applicable landlord/tenant law. terms of the Leases and applicable law. Mortgagor also agrees to maintain and require any tenant to comply with the 12. LEASEIIOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to conlply with the provisions of any lease if this Security Instrolnent is on a leasehold. If the property is a unit in a Condonlininm 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 Documenls. The "Constituent Documents" are the: (i) Declaration or any other docmnent which creates the Condonfinium Projects or PUD and any homeowners association or equivalent ' ," entlt) ( Owners Association"); (ii) by-laws; (iii).code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues aud assessments imposed pursuant to the Constituent Documents. B. IIazard Insurance. So long as the Owners Association maiutains, 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 insurauce coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then Mortgagor's obligation nnder 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 instmmce 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 elemeuts, any proceeds payable to Mortgagor are hereby assigned and shall be paid lo 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 insurance for the life of the Secored 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 lhal llle Owners Association maintains a public liability insurance policy acceptable in lbrm, alnount, and extent of cover:lge to Lender. E, Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor m connection with any condemnation or other taking of all or any part of thc 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 Leuder. Such proceeds shall be applied by Lender to the stuns secured by the Security Instrument as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except ',filer notice to Lender and wilh Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominilun Project or PUD, except for abandonment or termination required by law in the case of substaulial destruction by fire or olher casualty or in the case of a taking by condemnation or eminent domain; (ii) any anlendulent to any provision of the Constituent Docmnents if the provision is for the express benefit of Lender; (iii) termination 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 liabilily insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominium or PUD dues and assessments when due, then Lender may pay theln. Any alnounts disbursed by Lender under this section shall become additional debt of Morlgagor secured by this Security h~strument. Unless Mortgagor and Lender agree to other ternls ofpaylnenl, these amounts shall bear interest from the dale of disbursement at the Secured Debt rate and shall be payable, with interest, upon nolice from Lender 1o 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 Security h~strument or any other document execmed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any lime 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 nolice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this 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, ',filer 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 Security h~strument and any. related docmnents, including without limitation, the power to sell the Property. All remedies are distract, cumulative and not exclusive, and the Lender is entitled tO all remedies provided at law or equity, whether or not expressly set lbrth. 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 auy existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider ihe event a default if it continues or happens again. 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 any amount incurred by Lender for insuring, inspecting,~preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear inicrest from the date of the payment nutil paid iu full at the highest interest rate in effect as provided in tile terms of tile Secured Debt. Mortgagor agrees to pay all costs aud expenses inctlrred~by Lender in collecting, exfforcing or protecting Lenders' rights and remedies under this Security hlsmm~ent. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amounl does not include attorneys' fees for a salaried employee of lhe Lender. This Security Insmm~ent shall remain in effect nnlil 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 meaus, without li~nitation, the Comprehensive Environmental Response, Colnpensation aud 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) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, s~ffety, welfare or environment. The term includes, without limitation, any substances defined :as "hazardous material," "toxic snbstal~ces," "hazardous waste" or "hazardous substance" under any Enviromnental 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 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 immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, nnder 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 an), 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, clai~n, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of an), pending or threatened action, by private or public entities to pnrchase or take any or all of the Property through condemnation, eminent domain, or any other 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 da~nages 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 Insn-umenl. This assigmnent of proceeds is subject to the terms of any prior ~nortgage, deed of lrust, security agreement or other lien docmnent. 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 type and location. This insurance shall be maintained in the amounts and lbr the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld, ff Mortgagor fails to maintain lhe coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Properly according to the terms of this Security Instrulnent. All insurance policies and renewals shall be acceptable to Lender and shall inchlde a standard "morlgage clause" aud, where applicable, "loss payee clause." Mortgagor shall i~nmediately notify Lender of cancellation or terminaliou of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiuins and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender ~nay ~nake proof of loss if not made immediately 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 applicatiou 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 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 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 certifications that Lender may consider necessary 1o perfect, contim~e, 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 AN D ASSIGNS BOUND. All duties uuder Ihis Secnrity Instrument are joint and individual. If Mortgagor signs this Security Instrumeut but does not sign an evidence of riehl, EQ150D (10/2003) ( Mor/gagor does so only to mortgage Mortgagor's interest in tim Property lo secure payment of the Secured Debl and Mortgagor does not agree to be personally liable on the Secured Debt. If this Secm'ity lustrument secures a guaranty between Lender aud Mortgagor, Mortgagor agrees to waive, any fights that may prevent Lender from briuging anf action or claim againsl Mortgagor or any par~ indebted under the obligation. These rights may include, but are not limited to, any anli-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Securi~ Instrument may extend, modify or make any change iu the 'i~ms oi' this Securi~ Instrument or any evidence of debt without Mongagor's consent, Such a change will not release Mortgagor ~om the terms of this Securi~ Instrument. The duties and benefits of this Securi~ Instrmnenl shall bind and beuefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERAB~ITY; INTE~TATION. This Securib, Instrument is governed by the laws of the jurisdiction in which the Proper~ is located, except to the e~ent othenvise required by the laws of the jurisdiction where the Prope~y is located. This Securi~ Instrument is complete and Mlly integrated. This Security Instrumeut may not be amended of modified by oral agreement. Any section in this Securi~ Instrument, atlachments, or any agreement related to rte Secured Debt that conflicts with applicable law will not be effective, unless that law expressb or impliedly permits the variauons by wrmen agreement. If any seclion of this Securi~ Instrument cannot be exfforced according to its terms, that section will be severed and will not affect the efforceabili~ of the remainder of this Securi~ Inslrmnen.. Whenever used, the singular shall include {he plural and the plural the singular. The captions and headings of the sections of this Securi~ lnstmmeut are/bt convemeuce only and are not to be used to integret or define the terms of this Security Instrument. Time is of the esseuce in this Security Instrument 23. NOTICE. Unless othe~ise required by law, any notice shall be given by delivering it or by mailing it by first class mail to lhe appropriate pa~'s address on page 1 of this Securi~ Instnnnent, or as shown in Lender's records, or to any mher address designated in wri ting. 24. WAIVERS. Except to the extent prohibited by law, Mongagor waives any righl regarding.the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue oflhe homestead exemption laws of lhis state. 25. OTHER TERMS. If checked, the following are applicable to this Secumy 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 iu efl~ct until released. Construction Loan. This Security Instrument secures an obliganon recurred for the construction of au unprovemeu~ on the Propers. ~ Fixture Filing. Mortgagor grants to Lender a securi~ interest in all goods lhal Mortgagor owns now or in lhe fim~re and that are or will become fixtures relates to the Property. This Security Iustrmnem s~ces as a finaucing stalement and any carbon, photograpMc or other reproduction may be filed of record for pu¢oses of Article 9 of the Uuiform Commercial Code. ~ Additional Terms. 26. ~DERS. If checked, the following are applicable to tMs Security Instrument. The covenants and agreements of each of the riders checked below are inco~orated into and supplement and amend the tenus of this Security Instrument. ~ Third Par~ ~der ~ Leasehold ~der ~ Olher N / ~ SIGNATURES: By signing below, Mortgagor agrees to the terms and coveuams contained in this Security Instrument and in any attachments. M~r also acknowledges receipt ora copy of this Securily lnslrument on the date slated ou page 1. V13 W C~RRI-E ~ Mortgagor ' Dale P~ULA CURRIE [ ' Morlgagor Dale Mortgagor Date Da [e Dale Mortgagor Mortgagor EQ150E (10/2003) Mortgagor Date 600 ACKNOWLEDGMENT: (Individual}' STATE OF DJ~L(5~.x.,2c4x COUNTYOF ~c~ The foregoing inslmmen~ was acknowledged before me by ~ ~~ this ~r~ dayof ~~ , 2oo~ Wimess my hand and official seal. ~ignature of officer) (Title of Officer) My Commission Expires: c~ '~. gC_xa'-~ (Seal) ACKNOWLEDGMENT: (Individual) ' STATE OF COUNTY OF [_a[ r-,,c_o\¥--,.. The foregoing instrument was acknowledged before me by this 2'g '~- day of -,~ ~,- Witness my hand and official seal. {Signature of officer) (Title of Officer) .. My Commission Expires: County of ~ State of t EQISOF (10/2003)