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HomeMy WebLinkAbout904314Recording requested by: Wells Fargo Bank, N.A. RECEIVED LINCOLN COLINTY CLERK When recorded return to: wells 'a,:go Bank, P. O. BOX 31553 State of Wyoming - · SI,,~ ~' \lin,, t' This Line For Recording Data' REFERENCE #: 20042867000382 ACCOUNT #; 0654-654-0564260-0001 MORTGAG ic, (With Future Advancc ('hmse) DATE AND PARTIES, The date of this Mortgage ("Security Instmmcnf') is a 1 / 03 / 2004 and the parties, their addresses and tax identification numbers, if req,ircd, are as follows: MORTGAGOR; KE TH M. HARRIS AND DEBBIE L. HARRIS [] If checked, refer to the attached Addendum incorporated herein, for addilional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, d~e receipl ;md sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance uildcr Ihis Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the fo lhm'i ng described property: THAT PART OF TRACT NO 45 OF T25N, R11gw, LINCOLN COUNTY, WYOMING AND ALSO A PART OF TRACT 1 AS DESIGNATED IN THAT WARRANIY I)EFD OF RECORD IN THE OFF CE OF THE CLERK OF LINCOLN COUNTY IN BOOK '~$ OF PHOTOSTATIC RECORDS ON PAGE 193-199, BOUNDED AND DESCR BED AS FOLLOWS ON THE NORTH BY THE NORTH LINE OF SAID TRACT 45 ON THE EAST BY THE EAST LINE OF SAID TRACT 45; ON THE WEST BY THE EAST t* OHT-OF-WAY L NE OF STATE HIGHWAY NO. 30; ON THE SOUTH BY A LINE PROTRACTE[ WEST, 250 FEET, MORE OR LESS. FROM CORNER NO. 2 OF TRACT 45 I DENT CAL w CORNER NO 3 OF TRACT 41 fO THE SA I D EAST R I GHT-OF-WAY L I NE The property, is located in L NCOLN at: 1000 N HWY 30 COKEVILLE, w¢C°~114 and parcel number of 25192630000600 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and ripariau rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacemcms that may now or at any time in the future be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount scorn-cd by this Security Instrument at any one time shall not exceed $ 42,1-76.50 This limitation of amount does not inch]d¢ interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does nol apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the cox cn:mls contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: EQ150A (10/2003) · · - ::'::;'::k,: i A. Debt incurred under the terms of the promissory note, revol~i~ h ne of credit, contract, guaranty'-o~o ence of debt dated 11 / 03/2004 together with all amendments, c×tcns~ons, modifications and renewals, and having a maturity date of 11 / 20/2009 B. All future advances from Lender to Mortgagor under such cwdc~lcc of debt. All future advances are secured as if made on the date of this Security Instrument. Nothing in this Secmit~ Agreement shall constitute a commitment to make additional or future loans or advances which exceed the arno t tnt sl~own in Section 3. Any such commitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lende'r for in~m'mg, preserving, or otherwise protecting the Property and its value and any other sums advanced and expenses ~currcd by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured I)cb~ 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 tm~rlg~,ge, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on thc t'~¢l)Crb', Mortgagor agrees: A. To make all payments when due and to perform or comply xxilh ',dl covenants. B. To promptly deliver to Lender any notices that Mortgagor rccctx cs from the holder. C. Not to allow any modification or extension of, nor to requesl :~ m' flflure 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, assessmcnl~, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender m:~x require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagol ', payment. Mortgagor will defend title to the Property against any claims that would impair the lien of the Security Instrumcm Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against pa r~ }cs who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothccalion, assignment or encumbrance, whether voluntary, involuntary, or by operahon of law, of all or any part of the Property o~ :mx interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hercbx ~mmcdiately 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. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the 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 an.~ loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any rc:~sonable 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 on Lender's inspection. 10. AUTHORITY 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 them to be pcrlbrmcd. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for perfonmmcc. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will m~l 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 may take all steps necessary to protect I.cnder's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS, Mortgagor irrevocabl? grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and to any and all exisling or future lehses, 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 renls, issttcs and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all exisling and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the ~crms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender t:d.tcs affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until itc Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity o1' commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of dcfimlt and demands that any tenant pay all future 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 any Rents in trust for Lender ',md will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security In st rum cnt. Mortgagor warrants that no default exists under EQ150B (10/ ~ 12. the Leases or any applicable landlord/tenant law. Mortgagor also ag~ccs to maintain and require any tenaht'rb with the terms of the Leases and applicable law. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVI.'.IDPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. Il'thc proper~ is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the fol km lng: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other docun/cnt xx rich creates the Condominium Projects or PUD and any homeowners association or equivalent entity ("Owners Assbciation")~ (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all discs and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Associatiou in,retrains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD x~ rich is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lc~dcr rcquires, including fire and hazards included within 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 coveragc is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard insm",mce coverage In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss 1o Property, whether to the unit or to conunon elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to I.cnder for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insmancc 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 iii form, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for d:~nmges, direct or consequential, payable to Mortgagor in connection with any condemnation or other taking of all or any part o1' thc Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned aud shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided iii Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after mmcc 1o Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abamlomncnt or termination of the Condominium Project or PUD, except for abandonment or termination required by law in the c:~sc of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amcndnlcut to any provision of the Constituent Documents 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 xxould 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 dlics 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 this Security Instrument. Unless Mortgagor and Lender agree to other terms of pa3 mcni, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with intcrcst, ill)on notice from Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on ihe Secured Debt fails to make payment when due. Mortgagor will be in default ff a breach occurs under the terms of this Sccurity 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 Securcd l)cbt or that the prospect of any payxnent 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 ft~r Ibrcclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security In st run lc ill in a manner provided by law ff Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and chargcs, accrucd interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occttlrcnce 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 Instrument and any related documents, including without limitation, the power to sell thc Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at I:m or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on thc Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of l,cndcr's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender docs not waive Lender's right to later consider the event a default if it continues or happens again. EQISOC (10/2003) 090G31G 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEI'~5; ('O L LECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mong~tgm breaches any covenant in this Security Instrument Mortgagor will also pay on demand any amount incurred by Lender fv~ ~nsm'ing, respecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear t lttcrcs! ['rom the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secmcct Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' ri!.,]~t~ and remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and olher legal expenses. This amoun! does not include attorneys' fees for a salaried employee of the Lender. This Security In sirmnent shall remain in effect until released. Mortgagor agrees .to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES..,\~ used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compcnsanon 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, environment or ii h:~/:ardotss substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or ctm~:mfinant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safcI_~, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic st~b~t,nces," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing ~o l.cnder, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction docg no~ apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal ,sc a nd maintenance of the Property. B. Except as previously disclosed and acknowledged in writing lo [~encler, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmcm',ll I.aw. C. Mortgagor shall immediately notify Lender ff a release or thrc,lcned 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 auy Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon ~ Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating lo thc release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice o1' an) pending or threatened action, by private or public entities to purchase or take any or all of the Property through condcm~at~on, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the abm c described actions or claims. Mortgagor ass~gus to Lender the proceeds of any award or claim for damages connected xvifl~ a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will bc ,pplicd as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 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 ~hall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall bc chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to mainlai i! Ifc coverage described above, Lender may, at Lender's option, obtain Coverage to protect Lender's fights in the Property accordi ng Io llxe terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and ~hall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately noti~ I,cncler 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 Lender all receipts of paid premiums and renewal notices. Upon loss, Mong.agor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately b} Morlgagor. Unless otherwise agreed in writing, all insurance proceeds shall be appl i~d lo the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any applical ion oi' proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of an) paymcut. 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 imn~ediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise l~roxridcd 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 neccssmy. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider ncccss, ry to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on thc Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this ,qccm'ity Instrument but does not sign an evidence of debt, 0D04314 i ,. 0 6 7 2, Mortgagor does so only to mortgage Mortgagor's interest in the Properly to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Scct~rit.s h~slmment secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent [.cndcr fronl bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include. Nil are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this SecuritT h~stlumcnt may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt withoul Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits o£ this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Insirument is governed by the laws of the jurisdiction in which the Property is located, except to the extent odmm isc required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and full), intcgratccl. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, ',machments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that lax~ 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 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 thc sccdons of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this S cct~rity Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be givcn by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Sccm it3' Instrument: g7~ Line of Credit. The Secured Debt includes a revolving linc of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect nntil released. N-'TX-1Construction Loan. This Security Instrument secures an o14igation incurred for the construction of an improvement on the Property. N-X"] 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 financing statement and any carbon, photographic or other reproduction may bc filed o£ record for purposes of Article 9 of the Uniform Commercial Code. ..........~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security hlslrmnent. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend thc terms of this Security Instrument. ~ Third Party Rider ~ Leasehold Rider ~ Other N / A SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any a~ac~ments.. Mor~agor also acknowledges receipt of a copy of this Sccurily Instrument on the date stated on page 1. //r<E, )~I ~M _HRR[I S~ , - ~ Date DEBB I E k HARR I S lVlortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQ150E (10/2003) Mortgagor Date , 067© ACKNOWLEDGMENT: (Individual) STATE OF W[rOMING COUNTY OF LINCOLN The foregoing instrument was acknowledged before me by this 3rd day of November Witness my hand and official seal. (Title of Officer) My Commission Expires: March 25,2006 KEITHM. , 2004 .. ACKNOWLEDGMENT: (Individual) STATE OF I~0MING COUNTY OF T,TNEDT~ The ~regoinginstmmentwasacknowledgedbe~re meby this )rd dayof November Witness my hand and official seal. (si~ra~;d ot Omc~) ( (Title of Officer) My Commission Expires: March 25, 2006 DEBBIE L. IiARRIS 200A ,FrY OF ~ STATE OF (:i~t'l ~ WYOMING (Seal) / EQI50F (10/20 ~.:,1:I~!':_~¢"':' ::' .ti