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HomeMy WebLinkAbout904468Recording requested by: Wells Fargo Bank N.A. Wells Fargo Home Equity 7600 Office Plaza Drive West Des Moi nes, IA 50266 When recorded return to: Wells Fargo Bank N.A. Wel 1 s Fargo Services Consumer Loan Servicing P.O. Box 31557 Billings, MT 59107 State of Wyoming 90[ h68 RECEIVED LINOOLN COUNTY CLERK Space \h.', e this Lh~e For Recording Date MORTGAGE 65059891080001 (With Future Advance Ch usc) DATE AND PARTIES. The date of this Deed or Trust ("Security Instrument") is 3 November 2004 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: BRANDON KIDGELL, TENANTS AND NEVAIDA KIDGELL, HUSBAND AND WIFE AS 30INT If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank N.A. 420 Montgomery Street San Francisco, CA 94104 CONVEYANCE. For good and valuable consideration, thc receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined bcltm", and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: See attached Exhibit A Tax ID 21162312825900 The property is located in Lincoln at 810 ELI< STREET (County) (Address) KEMMERER , Wyoming 83101 (City) (/ip ('.tlc) WYOMING - MASTER FORM MORTGAGE Page ~ of 8 LEWY1 (04031 VMP Mor,~ag. Solutions {800}521-'? 2'9} 20042933675671 0172 Together with all rights, easements, appurtenances, royalties, inincral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now or at ',~, time in the future be part of the real estate described above (all referred to as "Property"). 3. MAXIMIJM OBLIGATION LIMIT. The total principal iu~ttmllt secured by this Security Instrument at any one time shall not exceed $ 22,400.00 . This linfitation of amount does not include interest and other fees and charges validly made pursualU to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants conta~ ned iu this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "St:cured Debt" is defined as follows: A. Debt incurred under the terms of the promissory ~mc, revolving line of credit, contract, guaranty or other evidence of debt dated 11/3/2004 t~,,_,ctlm' with all amendments, extensions, modifications or renewals. The maturity date of the Sc'cured Debt is 11/3/2~34 B. All future advances from Lender to Mortgagor under such t:vidence of debt. All future advances are secured as if made on the date of this Securit3 lnstrumeut. Nothing in this Security Agreement shall constitute a conanitment to make additional or future loans or advances which exceed the amount shown in Section 3. Any such cmmnitmtmt 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 thc Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Sccu thy lnst,-mnent. 6. PRIOR SECURITY INTERESTS. With regard to any mher mortgage, deed of trust, security agreement or other lien document that created a prior sccunty interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or cmnply with all covenants. B. To promptly deliver to Lender any notices that Mortgagm' receives from the holder. C. Not to allow any modification or extension of, nor t~ ~:quest any future advances under any note or agreement secured by the lien document with{mt l.cnder's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relatin,, tt) tile Property when due. Lender may require Mortgagor to provide to Lender copies of all notices thai such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to th~ Property against any claims that would impair the lien of the Security Instrument. Mortgagm' agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have ttgainst parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, tr'ansfer, hypothecation, assigmnent or encumbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such particular circumstances where exercise of such a right by Lender is prohibited by law. 9. PROPERTY CONDITION, ALTERATIONS AND INSI'ECTION. Mortgagor will keep the Property in good condition and make all repairs that arc rcasm~ably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration ~l' 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 wrinc~ cmlscnt. Mortgagor will not permit any change in any license, restrictive covenant or easement withm~[ Lender's prior written consent. WYOMING- MASTER FORM MORTGAGE LEWY2 Io4o3) P~, ~ o,. 20042933675671 090446 ' 0!73 10. 11. 12. Mortgagor will notify Lender of all demands, proceedings, clztints alld actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's at:tnt.., may, at Lender's option, enter the Property at any reasonable time for the purpose 0f inspccnng the Property. Lender shall give Mortgagor notice at the time of or before an ~nsl~ection spccit3, ing a reasonable purpose for the inspection. Any inspection of the Property shall be entirely fi.' i~ender's benefit and Mortgagor will in no way rely on Lender's inspection. AUTHORITY TO PERFORM. If Mortgagor fails to perfi,'n any duty or any of the covenants contained in this Security Instrument, Lender may, without n~ticc, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact m s~gn Mortgagor's name or pay any amount necessary for performance. Lender's right to per/btm fi.' Mortgagor shall not create an obligation to perform, and Lender's failure to perform will n.t 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 carded on in a reasonable maturer, Lender may take all steps necessary to protect Lender's security interest in the Property. including completim~ ,~ ~' the construction. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrams to Lender as additional security all thc right, title and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct c.pies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so hm. as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assigmnent is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed b3 law, and that this assignment will remain in effect during any redemption period until the Sect.cd Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property withm~t the necessity of conunencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default 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 and will not co~mningle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applic~d~lc landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT D E V 1'2 LOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrttn~cnt is on a leasehold. If the property is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: A. Obligations. Mortgagor shall perform all of Mortga?r's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) f)cch,'atiol~ or any other documem which creates the Condominium Projects or PUD and any honlct~x~ nets association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay. when duc. all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Associati..~ mttintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the ('m~dmninium Project or PUD which is satisfactory to Lender and which provides insurance c(~vcn~gc in the amounts, for the periods, and against the hazards Lender requires, including fire :md hazards included within the term "extended coverage," then Mortgagor's obligation u.der Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied t{~ thc extent that the required coverage is WYOMING - MASTER FORM MORTGAGE LEWY3 104031 Page 3 of 8 20042933675671 0904468 ,0174 13. 14. provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the tx ent of a distribution of hazard insurance proceeds in lieu of restoration or repair tbllowi, nga It)ss to Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Securit3 lnstrmnent, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to lnaintain flood insurance tbr the life of the Secured Debt which is acceptable, as to form, amount and extent of c(~x cr:(gc to Lender. D. Public Liability Insurance. Mortgagor shall take such ',toil(ms as may be reasonable to insure that the Owners Association maintains a public liabilit, insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or clain~ Ira' damages, direct or consequential, payable to Mortgagor in connection with any condemnatitm or other taking of all or any part of the Property, whether of the unit or of the common elcmetlts, or for any conveyance in lieu of condenmation, are hereby assigned and shall be paid [u l.ender 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 al'tot nonce to Lender and with Lender's prior written consent, either partition or subdivide thc Property or consent to: (i) the abandonment or termination of the Condominium Projeci or PUD, except for abandonment or termination required by law in the case of substantial dcslt'uction by fire or other casualty or in the case of a taking by condenmation or eminent dom:fin. (ii) any amendment to any provision of the Constituent Documents if the provision is fin' thc express benefit of Lender; (iii) termination of professional management and assumpti(m of self-management by the Owners Association; or (iv) any action which would have thc el'fi:ct of rendering the public liability insurance coverage maintained by the Owners Associati(~ n unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominium ur 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 this Security InstrumclXt. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from die date of disbursement at the Secured Debt rate and shall be payable, with lme)'est, upon notice from Lender to Mortgagor requesting payment. DEFAULT. Mortgagor will be in default if any party oblit, atcd on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach uccurs under the terms of this Security Instrument or any other document executed for the purpose ~,1' creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at ',tm 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. REMEDlES ON DEFAULT. In some instances, federal and st',nc law will require Lender to provide Mortgagor with notice of the fight to cure or other notices and nmy 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 I',m if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and ch:H ges, 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 t{) all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and :m,, related documents, including without limitation, the power to sell the Property. All remedies are distinct, cunmlative and not exclusive, and the Lender is entitled to all remedies provided at law or equny, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial pa3 nlcm m~ tile Secured Debt after the balance is due or is accelerated or after foreclosure proceedings arc filed shall not constitute a waiver of or VVYOMING - MASTER FORM MORTGAGE LEWY4 (0403) Page 4 o, ~ 20042933675 671 ' '"' ""- '.:.::'."F': 0:90446 0175 Lender's right to require complete cure of any existing dcl',ndt. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right ,, I',ttcr consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ~TTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pa)' all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgag~n' will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving tn' uthcrwise protecting the Property and Lender's security interest. These expenses will bear interest frun~ tile date of the payment until paid in full at the highest interest rate in effect as provided in d~c terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This at|k)unt may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This :re,rant does not include attorneys' fees for a salaried employee of the Lender. This Security Instrumcm 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 limitation, the Cumprc'hensive Enviromnental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 960t ct seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney ~cnc('al opinions or interpretive letters concermng the public health, safety, welfare, enviromncm or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or haza('dtms material, waste, pollutant or contaminant which has characteristics which render the subsnmcc dangerous or potentially dangerous to the public health, safety, welfare or environment. Thc ~crnl includes, without limitation, any substances defined as "hazardous material," "toxic substances, "h:tzardous waste," or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in Wntlng to Lender, no Hazardous Substance is or will be located, stored or released on or in the Prupcrty. This restriction does not apply to small quantities of Hazardous Substances that are generally ('ccognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged ill writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compli',u~cc with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release .r threatened release of a Hazardous Substance occurs on, under or about the Property m' there is a violation of any Environmental Law concerning the Property. In such an event, Ivh}tlga?r shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing :ts soon as Mortgagor has reason to believe there is any pending or threatened investigatiun claim, or proceeding relating to the release or threatened release of any Hazardous Substance ~(- the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt (,.icc uf any pending or threatened action, by private or public entities to purchase or take any or all {d the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lcnde(' to intervene in Mortgagor's name in any of the above described actions or claims. Mortgager assigns to Lender the proceeds of any award or claim for damages connected with a condenmation m' .(her taking of all or any part of the Property. Such proceeds shall be considered payments and will b~ applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, WYOMING - MASTER FORM MORTGAGE LEWY5 (0403) page 5 of 8 20042933675671 09044t; : 0176 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property dm.' to its type and location. This insurance shall be maintained in the amounts and for the periods flint l.cnder requires. The insurance carrier providing the insurance shall be chosen by Mortgagdr subject t~, l.ender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the ct,vcrat2e described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights i~ the l'roperty according to the terms of this Security Instrument. All insurance policies and renewals sh:dl be acceptable to Lender and 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, Mortgag~,~ shall inm~ediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, ~,l~rtgagor shall give immediate notice to the insurance carrier and Lender. Lender may nmke pmtff ~t' loss if not nmde immediately by Mortgagor. Unless otherwise agreed in writing, all instmmce 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. A ny excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgager's right t. a~y insurance policies and proceeds resulting from damage to the Property before the acquisimm 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 DOCUMENrrs. lvlortgagor will provide to Lender upon request, any financial statement or information t_c,dcr may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional d(~c'umcnts or certifications that Lender may consider necessary to perfect, continue, and preserve Mm'tgagm"s obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are jm,~t and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt. rxlm'tgagor does so only to mortgage Mortgager's interest in the Property to secure payment of thc Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any r ghts that may prevent Lender from bringing any action or claim against Mortgagor or any pztrt3 indebted under the obligation. These rights may include, but are not limited to, any anti-deficienc,~ m' t)ne-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, inodify or make any change in the terms of this Security Instrument or any evidence of debt withtmt Mortgager's consent. Such a change will not release Mortgagor from the terms of this Security h~,tmment. The duties and benefits of this Security Instrument shall bind and benefit the successors and ',~signs of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Pr,~perty is located, except to the extent otherwise required by the laws of the jurisdiction where ~ltc Property is located. This Security Instrument is complete and fully integrated. This Security Instrt,~cnt may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not bc el'lbctive, unless that law expressly or impliedly permits the variations by written agreement. It' :m3 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 renminder 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 this Security Instrument are for convenience only and are not to be used m interpret or define the terms of this Security Instrument. Time is of the essence in this Security lnstrUln~nt. In the event any section of this WYOMING- MASTER FORM MORTGAGE LEWY6 (o4o3, pag.. o,. 20042933675671 0177 Security Instrument directly conflicts with any section of ibc revolving line of credit agreement or promissory note referenced in Section 4, the terms and cm~ditions of the revolving line of credit agreement or promissory note (as applicable), the arbitratiun a?'eement and the agreement to provide agreement or promissory note (as applicable), the arbitration a~.rcement and the agreement to provide flood/property insurance, all of which I agree to by signin, tY~is Security Instrument, the terms and conditions of said documents and not the Security Instrument~sh:dl ctmtrol. 23. NOTICE. Unless otherwise required, by law, any notice shall bc given by delivering it or by mailing it by first class mail to the appropriate party's address on vagc I of this Security Instrument, or as shown in Lender's records, or to any other address designated tn writing. 24. WAIVERS. Except to the extent prohibited by law, Mort,at_,or waives and right regarding the marshalling of liens and assets, and hereby releasing and waix i]1~ all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable m ti}ix Security Instrument: ~ Line of Credit. The Secured Debt includes a revt~h'ing line of credit provision. Although the Secured Debt may be reduced to a zero balm}cc, ti}ix Security Instrument will remain in effect until released. ~ Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. [---] Fixture Filing. Mortgagor grants to Lender a securit5 interest in all goods that Mortgagor owns now or in the future and that are or will becmnc fix[ures related to the Property, This Security Instrument suffices as a financing staten~c~n and any carbon, photographic or other reproduction may be filed of record for purposes {~f Article 9 of the Uniform Commercial Code. [-~ Additional Terms. 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 date stated on page 1. ~vlortgagor --' Date Iv~agor (.~ Date BRANDON KIDGELL NEVAIDA KIDG/LL Mortgagor Date Mortgagor Date Mortgagor Date Mortgagt)r Date Mortgagor Date Mortgagor Date WYOMING - MASTER FORM MORTGAGE LEWY7 (04031 Page 7 of 8 20042933675671 0.904468 0 78 ACKNOWLEDGMENT: (Individual) STATE OF WY COUNTY OF Li ncol n The foregoing instrument was acknowledged before me by BRANDON KIDGELL, NEVAIDA KIDGELL this 5 (~t.- day of Witness my hand and official seal. (Title of Officer) (Seal) My Commission Expires: WYOMING-MASTER FORM MORTGAGE LEWY8 to4o3! Pageso,. 20042933675671 EXHIBIT A ,-0!79 The West 65 feet, being the same as the West one-half, of Lots 1, 2 and 3 of Block 5 of Fairview Addition to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof.