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HomeMy WebLinkAbout904798Recordingrequestedby: Wells Fargo Bank, N.A. When recorded return to: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 DOCUMENT MANAGEMENT -S~ate of Wyoming 0 ', RECEIVED 11/24/2004 ;d 10:22 AM RECEIVING# 904798 BOOK: 573 PAGf: 387 JEANNE WAGNER LINCOLN COUNTY CLERK KEMMERER, WY Sp=.', \lmve This Line For Recoiling Da~- REFERENCE #: 20042997000317 MORTGAGE (With Future Advance ('l;msc) DATE AND PARTIES. The date of this Mortgage (''Security Instrt,,cm") is 11 / 04 / 2004 and the parties, their addresses and tax identification numbers, ff req t~llwtl, tire as follows: MORTGAGOR: DONALD L AZEVEDO AKA DONALD AZEVEDO AND TERRY ATEVEDO AKA TERRY AZEVEDO, HUSBAND AND W FE, AS TENANTS BY THE E~',~ f,~ET ES ACCOUNT #: 0654-654-0578971 - 1998 [] If checked, refer to the attached Addendum incorporated herein, fi>r ,dditional Mortgagors their signatures and acknowledgments. LENDER:WelIs Fargo Bank, N.A. P. 0 BOX 31553 BILL NGS, MT 59107 CONVEYANCE. For good and valuable consideration, the receip~ ;,,,( sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under Ihis Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the fo lh,xxin g described property: THE FOLLOWING DESCRIBED REAL ESTATE, SITUATE IN 'NCOLN COUNTY AND STATE OF WYOMING, TO WlI': LOT 46 OF STAR VALLEY RANCH PLA 7 _.NCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THERErJF The property is located in L I NCOLN at: 170 CEDAR DR THAYNE, WY 8~?2~) and parcel number of 35 18 304 03048 O0 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water ami riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacemems lhat 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 sec, red by this Security Instrument at any one time shall not exceed $ 50,000.00 . This limitation of amount does not i,clHd~ interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does nol ;tl>ldy to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covert, mis contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured l)cbl" is defined as follows: EQ150A (10/2003) A. Debt incurred under the terms of the promissory note, revolx i~t!; linc ofcredit, contract, guaran~ t evidence of debt dated 11 ! 04 / 2004 together with all amendments~ extensions, modifications and renewals, and having a maturity date of 11 / 04 / 2044 B., All future advances from Lender to Mortgagor under such e/idcnce of debt. All future advances are secured as if made on the date of this Security Instrument. Nothing in this Secm i ~.~ Agreement shall constitute a commitment to make additional or future loans or advances which exceed the amomlt shown in Section 3. Any such commitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for i~m'ing, preserving, or otherwise protecting the Property and its value and any other sums advanced and expensc~; iacurred by L~nder under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that ail payments under the Secured l)cbt 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 mt~tlgagc, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on thc I'mpcrty, Mortgagor agrees: A. To make all payments when due and to perform or comply x~ith all covenants. B. To promptly deliver to Lender any notices that Mortgagor rcccix cs From tile holder. C. Not to ailow any modification or extension of, nor to requesl ;my 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, assessments, liens, encumbrances, 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 the Property against any claims that would impair the lien of the Security Instrun~cnt. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against p:l~lics who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, h~othcc',ttion, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of ail or any part of the Property t~t :my interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare ail obligations secured hercb3 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 INSPECTION. Mortgagor will keep the Property in good condition and make ail repairs that are reasonably necessary. Mortgagor shall not c{ ,n~ mi! or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious x~ccds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prit~r xvriltcn consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's pt itl- written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of ',m.~ loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any/'c;tstmable lime for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an insp~.~'l ion specifying a reasonable purpose for the inspection. Any inspection of the Property shail be entirely for Lender's benefit ami Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform an.~ dtaty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to bc l~Cl l'ormcd. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for perform;mce. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will m~t preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construclitm on the Property is discontinued or not carried on in a reasonable manner, Lender may take ail steps necessary to protcc~ l~cnder's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevoc',~l,lx grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, tire and to any and ail cxi~ling or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Prol~c ~ly, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and renls, i~sucs and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all exiqing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under Ifc terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective betwccn thc parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender ~;~l,cs affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until ~hc ~4ccured Debt is satisfied. Mortgagor agrees that Lender may take actuai possession of the property without the necessity o1' ~'ommencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of dclhult and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will cmlorse 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 Inslrmnent. Mortgagor warrants that no default exists under EQ150B (10/2002t) the t~eases or any applicable landlord/tenant law. Mortgagor also ag~-ccs Io maintain and require any tenant to comply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT, DEVI:.IDPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. I I~lllc property is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the fo lk~x~ in g: A, Obligations. Mortgagor shall perform all of Mortgago~'s obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other documc',t xvhich creates the Condominium Projects or PUD and any homeowners association or equivalent entity ("Owners Associat i o." I; ( ii ) by - Iaws ;. (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all d,l~s and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association ,,,:6nlains, with a generally accepted insurance carder, a "master" or "blanket" policy on the Condominium Project or PUD xx hid~ is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lcmlcr requires, including fire and hazards included within the term "extended coverage," then Mortgagor's obligation under Stol ion 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage i~ p,'ovidcd by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard in,manet coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to P, opcrty, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be Frei to Lender 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 actious as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in £orm, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for d:,,,agcs, direct or consequential, payable to Mortgagor in connection with any condemnation or other taking of all or any palq ol' the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument ;~s provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after nt~li¢¢ to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project or PUD, except for abandonment or termination required by law in the c:lsc of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any am c,chneut to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) terminatio, of professional management and assumption of self- management by the Owners Association; or (iv) any action which x~ould 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 d,cs 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 pa) mcnt, these amounts shall bear interest from the date of disbursement 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 tm the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of thi~ Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured l)cbt 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 l:m will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules Ik~ fi~rcclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security h ~1 r, mcnt 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 chargcs, ,ccrued 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 temps of the Secured Debt, this Security Instrument and any related documents, including without limitation, the power to sell iht Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided al I:~xx 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 ,I' l.cuder'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. EQ150C ( 10/209_0_~ EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' Fk:I,iS; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortg',~?,.~ breaches any covenant in this Securiw Instrument. Mortgagor will also pay on demand any amount incurred by Lender Ib~' i~suring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bea~' iiltcresl from the date of the payment until paid in full at the highest interest rote in effect as provided in the terms of the Sec~ ~'d I)ebl. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' riL, hls and remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court cosls, ',md olher legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security h ~,l n~mcnt 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 Comprehensive Environmental Response, Coml)c~salion and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, cot~rt orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or :~ l~:~z:~rdous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or c'(,~taminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, s~lk.l~ xvclfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic .~l~t:mces," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing I(~ l,cnder, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction (l()c~ i~o1 apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal a~c al~d maintenance of the Property. B. Except as previously disclosed and acknowledged in writing ~() tcnder, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Envirom~c~I:~l Law. C. Mortgagor shall immediately notify Lender if a release or thrc:~lcncd release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Enviro~c~tal Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accord~ ~cc x~ith any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soo~ :~s Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating I~, ~hc release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice ()1' ',my pending or threatened action, by private or public entities to purchase or take any or all of the Property through conde~.,~lion, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the ~l~(~c described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected x~i~l~ :~ co~demnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will l',c :il)plied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, (Iced of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss ~).~ lb'c, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insunmcc shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance ~h:~ll bc chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to main t:~i~ Iht coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property acconli~g to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender a~ld sl~'~dl include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notif~ I.c,~dcr of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lct~dc~' requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mort~,~:~;or shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately I).~ Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be :al)pl iccl to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any applic:~li(m of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of a~.~ pa3 ment. Any excess will be paid to Mortgagor. if the Property is acquired by Lender, Mortgagor's right to any insurance p(,I ici~ and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured I)cbt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise l)~ovided 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 n¢ccss'a~3'. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider ~ccc~ry to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status o~ t l~c Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCI,~;S()RS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this ~;cc~lrity Instrument but does not sign an evidence of debt, EQ150D (10/2003) Mortgagor does so only to mortgage Mortgagor's interest in the Properb ~o secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Sc~:mhy lnstrmnent seCUres a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lorn lc r from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights ma), inchidc, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any para/to this Security I,~ u|nent may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without ~xlorlgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. .' 22. APPLICABLE LAW; SEVERAB[LITY; INTERPRETATION. Thi~ Security InstrUment is governed by the laws of the jurisdiction in which the Property is located, except to the extent othem isc required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully imcgr:dcd. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, au'.tchn~ents, 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 enfort~cd according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security In~ mncnt. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of thc sccttons of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Sec', ~it3 Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be g~vc, hx 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 waivc~, any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the ht,ncstead exemption laws of this state. 25. OTHER TERMS. If checked, the following are applicable to this Scorn'it3 Instrument: Line of Credit. The Secured Debt includes a revolving linc ,f credit provision. Although the Secured Debt may'be reduced to a zero balance, this Security Instrument will rema~, ~, cf f oct until released. Construction Loan. This Security Instrument secures an Obll~;ation incurred for the construction of an improvement on the Property. ~ Fixture Filing. Mortgagor grants to Lender a security intetcq in all goods that Mortgagor owns now or in the future and that are or will become fixtures relates to the Property. I h~s Sccurity Instrument suffices as a financing statement and any carbon, photographic or other reproduction may bc filed of record for purposes of Article 9 of the Uniform Commercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security In s~ rument. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend t l~c Icrms of this Security Instrument. ~ Third Party Rider ~ Leasehold Rider ~ Other N / A SIGNATURES: By signing below, Mortgagor agrees to the terms and cox ~.:~i~s contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Sccu r il3 Instrument on the date stated on page 1. DON~L-D E AZEVEDO ~- /r Mortgagor Mortgagor Mortgagor Mortgagor Mortgagor Mortgagor / ' 6ate~ Date Date Date EQ150E (10/20~ Date ,0092 ACKNOWLEDGMENT: (Individual) cou, rrY The foregging~ instrument was ac .kn~wledged before me by this ~ ~&'/~ day of _]~lOL)~ ~ Jsa,, ir- , Witness my hand and official seal. (Signature of Officer) (Title of Officer) ~.d My Commission Expires: -~ ' ,~ ~ - COUNTY O~ LINCOLN (Seal) ACKNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before me by this day of Wimess my hand and official seal. (Signature of Officer) (Title of Officer) My Commission Expires: (SCM) EQ150F (10/2003)