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HomeMy WebLinkAbout905303 fil Recording requested by: Wells Fargo Bank, N.A. Whenrecordedreturnto: Wells Fargo Bank, N.A' ~. 0. B0X 31557 BILLINGS, MT 59107 DOCUMENT MANAGEMENT RECEIVED 12/16/2004 at 10:09 AM · ' RECEIVING # 905303 BOOK: 57'5 PAGE 103 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY State of Wyonflng · · Spacv A Imvc This Lh~e For Recording Data' REFERENCE #: 20043027000361 ACCOUNT #: 0651-651-7438605- 1998 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage ("Security Instnm~cnl") is 11 / 23 / 2004 and the parties, their addresses and tax identification numbers, if rcquirod, a re as follows: MORTGAGOR: RAYMONO'S HUTCHINSON AND JOY C. HUTCHINSON, HUSBAND AND W FE, AS TENANTS BY THE ENT RETIES [] ~checked, ~r to the attached Addendum inco~omted he~in, ~r additional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank, N.A. P. 0. B0X 31557 BILLINGS, MT 59107 CONVEYANCE. For good and v~uable consideration, the ~ceipt and su~cicncy of which is acknowledged, and to ~cu~ the Secured D~t (defined below) and Mortgagor's performance under dfis Security Instmmem, Mortgagor grants, ba~ains, conveys, mortgages and wa~ants m Lende[ with power of sale, the ~lloxx lng described property: LOTS TWELVE (12) AND THIRTEEN (13) IN THE QUADRO~; : RST ADDITION TO THE TOWN OF COKEVlLLE, WYOMING, AND ALSO: BEGINNING ^ THE SOUTHWEST CORNER OF LOT 14 OF THE QUADROS FIRST ADDITION TO THE TOWK OF COKEVlLLE, WYOMING, AND RUNN NG THENCE EASTERLY ALONG THE SOUTH BOUNDARY NE OF SAID LOT 14 A DISTANCE OF 40 FEET, AND THENCE NORTHERLY ALONG ~ . ,NE PARALLE_ TO THE EAST BOUNDARY LINE OF SAID LOT A DISTANCE OF 100 FEE7 TO A POINT ON THE NORTH BOUNDARY LINE OF SAID LOT, AND THENCE WESTERLY TO THE NORTHWEST CORNER A DISTANCE OF 40 FEET, THENCE SOUTHERLY ALONG THE ~[ST BOUNDARY LINE A DISTANCE OF 100 FEET TO THE PO NT OF BEGINNING, I~)GETHER WITH ALL IMPROVEMENTS AND APPURTENANCES SITUATE THEREON 0t~ APPERTAINING THERETO. The property is located in L I NCO LN at: 325 5TH ST C0KEVILLE, WY ~ and parcel number of 241908201001 O0 together x~rith all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and rqxman rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacemems that may now or at any time in the future be part of the real estate described above (all referred to as "Property"). ~UM OBLIGATION LIMIT. The total principal amount secm'ct~ by this Security Instrument at any one time shall not exceed $ 50,000.00 . This limitation of amount does not inclmle interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does nol ~ ppl.x IO advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covcn:m~s contained in this Security Instrumem. SECURED DEBT AND FUTURE AI)VANCES. The term "Secured l)¢bt' is defined as follows: EQ150A (10/20~ O 05L OLt A. Debt incurred under the terms of the promissory 'note, revolving li ne of credit, contract, guaranty or other evidence of debt dated 11 / 23 / 2004 together with all amendmems, cxtcusions, modifications and renewals, and having a maturity date of 1112312044 B. All future advances from Lender to Mortgagor under such cx idcnce of debt. All future advances are secured as ff made on the date of this Security Instrument. Nothing in this Secm'it~ Agreement shall constitute a commitment to make additional or future loans'of advances which exceed the alnomtl 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 msm'ing, preserving, or otherwise protecting the Property and its value and any other sums advanced and expenses recurred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all 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 mortgage, deed of trust, security agreement or other_lien document that created a prior security interest or encumbrance on the lh'operty, Mortgagor agrees: A. To make all payments when due and to perform or comply xx ilh all covenants. B. To promptly deliver to Lender any notices that Mortgagor rccctvcs from the holder. C. Not to allow any modification or extension of, nor to request 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, asses,,ncnts, 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 Instrumcm. Mortgagor agrees to assign to Lender, as requested by Lender, any fights, claims or defenses Mortgagor may have against pa rti es 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 voluntary, involuntary, or by operation of law, of all or any part of the Propert3 or any interest there_in, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hercb.~ 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. IVlortgagor 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 x~ccds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prim' 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 an), l casouable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspcctiou 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 performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performaucc. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform wiii not 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 Lender's security interest in the Property, 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 future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Prol)crty, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rems: issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all ex isling and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under l l~c I 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 takes affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until thc Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity o1' cmnmencing 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 commingle the Rents with any other funds. Any amounts collected will be applied as prgvided in this Security lnstmmeut. Mortgagor warrants that no default exists under EQ150B (10/2003) the Leases or any applicable landlord/tenant law. Mortgfigor also agrees lo maintain and require any tenant to com'ply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVEI.OPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. Il' ibc property is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the folh)wi A. Obligations. MongagoL shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other docu~ent which creates the Condomimum Projects or PUD and any homeowners association or equivalent entity ("Owners Ass'ociatioll" ): (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association ~;,tmfii~s, 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 insurance coverage in the amounts, for the periods, and against the hazards Lcmler requires, including fire and hazards included within the term "extended coverage," then Mongagor's obligation under Stol ion 19 lo 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 lnS.r:mce coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to I'roperty, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be p~id ~o [~ender for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurat~ce 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 in lbrm, 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 part ol' the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby :~ssigned and shall be paid to Lender. 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 after rIot ice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandomnent or termination of the Condominium Project or . PUD, except for abandonment or termination required by law in the c',~c of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any ame~d~ent 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 thles and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become ~dditional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms ofpa3-mCl~t, 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 ot~ the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this ~qecurity 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 Dcbl 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;~x~ will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security lnst rument 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, ~ccn~ed interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occtlrrcnce of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms oC the Secured Debt, this Security. Instrument and any related documents, including without limitation, the power to sell thc t'roperty. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on lhc Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver o1' l.cnder's right to reqtiire complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does llot waive Lender's right to later consider the event a default if it continues or happens again. EQ150C (10/~ ~ i~XPENSES; 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 amonnt incurred by Lender l'or i,~stmng, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear intel'cst from the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Seeurc¢l l)¢bt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, e0forcing or protecting Lenders' etgl~ls and remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs. ;md other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This SecUrity lnslrmucnt shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As t~scd in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment 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, sal'ct.~, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic sub~l;m¢¢s," "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 docs not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the norn~al usc :md maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to kcader, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmcat;~l Law. C. Mortgagor shall immediately notify Lender if a release or thrcalcned release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Enviro,m~cntal Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordaacc xvilh any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as sooa :,s Mortgagor has reason to believe there is any pending or threatened investigation, claim, 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' any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemn:~lion, 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 damages connected wi~ h ~ condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will bc applied as provided in this Security Instrument. This assignment of proceeds is subject to thc terms of any prior mortgage, dccd of lrust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss b~ lire, 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 for the periods that Lender requires. The insurance carrier providing the insurance shall De chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maimain ~he coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Prope~ accorcli,lg lo the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall iuclude a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify l.cnder of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall ilmnediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Morlgago~' shall give immediate notice to thc insurance carrier and Lender. l~ender may make proof of loss if not made immediately by Morlgagor. 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 applic;~tion of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amonnt of an) 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 Dcb~ immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise p~'o\klcd 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 neccssa~3'. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's 'obligations under this Security 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 Scc'urikv Instrument but does not sign an evidence of debt, EQ150D (10/2003) Mortgagor does so only to mortgage Mortgager's interest in the Propcrb to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the SeCured Debt. If this Secm'ity Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Inslrt,meut may extend, modify or make any change in the terms of this Security Ins. trumem or any evidence of debt without Mortgager'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; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except tO the extent othem i.~e required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully imcgrmcd. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument, allachments, 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 Inslrumcnl 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 to interpret or define the terms of this Secur i~ Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be given b, delivering it or by mailing it by first class mail to the appropriate, party's address on page I 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 a, v r~ght regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the hon,estead exemption laws of this state. 25. OTHER TERMS. ffchecked, the following are applicable to this SccHri~y Instrument: I-F1 Line of Credit. The Secured Debt includes a revolving linc or credit provismn. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain m effect until released. ~ Construction Loan. This Security Instrument secures an obliualion incurred for the construction of an improvement on the Property. ~ Fixture Filing. Mortgagor grants to Lender a security interesl 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 be l]lccl o£ record for purposes of Article 9 of the Uniform Commercial Code. ~ Additional Terms. 26. RIDERS. ff checked, the following are applicable to this Security Inst rmnent. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend Ihe ~erm s of this Security Instrument. N-'/-N Third Party Rider N-~ Leasehold Rider ~ Other N ~ A SIGNATURES: By signing below, Mortgagor agrees to the terms and covc~.,mts contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Sec u r ity Instrument on the date stated on page 1. Mortgagor Date J,JC~ 12 HLJII2H I N$0N Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQ150E (10/20~!~!i;,. ' ' '~ Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF COUNTYOF ~,,~ t~-e_ The foregoing instrument was acknowledged before me by this ,~,_B day of /Jtrl~4xt b'~r Wimess my hand and official seal. My Commission Expires: ACKNOWLEDGMENT: (Individual) STATE OF ~ da ~ cousw oF ~e~.~_ The foregoing ins~ment was ackoowledged before me by this ~ day of EQ150F (10/2003)