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HomeMy WebLinkAbout905496Recording~requested by: Wells Fargo Bank, N.A. Whenrecordedreturnto: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 DOCUMENT MANAGEMENT RECEIVED 12127/2004 at 11:33 AM RECEIVING//: 905496 BOOK: 575 PAGE: 875 JEANNE VVAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 'State of Wyonfing - . Spin',..\li.~ c This Line For Recordh~g Data REFERENCE #: 20043227400515 ACCOUNT #: 0651-651-7470940-1998 MORTGAGE (With Future Advance ('htusc) DATE AND PART[ES. The date of flits Mortgage ("Security Instnmtcm") is 12 / 06 / 2004 and the parties, their addresses and tax identification nmnbers, ff reqtm cd. arc as follows: MORTGAGOR: J. RUSSELL POINT AKA RUSSELL POINT AND JUDY K !'L,!NT, HUSBAND AND WIFE [] If checked, refer to the attached Addendum incorporated herein, fei' :,dditional Mortgagors their signatures and acknowledgments. LENDER:Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, the receipt ami ,~ul'ficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgager's performance undc~ this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, file folloxx i~g described property: LOT NUMBERED NINETEEN (19), BLOCK NUMBERED TWO (2',, LINCOLN HEIGHTS FOURTH SUBDIVISION, TOWN OF KEMvlERER, COUNTY OF LINCOLN, '.~F~TE OF WYOMING. The property is located in L I NCOLN at: 1415 ANTELOPE ST KEIv~qERER, (~tY) 831013915 and parcel number of 2116 232 10 12800 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and fsi)arian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacemems Ih:H may now oY 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 sectH cd [)x this Security Instrument at any one time shall not exceed $ 15,000.00 . This limitation of amount does not inchalc imcrest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not aFlfl3 lo advances made under the terms of tlfis Security Instrmnent to protect Lender's security and to perform any of the coven:ma contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured I)chl" is defined as follows: EQ150A (10/2003) :-' 0876 A. Debt incurred under the terms of the promissory note, rex,olx'i~l~ Ii ne of credit, contract, guaranty or other evidence of , debt,dated 12 / 06l 2004 together with all amendments, extensions, modifications and renewals, and having a maturity date of q 2/06/20211 B. All future advances from Lender to Mortgagor under such cx i cie ncc of debt. All future advances are secured as if made on the date of this Security Instrument. Nothing in this Sccu rib A greeinent shall constitute a commitment to make additional or future loans or advances which exceed the amom~t 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 mstmng, 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 the Secured I)cbl 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 thc [h'Ol)crty. 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 rccc~x cs from the holder. C. Not to allow any modification or extension of, nor to request :mx 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, assessl~tcms, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender m:~v require Mortgagor to provide tO Lender copies of all notices that such amounts are due and the receipts evidencing Mongagor's payment. Mortgagor will defend title to the Properly against any claims that would impair the lien of the Security Instmmcm. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against p:~-t its who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothccmion, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Properb t)t ~ m interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hcrcbx 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..~lortgagor 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 pri~)~ xx rittcn consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prtor written consent. Mortgagor will notify Lender of ail demands, proceedings, claims, and actions against Mortgagor, and o1' :mx loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any rc~s(mable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspccUon specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit :md Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform am cltttx' or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to bc l)crl'ormed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessa~ for perform:race. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any constructkm on the Property is discontinued or not carried on in a reasonable mariner, Lender may take all steps necessary to protect l.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 e×isting or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the P rope rb. including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rems. ~ssucs and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all c xisl~g and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under t l~c I crms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective between ~llc parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lendcr I:tkcs a£firmative 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' commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of delimit and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will cmlorsc and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender :md lvill not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security ln~t r tmxcnt. Mortgagor warrants that no default exists under EQ150B (10/2003) tl~e Leases or any applicable landlord/tenant law. Mortgagor also agl~c~ ~o maintain and require any tenant to comply with the terms ~of the Leases and applicable law. 12. LEASEHOLBS; CONDOM~IUMS; PLANED UNIT BEVI.~I~OPMENTS. Mo~gagor agrees to comply with the provisions of any lease ff ~s SecufiW Instrument is on a leasehold. Il'thc prop~ is a u~t in a Condo~um Project or is pa~ of a Pla~ed U~t Development ("P~"), Mo~gagor agrees to the fo lloxx i ~: ~ Obligations. Mortgagor sh~l perform ~1 of Monga~or'~ obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Decimation or any o~er documcm x~hi~h creates the Condomini~ Projects or P~ and any homeowners association or equivalent entiW ("Owners Associmio,-~: (ii) by-laws~ (iii) code of re~lafions~ and (iv) other equiv~ent documents. Mo~gagor sh~l promptly pay, when due, all d,c~ and assessments imposed pursuant to the Constituent Documents. B. H~ard Insurance. So long as ~e Owners Association m3~nlains, with a generally accepted insurance carrier, a "master" or "bla~et" policy on ~e Condominium Project or P~ xxhiclt is sa tisfacto~ to Lender ~d which provides insurance coverage in ~e amounts, for the periods, and against the hazards Lc~dcr requires, including fire and hazards included within · e tern "extended coverage," then Mo~gagor's obligation under 5oction 19 to maintain h~ard insurance coverage on the Prope~ is deemed satisfied to ~e extent that ~e required coveragc is providcd by the Omer's Association policy. Mo~gagor shall ~ve Lender prompt notice of any lapse in required h~ard ins,.mcc coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Proporly, whether to ~e uNt or to co~on elements, any proceeds payable to Mo~gagor are hereby assigned and shall be p, id t(~ Lender for application to the sums secured by this Sec~i~ Ins~ment, m~ any excess p~d to Moagagor. C. Flood ~surance. Mo~gagor agrees to maintain flood inst..~tcc for the life of the Secured Debt which is acceptable, as to form, amount ~d ement of coverage to Lender. D. Public Liability ~surance. Moagagor shall t~e such :~titms as may be reasonable to insure that the Owners Association maintains a public liabili~ insurance policy acceptable i~ fornL amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for d:m,~gcs, direct or consequemial, payable to Mo~gagor in connection with any condemnation or o~er t~ing of all or ~y p:m t~i' ~hc Prope~, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby :~ssigncd and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by ~e Secuh~ Instrument as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except ~cr .o~icc ~o Lender and wi~ Lender's phor ~Ren consent, either pa~on or subdivide the Prope~ or consent to: (i) ~e abandomnent or termination of ~e Condo~Num Project or P~, except for abandoment or ter~nation required by law in the case of substantial destruction by fire or other casual~ or in · e case of a t~ng by condemation or eminent domain; (ii) any amc~d, tcnt to any prohsion of the Constituent Documents ff the provision is for the express benefit of Lender; (iii) temination o1' professional management and assumption of self- management by ~e Omers Association; or (iv) any action which would have the effect of rendehng the public liabili~ insurance coverage maintained by the Owners Association unacceptable to l.cnder. G. Remedies. ~Mo~gagor does not pay condominium or PUD citron lipid assessments when due, then Lender may pay · em. Any amounts disb~sed by Lender under this section shall become ',~dditional debt of Mo~gagor secured by this Securi~ Ins~ment. Unless MoRgagor and Lender agree to o~er terns ofpa5 mont. these amounts sh~l bear interest from the date of disbursement at the Secured Debt rate and sh~l be payable, with inlcrcst, upon notice from Lender to Mo~gagor requesting pa~ent. 13. DEFAULT. Mo~gagor will be in default if ~y pa~ obligatcd on tho Secured Debt fails to m~e payment when due. Mo~gagor roll be in default if a broach occurs under the terns of this ~cc,rity Instrument or any o~er document executed for · e pu~ose of creating, securing or ~aran~ing the Secured Debt. A good faith belief by Lender that Lender at any time is insecure wi~ respect to ~y person or enfi~ obligated on the 8ecurcd I)cbt or that the prospect of any pa~ent or the value of the Prope~ is imp~red shall ~so conshmte an event of default. 14. ~MED~S ON DEFAULT. In some instances, federal and state l:m xx ill require Lender to provide Moagagor with notice of · e right to cure or other notices and may establish time schedules 1~.' I~.-cclosure actions. Subject to these limitations, if ~y, Lender may accelerate the Secured Debt and foreclose this Security l~l mmcnt in a manner provided by law ff Moagagor is in default. ' At the option of Lender, all or any pa~ of the agreed fees and chargcs. ',~ccrued interest and principal shall become immediately due and payable, ~er giving notice ff required by law, upon the occtm-ence of a default or an~me there~er. In ad~tion, Lender shall be entitled to M1 the remedies provided by law, the terms t~t' the Secured Debt, ~s Securi~ Ins~ment and ~y related documents, inclu~ng m~out Ii.ration, the power to sell Iht Prt,pcrty. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at l:m or cquiB,, whether or not expressly set forth. The acceptance by Lender of any sm in payment or paniM payment on thc 5ccttred Debt ~er the balance is due or is accelerated or ~er foreclosure procee~ngs are filed shall not constitute a waiver o1' [.cnclcr's right to require complete cure of any e~sting default. By not exercising any remedy on Mo~gagor's default, Lendcr docs not waive Lender's right to later consider the event a default ff it conhnues or happens again. 15. EXPENSES; ADVANCES ON COYENANTS; ATTO~E¥S' E~i|.i.~; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Monga?,- broaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender lb,' ~nsuring, inspecting, preserving or otherwise protecting the Property and Lender's securit~ interest. These expenses will hca r ~l~tcl'cs! £rom the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Seemed Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' ri~lus and remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court cosls. :md other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This SecuriB~ lnstrumcnt shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES...ks used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Corn pc n s:~lio n a nd 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 h~/',lrdous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or cotd:mfiuant which has characteristics which render the substance dangerous or potentially dangerous to the public health, sai'clx, x~clfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substg~ncc£," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing m l.cnder, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction docs m~ apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal u sc :md maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to l.cnclcr, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmcm:d Law. C. Mortgagor shall immediately notify Lender if a release or thrc:~c~ ~ccl release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Enviromucmal Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accord;moo u ith an)' Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon ~s Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating ~t) d~c release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of' :mx pending or threatened action, by private or public entities to purchase or take any or all of the Property through condcm.;d mn. eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the :~box'c described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected x~ill, ~ condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will bc ',~l)l)lied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, ctccd o[ trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss bx fi re. 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 carier providing the insurance sh:dl bc chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to main tai, t l~e coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and slmll include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notifx l.cndcr 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, Mor~g:~gor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediatel) b~ Mort ga gor. 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 applicm ion o f proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of am 1):0 mont. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance poi icics and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured l)ct~t im mediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwisc p~'midcd 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. ~lorlgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider ncccss',~n to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on t l ~c l'roperty. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCEs.q()RS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this 5~ccumv instrument but does not sign an evidence of debt, EQ150D (10/2003) , Mortgagor does so only to mortgage Mortgagor's interest in the Propc~? ~o secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Scorn'iix lnslrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent I~c~clcr from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may includc~ but arc not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security l~rumcnt may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt withou~ Morlgagor'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. Th i~ ~ccurity Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent othcrx~ i~e required by the laws of the jurisdiction where the Property is located. ThiS Security Instrument is complete and fully inlcgralcd. This Security Instrument may not be amended of modified by oral agreement. Any section in this Security Instrument. :}~:~chmcnts, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that laxx 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 In~lrmncnl. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of thc sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Scc~t'itv Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be givc~ b3 delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument. ol :~s shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waix cs an? right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of thc h()~ncslcad exemption laws of this state. 25. OTHER TERMS, If checked, the following are applicable to this Sc~m'it~ Instrument: Line of Credit. The Secured Debt includes a revolving linc: o1' credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will rema~ ill cf£cct 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 security intcrcst itl all goods that Mortgagor owns now or in the future and that are or will become fixtures relates to the Propem.~, 'lhis Sccurity Instrmnent suffices as a financing statement and any carbon, photographic or other reproduction may bc fi lcd 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 l l~slrtm~cnt. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amcncl l lie terms of this Security Instrument. ~7~ Third Party Rider ~ Leasehold Rider ~ Other N / A SIGNATURES: By signing below, Mortgagor agrees to the terms and ct~x chants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Scott r i~x Instrument on the date stated on page 1. Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQ150E (10/2~,~ 0~0 ACKNOWLEDGMENT: (Individual) sm^~ OF COUNTY OF The foregoing instrument was acknowledged before me by this ~ day of _T'gP.0_L4q6~(' wimess my hand and official seal. ( '~ er)~' - - (Title oi' Offic~ .... My Commission Expires: {~ 1 ~)/~t ~2) / (Seal) ACKNOWLEDGMENT: (Individual) STATE OF ~ _/ The foregoing, instrument was ackoowledged before me by Wimess my h~d and official se~. (Si~ gfO~r)- ¢ ' (Title o~ 6ffi~r) My Co~ssion E~ires: (Seal) EQ150F (10/2003)