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HomeMy WebLinkAbout910596 AFTER RECORDING PLEASE RETURN TO: - Gm~-c~:al American Corporation ~.G[ca $1lcn. VA 23059 File Number: ~ ~ ~ ~ ~ i~z mp N.mb~r: 12- ~[ ~ - ~3-H-O~-~' CO GACOrder~: 90- ~[~? TI:lIS MORTGAGE is made d~is BART ~ERS ~ RITA ~ERS, RECEIVED 81412005 at 2:20 PM RECEIVING # 910596 BOOK: 593 PAGE: 307 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 0.020 7 MORTGAGE MIN 100013184001100507 clay of July, 2005 ,betweenfl~e Mortgagor, HUSBAND A_N-D WIFE, AS TENAI~TS BY THE ENTIRETIES (herein "Borrower"), and the Mortgagee, Mortgage Electronic Registration Systems, Inc. ("MERS"), (solely as nominee for Lender, as hereinafter defined, and Lender's successors and assigns)~ MERS is organized and existing nnder the laws of Delaware, and has an address and telephone nmnber of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. Corinthian Mortgage Corporation DBA SouthBanc Mortgage , ("Lender ") is organized and existing nnder the laws ofbllSSISSIPPI , and has an address of 13861 Sunrise Valley Drive Suite 100 Herndon, VIRGINIA 20171 WllEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ 61,300.00 , which indebtedness is evidenced by Borrower's note dated ,July 23, 2 00 5 and extensions and renewals thereof (hereto "Note"), providing for monthly installments of principal and interest, with rite balance of indebtedness, if not sooner paid, due and payable on ,July 29, 2020 ; TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment of all other ShinS, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the perlbrmance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to MERS (solely a's nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MI';RS, with power of sale, the fbllowing described property located in the County Of LINCOLN , State of Wyoming: See attached legal description on Schedule A which bas the address of 2 97 DANA STREET JACKSON [CiU], Wyoming 83127 [Street], [Zip Code] (herein "Property Address"); TOGETHER with all tbe improvements now or hereafter erected on the property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and remain a part ol the p,-opetty covered by tMs Mortgage; and all of the foregoiag, together with said property (or the leasehold estate il' this Mortgage is on a leasehold) are hereinafter referred to as the "Property." Borrower understands and agrees that MERS holds only legal title to die interests granted by Borrower in this Mortgage; but, if necessary to comply with law or cnstom, MERS, (as nominee for Lender and Lender's snccessors and assigns), has thc right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action reqtm'cd of Lender including, but not limited to, releasing or canceling this Mortgage. Borrower covenants that Borrower is lawfiflly seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Prope,'ty, and that the Property is unencumbered, except for encumbrances of record. Borrower covenants ti:tat Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances of record. UNIF'ORM COVENANTS. Borrower and Lender covenant and agree as fbllows: 1. l"ayment of Principal and Interest. Borrower shall promplly pay when due the principal and interest indebtedness evidenced by thc Note and late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a wTitten waiver by Lender, Borrower shall pay to Lender on the day lnonthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum 30110050 [WYOMING- SECOND MORTGAGE-1/80- FNMA/FHLMC UNIFORM INSTRUMENT WITH MERS/ t Page 1 oi 4 Form 3851 (~,, -76N(W Y) (o2o8) o~ VMP MORTGAGE EORMS - (8'00)521-7291 Amended 2/01 0910o9( 08 (hereto "Fnnds") equal to one-twelfth of the yearly taxes and assessments (including condominiun~ and plamled unit development assessments, if' any) which may attain priority over this Mortgage and ground rents on the Property, if any, plus oneqwelf~th of yearly premium installments tbr hazard insurance, plus one-twelfth of yearly premmm mstalhnents for mortgage insurance, if any, all as reasonably estimated initially and fi-om time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to I,ender to the extent that Borrower makes such paylnents to the bolder of a prior mortgage or deed of trust if such holder is an institutional lender. If Borrower pays Ftmds to Lender, the Funds shall be held in an institution the deposits or accotmts of which arc insured or guaranteed by a federal or state agency (including Lender it' Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premimns and ground rents. Lender may not charge l'br so holding and applying the Ftmds, analyzing said account or verifying and compiling said assessments and bills, nnless Lender pays Borrower interest on the Funds and applicable law pemfits Lender to make such a charge. Borrower and Lender may agree m writing at the time of execution of tiffs Mortgage that interest on tile Funds shall be paid to Borrower, and nnless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on tt~e Fnnds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and tile pm-pose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by tbis Mortgage. If the amonnt of the Fttnds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premmms and gronnd rents, shall exceed tile amount required to pay said taxes, assessn~ents, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly 'repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufl]cient to pay taxes, assessments, insurance premiums and ground rents as they l-hll due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender/nay require. Upon payment in full of all sums seem'ed by this Mortgage, Lender shall promptly refimd to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acqmred by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amonnts payable to Lender by Borrower under paragraph 2 hereof; then to interest payable on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perfbrm all of' Borrower's obhgations under any mortgage, deed of trust or other security agreement xvitl-i a lien which has priority over this Mortgage, including Borrowed s covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and impositions attributable to tbe Property which may attain a priority over tbis Mortgage, and leasehold payments or gronnd rents, if ally. 5. Ha×ard Insurance. Borrower shall keep tile improvements now existing or hereafter erected on the Property /ns,red against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and m such amotmts and for such periods as Lender rnay require. The insurance carrier- providing the insm-ance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. Alt insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a lbrm acceptable to Lender. Lender shall have the right to bold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust: or other security agreement with a lien which has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If tile Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days fi'om tlte date notice is mailed by Lender Io Borrower that tile insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender' s option either to restoration or repair of the Property or to the sums secured by this Mortgage. 6. Preservation and Maintenance of Property; I,easehohls; Comlominimns; Plam~ed Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairntent or deterioration of the Property and shall comply with the provisions of any lease ii' this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominimn or a planned unit development, Borrower shall perfbrm all of Borrower' s obligations trader the declaration or covenants creating or governing the condominium or plmmed unit development, thc by-laws and regulations of the condominium or planned unit development, and constituent documents. 7. Protection of l,ender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially afl~cts Lender' s interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' tees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage fusurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance ill effect urltil such time as the requirmnent ibr such insurance terminates in accordance with Borrower's and Lender's ~m-inen agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereo~L at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice fi'om Lender to Borrower requesting payment thereo[ Nothing contained in this paragraph 7 shall require Lender to recur ally expense or take any action berennder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefi)r related to Lender's interest in tile Property. 9. Condemnation. Tlle proceeds of any award or dam for damages, direct or consequential~ in connection with any condemnation or other taking ut' the Property, or part thereof} or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to tire terms of any mortgage, deed of' trust or other security agreement with a lien which bas priority over this Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, irt any manner, the liability of tile original Borrower and Borrower' s successors in interest. Lender shall not be required to commence proceedings against sncb successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower' s successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. 30].10050 (~76 N(WY) (o2o8) o~ Page 2 ol q Form 3851 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants arm agreements herein contained shall bind, and the rights hereunder shall mare to, the respective successors and assigns of l.euder and Borrower, suhject to the provisions of paragraph 16 hereo[ All covenants and agreements of Borrower shall be joint and several. Any Borrower who co-signs this Mortgage, but does not execme the Note, (a) is co-signing this Mortgage only to mortgage, grant and convey that Borrower' s interest irt the Property to Lender under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and arty other Borrower heretmder may agree to extend, modilk/, forbear, or make any othel accommodations with regard to the terms of this Mortgage or lhe Note without that Borrower's consent and withont releasing that Borrower or modil~,ing this Mortgage as to that Borrower' s interest in the Property. 12. Notice. Except lbr any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for m this Mortgage shall be given by delivering it or by mailing snch notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate hy notice to Lender as provided hereto, and (b) any notice to Lender shall be given by certified mail to Lender's address stated hereto or to stlch other address tis Lender may designate by notice to Borrower as provided hereto. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated hereto 13. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction itl which the Property is located. The fbregoing sentence shall uot limit tile applicability of federal law to this Mortgage. In tile event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of dtis Mortgage and thc Note are declared to be severable. As used herein, "costs," "expenses" and "attorneys' fees" include all.sams to the extent not prohibited by applicable law or limited hereto. 14. Borrower's Copy. Borrower shall be furnished a conlBrmcd copy of the Note and of this Mortgage at the time of execution or afler recordation hereof. 15. Rehabilitation Loan Agreement. Borrower shall fillt'ill all of Borrower's obligatious uncter airy home rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender' s option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, all assignment of any rights, clam-is or defenses which Borrower may have against parties who supply labor, materials or services in comlection with improvements made to the Property. 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or auy part of' the Property or any interest in it is sold or transferred (or if a beneficial interest m Borrower is sold or transferred and Borrower is not a natural person) withont Lender's prior written consent, Lender may, at its option, reqnire immediate payment iii fitll of all sams secured by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed widml which Borrower mast pay all sm'ns secured by ttlis lvlortgage. If Borrower fails to pay these sams prior to the expiration of this period, Lender may invoke airy remedies permitted by this Mortgage without further notice or demand oil Borrower. NON-UNIFORM COVENANTS. Borrower and Lender fiu-ther covenant and agiee as follows: 17. Acceleration; Remedies. Except :is provided itl paragraph 16 hereof, opon Borrower's breach of any coven:mt or agreement of Borrower in this Mortgage, iucluding the covenants to pay when due any sums scented by this iVlortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) tile breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such hreach must be cared; and (4) that failure to core such bre:tch on or before the dale specil'ied iii the notice may resnll in acceleration of the sums scented by this Mortgage. The notice shall farther inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert tile nonexistence of a default or alt), other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums scented by this Mortgage to be irnnrediately due and payable without further tlemand and may invoke tile power of sale and any other remedies permitted by applicable law. Lender sh,'dl be entitled to collect' all reasonable costs and expenses incnrred in pursuing the remedies provided in this paragraph 17, includiug, but not limited to, reasonable attorneys' fees. Il' Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person iii possession of the Property, il' dilTerent, in accordance with applicable law. Lender shall mail a COl)), of a notice of the sale to Borrower in the manner provided iii paragraph 12 hereof. Lender shall publish the notice of sale and the Property shall be sold itl the manner prescribed by applicable law. Lender or Lender's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of lite sale, inclnding, but not limited to, reasonable attorneys' fees and costs o1' title evidence; (b) ~o all sums scented by this Mortgage; anti (c) the excess, il' any, to the person or persons legally entided thereto. 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sams secured by this Mortgage due to Borrower's breach, Borrower shall have tile right to have any proceedings begun by Lender 1o enforce dfis Mortgage discontinued at any dine prior to the earlier to occur of ti) the fifth day belbre sale ol' the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a jndgment enforcing this Mortgage if: (a) Borrower pays Lender ,ill sums which would be then due lmder this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses them-red by Lender in enforcing the covenants and agreements of Borrower contaiued m this Mt)rtgage, and m enforcing Lender's remedies as provided iii paragraph 17 hereof, including, but not limited to, reasonable attorneys' tees; and (d) Borrower takes stl. ch action as Lender may reasonably require to assure that the lien of this Mortgage, l.ender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and tho obligations secured he. reby shall remain in full force and effect lis if' no acceleration had occm-red 19. Assigmnent of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandomnent of the Property, have the right to collect and retain such ren/s as they become due and payable. 30110050 (~-7 6 N(W Y) Page 3 et 4 Form 3851 Upon acceleration under para~-aph 17 hereof or abandonment of the Property, and at any time prior to the expiration o~' any period o[' redemption fbllowing judicial sale, Lender, in person, by agent or by judicially al)pointed receiver, shall be entitled (o enter npon, take possession of and manage the Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment oF the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' tkes, and then lo the snms secured by this Mortgage. Lender and the receiver shall be liable to acconnt only ~br those rents actnally received. 20. Release. Upon payment of all sums secured by this Mortgage, I,ender shall release this Mortgage wifltout charge to Borrower. Borrower shall pay all costs of recordation, if any. 2]. Waiver of llomes~ead. Borrower hereby waives all right of homesiead exemption in the Property. REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of trust or other encmnbrance with a lien which has priority over tl~is Mortgage to give Notice to Lender, at Lender' s adch ess set Forth on page one of this Mortgage, of any default trader the superior encumbrance and of any sale or other foreclosure action. IN WH'NESS WtIEI{EOF, Borrower has executed this Mortgage. BART MYERS 3/ -Borrower RITA MYERS (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower (Seal) -Borrower (Seal) -Borro',vel- (Seal) -lJorrower Sq'A' FE 0 F WYOM IN G, The foregoing instrt,nent was acknowledged before me d-ns by BART lq~fERS, RITA ~ERS - // My Commission Expires: ~0'9 /~. O~ [Sign Original Only] 30110050 (~-76 N(W Y) (0208)01 Page ,I of 4 Form 3851 , nP ! ]L SCIIED[JLE A THE FOI.LOW'ING DESCRIBED TRACT OR LAND IN LINCOLN COUNTY, STATE OF WYOMING, HEREBY RELEASING AND WAIVING ALL RJGHTS UNDER AND BY VIRTUE OF TIlE ilOMESTEAD EXEMPTION LAWS OF TIlE STATE, TO-WIT: BEGINNING AT A POINT ON' THE E 1/4 SECTION LINE, 58 RODS WEST FROM TIlE NOR'I'IIF. AST CORNER OF SOU'FtlEAST QUARTER (SEI/4) OF SECTION 23, TOWNSHIP 34 NOR']'I-I, I/.ANGE 119 WEST, 6TI{ P.M., LINCOLN COUNTY, WYOMING AND RUNNING THENCE WEST B RODS; THENCE SOUTH 16 RODS; THENCE EAST 8 RODS; THENCE NORTH 16 RODS TO THE POINT OF BEGINNING, BEING A RECTANGULAR PARCEL OF LAND SITUATED iN THE NEI/4SE1/4 OF SECTION 23, TOWNSIIIP 34 NORTlt, ILANGE 11 WEST. SUBJECF TO RESERVATIONS AND 1U?,STRICTIONS CONTAINED IN TIlE UNITED STATES PATENT AND TO EASEMENTS AND RIGHTS-OF-WAY OF RECORD OR IN USE. BEING 'FILE SAME PROPERTY CONVEYED TO BART MYERS AND RiTA MYERS, }f[JSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES BY DEED FROM RICtlARD L. JOitNSON, A SIN(3LE iVlAN RECORDED 11/20/200l IN DEED BOOK 477 PAGE 458, 1N THE COUNTY CLERK'S OFFICE OF LINCOI.N, WYOMING. 'FAX il)ti 12-3419-23-4-02-007.00 S05F12993