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HomeMy WebLinkAbout910613 Tills MORTGAGE is made this JASON R ISAACSON, 28th {,00410 )o [MORTGAGE I MIN 100024200009417532 dayof July, 2005 ,betweentlleMortgagor, HUSBAND AND WIFE AS JOINT TENNANTS KIMBERLY A ISA_ACSON, (herein "Borrower"), and the Mortgagee, Mortgage Electronic Registration Systems, hlc. ("MERS"), (solely as nominee for Lender, as hereinafter defined, and Lender's successors and assigns). MERS is organized and existing nnder the laws of Delawm'e, and has an address and telephone number of ILO. Box 2026, Flint, iMI 48501-2026, tel. (888) 679~MERS. American Brokers Conduit , ("Lender ") is organized and existing trader the hlws of State of New York , and has ~tll address of 538 Broadhottow Road, Melville, NY 11747 WIIEREAS, Borrower is indebted to Leader in the principal snm of U.S. $ 36,000. O0 , which indebtedness is evidenced by Borrower's note dated July 28, 2005 and extensions and renewals Ihercol: (lierein "Note"), providing for monthly instalh'nenls of principal and interest, wittl the balance of indel)tedness, il' not sooner paid, due and payable on August l, 2020 ; 'FO SECURE to Lender the repayment of the indebtedness evidenced by the Note, witli interest thereon; the payment of all oilier shins, with interest thereon, advanced in accordance herewith to protect the secnrity of this Mortgage; and die performance of tile covenants arid agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to llie successors and assigns of MERS, with power of sale, the following described property located in the Connty of Lincoln , State of Wyoming: SEE LEGAL DESCRIPTION ATTACHED HERETO AND PLADE A PART HEREOF. RECEIVED 8/4/2005 at 4:41 PM RECEIVING tt 910613 BOOK: 593 PAGE: 410 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY which has the addressof 170 ADAMS STREET Alton [City], Wyoming 83110 [S.'eetl, [Zip Code] (herein "Property Address"); TOGETHER with all the 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 of the property covered by this Mortgage; and all of the lbregoing, together with said property (or the leasehokl estate if this Mortgage is on a leasehokl) are hereinafter referred to as tile "Property." Borrower understands and agrees that MERS holds only legal title to the hlterests granted by Borrower in this Mortgage; but, if necessary to comply with law or cnstom, MERS, (as nominee for Lender and Lender's successors and assigns), has the right: to exercise a,ry or all of those interests, including, bnt not limited to, the right to foreclose and sell thc Property; and to take tiny aclion reqnired of Lender including, but not limited Io, releasing or canceling this Mortgage. Borrower covenants thai Borrower is lawfnlly seised of the estale hereby conveyed anti has the right to mortgage, grant and convey the Property, anti that thc Property is unencumbered, except for encumbrances of record. Borrower covenants that Borrower warrants and will defend generally the title to thc Property against all claims and demands, snbject to enct. mbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment o1' Principal and Interesl. Borrower shall prompdy pay when due thc principal and interest indebtedness evidenced by tile Note and late charges as provided in the Note. 2. Fimds fin- Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender on the clay monthly payments of principal and interest are payable under the Note, until the Note is paid itt ['ull~ a sum ~)C ~:328631 APPI, #:0000941753 [WYOMING- SECOND MORTGAGE -1/80 -FNMA/IalILIVIC UNIFORM INSTRUMENT WITIIMERS ] (~-76N(¥VY) UMS1 0208 Page 1 el 4 VMP MOII. TGAGE I;ORMS - (800)5210291 Form 3851 Amended 2/ill (herein "l:tmds") equal to oneqwelflh of the yearly taxes and assessments (including condominium and planned unit dcvdopment assessments, if any) which fllay attain priority over this Mortgage and ground rents on the Property, if any, plus one4wdfth of yearly premium installmenls for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on file basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds lo Lender to the extent that Borrower makes such payments to thc holder of a prior mortgage or deed of trust if such hokler is an institutional lender. If Borrower pays Funds to Lender, thc Fnnds shall be held in an institution the deposits or ac~nnts of which are insnrcd or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insnrancc premiums and ground rents. Lender may not charge for so holding and applying thc Funds, analyzing said account or verifying and compiling said 'assessments and bills, unless Lender pays Borrower interesl on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage tim[ interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be reqnired to pay Borrower any interest or earnings ou thc Fnnds. Lender shall give ~o Borrower, withoul charge, an annual accounting of the Funds showing credits and debits to the Funds and the pnrpose for which each debit lo the Funds was made. The Fnnds are pledged as additional security for the snms secured by this Mortgage. If die arnomit of Ihe Funds held by Lender, together with thc flmtre monthly instalhnents of Fands payable prior to thc due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, ussessments, insnrance premiums and gromld rents as they fall due, such excess shall be, at Borrower's option, either promptly repakl to Borrower or credited to Borrower on monlhly installments of Funds. If the amotmt of thc Fnnds held by Lender shall not be sufficienl to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in full of all snms secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its a~nisition by Lcnder, any Funds held by Lender at the time of application as a credit against the snms secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by I.cnder under thc Note and paragraphs 1 and 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then lo interest payable on the Note, and then to tho principal of the Note. 4. Prior Mortgages and Deeds of Trnst; Charges; Liens. Borrower shall perform all of Borrt wet s obligations trader any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower's covenants to make payments when due. Borrower shall pay or cause to be pakl all taxes, assessments and other charges, finos and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. S. Itazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on thc Property insured against toss by hre, hazards included within the term "cxlended coverage," and st[ch other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall nol be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in hvor of and in a form acceplable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the temls of any mortgage, deed 0f trust or other secnrity 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 the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 clays from thc date notice is mailed by Lender to Borrower that the insnrance 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 snms secured by this Mortgage. 6. Preservalion and Maintenance of Property; Leasehokls; Condominiunts; Phmned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterk)ralion of the Property and shall comply with the provisions of any lease if this Mortgage is on a leaschokl. If this Mortgage is on a unit in a condominium or a planned milt development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by4aws and r=gulations of the condominium or planned unit development, and constilnent documents. 7. Protection or Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any aclion or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, inch<ling reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. Il Lender required mortgage insurance as a condition of making tile loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement lbr such insurance terminates in a~ordance with Borrower's and Lender's written agreement or applicable law. ~y amounts disburse~ by Lender pnrsuant to this paragraph 7, wilh hiterest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Utfless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing ~mtained in this paragraph 7 shall require Lender to incur any expense or take tiny action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Prope¢ly, provkled that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest iu Iht Property. 9. Condemnalion. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnatkm or olher taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Leader, subject to the terms of auy mortgage, deed of trnst or other security agreement with a lien which has p~iority over Iliis 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, in any manner, the liability of the original Borrower and Bm'tower's successors in interest. Lender shall not be required to commence proceedings against such 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. ~y forbearance by Lender in exercising any righl or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude Ihe exercise of any such right or remedy. DOC #:328632 APPL #:0000941753 {~}--76N(WY) (0208) 1'a$¢ 2 of 4 ~~'-- For mV-'538 S 1 0041 11. Successors and Assigns Botmd; Joint and Several l.iability; Co-signers. The covemmts and agreements herein contained shall bind, and Ihe rights herennder shall ioure to, the respective su~essors and assigns of kendcr and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Any Borrower who co-signs this Mortgage, b,t does not execnte the Note, (a) is co-signing this Mortgage only to mortgage, grant and convey that Borrower's interesl in the Property to Lender under thc terms of this Mortgage, (b) is nol personally liable co the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear~ or make any other acconnnodatioos wilh regard to the terms of this Mortgage 0r thc Note without that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that Borrower's interest in the Property. 12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided l'or in this Mortgage shall be given by delivering it or by mailing such oolite by certified mail addressed to Borrower at the Property Address or at sach other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Sevcrahility. Thc state and local laws applicable ro this Mortgage shall be the laws of thc jurisdiction io which the Property is located. Thc fbregoiag sentence shall not limit thc applicability of federal law to this Mortgage. In the event that any provision or clanse of dfis Mortgage or the Note conflicts with applicable law, such conflict shall not afl, ct olher provisions of this Mortgage or the Note which can be given effect wiflmnt the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used herein, "costs," "expenses" and "atlorneys' fees" include all stuns to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 15. Rehabilitation Loan Agreement. Borrower shall fidfill all of Borrower's obligations under any home rehabilitation, inqorovement, repair, or other loan agreemenl which Borrower enters h~to with Lender. Lender, al Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assigomcnt of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvemenls made to the Property. 16. Transfer or lite Property or a Beneticial Interest in Borrower. If all or any part of the Property or any interest in it is sokl or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) wilhout Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums 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 lifts Mortgage. If Lender exercises this opt/on, Lender shall give Borrower notice of ac~leration. The notice shall provkle a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Mortgage without fl~rther notice or demand on Borrower_ NON-UNIFORM COVENANTS. Borrower and Lender further ~venant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's brench of any covenant or ~greement of Borrower in this Mortgage, including the covemmls to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 her-eof speci[}'ing: (1) Ihe breach; (2) ll~e aclion required to cm'e such breach; (3) a date, not less than 10 days fi'om thc dale the notice is ~nailed to Borrower, by which such breach must be cured; and (4) that fiHlure to cure such breach on or be[ore the date specified in the notice may resnll in acceleralion of the sums secured by this Mortgage. The notice shall further infl)rm lh)rrower of the right to reinstate after acceleration and the right to bring a court actinn to assert the no,existence of a delhult or any other dd'ense of Borrower to acceleration and sale. Il' the breach is not cured on or bel~n*e the date specified in the notice, Lender, at Lender's option, may declare all of the sums secuced by lhis Mm'tgnge to be inunediately due and payahle without fl~rther demand and may invoke lhe power of sale and any other remedies permitted by apl)licable law. Lender shall be entitled to collect all reasomd~le costs and expenses incurred in pursuing tim remedies provided in ihis paragraph 17, including, but not limited to, reasmml)le allorneys' l~es. If Lender invokes the power of sale, Lender shall give nolice of intent lo foreclose to Borrower and to the person in possessiou of the Property, ir different, in accordance with applicable law. Lender shall mail a copy o1' a notice of tim sale 1o Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property shall sold in fl~e manner prescribed by applicable law. Lender or Lender's designee may purchase tl~e Propecty al any sale. The proceeds of the sale shall be applied in lhe following order: (a) lo all reasonable costs and expenses of the sale, including, hul not limited to, reasonable attorneys' l~es and costs of lille evidence; (b) to all sums seem'ed by this Morlgage; and (c) ibc excess, ir a,y, lo tl~e pers(m or persmts legnlly entitled lherelo. 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to have any promedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale ~mtained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender alt sums which wonld be then due under 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 incurred by Lender in enforcing the coveaanls and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, inclmling, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of Ihis Mortgage, Lende~ 's interest in the Property and Borrower's obligation t.o pay the sums secured by this Mortgage shall conlinue tmimpaircd. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in halt force and effect as if no accderalion had occurred. 19. Assigmnenl of Rents; Appointment of Receiver; Lender in Possessi(m. As additional security hereunder, Borrower hereby assigns to Lender lhe rents of lhe Property, provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collecl anti retain such rents as they become due and payable. [X)C ~:328633 APPL #:0000941?53 --~-76N(W¥) (0208) v.~,~ hdd~ts:~-----l~551 ,00 4 ! 3 Upon acceleratiou under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration of arty period of redemption following judicial sale, Lender, ia person, by agent or by judicially appoimed receiver, shall be entitled to enter npon, lake possession of and manage the Property and to collect the rents of the Property iuchtdiug those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of thc Property and collection of rents, inch~ding, but not limited to, receiver's fees, preminms on receiver's bonds and reasonable attorneys' fees, and lhen to the st,ms secured by this Morlgage. Lender and Ihe receiver shall be liable to accotml, only for those rents aclually received. 20. Release. 1Jpon payment of all sums secured by this Mortgage, Lender shall release this Morlgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21, Waiver of ltomestead. Borrower hereby waives alt right of homestead exemption in tile ikoperty. REQUEST FOR NOT[CE OF DEFAULT AND FOIIECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request tile hokler of any mortgage, deed of trust or other encuml~rance with a lien which has priority over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of tMs Mortgage, of any default nnder the superior encumbrance and of any sale or mher foreclosure action. ~/~4 -~'' ~(~/(A'-''''''''''''--~IN \VITNE~F)VItEREOF, Borrower has executed this Mortgage. (Seal) -Bonower (Scad -Bon ower (Seal) ~Bofrowcr (Seal) -Borrower (Seal) -Bol rower (Seal) -Bo~ rower (Seal) [Sign Original Only] STATE OF WYOMING, LINCOLN The foregoing instrument was acknowledged before me this by JASON P, ISAAC.SON, KTMBERLY July 28, Colllt [y ssi 2005 My Commission Expires: Notary Public D3C #:328634 (~®-76N (WV) (o2os) APPL #:0000941753 Pagt: 4 of 4 Form 385l OO4 'I 4 LEGAL DESCRIPTION Lot 6 of Schwab Addition to the Town of Aflon, Lincoln County, Wyoming as described on the official plat thereof.