HomeMy WebLinkAbout914047
51222 (01)
(\ll) /~) ¡
,/ (':'/
r,
\ /~ (ì '~~ " ,~
'\..' \.! '<.I' '0_' lJ
WHEN RECORDED MAIL TO:
G1\lACMortgage Corpora tion
Home Equity Funding
4 "'alnut Grove Drive
Horsham, P A 19044-0963
RECEIVED 11/30/2005 at 10:35 AM
RECEIVING # 914047
BOOK: 606 PAGE: 236
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
------_._-------~~--,--
--~-~-~~_._-----
SPACE AUOVE TillS Ui\'E FOR IŒCOIWER'S USE
Closed End Loan No.: 3121985
Branch No,: 398
Loan Product: CE 15Y Balloon 95%CLTV Piggyback
¡'vlIN 1000697-8250312198-9
CLOSED END lVIORTGAGE
THIS MORTGAGE is made this Il~ day of November, 2005, among the Trustor, Charles J. Horton,
A Single Man And Dawn L. Guffey, A Single Woman, As Joint Tenants With Rights or Survivorship whose
address is Po 13m,: 3782, Alpine, Wyoming 83128 (herein "Borrower"), and the Mortgagee, GMAC Mortgage
CoqJoration, a Pennsylvania COlvoration, 100 \Vitmer Road, Horsham, PAl 9044-0963 (herein "Lender")
and the Mortgage Electronic Registration Systems, rnc" P .0, Box 2026, Flint, MI 4850 J -2026 ("MERS")
acting soJely as nominee for Lender and Lender's successors and assigns under this Mortgage,
WHEREAS, Borrower is indebted to Lender in the principal sum of U,S. $32,000,00 which
indebtedntss is evidenced by BOlTower's Note dated November 21, 2005 and extensions and renewals thereof
(herein "Note"), providing for monthly installments of principal and interest, if not sooner paid, due and payable
on November 26, 2020;
TO SECURE the Note to Lender and Borrower irrevocably mortgages, grants and conveys to MERS
acting solely as a nominee for Lender and Lender's successors and assigns and also as mortgagee under this
Mortgage the n:payment of the indebtedness evidenced by the Note, with interest thereon; the payment of all
other sums, with interest thereon, advanced in accordance herewith to protect the security of this M0l1gage; and
the performance of the covenants and agreements of Borrower herein contained, BOITower does hereby
m0l1gage, grant and convey MERS acting solely as a nominee for, with power of saJe, the following described
property located in the County of Lincoln, State of Wyoming:
q
See Attached Schedule A
which has the address of:
170 ~~!þlill Circ~J.
(Street)
Alpine
(Ol)~
if ,(
J
fD\
Wyoming 83128 (herein "Propel1y Address");
(Zip Code)
TOGETHER with all the improvements now or hereafter erected on the Property, and all easements, rights
appUl1enances and rents, all of which shall be deemed to be and remain a part of tire Property covered by this
MOJ1gage; and all of the foregoing, together with said property (or the leasehold estate if this rvfortgage is on a
leasehold) are hereinafter referred to as the "Property";
Bonower covenants that Borrower is lawfully seised of tire estate hereby conveyed and has the light to
grant and convey the Property, and that the Propel1y is unencumbered except for encumbrances of record.
BOlTower covenants that BOlTower wanants and will dell:nd generally the title to the Property against all claims
and demands, subject to encumbrances of record,
UNIFORM COVENANTS, Bonower and Lender covenant and agree as follows:
1. l)aymcnt of Principal and I ntcrest. Borrower shall promptly pay when due the principal and interest
indebtedness e\'idenced by the Note and late charges as provided in the Note,
2. Funds for Taxes alllllnsurancc. Subject to applicable law or a waiver by Lender, Borrower shall pay
to Lender on the __N/A_ day of each month, nntil the Note is paid in full, a sum (herein "Funds") equal to one-
twelfth of the yearly taxes and assessments (including condominium and planned unit development
assessments, if any) \\hich may attain priority over this Mortgage and ground rents on the Property, if any, plus
one-twelfth uf yearly premium installments for hazard insurance, plus one-twelfth o[ yearly premium
installments [or mortgage insurance, if any, all as reasonable estimates thereof. Borrower shall not be obligated
to make such payments of Punds to Lender to the extent that Borrower makes such payments to the holder of a
prior mortgage or deed of trust if such holder is an institutional lender,
If Borrower pays Funds to Lender, the Funds shall be held in an institution, the deposits or accounls of
which are insured or guaranteed by a FederaJ or State agency (incJuding Lender if Lender is such an institution).
Lender shall apply the Punds to pay said taxes, assessments, insurance premiums and ground rents, Lender may
not charge for so holding and applying the Funds, analyzing said account or verifying and compiling said
assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits LCIlder to
make such a charge, Borrower and Lender may agree in writing at the time of execution of this Mortgage that
interest on the Funds shall be paid to BOlTower, and unless such agreement is made or applicable law requires
such interest to be paid, Lender shall not be required to pay Borrower any interest or ealllings on the Funds.
Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to
the Funds and the P1Uvose for which each debit to the Funds was made. The Funds are pledged as additional
security for the SUlllS secured by this Mortgage.
WYOi\IING-SECOND rvlORTGAGE-I/80-FNI\IMFIILi\IC UNIFORi\IINSTIW!\IENT
f~At
l// r?)
,.
"'~~'í
r' ,- ('" -. (\ ,...,
;,} ., : I"~ ..) I
~
If the amount of the Funds held by Lender, together with the future munlhly installmél1!s of Funds payable
prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount
required to pay said taxes, assessments, insurance premiums and grollnd rents as they fall due, sllch excess shall
be, at Borrower's option, either promptly paid to BOITower or Clédited to Borrower on monthly installments of
Funds, If the amount of the Funds held by Lender shall not be suJ1ìcicnt to pay taxes, assessments, insurance
premiums and ground rents as they tàll 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 SUlns secult:d by this l\foI1gage, 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 iml11ediakly 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 slims secured by this
Mortgage,
3. Application of Payments. Un]ess applicable law provides otherwise, all payments received by Lender
under the Note and paragraphs 1 and 2 hereof shall be applied by Lender Jirst in payment of amounts payable to
Lender by Borrower under paragraph 2 hereof: then to iuterest payable on the Note, and then to the principal of
the Note.
4. Prior Mortgages and Deeds of Trust; Charges; Licns. BOITower shall perfonn all of Borrower's
obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over
this Mortgage, including BOlTower's covenants to make payments when due. Borrower shaH payor cause to be
paid all taxes, assessments and other charges, Jines and impositions attributable to the Property which may
attain a priority over this Mortgage, and leasehold payments or ground rents, if any.
5. Hazard Insurance. Borrower shall keep the improvemenls now existing or hereafter erécted on the
propel1y insured against loss by tire, hazards included within the tenn "extended coverage", and such other
hazards as Lender may require and in such amounts and for such periods as Lender Illay require.
The insurance carrier providing the insurance shall be chosen by BOlTower subject to approval by Lender;
provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals tht'reof
shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form
acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms
of any mortgage, deed oftTust, or other security agrcement with a lien which has priority over this Mortgage,
In the event of loss, Borrower shall give prompt notice to tht' insurance carrier and Lendcr. Lender may
make proof of loss if not made promptly by Borrower.
If tht' Property is abandoned by BOlTO\ver, or if Borrower fails to respond to Lender within 30 days from
the date notice is mailed by Lender to Bonower that the insurance carrier offers to sctlle a claim for insurance
benefits, Lender is authorized to collect and apply the insuranLC procceds at Lender's option either to restoration
or repair of the Property or to the slims st'cured by this !vfortgage.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planlled Unit
Developments. BorrO\ver shall keep the Property in good repair and shall not commit wastl' or permit
impairment or deterioration of tht' Propel1y and shall comply with the provisions of allY lease if this Mortgage is
on a leasehold. If this Mortgage is on a unit in a condominium or a planllcd unit development, Borrower shall
perform all of Borrower's obligations untIL-I' the declaration or covenants creating or governing the
condominium or planned unit development, the by-laws and regulations of the condominium or planned unit
development, and constituent documents.
7. Protection of Lender's Security. If Borrower fails to perform tht' covenants and agreements cOlltained
in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the
Property, the Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums, including reasonable attomeys' fees, and lake such action as is necessary to protect Lender's intcn:st. 11'
Lender required lllol1gage insurance as a condition of making the loan secured by this Mortgage, Borrower shall
pay the premiums rt'quired to maintain such insnrance in dTect until such time as the requirement for such
insurance tèrminates iJl accordance with Borrower's and Lender's written agreement or applicable law.
To the extent permitted by applicable law, any amounts disbursed by Lender pursuant to this paragraph 7,
with interest thereon, at the Note rate, shall become additional indebtedness of BOlTower st'cured by this
Mortgage. Unless Bonower and Lender agree to other terms of payment, such amounts shall be payable upon
notice from Lender to Bon"ower requesting payment thereof. Nothing contained in this paragraph 7 shall
require Lender to incur any expense or take any action hereunder.
8. Inspection. Lender may make or cause to be made reasonablt' entries upon and inspL'ctions of the
Propel1y, provided that Lender shall give BorrO\\lOr notice prior to .my such inspection specifying reasonabJe
cause therefore related to Lendt'r's interest in the Property,
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in
connection with any condemnation or other taking of the Propeliy, or part thereo( or for conveyance in lieu of
condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of
tmst or other security agreement with a lien which has priority over this Mortgage.
- 2 -
)0\~Æ
~/ 0)'
'~';I "1~¡~,<~~ '-"-J'
,...'~, 'i/:' ¡f
;~'-. (', It (~)
\) '\,l (,~ .J U
10. Burruwer Not Released; Forbcarance By Lcndcr Not a Waiver. Extension (lrthe time for
payment or modification of amortization of the sums secttr<:d by this rvrortgage 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 Borrower's successors in interest. Lender shall not be required to CUl1ll1lence procenling against
such sllccessor or refusé to extend time It) ' payment or otllerwise modify amortization of the slims seclIl\:d by
this Mortgage by reason of any demand mack by the original Borrowér and Burrower's successors in interest.
Any forbearance by Lender in exercising any right ur remedy hereunder, or otherwise arrorded by applicable
law, shall not he a waiver of or preclude the exercise of any such right or remedy.
11. Sun:essors and Assigns Bound; .Joint and Sel'eral Liability; Co-signers. The covenants and
agreements herein contained shall bind, and the rights hereunder shaH inure to, the respective successors and
assigns of Lender and Borrower, subject to the provisions of paragraph 16 hereof. AH covenants and
agreements of Borrower shall be joint and several. Any Borrower who co-signs this MOligagl", but does not
execute the Note, (a) is co-signing this Murtgage only to mortgage, grant and convey that Borrower's interest in
the Prope11y to Lienor under the terms of this ìvrurtgage, (b) is not personally liab!e on the Note or under this
Mortgage, and (c) agrees that Lender and any other Borrower hlTcunckr may agree to extend, modify, forbear,
or make any other accommodations with regard to the terms of this Mortgage or tllC Note without that
Borrower's consent and without rekasing that BOITower or modifying this Mortgage as to that Borrower's
interest in the Propeliy.
12. Notice. Except tt)r any notice n:quired under appJicable law to be given in another mcmner, (a) any
notice to Borrower provided for in this f\rortgage shaH be gi\'èn by cldivering it or by mailing such notice by
certifiècl mail addressed to Borrowèr at the Property Addless or at such other address as BorlOwer may
designate by notice to BOITOIVèr as provided herein. Any notice provided for in this .rvfortgage shall be deemed
to have been given to BOl1'ower or Lender when given in the manner designated herein.
13. Governing Law; Severability. Thc state ancl local laws applicable to this Mortgage shall be the laws
of thc jurisdiction in which the Property is located, The toregoing sentence shall not limit the applicability of
Federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conl1icts
with applicable law, such conflict shall not affect other provisions uf this MOligage or the Note can be given
effect without the contlicting provision, and to this end the provisions of this Mortgage and the Note are
declared to be severable, As used herein, "costs", "expenses" and "attorneys' fees" include all sums 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. nehabilitation Loan Agreement. Borrower shall fulfill all 01' I3cJlTower's obligations under any home:
rehabi!itation, improvement, repair, or other loan agreement which Borrower enters into II ith Lender. Lender,
at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an
assignment of any rights, claims or defenses which Borrower may have against parties who snpply labor,
materials or services in connection with improvements made to the Property.
16. Transfer of the Property or a Beneticial Interest in Borrower. If alJ or any part of the Property or
any interest in it is sold or transferred (or if a benetìcial interest in Borrower is sold or transferred and Borrower
is not a natural person) without Lender's prior written consent, Lender may, at its option, after giving any grace
period, right to cure, and/or reinstatement right required by applicable law, require immediate payment in full of
all SUll1S 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 Borrower fails to pay these SlUns prior to the
expiration of this period, Lender may invoke any remedies pel1nitled by this Mortgage without further notice or
demand on Borrower.
NON-UNIFORM COVENANTS, Borrower and Lender further covenant and agree as ft)lJows:
17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of
any covenant or agreement of Borrower in this I\Jortgage, including thc covenants to pay when due any
sums secnred by this Mortgage, Lender prior to acceleration shalJ give notice to Borrower as provided in
paragraph 12 hereof specifying: (1) the breach; (2) the action requircd to cure such breacli; (3) a date,
not less than 10 days from the date the notice is mailed to Borrower, by whieli sucli breach must be
cured; and (4) that failure to cure such hJ"each on or hefore the date specilìed in the notice may result in
acceleration of the sums secured by this I\lortgage. The notice shall further inforlll Borrower of the right
to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a defautt
or any other defense of Borrower to acceleration and sale. If the hreach is not cured on or before the
date specilied in the notice, Lemler, at Lender's optiou, ilia)' declarc all of the sums secured by this
Mortgage to be immediately due and payable without further demand and may foreclosure this
Mortgage by judicial proceeding. Lender shall be en tilled to collect in such proceeding all expenses of
foreclosure, including, but not limited to, reasonahle attorneys' fees. The parties to this document are
subject to the provision for Arbitration as set forth in the Closed End Note which is incorporated hy
reference as if set fOJ"th at length herein.
If Lender invokes the power of sale, Lender shall be given notice of intent to foreclose to Borrower
mId ÎO the person in possession 'If the ])roperty, if different, in acc(jïdancc with :1pplicatle law. Lender
shall mail a copy of a notice of the sale to Borrower in the manner provided in Paragraph 12 hereof.
Lender shall publish the notice of sale and the Property shall be sold in the manner prescribed by
applicable law. Lender or Lender's designee lIIay purchase the )roperty at allY sale. The procecds of the
sale shall be applied in the followillg order: (a) to all reasollable costs and expenses of the s:lle, illl'ludiilg,
but not limited to, reasonable attorneys' fees amI costs of title evidence; (b) to all Slllns secured by this
Mortgage; and (c) the excess, if any, to the person or persolls legally entitled thereto.
- 3 -
-'.\ :i ,. -it(;...
~~)~J ' cf)
(,
':1'
I·>;'"
i
,'0 ,-.. I""!, . ~ I ~ n
,> \ ' ,'~ J .J
18. Borrower's Hight to Reinstnte. Nutll'ithstanding Lender's acœleration of the sums sl'cured by this
Mortgage due to Borrower's breach, Borrower shall have the right to have any proceedings beguu by Lender to
enforce this MOJigage discontinued at any time prior [0 the earlier to occur of (i) the fifth day berore sale of the
Property pursuant to the power of sale contained in this M0l1gage or (ii) entry of a judgment enforcing this
IVIortgage if: (a) Borrower pays Lender all Sluns which would be then due under this JvIortgage aud the Note
had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of
BOlTower contained in this Mortgage; (c) Burrower pays all reasonable expenses incurred by Lender in
enforcing the covenants and agreements of Borrower contained in this M0l1gage, and in enforcing Lender's
remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d)
BOlTower takes such action as Lender may reasonably require to assure that the lien uf this Mortgage, Lender's
interest in the Property and Borrower's obJigation to pay the sums secured by this MOItgage shall continue
unimpaired. Upon such payment and cure by BOlTolVer, this Mortgage and the obJigation secured hereby shaH
remain in fuH force and effect as if no acceleration had occulTed.
19. Assignment of Hents; Appointment of Heceiver; Lender in Possession. As additional security
hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that BOITI)\\Cr shall, prior to
acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such
rents as they become due and payable.
Upon acceleration under paragraph 17 hereof or abandonment of the Property, Lender, in person, by agent
or by judiciaHy appointed receiver shall be entitled to enter upon, take possession of and manage the Property
and to collect the rents of the Property including those past due. All rents coHected by Lender or the receiver
shaH be applied first to pay 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 reasonabJe attorneys' fees, and then to the slllns
secured by this M0l1gage. Lender and the receiver shall be liable to account only for those rents actually
received.
20. Release. Upon payment of all sums secured by this l'vfOligage, Lender shall discharge this I"Iortgage
without charge to Borrower. BOITower shall pay all costs of recordation, if any.
21. "'aiver of Homcste:HI. Borrower hereby waives all right of homestead exemption in the Property.
22. IVIERS. BOlTower understands and agrees that 1'vIERS holds only legal title to the inlerests granted
by Borrower in this Mortgage, but, if necessary to comply with local law or custom IVIERS (as nominee for
Lendèr and Lender's successors and assigns) has the right: to exercisè an) or all or these interests, including,
but not limited to, the right to foreclose and sell the property; and to take any action required of Lender
including but not limited to, releasing and canceling this Mortgage.
"
(This space left blallk illtellti()lI{ ll)~
~~
î
, ", :n~r; '7
" __ ~~'ï.i:
-"'.~ 7' ,1 O~'
~ . ~.
"\: .....,.....a:
REQUEST FOR NOTICE OF DEFAULT
AND FORECLOSURE UNDER SUPER10R
MORTGAGES OR l)1~EDS OF TRUST
BCHTower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien
which has priority over this MOligage to give Note to Lender, at Lender's address set forth on page one of this
Mortgage, of any de1àult under the superior encumbrance and of any sale or other foreclosure action.
IN WITNESS WHEREOF, Borrower has executed this !vlOligage.
a~1/Æ~-_ /;/!/jos
Borrower - C~'les ], Horton
~)lJ L. JJ/ddos: _
B~/ awn L. Cìl\~-~ '
~~~--- -- -- -~---~
Borrower -
BOlTower -
--~----
Borrower -
--.---.--".----
Borrower -
- _.._~----------~-------_...-
Borrower -
STATE OF WYOMING ~r7::.J()t\~
County ss:
II '0 I O~ b
'-~---- Y
(dale)
Charles J. Horton, A Single Mall_And Dawn L. Guffey, {,,-Single Womal1...:'.\s ]oÚJIJ'enants Wilt~1<jlih~_Of
Survivorship
The foregoing instl11ment was acknowledged before me (his,
.---------------
(mortgagor)
WITNESS my hand and otlicial seal.
My commission expires:
&ì
, ')
.,(
-, 0 <)/
CClLLl_/,,-__, -C~__
~--.---
--~--_._.-
No(ary Public
~"'''''''''-''''''''''''''''''''''''/'''''J'~'
LÞ,URIE caE, IIOTARY PUBl.IC
¡,?:~;¡-~.;) State of
County 0 (::;::;':7;1' Wyoming
Teton 'Z.'±0 . ,
r: Comm;S';on E.:";;:~i~':.'~
l~~,~
¡::. ~:~"J L~J'(
MORTGAGE
Title No,
TO
¡~,: ""'~}
~ ¡ ~ 'I ~
, ',1
("',
nn,.· ,J "J
.< \. '.' Lj .1..
TIns INSTRU1\fENT PIŒPARED BY:
Melinda ChandJer
Gj\·IAC Mortgage CorplJration
4 Walnut Grove Drive
HorshaJll, P A 19044-0963
RECORDING REQUESTED BY:
GMAC Mortgage Corporation
AFTEH RECOHDATION, RETURN TO:
GMAC Mortgage Corporation
Home Equity Funding
4 \Valnut Grove Drive
Horsham, P A 19044-0963
f-'\\
/\f
CJ
.-\ } "."-'
"'~~¡
;~ (, c ,', .:1 :2
Sch¡:dule A
Lots I and 2, Palis Park Subdivision, according to the ofJìcial plat thereof, being part of tilt: NJ/2SEI/4 and
the SWl/4NEI/4 of Section 29, T37N, R118W, 6th P,M., Wyoming.
Tax ID Number: 37182940601200
Known as: 170 West Mill Circle, Alpine, Wyoming 83128
This is a 2nd Real Estate Mortgage recording concurrently with a 1st Real
Estate Mortgage dated 11/21/2005 in favor of GMAC Mortgage Corporation in
the original amount of $184,000.00.
7(~:::~
/;~~~t~ ~. ¡t1
( OJ