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HomeMy WebLinkAbout914144 ":( (_/)j,,{J' After Recording Return To; GMAC Mortgage Corp. 100 Witmer Road, Suite) 021 Horsham, P A ) 9044 ATTN: Bond Unit - Capital Markets :' !ì r, t":' G' ') '-' u t: ..J J ~~ "'11$ [:: . ;2:~ (.;J~~'¡ I") ".' l., q.. Ö'J EI (:'; () ·~;1 (~) ,.(' ..J <J.) ..IJ (i~ ~;~;i ~I'¡'·'!;~ """.j " - i"'.j l~J ~~' ~; hI {/1 ;i1'!t ¡:J (!) £t' [j ~fJ {! ~t (:) ¿~ )¡fi t:~ ;~ This Mortgage ("Security Instrument") is given on November 30., "'005 ¿-, [{The Mortgagor is Bryan Hansen and MorganHansen whose address is 177 Hillvievv Drive, /\ftC)J1, WYJ?3llQ-94o.5 RECEIVED 12/2/2005 at 2:43 PM RECEIVING # 914144 BOOK: 606 PAGE: 563 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY WCDA DOWN PAYMENT LOAN MORTGAGE Loan Number: --º.70.j64l0651 ("Borrower"). This Security Instrument is given to GMAC Mortgage Corporation who is organized and existing under the laws of Pennsylvania and whose address is 1Qo. Witm~IYoad,J).O. Box 963, Horsham, P A 190.44 ("Lender"). Borrower owcd Lender the principal sum of ~.0.Ü--'l1lQ!!sand Seven Hundred Seventy and 00/100 Dollars ($6,770.00). This debt is evidenced by Borrower's Note dated the same date as this Security Instrument ("NOk"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on December] , )0. 13. this Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renevnds, extensions and moditìcations; (b) the payment of all other sums, with interl~st, advanced under Paragraph 6 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in Lincoln County, Wyoming: Lot 24 of Star View Estates Subdivision, Lincoln County, Wyoming as described Iq in the oftìcial plat thereof. which has the address of ] 77 Hillview Dri \fe, Aft on, code) ("Property Address"); __ Wyoming, 831] 0-9405__nnCzip TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and protìts, water rights and stock and all fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as "Property" . () \J\\~ """ A!' /q Ü~-:-:./JL{~DLL~~RROWER COVENANTS that Borrower is lawfully seized of the est<\te hereby cl~l\~Çe~~ G 4 and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally MPP F01l11 219 the title to the Property against all claims and demands, subject to any encumbrances of record. 1. Payment of Principal, Interest, Default Intcrcst and Latc Charges. BOlTO\ver shall pay whcn due the principal of, and interest on, the debt evidenced by the Note, default interest, if applicable, and late charges due under the Note. 2. Payment of Taxes, Insurancc and Othcr Chargcs. Borrowcr shall make time])' payment of any (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents 011 the Property, and (l') premiums for insurance required by Pamgraph 4. The Borrower shall furnish proof of payment to Lender upon request by the Lender. 3. Application of Payments. All payments under Paragraph 1 and 2 shall be applied by Lender as follows: First, to interest due under the Note; Second, to amortization of the principal of the Note Third, to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Prope¡1y, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall aJso insure all improvements on the Property, whether now in existence or subsequently erected against loss by floods to the extent required by the Lender. All insurance shall be canied with companies approved by Lender. The insurance poJicies and any renewals shall include loss payable clauses in favor of, and in a form acceptable to, Lender. Borrowcr shall furnish a copy of thc policy or policies of insurance to the Lender upon request by the Lender. In the event of Joss, BOITower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance cornpany concerned is hereby authorized and directed to make payment for SLlch loss directly to Lender, instead of to Borrower and to Lender jointly. AJJ or any part of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note (tnd this Security Instrument, first to any delinquent amounts applied in the order in Paragraph 3, and then to prcpayment of principal or (b) to the restoration or repair of the damaged property. Any application of the proceeds to the principaJ shaJJ not extend or postpone the due date of the monthly payments which arc refcnecl to in Paragraph 2, or change the amount of sllch payments. Any excess insurance proceeds over an amount required to pay aJI outstanding indebtedness under the Notc and this Security Instrument shall be paid to the entity legally entitled hereto. 2 ,\ ~~\~ N~ '\ 'A~~4 0~,r~G~ <~'-c::J!"'~:.t: " '" i \.~ ~) J In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of BOITower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty clays after the execution of this Security Instrument and shall continue to occupy the Propel1y as principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Propel1y as Borrower's principal residcnce for at least one year after the date of occupancy, unless the Lender detcrmines this requirement wi]] cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. BOlTower shall notif)¡ Lenders of any extenuating circumstances. BOITower shall not commit waste or destroy, damage or substantially change the Property or allow the Propel1y to deteriorate, reasonable wear ane! tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if BOITower, during the loan application process, gave materially false or inaccurate intl>nnation or statements to Lender (or Ú:¡iled to provide Lender with any material infonm¡tion) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning BOITower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Bonower shall comply with the provisions of the lease. If Borrower acquires fee title to the Propel1y, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all govemmental or municipal charges, fines and impositions that arc not included in Paragraph 2. BOITower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request, Bonower shall promptly furnish to Lender receipts evidencing these payments. If Borrower tàils to make these payments or the payments required by Paragraph 2, or fàils to perforn1 any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may signitìcantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do ancl pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2. Any Amounts disbursed by Lender under this Paragraph shall become an additional debt of BOITower and be secured by this Security Instrument. These amounts shall bear interest from the elate of disbursement, at the Note rate, or the default interest rate, and at the option of Lender, shall be immediately due and payable. 7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in 3 ("'~ ,\~~ \P y\\ \ ~ \ . y""j /',1 -":1 (11,('1 "-',' ¿' ,--.;: 'I' - - ,('. (I. r t: G G place of condemnation, are hereby assigned and shall be paid to Lender to the extent of nie"iùfl amount of the indebtedness that remains unpaid uncler the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, tìrst to any delinquent amounts applied in the order provided in Paragraph 3, and then to prepayment of principa1. Any application of the proceeds to the principal shal1 not extend or postpone the due date of the monthly payments, which are referred to in Paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 8. Grounds fOI" Acceleration of Debt. (a) Default. Lender may require immediate payment in full of all sums secured by this Security Instrument if: (i) BOlTower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthJy payment, or, (ii) BOlTower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Salc 'Vithout Credit Approval. Lender shall, if permitted by applicable law, requIre immediate payment if full of all the sums secured by this Security Instrument if: (i) AlI or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or othenvise transferred (other than by devise or descent) by the BOlTower, and (ii) The Property is not occupied by the purchaser or grantee as his or her principaJ residence, or the purchaser or grantee does so occupy the Prope¡1y but his or her credit has not been approved in accordance with the requirements of thc Lender. (c) Default Interest. If Lender has not received the full monthly payment required by the Security Instrument by the end of the thirty day calendar days after the payment is due, Lender may increase the interest rate as described in Paragrdph 2 of the Note to twcl ve percent (12%). Lender may choose not to exercise this option without waiving its right in the event of any subsequent default. (d) No \Vaiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender docs not waive its rights with respect to subsequent events. 9. Rcinstatement. Borrower has the right to be reinstated if Lender has IL'lluirecJ immediate payment in full because of Bonower's Ú1ilure to pay an amount clue under the Note or this Security Instrument. This right applies even after fè)]'eclosure proceedings are instituted. To reinstate the 4 (\\\ 1)"\ \l\\~ !-, ~'I ('H ¡''f , f '-1£ 'ß: S~~~lrity Instrument, BOITower shall tender in a lump sum all amounts required to bring Bon~;;~~~r;5 G "; account CUlTent including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorney's fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations, that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of forec]osure proceedings within two years immediately preceding the commencement of a current fÖreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 10. Borrower Not Released; Forbearance by Lender Not a \Vavier. Extension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by lender to any successor in interest of Borrower shall not operate to release the liability of the original BOITower or BOlTowcr's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for paymcnt or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original BOlTower or BOlTower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and beneJìt the successors and assigns of Lender and Borrower, subject to the provisions of Paragraph 8 (b). BOlTower's covcnanl'> and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, !:,'Tant and convey that BOITower's interest in the Property Lmder the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, lÖrbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Notices. Any notice to BOITower provided for in this Security Instrumcnt shall be gi ven by delivering it or by mailing it by Jìrst class mail un]ess applicabJe Jaw requires use of another method. The notice shaH be directed to the property address or any \Jther address Borrower designates by notice to Lender. Any notice to Lender shall be given by lirst class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 13. Governing Law; Severability. This Security Instrument sha]] be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicabJe Jaw, sllch conflict shaIJ not affect other provisions of this Security Instrument or the Note which can be given effect without 5 h~ (¡,. \~\\ ",',' ",' ;JAI 44 t:, ~< ~~_) ,~ ,_~' <_ _~L r·· ¡"I, Ii t~: G [) , ',,:\.0 J 0 the conflicting provision. To this end the provision of this Security Instrument and the Note are declared to be severable. 14. Borrowcr's Copy. BOlTower shall be gi ven one conformed copy of this Security lnstrurncnt. 15. Assignmcnt of Rents. Borrower unconditionally assigns and transfers tu Lender all the rents and revenues of the Property. BOlTower authorized Lender or Lender's agents to col1ect the rcnts and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of BOtTower's breach of any covcnant or agreement in the Security Instrument, BOITower shall col1ect and receive all rents and rL'vcnucs of the Property as trustee for the benetìt of Lender and Borrower. This assignment of rcnts constitutes an absolute assignmcnt and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents n~ccive by Borrower shall be held by Borrower as trustee for benetìt of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay al1 rcnts due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. BOlTower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Paragraph IS. Lender shal1 not be required to enter upon, take control of or maintain the Pruperty before oraner giving notice of breach to Borrower. However, Lender or a judicial1y appointed rcceiver may do so at any time there is a breach. Any application of rents shal1 not cure or waive any c1efauJt or invalidate any other right or remedy of Lender. This assignment of rents of the property shal1 tem1Ínate when the debt secured by the Security Instrument is paid in full. The Lender or a judicially appointed receiver shal1 not be required to post any bond or othcr security to cnter upon, take control of or maintain the property. NON-UNIFOIlM COVENA.NTS. Borrower and Lender further covenant and agree as 1~)lIows: 16. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 8, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incLllTed in pursuing the remedies provided in this Paragraph] 6, including, but not limited to, reasonable attorney's fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to fèJrecJose to Borrower and to the person in possession of the Property, if dilTerent, in accordance with applicabk law. Lender shall give notice of the sale to BorrO\ver in the manner provided in Paragraph] 2. Lender shall publish notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds or the sale shall be applied in the following order: (a) to al1 expenses of sale, including, but not limited to, reasonable 6 (þÌ« " ~~\\ ___' =~ I~ ,,\'1 4.:1 attomeys' fees; (b) to all sums secured by this Security Instrument; and person or persons legally entitled to it. ~'" Î .... ~~ G 9 ~ I...... ... .. .... :,) l..: v (c) any excess to the 17. Release. Upon Payment of all sums secured by this Security Instrumcnt, Lender shall rcleasc this Security Instrument without chargc to Borrower. BOITower shall pay any recordation costs. 18. \Vaivers. Borrower waives all rights of homestead exemption in the Property and rclinquishes all rights of courtcsy and dower in the Property. Ridcrs to this Sccurity Instrument. If one or more riders are executcd by Borrowcr and recordcd together \vith this Security Instrument, the covenants of cach such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) . were in a part of this Security Instrument. [Check applicable space(s)]. o Condominium Rider o Graduated Payment Rider o Growing Equity Rider DPlanned Unit Dcvelopmcnt Rider o Other [Specify] ['\;1," Otl ,~.pX~" ~.RM-3XXXXXXXx&, XXXXXx,xXKxXXXXX}~,;" 'Xi ¡¿fi 1CI }¥>~~Ù1~p~'XX~X~~x~xXvüt>m*'x~x BY SIGNING BELOW, Borrower accepts and agrees to tell11S contained in pages 1 through 7 of this Security Instrument and in any rider(s) executed by Bon-ower and rccorded with it. Witnesses: fY/jLtL ¡J¿-"~~Q-~- BOITower Bryan Hansen ~maQ. ~ \1r~ Bon-ower 'Morgan I-Jansen BOll'ower Borrower Lincoln STATE OF WYOMING, _ County ss: The foregoing instrument was acknowledged before me this Bryan Hansen. and Morgan Hansen. November 30, 2005 by My Commission Expires: ßt~ù:tJ k_4y_e/V2~ GLORIA K. BYERS - NOTARY PUBLIC C~unty of t!,Z~ State of Uncoln -fJ:ø Wyoming My CommIssion Expires Sept. 15, 2007 ~....~,~.... 9-15-07 7