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HomeMy WebLinkAbout914469 RECEIVED 12/15/2005 at 1:57 PM RECEIVING # 914469 BOOK: 607 PAGE: 520 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY !ìn~--:;o ,} ',-, v I... Loan No.: 000685500857 Loan Product: Interest Only Equity Line l\10RTGAGE '6 :5L~--n4 THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES Sb> S'"2.. C:Zs C1 LJ ç 0 ~1IN 100037506855008570 TIllS MORTGAGE, as amended and extended (this "Mortgage") is signed to secure advances under a GMAC Mortgage Corporation Home Equity Line of Credit agreement (the "Agreement"); it is dated as of November 1, 2005 , and is made by Brandon Robinson and Kara Robinson, Husband and wife who reside(s) at 3340 State Highway 238, Auburn, WY 83111 as mortgagor(s), in favor of ÇMAC Mortgage Corporation 7 Carnegie Plaza, Cherry Hill, NJ 08003 , as mortgagee. Borrower irrevocably mortgages, grants, and conveys to all Mortgage Electronic Registration Systems Iuc. PO Box 2026 Flint, MI 48501-2026 (MERS) acting solely as a nominee for Lender and Lender's successors and assigns. Throughout this Mortgage, "we", "us" and "our" refer to mortgagor(s), "LENDER" refers to GMAC Mortgage Corporation or its assigns. The "Account" refers to the Home Equity Line of Credit account established by LENDER under the Agreement. "Borrower" refers to each person who signs the Agreement as borrower. The Agreement and this Mortgage, taken together, are called Ùle "Credit Documents." "Signer" refers to any person (other than LENDER) who has signed a Credit Document. -- -- DESClUPTION OF SECURITY By signing this Mortgage, we mortgage to MERS as nominee LENDER, subject to Ùle terms of this Mortgage, (a) the real estate located at 3340 State Highway 238, Auburn Coumy of Lincoln , State of Wyoming 83111 ,more fully described in Schedule A; (b) all buildings or other structures on the property; (c) all rights we may have in any road, alley easement or license regarding the property or in any mineral, oil, gas or water which is part of the property; (d) all rents and royalties from the property; (e) all proceeds of any insurance on the property and all refunds of premiums on such insurance; (f) all proceeds of any taking (or Ùueatened taking) of Ùle property by any govemmental authority ("condenmation"); and (g) all tïxtures on the property at any time (collectively, the "Property"). The Property includes all rights and interests which we now have or which we may acquire in the future, For example, if the security mortgaged under ù1Ìs Mortgage is a leasehold estate and we subsequently acquire fee title to the Property, ùle rights and interests granted to MERS acting solely as a nominee for LENDER by this Mortgage will include the fee title that we acquire, This Mortgage is also a Security Agreemelll under ùle Wyoming Uniform Commercial Code and we hereby grant MERS acting solely as a nominee for LENDER a security interest in Ùle personal property described in (d) through (g) above, SECURED OBLIGATIONS TIllS MORTGAGE SECURES OBLIGATORY FUTURE ADV ANCES, We have signed this Mortgage to secure payment to LENDER of up to $ 25,000,00 , plus FINANCE CHARGES and any other amounts due LENDER under Ùle Agreement (the "Total Balance Outstanding") and to secure performance by Borrower under the Agreement and our performance of Ùle covenants of this Mortgage (collectively, the "Secured Obligations"). PlUORITY OF ADVANCES The lien of this Mortgage will attach on the date this Mortgage is recorded, with pnonty over subsequently recorded mortgages. The indebtedness evidenced by the Credit Documents is a revolving indebtedness. The Credit Documents provide that amounts may be advanced, repaid and readvauced from time to time in accordance with the terms and provisions of the Agreement. Accordingly, ùle aggregate advances during the term of the Credit Documents may exceed the Credit Linlit, However, ùle Total Balance Outstanding less FINANCE CHARGES and certain special charges at any time (the "Earning Balance Outstanding") shall never exceed the Credit Limit, except for advances made to protect the lien of ùlÌs Mortgage, We agree that Ùle lien and security title of this Mortgage shall not be deemed released or extinguished by operation of law or implied intent of the parties if the Total Balance Outstanding is zero as of the date of ùlÌs Mortgage or is from time to time reduced to zero by paymems made to LENDER, REPRESENTATIONS AND DUTIES We promise ùlat, except for Permitted Liens; (a) we own the Property; (b) we have the right to mortgage the Property to LENDER; and (c) ùlere are no outstanding clainls or charges against the Property, The term "Permitted Lien" means (x) any mortgage, deed to secure debt or deed of trust ("security instrument") disclosed to LENDER by any Signer in applying for the Account, to the extent that the amOUlll secured by such security instrument does not exceed the amount disclosed on slIch application; and (y) any liens, clain1s and restrictions of record that do not individually or collectively have a material adverse impact upon LENDER's security, the value of the Property or the Property's cllrrent use. GMAC-WY -l- lnitial _.._~._--- .f ::r (.cO <:¡ /'~. ,/~ ~C~, c~ '{J ~-..J.l ~ -,-~t-ltU ,,->;' !'. '-, c"· ~ ~"; "'~ '.,' ~,) \..' J ( J. Each of 115 gives a general warranty of title to LENDER. This mearu¡ iliat each of us wiU be fully responsible for any losses which LENDER suffers because someone has rights in the Property other than Pernùned Liens. We promise that we will defend our ownership of the Property against any claims of such right. We wiH neiilier take nor permit any action to partition, subdivide or change the condition of title to to all or any part of the Property. We will not amend any Permitted Lien without LENDER's prior written consent. CERTAIN PROVISIONS OF TIIE AGREEMENT We understand that LENDER may, under certain cirCUII1Slallces set forth in the Agreement, cancel its obligation to make further advances and/or require repayment at once of the Total Balance Outstanding. Under the Agreement, FINANCE CHARGES are based on the "prime rate" published in TIle Wall Street Journal or in certain circumstances me ·prime rate" published in The New York Times or a similar index selected by LENDER, The rate of FINANCE CHARGES changes on a daily basis as ilie index or the amount outstanding under ilie Agreement increases or dt:Creases. We wlderstand that Borrower will not receive advance notice:: of such changes, PROMISES AND AGREEMENTS We agree with LENDER as follows: 1. TIMELY PAYMENT. Except as limited by paragraph 10 below, Borrower shall pay when due all sums owed LENDER under the Credit Docuruents. 2. APPLICATION OF PAYMENTS. All payments shall be applied by LENDER as set forth in the Agreement, 3. MORTGAGES AND DEEDS 01<' 'fRUSf; CHARGES; LIENS. We shall make payments when due and perform all our obligations under any mortgage, dt:ed of trust or other Sf,'ÇlllÎty agreement on the Property. We shal1 payor cause to be paid when òue all loans, taxes, assessments, charges, fines, impositions and rents of any kind relating to the Property ("Assessments "). Receipts evidencing such payments shall be delivered to LENDER upon its request. Except for Perrniued Liens, we shall not allow any encumbrance, charge or lieu on the Property 10 become prior to this Mortgage 4. HAZARD INSURANCE; CONDEMNATION. (a) We shall. at our cost, keep all improvements on the Property ínsured against loss by haz.ards included in the teoo "extended coverage" or by allY other hazards LENDER nuy reawnably specify. Hazard insurance sha11 be in an amount equal to the lesser of (1) the full replacement cost of the building that is part of the Property or (ii) the amount of tlùs Mortgage plus the tOÙll amount of all Permitted LÍt:IlS; but never less than the amount necessary to satisfy any coinsurance requirement contained in the insurance policy. We may choose the Î1lSUrallce company, subject to approval by LENDER which may not be unreB..SOIUibly withheld. All insurance policies and renewlilii must be in a form acceptable to LENDER and must include a standard mortgagee clause in favor of LENDER. LENDER shall have the right to hold the policies and renewals, subject to the tenus of any Permitted Liens. If we pay the premiums directly, we shall provide LENDER with all renewal notices and, if requested by LENDER, all receipts for premiwm. ]f policies alld renewals are held by allY other person, we shall supply copies of them to LENDER within ten calendar days after they are issued. In the event of loss, we shall give prompt notice to the insurance company amI LENDER. LENDER may file a proof of loss if we fail to do so promptly. (b) The proceeds of any condemnation of the Property shall be paid to LENDER, subject to any Permitted Liens. We shall give LENDER notice of any such threatened condemnation and sign all documents required to carry out this paragraph 4. No condemnation settlement may be made williout LENDER's prior written approval which shall not be unreasonably withheld, (c) Subject to the terms of auy Permitted Lieu. LENDER may elect that the proceecb of any insurance or condemnation (after payment of all reasonable costs, expenses and attorneys' fees paid or incurreå by LENDER and us) shall be applied to pay the Secured Obligations, to repair or reconstruct the Property, anù/or pay for our loss, In the event that such proceeds are not used entirely for repair and recoJlStruction, we shall provide LENDER with a new appraisal or valuation of the Property, conducted by a person or entity aud in a form reasonably acceptable to LENDER, unless LENDER waives this requirement in writing. The receipt of proceeds shallüut cure or waive any default or notice of default under this Mortgage or invalidate any act done pursuant to such notice. If the Property is abaudoned by 115, or if we fail to reb-pond to LENDER in writing within 30 calendar days from the date notice of a proposed insurance or condenwation settlement is given to 115, LENDER illay settle the claim, coHect the proceeds and apply them as set forth above. Initial n / . ) J<-~'/' 'i./ ,/-/ I;;I¿ - 2 - t .~ ~;- ,,; I"· /', '!- ~ ~ ~ ~ ,.:, ' '-":'-irU....¡o J~'---...' -- :'(ìr5.{~0 .- ...) \ ' /..J $..,., If the Property is acquired by LENDER, all of our right, title and interest in and to any insurance or condemnation proceeds shall become the property of LENDER to the extent of the sums secured by this Mortgage. 5. MAINTENANCE 01(' TIlE PROPERTY; LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. We shall: use, improve and maintain the Property in compliauce willi law; keep the Property in good repair and pay when due all repair COSIS; prevent waste; impairment and/or deterioration of the Property; and comply with the provisions of any lease of the Property. If the Property is a part of a condominium project or a planned unit developIIJ.eDL, we shall promptly perform all of our obligations under the governing documents of the project or development. 6. PROTECTION OF LENDER SRCUlUTY. We shall appear in and defend any action or proceeding which may affect the securiLY of LENDER under this Mortgage or result in violation of paragraph 3 above. If such an action is fùed. we violate this Mortgage or Borrowers violate tillS Agreemtnt, theu LENDER may disburse fuuds and do whatever it believes necessary to protect the security of tlJ.i¡¡ Mortgage. Iu doing so, LENDER shall give us uotice but it ueed not make demand or release us from any obligation. An.y amounts paid by LENDER under this paragraph 6, with FINANCE CHARGES at th", varÍJ1ble rate in effect under the Agleemem, shall be paid by us upon demaud. Until paid by us, such amOIJIili¡ are secured by this Mortgage. LENDER is not required to Î11Cur any expe= or take any actioD under this Mortgage and no action œk.en shall release us from any duty. 7. INSPEC'nON. Representatives of LENDER lUay inspect the Property from time lo time. Except in au emergeucy, LENDER must first give notice specifying reasonable cause for the inspection. 8. FINANCE CHARGES AFTER END OF ACCOUNT AND/OR JUDGMENT. To the extent permitted by law, we agree that FINANCE CHARGES after the end of the Account and/or after a judgment is entered shall continue to accrue at the rates and in the manner specified in the Agreement. 9. OUR CONTINUING DUTIES AND LENDER'S IUGHI'S¡ WAIVERS. No waiver of any LENDER right under the Credit Documents shall release or limit our liability, Borrower's liability. or that of our successors or Borrower's successor, nor shall any waiver affect the lien or priority of this Mortgage. LENDER shall not be required to start proceedings against any SUccessor or modify payment terms by reason of any demand made by us or any successor, No LENDER act or failure to act shall waive any right under this Mortgage. All waivers must be in writing and signed by LENDEk; they shall apply only to the exteut and with respe<:t to the event specified in the writing. Obta.iniIlg insurance, or paying taxes. other liens or charges shall not be a waìver of LENDER's right to demand payment at once of the sums secured by this Mortgage in ¡be event of a default under the Credit Documents. 10. SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIAßILITY¡ Co.-SIGNERS. This Mortgage shall bind us and our respective successors and permitted assigns for the beuefit of LENDER and its successors and assigm. All agreements wade by us or any successor are joint and several and may be enforced against each of us or any successor_ Any Signer who does not execute the Agreement (a) is co-sigrnng only to cucumber that person's interest in the Property and to release all homestead andlor dower rights, (b) is not personally liable under the Credit Docwnents, and (c) agrees that LENDER and any Signer may modify either Credit Document, without consent and without modifYing the interests of the rest of us under this Mortgage. 11. NOTICES. All notices shall be in writing. Except where applicable law requires otherwise: (a) LENDER notices shall be hand delivered or mailed by fust class, rtgistered or certified mail to the address of the Property or to such other address specified by the addressee in a written notice given to LENDER. Any LENDER notice shall be considered given on the day it is deposited in the U.S. mail or is hand-delivered, (b) Our notices shall be mailed to LENDER by first class, registered or certified mail to tlle address for such notices specified on our most recent monthly statement under the Agreemeut or to such other address specified by LENDER in a written notice given to us. Any such notice shall be cousidered given on the CÜly it is received by LENDER. 12. GOVERNING LAW. This Mortgage will be governed by federal and Wyoming law, If any provision is invalid, illegal, or uneuforceable. this Mortgage shall be iuterpreted as if such provision has never been inculded. 13. COPIES. We shall receive copits of the Credit Document,<¡ at the time they are signed or after this Mortgage is recorded. Initial K' \t ~'.-.. /) ~ )\C \J - 3 - _; ~/i:[lhS ~::OC5,:~:3 14. EXERCISING REMEDIES, LENDER may exercise all of the rights and remedies provided by the Credit DocUlIlents or law, a.ud any of these rights a.ud remedies may be exercised iIldividually or jointly, ouce or a number of times. The parties 10 this document are subject to the provision for Arbitration as set forth in the AgreemeIÚ which is incorporated by refen:nce as if set forth at length herein. 15. EVENTS OF DEFAULT. (a) The events set forth in paragraph 15(b) are Events of Default if and when LENDER gives any Signer notice of default. We agree to notify LENDER promptly upon me blippening of any event mat would be an Event of Default under either Credit Document upon the giving of notice by LENDER. (b) After giving notice of default, LENDER may end the Account and/or demand repayment at once of the Total Balance Outstanding in uny of the following events: (i) There has been fraud or material misrepresentation by any Signer in connection with the Account; (ii) Borrowers have failed to meet the repayment terms of the Agreement for any amount outstanding; or (iii) Any action or inaction by any Signer has adversely affected the Property or any right of LENDER in the Property; to the extent penniHed by law, tlùs will include, but not be limited to, any Signer (or any legal representative or successor of any Signer) agreeing to sell, transfer or assign or selling, transferring or assigning any Íllterest in the Property, without the prior written consent ot' LENDER. (c) Notwithstanding any language in this Mortgage to the contrary, LENDER will not give notice of default unless permitted by applicable law and LENDER will give us any grace period, right to cure andlor reinstatement right required by applicable law, This paragraph 15 is Ílltended to give LENDER all rights permitted by applicable law. 16. REMEDIES. IF BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OUTSfANDING WHEN DUE, LENDER l\fAY EXERCISE ANY REMEDY A V AlLABLE TO IT UNDER APPLICABLE LAW, INCLUDING FORECLOSURE. 17. FOIŒCLOSURE BY ADVERTISEMENT. We hereby grdI1t LENDER upon an Event of Default power to sell or cause the sale of the Property by advertisement and sale at public aucLÌon or vendue and to convey the Property to the purchaser in the manner provided by law, 18, APPOINTIrIENT O}' RECEIVER. Upon an Event of a Default or our failure to pay taxes assessed against the Property andlor insurance premiUIIl8 on the Property (which we agree shall constitute waste), LENDER shall be eutitled to the appointme:nt of a r~iver if permiUed by law. 19. SATISFACTION OF MORTGAGE. Upon payment and discharge of all sums securoo by this Mortgage and termination of the Account, this Mortgage shall be void and LENDER shall satisfy this Mortgage, file a discharge or release and pay any recording costs. 20. REQUEST FOR NOl'ICES. LENDER requests that copies of notice of default, sale and foreclosure from the bolder of any lien which has priority over ùus Mortgage be sent 10 LENDER at 7 Carnegie Plaza, Cherry Hill, NJ OH0<I3 21. EXIllBITS, SCHEDULES AND RIDERS, ETC. The terms of any Exhibit, Schedule Rider attached to this Mortgage or executed and recorded with this Mortgage shall be treated as if fully set forth in this Mortgage. All of the Terms of the AgreemeIÚ are made part of this Mortgage. 22. TIME OF ESSENCE. Time is of the essence in this Mortgage. 23. ACTUAL KNOWLEDGE. For purposes of the Credit DOCUlllents, LI;NDF.R shall not be deemed to have actual knowledge of any fact until it actually receives notice as set forth in paragraph 11 or until it receives written notice thereof from a source LENDER reasonably believes to be reliable. The date of receipt shall be determined by reference to the "Received" date stamped OIl such wriUen notice by LENDER or its agent, 24. RELEASE. To the extent authorized by law, for ourselves and our successors and assigns, we hereby release and waive ail rights under aud by virtue of the homestead ex.emption laws of the State of Wyoming. Initial \/ X~_// " Q '~~~ - 4 - J.J~,~,.r_~:_~tS :"\, ~>.:' "f ,) J:., '± 25. EXPENSES OF LITIGATION. In any proceeding to enforce any remedy of LENDER under the Credit Documents there shall be allowed and included, to the extent permitted by law, as addilioaal iudebtedness in the judgment or decree, any court costs and reasoooble expenses which may be paid or incurred by LENDER for attorneys; appraisers; documenlJiry and expert evidence; stenographers; publication; surveys; abstracts of title; title searches; title insurance policies; Toaeus certificates; /iOO similar items which LENDER reasonably considers necessary in such proceeding or to evidence to bidders at /illY sale the true condition of the title to or value of the Property. Such expenses may be estimated to the extent they will be incurred after entry of the decree. In any foreclosure by advertisement. all expenses peruùtted by sUitute that LENDER incurs in protecting !he Property, maintaining the lien of this Mortgage and foreclosing the Mortgage .shall be included in the redemption price and in the calculation of any deficiency. 26. CAPTIONS¡ GENDER; ETC. The headings in this Mortgage are not to be used to interpret or derme its provisions. In this Mortgage, tlie masculine gender includes the feminine and/or nueter, singular numbers include the plurals, and plurals include the singular. 27. MERS. Borrower understands and agrees that MERS holds oruy legal title to the interests granted by Borrower in this Mortgage, but, if necessary to comply with local law or CUSLOrn MBRS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of these interests, including, but not limited to, the right to for«:lose and sell the property; and to take any action required of Lender including but not limited 10, releasing and canceling this Mortgage. By signing this Mortgage, we agree to all of the above. WITNESSES: ~ ~--;~ /~~~¿'/~;¿:~ ---ncandon RobiWiUD ' ~ By: .., By: -1)(l)l!L~'hÁ-''Y--)\( (\-j ara Robinson By: By: STATE OF WYOMING COUNTY OF Li..l.ù\"'"" Ie' ss. On the \ ~ day of V'(\ \5\ ~! Z:QD S before me personally came \) r~ð..CTY' R..o D' (\,q, O"'r-- ~ ~~ r¿bìl"-~~ to roe known to be the individual(s) described in and who executt:d the foregoing instrument, and acknowledged that lieisheithey executed Ùle same. N~~ -~ ~.:;c- L~ t\. u> t '^J County, Wyoming My Commission Expires: \.\.- l~'Olo -5- PAMELAJ, CLEMEHT· NOTARY puaiJë"1 County ot ~~)~ Stata of Uru:uln '(# W~umj¡iØ MYCOmmlSslonEx~res ~\- \'kolo itj~'_____ Title No. 1._~~\ C--i MORTGAGE (": n C ~ ;" ~"~ :. ') ~ .' ~". _ J.._. J TIllS INSTRUMENT PREPARED llY; Melissa Hoffman TO V,Then recorded mail to: FlRST AMÐUCAN 1111.E INSURANCE 1228 EUCLID A VENUE} SUITE 400 C'LEVJo.LA.ND} OHIO 44115 ATTN: NA110NAL REC01WINGS II20 RESERVE THIS SPACE FOR USE OF RECOROlNG OFFICE , ' (h~~ S: ,', ì r r- " 6 ' r, ~ ~'" "/ _ .- . ,.,,0,. '"-'" _____~,i EXHIBIT A SITUATED IN THE COUNTY OF LINCOLN AND STATE OF WYOMING: THE SOUTH 300 FEET OF THE EAST 530 FEET OF THE SOUTHWEST 1/4 NORTHEAST 1/4 OF SECTION 35, TOWNSHIP 33 NORTH RANGE 119 WEST OF THE 6TH PRINCIPAL MERIDIAN, LINCOLN COUNTY, WYOMING. ALSO, THE NORTH 943.14 FEET OF THE EAST 530 FEET OF THE SOUTHWEST 1/4 NORTHEAST 1/4 OF SECTION 35, TOWNSHIP 33 NORTH, RANGE 119 WEST OF THE 6TH PRINCIPAL MERIDIAN, LINCOLN COUNTY, WYOMING EXCEPTING THEREFROM THE NORTH 696. 57 .FEET AND THE EAST 353.31 FEET OF THE EAST 530 FEET OF SAID SECTION 35. ALSO, THAT PART OF THE NORTHWEST 1/4 SOUTHEAST 1/4 OF SECTION 35, TOWNSHIP 33 NORTH RANGE 119 WEST OF THE 6TH PRINCIPAL MERIDIAN, LINCOLN COUNTY, WYOMING, BEING PART OF THAT TRACT OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 263PR ON PAGE 80, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF THE SAID NORTHWEST 1/4 SOUTHEAST 1/4, FOUND AS DESCRIBED IN THAT CERTIFIED LAND CORNER RECORDATION CERTIFICATE FILED IN THE SAID OFFICE; THENCE SOUTH 00 DEGREES 25.8 MINUTES EAST, 22.10 FEET, ALONG THE EAST LINE OF THE SAID NORTHWEST 1/4 SOUTHEAST 1/4, TO A 3/8 INCH X 12 INCHES STEEL SPIKE¡ THENCE SOUTH 89 DEGREES 24.4 MINUTES WEST, 535,19 FEET TO A POINT¡ THENCE NORTH 00 DEGREES 21.5 MINUTES WEST, 24,29 FEET TO AN INTERSECTION WITH THE NORTH LINE OF THE SAID NORTHWEST 1/4 SOUTHEAST 1/4, MARKED BY A PIPE¡ THENCE NORTH 89 DEGREES 38.5 MINUTES EAST, 535.16 FEET, ALONG THE SAID NORTH LINE TO THE POINT OF BEGINNING. Permanent Parcel Number: 33193510009000 BRANDON ROBINSON AND KARA ROBINSON, HUSBAND AND WIFE AS TENANTS BY THE 8564774 ,,:, /\ ,c; iÜ". ~, ,. .IL..-.../"--:':UJ ".._' ---' ....... 10... r'nr-r::: 'Yl '.,' ',) \ . ~ ,!.., I EXHIBIT A (continued) ENTIRETIES 3340 STATE HIGHWAY 238, AUBURN WY 83111 First American Order No: 8564774 Identifier: FIRST AMERICAN LENDERS ADVANTAGE 111111111111111111111111111111111111111111111 When recorded mail to: FIRST AMERICAN TITLE INSURANCE 1228 EUCLID A VENUE, SUITE 400 CLEVELAND, OHIO 44115 . ATTN: FT1120