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HomeMy WebLinkAbout914484 f: :~~) J (\ ".' RECEIVED 12/16/2005 at 10:32 AM RECEIVING # 914484 BOOK: 607 PAGE: 602 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY n A. .. ,,", r. 6,", ',/ t·Ut.. ('.3Þ:' ,~ 50879 (01) Account No.: 0017541 **** Branch No,: 398 Lo~n Product: 95% CLTV HELOC Piggyback MIN 1000697-8250001754-5 MORTGAGE THIS MORTGAGE SEClffiES OBLIGATORY FUnffi.E ADVANCES THIS MORTGAGE, as amended and extended (this "Mortgage'') is signed to secure advances under a GMAC Home Equity Line of Credit agreement (the "Agreement''); it is dated as of December 13, 2005, and is made by Carson 1. King, A Single Man_ who reside(s) at 182 Trail Drive , Alpine, Wyoming 83128, as mortgagor(s), in favor of GMAC Mortgage Corporation, a Perllisylvania Corporation, 100 Witmer Road, Horsham, PA 19044-0963 (herein "GMAC") and the MOligage Electronic Registration Systems, Inc" P,O. Box 2026, Flint, Ml 48501-2026 ("MERS") acting solely as nominee for Gt-.,fAC and GMAC's successors and assigns under this MOligage, as mOligagee. TIlroughout this MOligage, "we", "us" and "our" refer to mortgagor(s). "GMAC" refers to GMAC Mortgage Corporation or its assigns. The "Account" refers to the Home Equity Line of Credít account established by GMAC under the Agreement. "Borrower" refers to each person who signs the Agreement as borrower. TIle' Agreement and this MOligage, taken together, are called the "Credit Documents." "Signer" refers to any person (other than GMAC) who has signed a Credit Doqlluent. DESCRIPTION OF SEClITUTY By signing this MOligage, we mOligage to MERS acting solely as a nominee for GMAC, subject to the telms of this MOligage, (a) the real estate located at 182 Trail Drive, Alpine, County of Lincoln, State of Wyoming 83128, more fully described in Schedule A; (b) all buildings and other structures on the proper1y; ( 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 properiy; (d) all rents and royalties from the property; (e) all proceeds of any insurance on the propeliy and all refunds of premiums on such insurance; (f) all proceeds of any taking (or threatened taking) of the properiy by any govemmental authority ("condemnation ''); and (g) all fixtures on the property at any time (collectively, the "Property''), 10 V I! C-I !J 111e Property includes all rights and interests which we now have or which we may acquire in the future. For example, if the security mOligaged under this MOligage is a leasehold estate and we subsequently acquire fee title to the Property, the rights and interests granted to MERS acting solely as a nominee for GMAC by this MOl1gage will include the fee title that we acquire. This MOligage is also a Security Agreement under the Wyoming UnifOlm Conlli1ercial Code and we hereby grant MERS acting solely as a nominee for GMAC a security interest in the personal property described in (d) tlu'Olrgh (t) above. SEClffiED OBLIGATIONS TIns MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES. We have signed this Morigage to secure payment to GMAC of up to $22,500.00, plus FINANCE CHARGES and any other amounts due GMAC under the Agreement (the "Total Balance Olltstanding") and to secure perfOlmance by BOlTower under the Agreement and our performance of the covenants of this Mortgage (collectively, the "Secllred Obligations''), PRIORITY OF ADVANCES The lien of this MOligage will attach on the date this Mortgage is recorded, with priority over subsequently recorded mortgages, The indebtedness evidenced by the Credit Documents is a revolving indebtedness. The Credit Documents provide that amounts may he advanced, repaid and readvanced from time to time in accordance with the terms and provisions of the Agreement. Accordingly, the aggregate advances during the term of the Credit Documents may exceed the Credit Limit. However, the Total Balance Outstanding less FINANCE CHARGES and certain special charges at any time (the "Eaming Balance Outstanding'') shall never exceed the Credit Lin1it, except for advances made to protect the lien of this Morigage. We agree that the lien and security title of this MOligage shall not be deemed released or extinguished by operation of law or implied intent of the pariies if the Total Balance Outstanding is zero as of the date of this Mortgage or is from time to time reduced to zero by payments made to GMAC. GMAC-WY ~lL ¡1;; ~¡;¡r:~¡¡i¡ ¡~I i~¡I~:; '1:,:' . ~ ,I "\ '/~;I/;': 3 rl ',1 ': REPRESENTATIONS AND DUTIES r' n (' 6 ,", '" \1;" \) \.' .. t; ~ We promise that, e'cept for PemJitted Liens: (a) we o\'.n the Property; (b) we have the right to mortgage the Property to GMAC; and (c) there are no outstandÌ1Jg claims or charges agaÌ1Jst the Property. The telm "Permitted Lien" mcans (x) any mortgage, deed to secure debt or deed of tmst ("security instrument") disclosed to GMAC by any Signer in applying for the Account, to the extent that the amount secured by such security instnullent dues not exceed the amount disclosed 011 such application; am] (y) any liens, claims and restrictions of record that do not individually or coHectively have a material adverse impact upon GMAC's security, the value of the Property or the Property's cunent use. Each of us gives a general wananty of title to GMAC. This means that each of us wiJJ be fully responsible for any losses which GMAC suffers because someone has rights in the Propeliy other than Pennitted Liens. We promise that we \vi11 defend our ownership of the Proper1y against any claims of such right. We \vilIlIeither take nor permit any action to partition, subdivide or change the condition of title to a1l or any part of the Property, We will not amend any Pelmitted Lien without GMAC's prior written consent. CERTAIN J'JWVISIONS OF THE AGREEl\1ENT We understand that GMAC may, under ce11ain circulllstances set f011h in the Agreement, cancel its obligation to make future advances andlor require repayment at once of the T ota I Ba]ance OutstandÌ1lg. Under the Agreement, FINANCE CHARGES are based 011 the "prÌ1ne rate" published Ì11 'TIle WaU Street lQ!If.IJ'Jl or in certain circumstances the "prime rate" published Ì11 The N¡:~v York Times or a sÌ1J¡j]ar index selected by GMAC. The rate of FINANCE CHARGES changes on a daily basis as the Ì1ldex or tile amount outstanding under the Agreement increases or decreases. We understand that Bon-ower will not receive advance notice of such changes. PROl\IISES AND AGREEMENTS We agree with GMAC as follows: 1. TJì\JELY PAYMENT. Except as limited by paragraph 10 below, Bonower shall pay when due all sums owed GNlAC under the Credit Documents, 2. APPLICATION OF PAYMENTS. All payments shall be applied by GMAC as set fmih JJ1 the Agreement. 3. MORTGAGES AND DEEDS OF TRUST; CHARGES; LIENS. We shall make payments when due and perform all our obligations under any 1lI00igage, dœd of trust or other security agreement on the Properiy. 'vVe shall payor cause to be paid when due a]] loans, taxes, assessments, charges, fines, impositions and rents of any kind relating to the Property ("Assessments"). Receipts evidencing such payments sha]] be delivered to Gi'vJAC upon its request. Except for Permitted Liens, we shaH not aUow any encumbrance, charge 01 lien on the Property to become prior to this M011gage, 4. HAZARD INSURANCE; CONDEMNATION. (a) We shaH, at our cost, keep a]] improvements on the Property insured agaÌ11st Joss caused by hazards included in the term "extended coverage" or by other hazards GMAC may reasonably specify. Hazard insurance shaH be in an amount equal to the lesser of (i) the fu]] replacement cost of the building that is pari of the Properly or (ii) the amount of this Mortgage plus the total :unount of all Permitted Liens; but never less than the amount necessary to satisfy any coinsurance requirement contained Ì11 the insurance policy. "\Ve may choose the insurance company, subject to approval by GMAC which may not be unreasonably withheld. All insurance polil'ies and ICnewals must be in fOlln acceptable to GMAC and must incIude a standard mortgagee clause in favor of GMAC. GMAC shaH have the right to hold the policies and renewals, subject to the terms of any Pellnitted Liens. If we pay the premiums directly, we sha]] provide GMAC with aU renewalllotices and, if requested by GMAC, aU receipts for premiums. If policies and renewals are held by any other person, we shaH supply copies of them to GlviAC within ten calendar days after they are issued, In the event of loss, we shall give prompt notice to the insurance company and GMAC. GMAC may file a proof of loss if we fail to do so promptly, (b) The proceeds of any condemnation of the Propel1y shall be paid to GM,AC, subject to any Permitted Liens. We sha]] give GMAC notice of an)' threatened condemnation and sign all documents requÌ1'ed to carry out this paragráph 4. No condemnation settlement may be made without GMAC's prior written approval wlJich sha]] not be unreasonably withheld, - 2 - ~k- I _1 /i /~j ';:J Lt: '.1; ~'~"'':'-J ~ ('. I-I (', ¡,~ ", ¿I -< ;..) t Ú ~~..; , .' \ Î' C '.....J..: ~ ' (c) Subject to the ten11S of any Permitted Lien, GMAC may elect that the proceeds of any insurance OJ condemnation (aner payment of all reasonable costs, expenses and attorneys' fees paid or incuned by GMAC and us) shall be applied to pay the Secured Obligations, to repair or reconstmct the Property, anel/or pay us it) " our loss. In the event that such proceeds are not used entirely for repair and reconstruction, we shall provide GMAC with a new appraisal or valuation of the Propeliy, conducted by a person or entity and in a fOlm reasonably acceptable to GMAC, unless GMAC waives this requirement in writing. The receipt of proceeds shall not cure or waive any default or notice of default under this Mortgage or invalid¡ite any act done pursuant to such notice. If the Property is abandoned by us, or if we tàil to respond to GMAC in writing within 30 calendar days from the date notice of a proposed insurance or condemnation settlement is giwn to us, GMAC may settle the claim, collect the proceeds and apply them as set forth above. If the Propeliy is acquired by GMAC, all of our right, title and interest in and to any insurance or condemnation proceeds shall become the property of GMAC to the extent of the sums secured by this Mortgage. 5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONDOl\ffNIUMS; PLANNED UNIT DEVELOPMENTS. We sh¡¡lI: use, improve and maintain the Propeliy in compliance with law; keep the Property in good repair and pay when due all repair costs; prevent waste, impairment anel/or deterioration or the Propeliy; and comply with the provisions of any lease of the Property. If the Propeliy is p31i of a condominium project or a planned unit development, we shall promptly perfOJm all of our obligations under the goveming documents of the project or development. 6. l)ROTECTION OF GMAC SECURITY. We shall appear in and defend any action or proceeding which may affect the security of GNfAC under this Mortgage or result in a violation of paragraph 3 above. If such an action is filed, we violate this Mortgage or Borrowers violate the Agreement, then GMAC may disburse fimds and do whatever it believes necessalY to protect the security of this MOIigage, In doing so, Gt\fAC shall give us notice but itneed not make demand or release us from any obligation. Any amounts paid by GMAC under this paragraph 6, with FINANCE CHARGES at the variable rate in effect under the Agreement, shall be paid by us upon demand, Until paid by us, such amounts are secured by this MOligage. GMAC is not required to incur any expense or take any action under this MOJigage and no action taken shall release us from any duty. 7. INSPECTION. Representatives of GMAC may inspect the Property from time to time, Except in an emergency, GMAC must first give notice specifying reasonable cause for the inspection. 8. FINANCE CHAnGES AFTEn END OF ACCOUNT ANDIOR JUDGMENT. To the extent pennitted by law, we agree that FINANCE CHARGES after the end of the Account and/or after a judgment is entered shall continue to accme at the rates and in the ma,nner specified in the Agreement. 9. OUR CONTINUING DUTIES AND GMAC'S nIGHTS; W AIVlmS. No waiver of any GMAC right under the Credit Documents shall release or limit our liability, Borrower's liability, or that of our successors or Bonower's successors, nor shall any waiver affect the lien or priority of this MOJigage. GMAC 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 GMAC act or failure to act shall waive any right under this MOIigage, All waivers must be in writing and signed by GMAC; they shall apply only to the extent and with respect to the event specified in the writing, Obtaining insurance, or paying taxes, other liens or charges shall not be a waiver of GMAC's right to demand payment at once of the sums ~ecured by this MOIigage in the event of a default under the Credit Documents. 10. SUCCFSSOnS AND ASSIGNS; JOINT AND SEVERAL LIABILITY; CO-SIGNERS. This MOligage shall bind us and our respective successors and permitted assigns for the benefit of GMAC ; JId its successors and assigns. All agreements made 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-signing only to encumber that person's interest in the Property and to release all homestead anel/or dower rights, (b) is not personally liab1e under the Credit Documents, and (c) agrees that GMAC and any Signer may modify either Credit Document, without consent and withou,t nl0difying the interests of the rest of us under this Mortgage. - 3 -' ~V=- .~~ \./ :~- ," 'Î r-. 6 '\ ç- ir..} t~ ... t: ;J 11. NOTICES. All notices shall be in writing. Except where applicable law requires otherwise: (a) GÌ\1AC notices shall be hand delivered or mailed by first class, registered or ceriified mail to the address of the Property or to such other address specified by the addressee in a written notice given to GMAC. Any GMAC notice shall be considered given on the day it is deposited in the U.S. mail or is hand-delivered. (h) Our notices shall be mailed to GMAC by first class, registered or ceriified mail to the address for such notices specified on our most recent monthly statement under the Agreement or to such other address specified by Gr'v1 ¡\C in a written notice given to us, Any such notice shall be considered given on the day it is received by GMAC. 12. GOVERl'lING LAW. l1Iis Mortgage will be governed by federal and Wyoming law. If any provision is invalid, illegal, or unenforceable, this Mortgage shall be intelpreted as if such provision had never been included. 13. COPIES. We shall receive copies of the Credit Documents at the time they are signed or after this Mortgage is recorded. 14. EXERCISING REMEDIES. GlVlAC may exercise all of the rights and remedies provided by the Credit Documents or law, and any of these rights and remedies may be exercised individually or jointly, once or a number of times, The paliies to this document are subject to the provision for Arbitration as set forth in the Agreement which is incOlporated by reference as if set fOlih at length herein. 15. EVENTS OF DEFAULT. (a) The events set forth in paragraph 15(b) are Evcnts of Default if and when GMAC gives any Signer notice of default We agree to notify GMAC promptly uron the happening of any event that would be an Event of Default under either Credit Document upon the giving of notice byGMAC. (b) After giving notice of default, GMAC may end the Account aneVor demand repayment at once of the Tota 1 Balancc Outstanding in any ofthe following events: Account; (i) There has been fraud or material misrepresentation by any Signer in cOllllection with the (ii) Bonowers have failed to meet the repayment terms of the Agreement for any amount outstancling; or (iii) Any action or inaction by any Signer has adversely affected the Property or any right of GMAC in the Propeliy; to the extent permitted by law, this will include, but not be limited to, any Signer (or any legal representative or successor of any Signer) agreeing to seH, tmnsfer or assign or selling, transfening or assigning any interest in the Property, without the prior written consent of GMAC. (c) Notwithstanding any language in this MOligage to the contralY, GMAC wiH not give notice of default unless permittcd by applicable Jaw and GMAC will give us any grace period, right to cure and/or reinstatement right required by apphcable law. 111is paragraph 15 is intended to give GMAC all rights penllitted by applicable law. 16. JŒMJWmS. IF BORROWERS DO NOT IŒPAY AT ONCE THE TOTAL BALANCE OUI'STANDJNG WHEN DUE, GIVIAC MAY EXERCISE ANY REMEDY AVAILAJ3LE TO IT UNDER APPLlCABLJ~ LAW, INCLUDING FORECLOSURE. 17. FORECLOSURE BY ADVERTISEl\1ENT. We hereby grant GMAC upon an Event of Default power to sell or cause the sale of the Property by advertisement and sale at public auction or vendue and to convey the PropCliy to the purchaser in the manner provided by law. 18. Al'POINTIVIENT OF RECEIVER. Upon an Event of a Default or our failure to pay taxes assessed against the Property ancl/or insurance premiullls 011 the Propeliy (which we agree shall constitute waste), GMAC shaH be entitled to the appointment of a receiver if pernÜtted by law, ] 9. SATISFACTION OF MORTGAGE. Upon payment and discharge of aH sums secured by this Mortgage and termination of the Account, this MOligage shaH bc void and GMAC shaH satisfy this MOligage, file a discharge or re1casc and pay any recording costs. 20. RE,QUEST FOR NOTICES. GMAC reqeests that copies of notices of default, sale and foreclosure from the holder of any hen which has priority over this Mortgage be sent to GMAC at 100 Witmer Road, Horsham, PA 19044, - 4 - ~\L \;,,"~'~' /, /!i8éf ~ . ~1¡~-(j_L-~~f_~-I2- ',..~ (' nr. (:'- ,: G .... ~\,) t \) ~_I 21. EXHIBITS, SCHEDULES AND RIDERS, ETC. TIle terms of any Exhibit, Schedule or Rider attached to this Mortgage or executed and recorded with this MOligage shall be treated as if fully set forth in this MOligage. All of the tenns of the Agreement 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 Documents, GMAC 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 GMAC reasonably believes to be reliab]e. The date of receipt shall be determined by reference to the "Received" date stamped on such written notice by GMAC or its agent. 24. RELEASE. To the extent permitted by law, for ourseh:es and our successors and assigns, we hereby release and waive all rights under and by vuiue of the homestead exemption laws of the State of Wyoming. 25. EXPENSES OF LITIGATION. In any proceeding to enforce any remedy ofGMAC under the Credit Documents there shall be allowed and included, to the extent pernùtted by law, as additional indebtedness in the judgment or decree, any comi costs and reasonable expenses which may be paid or incurred by GMAC for attorneys; appraisers; documentary and expert evidence; stenographers; publication; surveys; abstracts of title; title searches; title insurance policies; Torrens certific,ates; and similar items which GMAC reasonably considers necessalY in sllch proceedulg or to evidence to bidders at any sale the true condition of the title to or value of the Property. Such expenses may be estimated to the extent they will beincuned after entry of the decree, ]n any foreclosure by advertisement, all expenses pelmitted by statute that GMAC incurs in protecting the Pmpeliy, maintauling the lien of this Mortgage and foreclosing this 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 ulterpret or define its provisions. In this MOligage, the masculine gender includes the feminine ami/or neuter, singular numbers ulc1ude the plurals, and plura]s include the singular. 27. MERS. Borrower understands and agrees that MERS holds only legal title to the interests granted by Bonower in this Mortgage, but, if necessary to comply with local law or custom MERS (as nominee for GMAC and GMAC's successors and assigns) has the right: to exercise any or all of 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 ~l}{ICe left blank intentionally) 1_, -'-^<''''''''-J''-,)I'~"",~~.::~,,,,.~;,,,~~.~,~,,,~,~,~,,y,, oF':7"~~'~'~ - .;'-. "-""~'."'''''''~''''~'' .. .. \ )L.i'.ìU."¡ \ Ii},) (:;.j. ~jn ,.:; l.:..\ I 1·.' . tf) i'¡1;";'t''') ~. "- <.. ...:II';,.J.', t ",,,"-' t" .... 11" '>'( ..." 'J ,) \' :;!iI(;.,J .. ,_, 1.,1.. IU~ ~r. n~~jj~)T . \t';!;:\(~ \e ~; ~"".,"',:",:::.":.:,,,. '....." ~ ,-' '''''''.' ".."..,,,.,.,.~::':~ ß '-' ') ~t@~i~imj:~r~j ., ~,,' .: '. ' __ ~._. J. ti· ,.L Í' n (" G' ,.~ t7 I. ; ~ . t ~ \~,. ....1 ,__ .. By signing this Mortgage, we agree to aJl of the above. WIC'{i:SSES: \ T ~_f- By: LT ~- Carson 1. King MORTGAGOR By: MORTGAGOR By: MORTGAGOR ---,--._-- By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR STA TE OF WYOMING COUNTY OF -Fet'ó~ On the 17 day of ~C.~~, _àt.ùc;- , before me personally came' Carson 1. King. A Single Man to me known to be the individua1(s) described in and who executed the foregoing instrument, and ,d",o,,"I,<1g,d tl"t h,¡,h,lO"y ""ot,d the "':-___ __ cD CGL~ ac Notary Public ===r:--L+-o ~J County, Wyoming My Comm. Expires: LAUR1E...C...QE - NOTARY PUBLIC , &~ State o' County 0 .~~ Wyoming Teton ' , ..' My CommIssIon Expires 9/12/2007 i:i ~ ~~ [~~I¡~~¡;¡¡; ~~ 1 ¡¡i; lJ'~~~', "'¡ >¡'( A .(-.} A ·..7 '- " ~_~. iL.. ~ 0.' ,:s:..:...¡ I .11 - --. .:... ~~...t' " ~ ~, :-¡ :' . ~j ~,~ .. '..~ Schedule A (. 'ì r. ,,:, '," () \, ',) U Ü i.." Ö ¡ , \.~" . " ~VJ ~f/k~Ukk~~"6(~~~rWdiv4~M~ìd}lliOOÙY;írn1{IXl"{(~~/~Hiffib'KãXX~igXR§~K~1IjHK:Jffif¡M~1Ck~Orr-PCífi ~ktXÓÒ'1iikeU1íJJémqKiXili¥ ~1Xi~ Uà\X Tax ID Number: 37182930804900 Known as: 182 Trail Drive, Alpine, Wyoming 83128 /,1 " , ~.,./ MORTGAGE THIS INSTHUlHENT PHEPARED ny Melinda Chandler GMAC Mortgage Corporation 4 Walnut Grove Drive Horsham, P A 19044 Title No. -- TO Recorded At Request of GMAC Morigage Corporation t\¿ RETURN BY lVWL TO: GMAC Mortgage Corporation Home Equity Funding 4 Walnut Grove Drive Horsham, PA 19044-0963 RESERVE THIS SPACE FOR USE OF RECORDING OFFICE ,..·......('í"·9 ' "\' ,', . ' .. \.; \..1 \.' \,.II ·...e· I " -,' ", ;ç-¡ 'I" '" ", '- 'fC. , "-- .:.-. .t;. '-.j;'''' .. '"' ...... .... 1-:. r 0, , ! \ ~ . . ,.; , '.... ',) t... U ..L Exhibit "A" Lot 716 Lakeview Estates Ninth Filing, Lincoln County, Wyoming, according to that plat field in the Office of the Lincoln County Clerk on September 26,2005 as Plat No. 250-G. This Real Estate MOligage is second and subject ONLY to a First Real Estate Mortgage recording concurrently with a Second Real Estate MOligage in favor of MOligage Electronic Registration Systems, Inc., dated November 15,2005, in the original amount of $120,000.00.