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HomeMy WebLinkAbout918063 "';'I"·...','.'.',',·,·,·,'",',,·.';:,":¡~-:t";,'_,,:;;_"''!:ü':'_:,::-ll''B:_''~'' ,.,. '.' ','.'~;"'i!.'''.'-;',',..' ",·:ky.;;'J:>:-···..,:>''':ò:''f r'. (\ n 8 :'" 7 Ç)j ,~ ", t ... WHEN RECORDED MAIL TO: OPTION ONÈ MORTGAGE CORPORATION P.O.' BOX 57096 IRVINE, CA 92619-7096 ATTN: RECORDS MANAGEMENT RECEIVED 5/4/2006 at 3:51 PM RECEIVING # 918063 BOOK: 618 PAGE: 807 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Loan Number: 321032650 Servicing Number: 002137144-8 [S~ce Above This Line For Recording Datal MORTGAGE THIS MORTGAGE ("Security Instrument") is given on April 20, 2006 . The mortgagor is MICHAEL SHORTER AND SARAH SHORTER, HUSBAND AND WIFE ("Borrower"). This Security Instrument is given to Option One Mortgage Corporation, a California Corporation which is organized and existing under the laws of CALIFORNIA , and whose address is 3 Ada, Irvine, CA 92618 ("Lender"). Borrower owes Lender the principaI sum of FIFTY NINE THOUSAND . . .AND NO/I00THs Dollars (U.S. $59,000.00 ). This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable Qn May 01, 2036 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 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, convey and warrant to Lender, with power of sate, the following described property located in Lincoln County, Wyoming: 32192540101200 SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART THEREOF. which has the address of Wyoming 65 W 3RD AVE, AFTON ("Property Address"); [Street, City). 83110- [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and 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 the "Property." BORROWER COVENANTS that Borrower is Iawfully seised of the estate hereby conveyed 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 wi1\ defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Owges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. Subject to applicable la¡.v or to a written waiver by Lender, Borrower shall pay to I WYOMING - Single Family Page I of 6 WYDIOOll (06-23-98) [I¡;¡'¡:¡¡:¡:¡:¡:;::::' '.';';';'11""""""4 ',.,';!, ,.,'...~~. "'I;¡~~U" "",'·" '''-'~'':Ä-''1il<'·:l~j:'~~'::':~'''-'.!.'I'-'_:,L~~·~' ., _i":·~·.:'~':';" ¡~[~~!;i¡;:i;;;:~:::;i;:; o9i8Ò63 ~~mœ~; coo 8e 8 Loan Number: 321032654 Servicing Number: 002137160-4 Date: 04/20/06 condominium and planned unit development assessments, if any) which may attain priority over this Mortgage and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, pins one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such hoIder is an institutional lender. If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, 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 pennits Lender 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 Borrower, 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 earnings 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 purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments 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 ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fail 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 sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provide otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied in the following order (i) prepayment charges due under the Note, if any (ii) amounts payable under Section 2; (iii) interest then due under the Note; (iv) principal then due under the Note; (v) any other charges then due under or relating to the Note or Security Instrument including but not limited to late charges and non sufficient funds; (vi) any payments or premiums due for optional products that I have authorized; and (vii) the unpaid Principal balance of the Note. 4. Prior Mortgages and Deeds of Trust; Olarges; Liens. Borrower 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 Borrower's covenants to make payments when due. Borrower shall payor cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over tIús Mortgage, and leasehold payments or ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing' the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonabIy withheld. All insurance policies and renewals thereof shall be in a fonn acceptabIe to Lender and shall include a standard mortgage clause in favor of and in a fonn acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any lnortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If Borrower abandons the Property, Lender may file, negotiate, and settle any availabIe insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30 day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of the unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Preservation and Maintenance of Property; Leaseholds; Condominiwns; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not conunit waste or pennit impainnent or deterioration of the Property and shall comply with the provisions òf any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perfonn all of Borrower's obligations under the declaration or covenants creating or governing the condownium or planned unit development, the by-laws and regulations of the condominium or planned urut development, and constituent documents. 7. Protection of Lender's Security. If Borrower fails to perfonn the covenants and agreements contained WYOMING - SECOND MORTGAGE Initial., V1A <' S'\ Page20f5 WYSIM21.Wp~ "'-!, -·""W~;iÞ~,:·:¡:,-","·,.'·;.,.,~· . " """~_"'¡.>U!r~,,",.:.i.:.o~.:'._~,,'·.'''''!:,,'~:.\'·> ", ,~_. _'. ~'..,;,., ",~,; "~"':':':Q:':~:':';'J;'; ","-"·:'Pi.,!-,~'~.y"""·1'-R-:i};:~\'MN'_'_"''''''i:,;,'::'.i:'':':'''i· , . _I:·." ·'ii';·;t(~'~·':":¡:;"it>;"·· ,': 0918063 r> \.OC809 Loan Number: 321032654 Servicing Number: 002137160-4 Date: 04/20/06 in this Mortgage, or if any action or proceeding is commenced which materiaUy affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shaIl pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance ternúnates in accordance with Borrower's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shaIl become additional indebtedness of Borrower secured by this Mortgage. Urness Borrower and Lender agree to other terms of payment, such amounts shaIl be payable upon notice from Lender to Borrower requesting payment thereof. NotIúng contained in this paragraph 7 shaIl require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shaIl give Borrower notice prior to any such inspection specifying reasonable cause tIlerefor related to Lender'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 Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shaIl be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. 10. Borrower Not ReIeased; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shaIl not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shaIl not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicabIe law, shall not be a waiver of or preclude the exercise of any such right or remedy. 11. Successors and Assigns Bound; Joint and Several liability; Co-signers. The covenants and agreements herein contained shaIl bind, and the rights hereunder shaIl inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph I6 hereof. AIl covenants and agreements of Borrower shaIl be joint and several. Any Borrower who co-signs this Mortgage, but does not execute the Note, (a) is co-signing this Mortgage only to mortgage, grant and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, (b) is not personaIly liable on the Note or under this Mortgage, and (c) agrees that Lender and any other BOrrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of tIris Mortgage or the Note without that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that Borrower's interest in the Property. 12. Notice. Except for any notice required under applicable Iaw to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shaIl be given by delivering it or by mailing such notice by certified mail addressed to BOrrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shaIl be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shaIl be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the Iaws of the jurisdiction in which the Property is located. The foregoing sentence shaIl not limit the applicability of federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicabIe law, such conflict shaIl not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Borrower shaIl be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with 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 supply labor, materials or services in connection with improvements made to the Property. 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial 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, require immediate payment in full of all sums secured by this Mortgage. However, this option shaIl not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. If Lender exercises this option, Lender shaIl give Borrower notice of acceleratioh. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Mortgage without further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as foIlows: 17. AcceIeration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, incIuding the covenants to pay when due any WYOMING - SECOND MORTGAGE Initials: ,..,.,5 S5 Paee 3 of 5 WYSIM21.wp (04-18-03) t::;¡m¡¡illjj¡¡t~: . ·'·':':,·!:Ó~':;·\:'-:'~;;"':;~j:'~;:;;"'.:i:; J,\,i;4-'-:~~-·i:."¡;¿';':;::;;: , ,','" .'."·I"" .:;:~~.';','· :.J~~~~__:".L,:!:.:..'~ ',:;>' ·~,~.:':.;..·¡."i '.:1' , ., ''-''''''';'':';';';'.'' . ~~!~ 091.80'6'3:'" ¡jflilif:f:!!j¡ C00810 Loan Number: 321032654 Servicing Number: 002137160-4 Date: 04/20/06 sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, DOt less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the noticè may result in acceleration of the sums secured by this Mortgage. The notice shall further infOlIn Borrower of the right to reÏnstlte after acceIeration and the right to bring conrt action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicabIe law. Lender shall be entitled to collect all reasonabIe costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonabIe attorneys' fees. If Lender invokes the power of sale, Lender shall give notice of intent to forecIose to Borrower and to the person in possession of the Property, if different, in accordance with applicable 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 soId in the manner prescribe by applicabIe law. Lender or Lender's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, incIuding, but not limited to, reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the excess if any, to the person or persons legally entitled thereto. . 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fIfth day before sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, iucluding, but not limited to, reasonabIe attorneys' fees; and (d) Borrower takes such action as to Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 19. Assignment of Rents; Appointment of Receiver. As additional security hereunder, BOrrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceIeration under paragraph 17 hereof or abandorunent 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 abandorunent of the Property, and at any time prior to the expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially 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 collected by the receiver shall be applied first to payment 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 reasonable attorneys' fees, and then to the sums secured by this Mortgage. 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 Mortgage, Lender shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. BOrrower hereby waives all right of homestead exemption in the Property. 22. Lost, StoIen, Destroyed or Mutilated Security Instrument and Other Documents. In the event of the loss, theft or destruction of the Note, any other notes secured by this Security Instrument, the Security Instrument or any other documents or instruments executed in connection with the Security Instrument, Note or notes (collectively, the "Loan Documents"), upon Borrower's receipt of an indemnification exeruted in favor of Borrower by Lender, or, in the event of the mutilation of any of the Loan Documents, upon Lender's surrender to Borrower of the mutilated Loan Document, Borrower shall execute and deliver to Lender a Loan Document in fOlIn and content identical to, and to serve as a replacement of, the lost, stolen, destroyed, or mutilated Documents, and may be treated for all purposes as the original copy of such Loan Document. 23. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each 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 a part of this Security Instrument. [Check applicable box(es)] o Adjustable Rate Rider o No Prepayment Penalty Option Rider o Other(s) (specify) o Condominium Rider o Planned Unit Development Rider o 1-4 Family Rider o Occupancy Rider WYOMING - SECOND MORTGAGE Page 4 of 5 Initials: ('{\ ç :5S WYSIM2t.Wp~ 091.8063 000811 Loan Number: 321032654 Servicing Number: 002137160-4 Date: 04/20/06 REQUESf FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the hoIder of any mortgage, deed of trust or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any default under the superior encumbrance and of any sale or other foreclosure action. IN WITNESS WHEREOF, Borrower has executed this Mortgage. / / ....".' ~) JLi MICHAEL SHORTER (Seal) ·Borrower (Seal) -Borrower ".....'" çJ(.t f\rd"ì ~ ~ ÛJL:b /V SARAH SHORTER (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Sign Original Only) ~\--\-JI'\ STATE OF W¥OM;I~.~ Salt Lake County ss: The foregoing instrument was acknowledged before me this 3-<3..\-\.\ 'D~ o-Ç ~fí~ l ;:}COLe. by Michael Shorter and Sarah Shorter ~,dr ¡In .-j¡,Æ11dd Nota he [Space below This Line Reserved For Lender and Reeorderl WYOMING - SECOND MORTGAGE Page 5 of 5 WYSIM21.wp (04-18-03) ~~m:]!:ili::~!W ~""""''!i:~'''1 :::!i:!~~ili 091.8063 000812 Exhibit A File 6010614968 The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: Part of Lot 3 ofBIock 7 ofthe Town of Afton, Lincoln County, Wyoming, more particularIy described as foIlows: Beginning at the Southeast corner of said Lot 3 a,nd running thence West 148.5 feet; thence North 20 rods; thence East 148.5 feet; thence South 20 rods to the point of beginning. LESS AND EXCEPT the foIlowing described Iand: Beginning at the Southeast corner of Lot 3 of Block 7 of the Town of Afton and running thence West 74.25 feet; thence North 165 feet; thence East 74.25 feet; thence South 165 feet to the point of beginning.