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HomeMy WebLinkAbout875967Th sdocum nt bei No.: 0o06 s os 24 ' 8 Lo~ Product; Equity Line BOOK ' : MORTGAGE ~N 100037506851057241 THIS MORTGAGE, as a~2nended and extended (~is "Mortgage") is signed to secure advances under a GMAC Mortgage Cor:~:}oration Home EquiW Line of Credit agreemem (the "Agreement"); it is dated as of :' Aught 10, 2001 , and is made by Richard Scott Woodford and Jennifer Woodford, Husband And Wife By Tenants By The Entirety who reside(s) at 1105 ~:~t. Dell Circle, Afton, WY 83110 - as mortgagor(s), in favor of GMAC Mortgage Corporation ·. ,200 Century Parkway, Mount Laurel, NJ 08054 , as mortgagee. Borrower irrevocagly mortgages, grants, and conveys to all Mortgage Electronic RegistratiOn Systems Inc. PO Box 2026 Flint, ~,~ 48501-2026 (MERS) acting solely as a nominee for Lender and Lender's successors and assigns. Throughout this Mortgage, " "us .... our" we., and refer to mortgagor(s). "LENDER" refers to GMAC Mortgage Corporation or its assigns. The "Account" refers to ~e Home Equity Line of Credit account established (7 LENDER under ~e Agreement. "Borrower"refers to each person who signs ~e Agreement as borrower. The Agreement and ~is Mortgage, taken toge~er, are called the ~'Credit Documents." "Signer" refers to any person (o~er ~an LENDER) who has signed a Credit Document. DESCRIPTION OF SECURITY: By signing this Mortgage..we mortgage to MERS as nominee LENDER, subject to the terms of this Mortgage, (a) the real estate,, located at 1105 Mt. Dell Circle, Afton ,, County of Lincoln , State of Wyoming 83110- , 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 ~'~roceeds of any insurance on the property and all refunds of premiums on such insurance; (f) all proceeds ot any taking (or threatened taking) of the property by any governmental authority ("condemnation"); and (g)/all fixtures 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 this Mortgage is a leasehold estate and we subsequently acquire fee title to the Property, i:i~e 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 Agreement under the Wyoming Uiiform Commercial Code and we hereby grant MERS acting solely as a nominee for LENDER a security in!.::rest in the personal property described in (d) through (g) above. SECURED OBLIGATIONS THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES, We have signed this Mgrtgage to secure payment to LENDER of up to $ 25,000.00 , plus FINANCE CHARGES and any ot~:her amounts due LENDER under the Agreement (the "Total Balance Outstanding") and to secure perfo!'mance by Borrower under the Agreement and our performance of the covenants of this Mortgage (collecth,ely, the "Secured Obligations"). PRIORITY OF ADVANCES The lien of this Mortgage 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 be 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 "Earning Balance Outstanding") shall never exceed :he Credit Limit, except for advances made to protect the lien of this Mortgage. We agree that the lit:n and security title of this Mortgage shall not be deemed released or extinguished by operation of law m implied intent of the parties 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 LENDER. REPRESENTATIONS AND DUiFIES We promise that, except.for Permitted Liens; (a) we own the Property; (b) we have the right to mortgage the Property to LENDEE; and (c) there are no outstanding claims or charges against the Property. The term "Permitted Lien" mem;s (x) any mortgage, deed to secure debt or deed of trust ("security instrument") disclosed to LENDE!~ by any Signer in applying for the Account, to the extent that the amount secured by such security instrume:~t does not exceed the amount disclosed on such application; and (y) any liens, claims and restrictions of ret :)rd that do not individually or collectively have a material adverse impact upon LENDER's security, the valw.: of the Property or the Property's current use. -1- Initial ~_~-~ Each of us gives a gefien...~ warranty of title to LENDER. This means that each of us will be fully responsible for any losses which LENDER suffers because someone has rights in the Property other than Permitted Liens. We promise that we Will defend our ownership of the Property against any claims of such right. We will neither take nor ~:termit 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 TIlE AGREEMENT We understand that LENDER may, under certain circumstances 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 The Wall Street Journal or in certain circumstances the "prime rate" published in The New York Times or a similar index selected by LENDEg. The rate of FINANCE CHARGES changes on a daily basis as the index or the amount outstandin~:;under the Agreement increases or decreases. We understand that Borrower will not receive advance~:otice of such changes. PROMISES AND AGREEMEN We agree with LENDER as f;;,ilows: 1. TIMELY PAYMENT. ~Except as limited by paragraph 10 below, Borrower shallpay when due all sums owed LENDER ~r~.der the Credit Documents. 2. APPLICATION OF P.~.igMENTS. All payments shall be applied by LENDER as set forth in the Agreement. 3. MORTGAGES AND DEEDS OF TRUST; CHARGES; LIENS. We shall make payments when due and perform ;~!l our obligations under any mortgage, deed of trust or other security agreement on the Property. We shall pay or cause :to be paid when due all loans, taxes, assessments, charges~ fines, impositions and rents of any kin{:[ relating to the Property ("Assessments"). Receipts evidencin~ such payments shall be delivered to LENDER upon its request. Except for Permitted Liens, we shall not allow any encumbrance, charge or lien o::i the Property to become prior to this Mortgage 4. HAZARD INSURANCE; CONDEMNATION. (a) We shall, at our c0st,~:keep all improvements on the Property insured against loss by hazards included in the term "extended cow:!age" or by any other hazards LENDER may reasonably specify. Hazard insurance shall be in an amount equal: to the lesser of (i) the full replacement cost of the building that is part of the Property or (ii) the amount of this Mortgage plus the total amount of all Permitted Liens; but never less than the amount necessary to satisfy z_ny coinsurance requirement contained in the insurance policy. We may choose the 'insa~ance company, subject to approval by LENDER which may not be unreasonably withheld. Ail insuranc.e policies and renewals must be in a form acceptable to LENDER and must include a standard mortgagee t:lause in favor of LENDER. LENDER shall have the right to hold the policies and renewals, subject to the .~erms of any Permitted Liens. If we pay the premiums d, irectly, we shall provide LENDER with all renewal, notices and, if requested by LENDER, all receipts for premiums. If policies and renewals are held by a~y 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 and LENDER. LENDER may file a proof of loss ii' we fail to do so promptly. (b) The proceeds of any c~mdemnation 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 i:h~is paragraph 4. No condemnation settlement may be made without LENDER's prior written approval which shall not be unreasonably withheld. (c) Subject to the terms of ~:i:~y Permitted Lien, LENDER may elect that the proceeds of any insurance or condemnation (after payment o:! all reasonable costs, expenses and attorneys' fees paid or incurred by LENDER and us) shall be applied tt:~ pay the Secured Obligations, to repair 0~ reconstruct the Property, and/or pay for our loss. In the event that nmh proceeds are not used entirely for rePair and reconstruction, we shall proyide LENDER with a new apprt.i';al or valuation of the Property, conducted by a person or entity and in a form reasonably acceptable to LENDER, unless LENDER waives this requirement in writing. The receipt of proceeds shall not 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 abandomd by us, or if we fail to respond to LENDER in writing within 30 calendar days from the .date notice of a proposed insurance or condemnation settlement is given to us, LENDER may settle the claim, collect the proceed.,: and apply them as set forth above. Initial ~.._ _ If the Property is acquire?.i~ by LENDER, all of our right, title and interest in and to any insurance or condenmation proceeds shall be!i~ome the property of LENDER to the extent of the sums secured by this Mortgage. 5. MAINTENANC'~E OF TIlE PROPERTY; LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMEN'iI'S. We shall: use, improve and maintain the Property in compliance with law; keep the Property in good reid!air and pay when due all repair costs; prevent waste; impairment and/or deterioration of the Property; and c~imply with the provisions of any lease of the Property. If the Property is a par of a condominium project or a planned unit development, we shall promptly perform all of our oblig~iions under the governing documents of the project or development. 6. PROTECTION iOF LENDER SECURITY. We shall appear in and defend any action or proceeding which may affect fac security of LENDER under this Mortgage or result in violation of paragraph 3 above. If such an action, is filed, we violate this Mortgage or Borrowers violate this Agreement, then LENDER may disburse fund.r;~ and do whatever it believes necessary to protect the security of this Mortgage. In doing so, LENDER iihall give us notice but it need not make demand or release us from any obligation. Any amounts paid by LE;'IDER under this paragraph 6, with FINANCE CHARGES at the variable rate in effect under the Agreement,I shall be paid by us upon demand. Until paid by us, such amounts are secured by this Mortgage. LENDER is not required to incur any expense or take any action under this Mortgage and no action taken shall ::elease us from any duty. 7. INSPECTION. :Representatives of LENDER may inspect the Property from time to time. Except in an emergency, 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 agreed:that FINANCE CHARGES after the end of the Account and/or after a judgment is entered shall continue ?io accrue at the rates and in the manner specified in the Agreement. 9. OUR CONTII~UING DUTIES AND LENDER'S RIGHTS; WAIVERS. No-,vaiver of any LENDER right under the Credit Documents shall release or limit our liability, Borrower's liability, or that of our successors or Borrewer'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 ma:lc by us or any successor. No LENDER act or failu~.,¢ to act shall waive any right under this Mortgage. All waivers must be in writing and signed by LENDI:.!R; they shall apply only to the extent and with respect to the event specified in the writing. Obtainini;~ insurance, or paying taxes, other liens or charges shall not be a waiver of LENDER's right to demand p~yment at once of the sums secured by this Mortgage in the event of a default under the Credit Document,~. 10. SUCCESSORS Ai.qD ASSIGNS; JOINT AND SEVERAL LIABILITY; CO-SIGNERS. This Mortgage shall bind us and ot,.:r respective successors and permitted assigns for the benefit of LENDER and its successors and assigns. All ;%reements made by us or any successor are joint and several and may be enforced against each of us or any s2ccessor. Any Signer who does not execute the Agreement (a) is co-signing only to encumber that person's interest in the Property and to rel~':~se all homestead and/or dower rights, (b) is not personally liable under the Credit Documents, and (c) agrees that LENDER and any Signer may modify either Credit Document, without consent and without modi~'2~ing 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 shali be hand delivered or mailed by first class, registered or certified mail to the address of the Property or to s'tich other address specified by the addressee in a written notice given to LENDER. Any LENDER notice t~hall 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 the address for such notices specified 9n our most recent monthly statement under the Agreement or to such other address specified by LENDER in a written notice given to us. Any'such notice shall be considered giyen on the day it is received by LENDER 12. GOVERNING LAV?. This Mortgage will be governed by federal and Wyoming law. If any provision is invalid, illegal, c::: unenforceable, this Mortgage shall be interpreted as if such provision has never been inculded. 13. COPIES. We shall r{.:eive copies of the Credit Documents at the time they are signed or after this Mortgage is recorded. Initial 14. EXERCISl~NG REMEDIES. LENDER may exercise all of the rights and remedies provided by the Credit Documents 9r law, and any of these rights and remedies may be exercised individually or jointly, once or a number of time:i0. The parties to this document are subject to the provision for Arbitration as set forth in the Agreement which.~'i~s incorporated by reference as if set forth at length herein. 15. EVENTS ¢':~' DEFAULT. (a) The event~ set forth it.';.: paragraph 15(b) are Events of Default if and when LENDER gives any Signer notice of default. We agree: :io notify LENDER promptly upon the happening of any event that would be an Event of Default under either{}redit Document upon the giving of notice by LENDER. (b) After giving notice el: default, LENDER may end the Account and/or demand repayment at once of the Total Balance Outstan01:ng in any of the following events: (i) There has )een 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 o~:!standing; (iii) Any actiorL or inaction by any Signer has adversely affected the Property or any right of LENDER in the Property. to the extent permitted by law, this will include, but not be limited to, any Signer (or any legal represem::~'tive or successor of any Signer) agreeing to sell, transfer or assign or selling, transferring or assigning iany interest in the Property, without the prior written consent of LENDER. ' .: (c) Notwithstanding any '. mguage in this Mortgage to the contrary, LENDER will not give notice of default unless permitted by .ap;!::.Iicable law and LENDER will give us any grace period, right to cure and/or reinstatement right require(, by applicable law. This paragraph 15 is intended to give LENDER all rights permitted by applicable law, 16. REMEDIES. I?.I BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OUTSTANDING :WHEN DUE, LENDER MAY EXERCISE ANY REMEDY AVAILABLE TO IT UNDER A~?PLICABLE LAW, INCLUDING FORECLOSURE. 17. FORECLOSURiI5 BY ADVERTISEMENT. We hereby grant LENDER upon an Event of Default power to sell or cause tl:~?, sale of the Property by advertisement and sale at public auction or vendue and to convey the Property ?,:o the purchaser in the manner provided by law. 18. APPOINTMENT OF RECEIVER. Upon an Event of a Default 'or our failure to pay taxes assessed against the Proper'~:'i!. and/or insurance premiums on the Property (which we agree shall constitute waste), LENDER shall bi~ entitled to the appointment of a receiver if permitted by law. , 19. SATISFACTIONOF MORTGAGE. Upon payment and discharge of all sums secured by this Mortgage and termination of ~:[ie 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 NOTICES. LENDER requests that copies of notice Of default, sale and foreclosure from the holder o~'.any lien which has priority over this Mortgage be sent to LENDER at 200 Century Parkway, Mount Laur'el, NJ 08054 21. EXHIBITS, SCi~?IEDULES 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 rl:'~srms of the Agreement are made part of this Mortgage. 22. TIME OF ESSENCE. Time is of the essence in this Mortgage. 23. ACTUAL KNOVVLEDGE. For purposes of the Credit:Documents, LENDER shall not b~ 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 there*cf from a source LENDER reasonably believes to be reliable. The date of redeipt shall be determined by refer,~;nce to the "Received" date stamped on such written notice by LENDER or its agent. 24. RELEASE. To tht,: extent authorized by law, for ourselves and our successors and assigns, we hereby release and waive all rights under and by virtue of the homestead exemption laws of the State of Wyoming. · Initial 25. EXPENSES OF HTIGATION. 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 additional indebtedness in the judgment ~ or decree, any court costs and reasonable expenses which may be paid or incurred by LENDER for attorneys;: appraisers; documentary and expert evidence; stenographers; publication; surveys; abstracts of title; title seardies; title insurance policies; Torrens certificates; and similar items which LENDER reasonably considers necZssary in such proceeding or to evidence to bidders at any sale the tree condition of the title to or value of [he Property. Such expenses may be estimated to the extent they will be incurred after entry of the decree, h~ any tbreclosure by advertisement, all expenses permitted by statute that LENDER incurs in protecting the PrdPerty, maintaining the lien of this Mortgage and foreclosing the Mortgage shall be included in the redemption ?rice and in the calculation of any deficiency. 26. CAPTIONS; GEI~'4DER; ETC. The headings in this Mortgage are not to be used to interpret or define its provisions. In this Mortgage, the masculine gender includes the feminine and/or nueter, singular numbers include th'e plurals, and plurals include the singular. 27. MERS. Borrower Understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Morig'hge, but, if necessary to comply with local law or custom MERS (as nominee for Lender and Lender's, ~uccessors and assigns) has the 'right: to exercise any or all of these interests, including, but not limitedlto, the right to foreclose and sell the property; and to take any action required of Lender including but n:~r: limited to, releasing and canceling this Mortgage. By signing this Mortgage, we i~gree to all of the above. WITNESSES: " ....... { ~ Richard Scott Woodford By: By: STATE OF WYOMING . }! COUNTY OF I .~ 85. Onthe (¢Xt'~-' dayof~ A--.~:%{LC-;-'i , 7_Cr:~l . before me personally cme '¢i C :,,:,~d %Ctvk~ ~;Or~iV~'d to me known to be the individua[{~) described in ~d who executed the foregoing instrument, ~d ac~owledged that he/she/they execut,~d the same. N~i~Public ( ~ -0  ---- L T'I ~1¢' ~ ~ County, Wyoming ,~ My Co~ssion Expires: -5- MORTGAGE Title No. ' THIS INSTRUMENT PREPARED BY: Surya Lindsey TO RECORDING REQUESTED BY: GMAC Mortgage Corporation UPON RECORDATION, MAIL TO: GMAC Mortgage Corporation 200 Century Parkway, Mount Laurel, NJ 08054 R!~]SERVE THIS SPACE FOR USE OF RECORDING OFFICE "i Schedule A Ail that certain real prof?erty situated in the County of... Known as: 1105 Mt. Delil Circle, Afton, WY 83110 SCHEDULE "A" 8 7 2 Borrower: Richard Scott Woodford, Je~;:nk'er Woodford Property: 1105 Mt. Dell Circle, Afton. '~(Ty 83110 Loan No: 000685105724 Closing Date: August 10, 2001 ALL THAT PARCEL OF LAND IN CITY OF AFTON, LINCOLN COUNTY, STATE OF WYOMING, AS MORE FULLY DESCRIBED IN DEED BOOI~ 449PR, PAGE 590, ID //32181830007500, BEING KNOWN AND DESIGNATED AS LOT 7D, SUBDIVISi~ON OF TWIN CLIFFS, NO. 2,BY FEE SIMPLE DEED FROM DAVID STAMM AND NAOMI STAMM, HUSBAND AND WIFE AS SET FORTH IN DEED BOOK 449PR, PAGE 590 DATED 08/02/2000, LINCOLN COUNTYRECORDS, STATE OF WYOMING. Version 2.8.5.06 SCHA - 11/09/2000 ACKNOWLEDGMENT 000685105724 STATE OF WY COUNTY OF Lincoln Date Name2bf Notary PubJic Richard Scott Woodford, Jennifer Woodford ~: ~ personally known to me - or - ~ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the it~strument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. NANCY I. BROWN - NOTARY PUBI.~ ~ -I SIGNATURE ~ N))T~y ' -- Notary Seal MY COMMISSION EXPIRES ON: ((>( I~/09 DESCRIPTION OF ATTACHED DOCUMENT: Title or Type of Document: Dee~ of Trust or Mortgage Document Date: '~l I C'~ lO ~ Number of Pages: Signers other than named above:__