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Home My WebLink About921054 C004~.y [?- After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O. Box 10423 Van Nuys, CA 91410-0423 RECEIVED 8/8/2006 at 4:01 PM RECEIVING # 921054 BOOK: 629 PAGE: 410 JEANNE WAGNER L/_~COLN COUNTY CLERK, KEMMERER, WY Prepared By: EDNA LEON [Space Above This Line For Recording Data] 6010615583 00014139517407006 [Doc ID If] [Escrow/Closing If] , . MIN 1001337-0001564055-3 MORTGAGE (Line of Credit) TIllS MORTGAGE, dated JULY 20, 2006 JAMES 0 HOLYOAK , is between residing at 16255 N HWY 34, THATCHER, ID 83283 the person or persons signing as "Mortgagor(s)" below and hereinafter referred to as "we," "our," or "us" and MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., ("MERS") a Delaware corporation, with an address of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. MERS is the "Mortgagee" under this Mortgage and is acting solely as nominee for Countrywide Bank, N.A. ("Lender" or "you") and its successors and assigns. MORTGAGED PREMISES: In consideration of the loan hereinafter described, we hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, the premises located at: 190 BRAVE CIRCLE Street AFTON LINCOLN Municipality County WY 83110 State ZIP (the "Premises"). . MERS HELOC - WY Mortgage 2E037-WY (11/04)(d) Page 1 of 5 InltlalsŒ- *23991* * 1 4 1 395 1 7 4 0 0 0 0 0 2 E 0 3 7 * 0921054 000411 and further described as: LOT 9 OF WILD FLOWER ESTATES, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED ON SEPTEMBER 26, 2003 AS INSTRUMENT NO 89365 OF THE RECORDS OF LINCOLN COUNTY CLERK. DOC ID #: 00014139517407006 The Premises includes all buildings and other improvement~ now or in the future on the Premises and all rights and interest~ which derive from our ownership, use or possession of the Premises and all appurtenances thereto. WE UNDERSTAND and agree that MERS is a separate corporation acting solely as nominee for Lender and Lender's successors and a~signs, and holds only legal title to the interest~ granted by us in this Mortgage, but, if necessary to comply with law or custom, MERS (a~ nominee for Lender and Lender's successors and assigns) ha~ the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and seU the Property, and to take any action required of Lender including, but not limited to, releasing or canceling this Mortgage. LOAN: This Mortgage wiU secure your loan to us in the principal amount of $ 37, 500 . 00 or so much thereof as may be advanced and readvanced from time to time to JAMES D. HOLYOAK , . , and the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated JUL Y 20, 200 6 , plus interest and costs, late charges and aU othercharges related to the loan, all of which sums are repayable according to the Note. This Mortgage will also secure the perfonnance of all of the promises and agreements made by us and each Borrower and Co-Signer in the Note, all of our promises and agreements in this Mortgage, any extensions, renewals, amendments, supplements and other modifications of the Note, and any amount~ advanced by you under the tenns of the section of this Mortgage entitled "Our Authority To You." Loans under the Note may be made, repaid and remade from time to time in accordance with the tenns of the Note and subject to the Credit Limit set forth in the Note. OWNERSIllP: We are the sole owner(s) of the Premises. We have the legal right to mortgage the Premises to you. OUR IMPORTANT OBLIGATIONS: (a) TAXES: We wil]' pay all real estate taxes, assessments, water charges and sewer rents relating to the Premises when they become due. We will not claim any credit on, or make deduction from, the loan under the Note because we pay these taxes and charges. We will provide you with proof of payment upon request. (b) MAINTENANCE: We will maintain the building(s) on the Premises in good condition. We wil1 not make major changes in the building(s) except for nonnal repairs. We wiU not tear down any of the building(s) on the Premises without first getting your consent. We will not use the Premises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, we shall perfonn all of our obligations under the declaration or covenant~ creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development and constituent documents. (c) INSURANCE: We will keep the building(s) on the Premises insured at all times against loss by fire, flood and any other hazards you may specify. We may choose the insurance company, but our choice is subject to your reasonable approval. The policies must be for at least the amounts and the time periods that you specify. We will deliver to you upon your request the policies or other proof of the insurance. The policies must name you a~ "mortgagee" and "loss-payee" so that you will receive payment on all insurance claims, to the extent of your interest under this Mortgage, before we do. The insurance policies must also provide that you be given not less than 10 days prior written notice of any cancellation or reduction in coverage, for any rea~on. Upon request, we shall deliver the policies, certificates or other evidence of insurance to you. In the event of loss or damage to the Premises, we will immediately notify you in writing and tile a proof of loss with the insurer. You may file a proof of loss on our behalf if we fail or refuse to do so. You may also sign our name to any check, draft or other order for the payment of insurance proceeds in the event of loss or damage to the Premises. If you recei ve payment of a claim, you will have the right to choose to use the money either to repair the Premises or to reduce the amount owing on the Note. ~~i!::':':I:.:.:':';;~' :: Wi!:::~:r:*:1:i~I;~' · MERS HELOC - WY Mortgage 2E037-WY (11/04) Page 2 of 5 Initial$- ·-:---:--~ "'I" . ¡ r: I' , : '.' ':, ~ -. " O~¡.øivS4 '::i~~¡II~~i~if}~:; :~:8\Tfr~ 000412 DOC ID #: 00014139517407006 (d) CONDEMNATION: We assign to you the proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Premises, or part thereof, or for conveyance in lieu of condemnation, all of which shall be paid to you, subject to the terms of any Prior Mortgage. (e) SECURITY INTEREST: We will join with you in signing and filing documente; and, at our expense, in doing whatever you believe is necessary to perfect and continue the perfection of your lien and security interest in the Premises. It is agreed that the Lender shall be subrogated to the claims and liens of all parties whose claims or liens are discharged or paid with the proceeds of the Agreement secured hereby. (f) OUR AUTHORITY TO YOU: If we fail to perform our obligations under this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses. You will add the amounts you advance to the sums owing on the Note, on which you will charge interest at the interest rate set forth in the Note. If, for example, we fail to honor our promises to maintain insurance in effect, or to pay filing fees, taxes or the coste; necessary to keep the Premises in good condition and repair or to perform any of our other agreemente; with you, you may, if you choose, advance any sums to satisfy any of our agreements with you and charge us interest on such advances at the interest rate set forth in the Note. This Mortgage secures all such advances. Your payments on our behalf will not cure our failure to perform our promises in this Mortgage. Any replacement insurance that you obtain to cover loss or damages to the Premises may be limited to the amount owing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage dated 07/20/2006 and gi ven by us to CHL as mortgagee, in the original amount of $ 200, 000.00 (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior written consent and shall upon receipt of any written notice from the holder of the Prior Mortgage promptly deliver a copy of such notice to you. We shall pay and perform all of our obligations under the Prior Mortgage as and when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Premises. We shall not do, nor allow anyone else to do, anything affecting the Premises that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Premises of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Premises. As used in this paragraph, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "Environmental Law" means federal laws and laws of the jurisdiction where the Premises are located that relate to health, safety or environmental protection. (i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest in the Premises, in whole or in part, or permit any other lien or claim against the Premises without your prior written consent. (j) INSPECTION: We will permit you to inspect the Premises at any reasonable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be negotiated or assigned by you without releasing us or the Premises. You may add or release any person or property obligated under the Note and this Mortgage without losing your rights in the Premises. DEFAULT: Except as may be prohibited by applicable law, and subject to any advance notice and cure period if required by applicable law, if any event or condition of default as described in the Note occurs, you may foreclose upon this Mortgage. This means that you may arrange for the Premises to be sold by advertisement and sale or by judicial foreclosure, at your option, ae; provided by law, in order to payoff what we owe on the Note and under this Mortgage. If the money you receive from the sale is not enough to payoff what we owe you, we will stil1 owe you the difference which you may seek to collect from us in accordance with applicable law. In addition, you may, in accordance with applicable law, (i) enter on and take possession of the Premises; (ii) col1ect the rental payments, including over-due rental paymente;, directly from tenants after simply notifying them first class mail to make rental paymente; to you; (iii) manage the Premises; and (iv) sign, cancel and change leae;es. We agree that the interest rate set forth in the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonable fees and costs actually incurred by you in proceeding to foreclosure, including, but not limited to, reasonable attorneys fees and costs of documentary evidence, abstracts . MERS HELOC - WY Mortgage 2E037-WY (11/04) Page 3 of 5 Inltlal~ ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts shall be entitled to enter upon, take possession of and manage the Premises and collect the rents of the Premises including those past due after simply notifying them by first class mail to make rental payments to you. 0:921.054 000413 DOC ID #: 00014139517407006 W ANERS: To the extent permitted by applicable law, we waive and release any error or defects in proceedings to enforce this Mortgage and hereby waive the benefit of any present or future laws providing for stay of execution, extension of time, exemption from attachment, levy and sale and homestead exemption. BINDING EFFECT: Each of us shall be fully responsible for all of the promises and agreements in this Mortgage. Until the Note has been paid in full and your obligation to make further advances under the Note has been terminated, the provisions of this Mortgage will be binding on us, our legal representatives, our heirs and all future owners of the Premises. This Mortgage is for your benefit and for the benefit of anyone to whom you may assign it. Upon payment in full of all amounts owing to you under the Note and this Mortgage, and provided any obligation to make further advances under the Note has terminated, this Mortgage and your rights in the Premises shall end. NOTICE: Except for any notice required under applicable law to be given in another manner, (a) any notice to us provided for in this Mortgage shall be given by delivering it or by mailing such notice by regular first class mail addressed to us at the last address appearing in your records or at such other address as we may designate by notice to you as provided herein, and (b) any notice to you shall be given by certified mail, retum receipt requested, to your address at ForMERS: P.O. Box 2026, Flint, MI 48501-2026 For Lender: 1199 North Fairfax St. Ste.500, Alexandria, VA 22314 or to such other address as you may designate by notice to us. Any notice provided for in this Mortgage shall be deemed to have been given to us or you when given in the manner designated herein. : RELEASE: Upon payment of all sums secured by this Mortgage and provided your obligation to make further advances under the Note has terminated, you shall discharge this Mortgage without charge to us, except that we shall pay any fees for recording of a satisfaction of this Mortgage. GENERAL: You can waive or delay enforcing any of your rights under this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not be a waiver of that or any other provision on any other occasion. THIS MORTGAGE has been signed by each of us under seal on the date first above written. WITNESS: J- JAMES D. Mortgagor: o 1iJL- (SEAL) HOLYOAK (SEAL) Mortgagor: (SEAL) Mortgagor: (SEAL) Mortgagor: . MERS HELOC . WY Mortgage 2E037-WY (11/04) Page 4 of 5 @~~i~m¡;¡fm 0921054 STATE OF WYOMING, tm~~;ill~~fJ¡1;, The foregoing instrument wa<; acknowledged before me this -f~ [) by 000414 DOC ID #: 000174139517407006 County ss: c:r~ ¡YO, ~ , V (date) :lO()/; ß f~þ/L (person acknowledging) N_"i?'- Ji c/ ~ My Commission Expires: 6-/ð'~ð¡J7 JILL H. LARSON· NOTARY ÞUBUC COUNTY OF UNCOLN ST.JIJE OF WYOMING MY COMMISSION EXPIRES JUNE 20, 2007 . MERS HElOC - WY Mortgage 2E037-WY (11/04) Page 5 of 5 , . Initials: ,/ 0921.054 000415 [Space Above This Line For Recording Data] FIXED/ADJUSTABLE RATE RIDER (LIBOR Twelve Month Index - Rate Caps) After Recording Retum To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423. Van Nuys, CA 91410-0423 Prepared By: EDNA LEON 6010615583 [Escrow/Closing #] 00014139516607006 [Doc ID #] TIDS FIXED/ADJUSTABLE RATE RIDER is made this TWENTIETH day of JUL Y , 2 0 0 6 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned ("Borrower") to secure Borrower's Fixed/Adjustable Rate Note (the "Note") to Countrywide Bank, N.A. ("Lender") of the same date and covering the property described in the Security Instrument and located at: 190 BRAVE CIRCLE AFTON, WY 83110 [Property Address] CDNV . ARM Fixed Period USDR Rider 2U652-XX (04/01 )(d) Page 1 of 4 'oil'"" .ø- <23991< < 141 395 1 6 6 0 0 0 0 0 2 U 6 52< N·:::¡:::ill:~~ tlr~~~:~~ja¡i ~:m~i~~]n;, 0:9210~4 000416 DOC ID#: 00014139516607006 THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial fixed interest rate of 6 . 875 %. The Note also provides for change in the initial fixed rate to an adjustable interest rate, as follows: 4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The initial fixed interest rate I will pay will change to an adjustable interest rate: on the first day of AUGUST, 2011 ,and the adjustable interest rate I will pay may change on that day every 12th month thereafter. The date on which my initial fixed interest rate changes to an adjustable interest rate, and each date on which my adjustable interest rate could change, is called a "Change Date." (B) The Index Beginning with the first Change Date, my adjustable interest rate will be based on an Index. The "Index" is the average of interbank offered rates for twelve month U.S. dollar-denominated deposit~ in the London market, as published in the The Wall Street Journal. The most recent Index figure available as of the first business day of the month immediately preceding the month in which the Change Date occurs is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable infonnation. The Note Holder wi11 give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO & ONE-QUARTER percentage points ( 2.250 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(0) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then detennine the amount of the monthly payment that would be sufficient to repay the unpaid principal'that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payment~. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 11 . 875 % or less than 2 . 250 %. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by more than two percentage points from the rate of interest I have been paying for the preceding 12 months. My interest rate wi11 never be greater than 11.875 %. (E) Effective Date of Changes My new interest rate wi1l become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my initial fixed interest rate to an adjustable interest rate and of any changes in my adjustable interest rate before the effective date of any change. The notice will include the amount of my monthly payment, any infonnation required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice. CONV · ARM Fixed Period USOR Rider 2U652-XX (04/01) Page 2 of 4 ~14t- 0921.G54c 0004.t7 DOC ID #: 00014139516607006 B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER 1. Until Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section A above, Uniform Covenant 18 of the Security Instrument shall read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 2. When Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section A above, Uniform Covenant 18 of the Security Instrument described in Section B 1 above shall then ceac;e to be in effect, and the provisions of Uniform Covenant 18 of the Security Instrument shall be amended to read ac; follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security wiJI not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan ac;sumption. Lender also may require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releac;es Borrower in writing. If Lender exercises the option to require immediate payment in fuji, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. CONY . ARM Fixed Period LlSOR Rider 2U652-XX (04/01) Page30f4 Inljlals:Ø- ·m~i~.l!~!;iii.¡¡-;~:,~~;~'t!1 !lili·.'..·.~¡:¡t·'!Ú¡Lll.·! t~h:~~~f::~~ ~j:::j:¡:j:::i::::r.:::) ~!~m;~:::~1~:; ~~~~m;~~Jmmm: 0921054 . 00418 DOC ID #: 00014139516607006 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Fixed/Adjustable Rate Rider. ~JES Ð& -. (Seal) - Borrower D. HOLYOAK (Seal) - Borrower , . (Seal) - Borrower (Seal) - Borrower CONV . ARM Rxed Period USOR Rider 2U652-XX (04/01) Page 4 of 4 InitiaIS:~