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Home My WebLink About923821 ~ .t'~ "8'š "Eo 0;>,. ~~~ bOOO .5 ~ ~ 4.) 0 <I> ~""B en l) .- '" -¡.uo ~-cl) CI) c: oS E ~ tI :; <U oS g'::2 ;;;~ .- <U ~§ ::: :< \ RECEIVED 10/2712006 at 4:52 PM RECEIVING # 923821 BOOK: 638 PAGE: 489 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000489 J(o Aeeount No.: 4156709 Branch No.: 024 Loan Product 90% CL TV Piggyback MIN 1000697-8250415670-3 MORTGAGE' THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES THIS MORTGAGE, as 8ml'!l\ð~ and extended (this "Mortgage'J is signed to secure advances under a GMAC Home Equity Line of Credit agreement (the "Agreement"); It 18 dated as of October 26. 2006. and is made by Michelle H. Hams And John H, Hams, Wife ADd Husband_ who resJde(s) at P.O. Box 656 , Kemmerer, Wyoming 83101, as mortgagor(s), m favor of GMAC Mortgage, LLC, a Delaware limited liability company flk/a GMAC Mortgage Corporation. 100 Witmer Road, Horsham, PA 19044-0963 (herem "GMAC") and the Mortgage EJectromc Reg¡stration Systems, Inc., P.O. Box 2026, Flint, Ml 48501-2026 (lfMERS") acting solely as nommee for GMAC and GMAC's successors and ass:tgDS under this Mortgage, as mortgagee. Throughout this Mortgage, "we", "us" and "our" refer to mortgagor(s). "GMAC" refers to GMAC Mortgage, I..LC flk/a GMAC Mortgage Corporation or 1ts assigns. The "Account" refers to the Home EqUlty Line of Credit account established by GMAC under the Agreement. "Bo1Tower" refm to each pmon who SIgns the Agreement as bOITOwer. The Agreement and this Mortgage, taken together, arc called the "Credit Documents." "Signer" refers to any person (otha- than GMAC) who has 81gned a Credit Document DESCRIPTION OF SECURITY .' By s¡gnmg this Mortgage, we mortgage to MER.S acting solely as a nommee for GMAC, subject to the tenDs of this Mortgage, (a) the real estate located at 245 North County Road 341 , Kemmerer, County of Lincoln, State ofWyommg 83101, more fully described in Schedule A; (b) all bwldings and other structures on the property; (c) all nghts we may have In any road, alley, easement or license regarding the property or In any nuneral, oil, gas or water which is part of the property, (d) all rents and royalties from the property; (e) all proceeds of any ìnsmance on the property and all refunds of prenuums on such msunmce; (t) all proceeds of any taking (or threatened taking) of the property by any govormnental autbonty ("cDndemnatioll'~; and (g) all fixtures on the property at any tune {co/Jective/y. the "Property'J. The·Property InCludes all nghts and interests which we now have or which we may &eqUU'e m the future. For example, If the secunty mortgaged under this Mortgage is a leasehold estate and we subsequently acqUU'c fee title to the Property, the nghts and imcrests granted to MERS acting solely as a nommee for GMAC by this Mortgage will include the fee title that we acquire. This Mortgage Uì also a Sccunty Agreement under the Wyoming Unifonn Commero18l Code and we .hen::by grant MER.S acting solely as a nomm.ee for GMAC a secunty mteccst 111 the personal property described in (d) through (f) above. SECURED OBLIGATIONS THIS MORTGAGE SECURES OBUGATORY FUTURE ADVANCES. We have signed this Mortgage to secure payment to GMAC of up to $13,000.00, plus FINANCE CHARGES and any other amOWltS due GMAC under the Agreement (the "Total Balance Outstanding'? and to secure pcrfonnance by Bo1Tower under the Agreement and our performance of the covenants of this Mortgage (colledively, the "Secured Obligations'? PRIORITY OF ADVANCES The lien of this Mortgage will attach on the date this Mortgage is recorded, wùh pnonty over subsequently recorded mortgages. The mdcbtedncss evu:ienced by the Credit Documents is a revolving mdcbtedness, The Credit Documents provide that amounts may be advanced, rep81d and readvanced wm time to time In accordance WIth 1hc terms and provisions of the AgrCCJDCllt. Accordingly, the aggregate advances dunng the term of the Credit Documents may exceed the Credit Linut. However, the Total Balance Outstanding less FINANCE CHARGES and certam special charges at any tune (the "Earning Balance Outstanding'? shall never exceed the Credit Linut, except for advances made to protect the lien of this Mortgage. We agree that the lien and aecunty title of this Mortgage shall not be deemed reIcasod or cxtmgw.shed by operatJ.on of law or unplied lDtent of the parties If 1hc 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 ~fi;;:~J;,i_::':i~:',;t O~23S21. ~:~m~~~~E~: 000490 REPRESENTATIONS AND DUTIES We pronuse that, except for Permitted Liens: (a) we own the Property; (b) we have the nght to mortgage the Property to GMAC; and (c) there are no outstann;ng claims or charges agamst the Property. The tcnn "Pcnnìtt.od Lien'· means (x) any mortgage. deed to secure debt or deed of trust ("Security UlStrument") disclosed to GMAC by any Signet in applying for the Account, to the extent that the amount secured by such security mstrumcnt does DOt exceed the lUDOunt disclosed on such application; and (y) any liens, clauns and restrictions of record that do not mdiV1dually or collectively have a matenal adverse impact upon GMACs secwity, the value of the Property or the Property's CUITent use. Each ofus gives a gcnc:ral warranty of title to GMAC. This means that each of us will be fully responsible for any losses which GMAC suffers because someone has rights In the Property other than PermItted Liens, We pronuse that we will defend our ownership of the Property agamst any clauns of such nght. We will neither take nor pCD)1rt any act10n to partItion, subdiVide or change the condition of tide to all or any part of the Property. We will not amend any Pcmutted Lien WIthout GMAC's pnor wntten consent CERTAIN PROVISIONS OF THE AGREEMENT We understand that GMAC may. under ccrtam circwnstanccs set forth in the Agreement, cancel Its obligauon to make future advances and/or require repayment at once of the Total Balance Outstanding. Under the Agreement. FINANCE CHARGES are based on the "pnmc rate" published in The Wall Street Joumal or m cc::rtam CU'cumstaDces the "prune rate" publisbcd in The New York Times or a smu1ar uuJex scJected by GMAC. The rate of FINANCE CHARGES changes on a daily bastS as the mdcx or the ~ount outsuMi,,& under the Agrccmcnt mcreases or decreases. We understand that Borrower will not recetve advance: notice of such changes. PROMISES AND AGREEMENTS We agree with GMAC as fonows: 1. TIMELY PAYMENT. Except as limited by paragraph 10 beJow, Borrower shall pay when due all sums owed GMAC under the Credit Documents. 2. APPLICATION OF PAYMENTS. All payments shall be applied by GMAC as set forth Ul the Agrecmenl 3. MORTGAGES AND DEEDS OF TRUST; CHARGES; lJENS. We shall DlIIke payments when due and perfoIDl aU oW' obligatIons under any mortgage, deed of trust or other secunty agreement on the Property, We sba1l pay or cause to be paid when due all loans, taxes, assessments, charges, fines, unpOSItiOns and rents of any kind relating to the Property ("Assessments"). ReceIpts eV1dencmg such payments shall be delivered to GMAC upon its request. Except for Permitted Liens, we shall not allow any encumbrance, charge or lien on the Property to become pnor to this Mortgage. 4. HAZARD INSURANCE; CONDEMNATION. (a) We shall. at OW' cost. keep all improvements on the Property insured agamst loss caused by hazards mc1uded in the tctm "extended coverage" or by other hazards GMAC may reasonably spectfy, Hazard insurance sbaU be m an amount equal to the lesser of (i) the full replacement cost of the buùding that is part of the Property or (ü) the amount of this Mortgage plus the total amount of all Pemutted Liens; but never less than the amount necessary to satisfy any coinsurance requirement contamed in 1he InSurance policy, We may choose 1he msurancc company. subject to approval by GMAC which may not be unreasonably W1tbheld, AU insurance policies and renewals must be in Conn acceptable to GMAC and must InClude a standard mortgagee clause in favor of GMAC. GMAC shall have the nght to hold the policles and renewals, subject to the tenns of any Penmttcd Liens. Ifwe pay the prcnuums directly, we sbaU provuie GMAC WIth all rcnewzù notices and, û requested by GMAC, all receipts for prenuums. If POliCICS and renewals lire held by any other person, we: shall supply copies of them to GMAC WIthin ten calendar days after they are ISSUed. In the event of los8, we shall g¡ve prompt notIce to the lDSW'ance company and GMAC. GMAC may file a proof of loss ìf we fail to do so promptly. (b) The proceeds of any condemnation of the Property shall be paui to GMAC. subject to any Pemutted üens, We shall give GMAC notice of any threatened condemnation and sign all documents reqwred to carry out this paragraph 4. No condi'm1nA1'Íon settlement may be made Without GMAC's pnor wntten approval which sbaU not be unreasonably withheld -2- "·jS" r.).If 09~ù UA.. 000491. (c) Subject to the terms of any Permitted Lien, GMAC may elect that the proceeds of any Jnswance or conðP.mnatÎon (after paymc:nt of all reasonable costs, expenses and attorneys' fees paul or ÌDcurrcd by GMAC and us) shall be applied to pay the Secured Obligations, to repm or reconstruct the Property, and/or pay us for our loss. In the event that such proceeds are not used entirely for repm and reconstruCtlon, we shall prov1dc GMAC WIth a now appnusaJ. or valuation of the Property, conducted by a person or entity and in a fonn reasonably acceptable to GMAC, unless GMAC waives this rcqwccment m wnting. The receipt of proceeds shall not cure or wlUve any default or notice of default under this Mortgage or Invalidate any act done pursuant to such notice. If tbe Property Js abandoned by us, or if we fail to respond to GMAC in writing WJthin 30 calendar days from the date noUce of a proposed insurance or conðl'JmnAtion settlement 1S gIVen to us, GMAC may settle the claUD, collect the proceeds and apply them as set forth above. If the Property IS acqwred by GMAC, all of our nght, tide and Ulterest m and to any ÌDSW1ulce or cnM....m\AhOn proceeds shall become the property of GMAC to the extent of the sums secured by this Mortgage, 5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. We shall: use, nnprove and mAintain the Property in compliance WJth law; keep the Property m good œpa¡r and pay when due all repair costs; prevent waste, lDlpaument and/or detcnoratlon of the Property; and comply WIth the provJSÍOns of any lease of the Property. If the Property is part of a condnmmlwn prOject or a planned wut development. we shall prompdy peñonn all of our obligations under the governing documents of the project or development. : ó. PROTECTION OF GMAC SECURITY. We shall appear m and defend any acQon or proceeding which may affect the secunty of GMAC under this Mortgage or result In a vlolation of paragraph 3 above. If such an action 18 filed, we violate this Mortgage or Borrowers Violate the Agreement, then GMAC may disbW"Se ñmds and do whatever it believes necessary to protect the secwity of this Mortgage, In domg 80, GMAC shall give us not1cC but It need Dot make demand or rclc:ase us fi'om any obligatlon, Any amounts paid by GMAC under this paragraph 6, Wlth FINANCE CHARGES at the variable rate in cffect under the Agreement, shall be paul by us upon Mmand Until paid by us, such amounts IIJ'C secured by this Mortgage. GMAC is not required to Incur any cxpcnsc or take any actlon under this Mortgage and no action taken shall re1casc us from any duty. 7. INSPECrION. R..c:prcscotatlves of GMAC may mspcct Ihe Property ftom üme to tune. Except in an emergency, GMAC must first give notiCe specIfying reasonable cause for the mspectlon. 8. FINANCE CHARGES AFfER END OF ACCOUNT AND/OR JUDGMENT. To the extent permitted by law, we agree that FINANCE CHARGES after the end of the Account and/or after a jUdgment 18 entered shall continue to accrue at the rates and in the manner specrlied in the Agreement. 9. OUR CONTINUING DUTIES AND GMAC'S RIGHTS; WAIVERS. No waìvcr of any GMAC nght under the Credit Documonts sba11 release or limit our liability, BorrowCl's liability, or that of our successors or BOJTOWerB auccesSOJ'S, nor sba11 any walYer affect the lien or pnonty of this Mortgage. GMAC sba11 not be required to start proceedings agamst any successor or modify payment terms by reason of any demand made by us or any successor, No GMAC act or failure to act abaIl WIUVC any nght under this Mortgage, All WIUVers must be in wnting and sIgDCd by GMAC; they shall apply only to the extent and with respect to the event specified in the wnting. Obtaining insurance, or paymg taxes, other liens or charges shall not be a waiver of GMACs nght to demand payment at once of1be sums secured by this Mortgage m the event of a default under the Credit Documents, 10. SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY; CO-SIGNERS. This Mortgage shall bind us and our rcspecbve successors and pcmutted aw.gns for the benefit of GMAC and its successoø and 8SSIgDS. All agreements made by us or any successor are Jomt and several and may be enforced agaínst each ofus or any successor. Any Signer who does not execute the Agrccmcnt (a) is CO-Slgning only to encumber that person's interest in the Property and to æ1ease all homestead and/or dower nghts, (b) IS not personally liable under the Credit Documents, and (c) agrees that GMAC and any Signer may modify either Credit Document, without consent and without modifying the mterests of the rest ofus under this Mortgage. -3- ~'I·li,I:ffi'il.'\"'" ~,;,:.:,.:t~:.:::;: ~:! ::l.,~...a¡:;.:~ ~~: ~ ';-n;~¡t~¡, ·.·.·I·.·~~.·.~.·. ,'. ::::::~~~~;:::;:::~ O~~3821. 000492 11. NOTICES. AU notices shall be in WIlting. Except where applicable law reqUIres OthelWlSC: (a) GMAC nonces sbaJ1 be hand delivered or nuu1cd by first class, regIStered or certified mall to the address of the Property or to such other address specified by the addressee in a wntten notlce gIven to GMAC. Any GMAC nonce shall be COD&1dered gJ.ven on the day It is deposited in the U.S. ma1l or IS hand-delivered. (b) Our notices abaJl be mailed to GMAC by first class, reglSteI'ed or certified maù to the address for such notices spec1fied on our most recent monthly stat"""mt under the Agreement or to such other address specified by GMAC in a written notice gJ.ven to us. Any such notice shaD be considered gIVen on the day It IS receiVed by GMAC. 12. GOVERN1NG LAW. This Mortgage will be governed by fcdcra1 and Wyouung law. If any provision IS mvalid. illegal, or unenforceable, this Mortgage shall be inteIpreted as û such provlSion had never bec:n incJuded. 13. COPIES. We shall recclve copies of the Credit Documents at the time they are SIgned or after this Mortgage IS recorded. 14. EXERCISING REMEDIES. GMAC may exerclSC all of the nghts and remedies provided by the Credit Documents or law, and any of these nghts and remedies may be exercised individually or jointly, once or a number of times, The partieB to this document are subject to the proVlSion for Arbitration ItS set forth m the Agreement which IS mcorporated by reference as Û 8ct forth at length herem. 15. EVENTS OF DEFAULT. . , (a) The events set forth m paragraph 15(b) are Events of Default if and when GMAC gIves any Signer notice of default We agree to notify GMAC promptly upon the happenmg of any event that would be an Event of Default under ctther Credit Document upon the giving of notice by GMAC. (b) After gIVing notice of default, GMAC may end the Account and/or demand repayment at once of the Total B..1ønl'.e Outstanding in any of the folloWU1g events: Account; (i) There has been fraud or matcnal JIUSrepreSCIltation by any Signer m connection Wlth the (ü) ÐOITOwers have failed to meet the repayment terms of the Agreement for any amount outstanding; or (ill) Any acQon or mactwn by any Signer has advasely úfected the Property or any right of GMAC in the Property; to the extent permitted by law. this will include, but not be linuted to, any Signer (or any legal represcnta11ve or successor of any Signet) agreeing to sell, transfer or IlSSlgn or selling, transfemng or assigning any mterest in the Property, wIthout the pnor written consent of OMAC. (c) NotWIthstanding any language m this Mortgage to tho contrary, GMAC wùl not give notice of default unless pennitted by applicable law and GMAC will gJ.ve us any grace pcnod., nght to cure and/or remstatement right reqwred by applicabJe law. This paragraph 15 IS mtended to givc GMAC all ngbts penmtted by applicable Jaw. 16. REMEDIES. IF BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OlITSTANDING WHEN DUE, GMAC MAY EXERCISE ANY REMEDY AVAILABLE TO IT UNDER APPLICABLE LAW, INCLUDING FORECLOSURE. 17. FORECLOSURE BY ADVERTISEMENT. We hereby grant GMAC upon an Event of Default power to sell or cause the sale of the Property by advertJ.sement and sale at public auction or vendue and to convey the Property to the purchaser m the manner provided by Jaw. 18. APPOINTMENT OF RECEIVER. Upon an Event of a Default or our failure to pay taxes assessed Against the Property and/or insurance prcmwms on the Property (which we agree shall constitute waste), GMAC shall be entitled to the appointment of a recciver if permitted by law. 19. SATISFACI10N OF MORTGAGE. Upon payment and discharge of all sums secured by this Mortgage and termination of the Account. this Mortgage shall be vold and GMAC shall satisfy this Mortgage, file a discharge or release and pay any recording costs. 20. REQUEST FOR NOTICES. GMAC requests that copies of notices of default, sale and foreclosure ftom the holder of any lien which has pnonty over this Mortgage be sent to GMAC at 100 Witmer Road, Honham, P A 19044. -4- .ë O~~:l821. 000493 21. EXHIBITS, SCHEDULES AND RIDERS, ETC. The terms of any Exhibit, Schedule or Rider att~t'bed tQ this Mortgage or executed aDd recorded WIth this Mortgage sbalJ be treated as 1£ fully set forth in this Mortgage. All of the terms of the Agreement are made part of this Mortgage, 22. TIME OF ESSENCE. Time IS of the esseDCC in this Mortgage. 23. ACl'UAL KNOWLEDGE. For pwposes of the Credit Documents, GMAC shall not be deemed to have actual knowledge of any fact untù it actually receives notice as set forth m paragraph 11 or until it receIves wntten notice thereof nom a source GMAC reasonably believes to be reliable. 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 pennitted by law, for ourselves and our successors and asstgDS, we hereby release and waive all nghts under and by virtue of the homestead exemption Jaws of the State of Wyoming, 25. EXPENSES OF LITIGATION. In any proceeding to enforce any remedy of GMAC under the Credit Documents there shall be allowed and included, to the extent pcnmtted by law, as additional indebtedness m the Judgment or decree, any court costs and reasonable expenses which may be paul or mcmred by GMAC for attorneys; appnusers; documentary and expert eV1dence; stenographers; publication; sWYcys; abstracts of title; tú:le searches; title 1DS111"IIDCe poliCIes; Tonens certíficates; and S1JJ1Ùar 1tcms which GMAC reasonably consIders necessary m such proceedjng or to evulcnce to bidders at any sale the true condition of the tttle to or value of the Property. Such cxpcnscs may be estimated to the extent they will be incUITed after entry of the decree. In any foreclosure by advertisement, all expenses pennittcd by statute that GMAC incurs m protecting the Property, mAmtAinlng the lien of this Mortgage and foreclosing this Mortgage abal1 be included in the redemption price and in the calculation of any defiCIency. .. 26. CAPTIONS; GENDER; ETC. The headings m this Mortgage are not to be used to inteIpret or define its provisions. In this Mortgage, the masculine gender includes the fc:mmmc and/or neuter, smguJar numbers mclude the plurals, and plurals m.c1ude the singular. 27. MERS. Borrower understands and agrees that MER.S holds only legal title to the interests granted by Borrower m this Mortgage, but, 1£ necessary to comply WIth local law or custom MERS (as nommee for GMAC and GMAC's successors and assIgns) has the nght: to exercISe any or all of these interests, mcluding. but not limited to, the right to foreclose and scll the property; and to take any action rcqwred of Lender mcluding but not limited to, releasmg and canccling this Mortgage. (This splICe /eft bI4nk intentJolllllly) i';';':",é:;';¡"7¡[j ,,'\I,·,,\~.!;:";h;~ I,..~.',.' ";':!',\'y,_,~; '-'" ~::;~~:~~:~:¡:; ~l~~~lh??W/tJt~J~ ,·-:.;!jJtif.',';¡,·i,'.-'.¡ 1~·f!~¡J'~"¡·i~~_ t 'ft.',' ~:~~.. .:::;:;:~ .·.j¡~~".W...· 000494 09~J821. By signing this Mortgage, we agree to all of the above. \ WITNESSES: ~.~ . elle H, Hams MORTGAG1 ~, khn~l MOR GAGOR By: By: By: MORTGAGOR By: MORTGAGOR By; MORTGAGOR . . By: MORTGAGOR By: MORTGAGOR STATE OF wtOMING COUNIYOF~. On the1ft;; of ()cl-ö W, "21:0\0 Hams And John H. Hams. Wife And Husband to me known to exec\ltCd the forcgomg mstrumcnt, and acknowledged that bel IHEU.E't IMÞU . IØMVNIJC "1:).4 (I = , before me pcrsonally came Michelle H. mdividual(s) described in and who y executed the same. My Comm. Expm:s: -l'~ 0923821. 000495 Schedule A See Þ. tumhed Exhibit" A" Tax ID Number: 21171520003400 Known as: 245 North County Road 341 ,Kemmerer, Wyommg 83101 A tract of land being the SI/2 of the NE1/4NW1/4 of Secûon 15, Township 21 North Range 117 West of the 6th P.M., Lincoln County, Wyoming, being more particularly described as follows: BEGINNING at an aluminum cap monument lltamped L.S. 580 and lying on the N-S centerline of said Semon 15, and being South 00"03'11" East, 660.25 feet of the North oDe-quarter corDer of said Secûon 15; theDce CODtinuing South 00°03'11" East, 660.25 feet alODg said N-S ceDterliDe ofsaid SecûoD 15 to the N 1/16th corner OD said N-S ceDterline; . theDce South 89°32'58" West, 1315.23 feet to the NW 1/16th corDer of said SecÛOD 15; theDce North 00°06'09" East, 660.29 feet alODg the N-S ceDterliDe of said NW1/4, to aD aluminum cap mODumeDt stamped L.S. 580; theDce North 89°33'05" East, 1315.80 feet along the divisioD liDe betweeD the N1/2 aDd the S1I2 of llaid NEl/4NW1/4 of said SecûoD to the POINT OF BEGINNING. LESS AND EXCEPT aU land CODtained in Quit Claim Deed recorded May 15, 1996 iD Book 383PR OD page 283 of the records of the Lincoln COUDty Clerk. ALSO A tract ofgrouDd being in the Nl/2 of the NE1/4NWl/4 ofSecûoD 15, TowDship 21 North Range 117 West of the 6th P .M., LincolD COUDty, Wyoming beiDg more particularly described as follows: COMMENCING at the N1/4 corner of said SecÛOD 15; theDce South 00°3'11" East, 404.27 feet, to the POINT OF BEGINNING; thence South 00°03'11" East, 255 feet to the CNN 1/64 corner; thence South 89°33'02" West, 224.35 feet; thence North 42°24'47" West, along the Easterly boundary of a 60 foot right-of-way roadway access, 334.29 feet; thence North 89°33'15" East, 456.32 feet to the POINT OF BEGINNING. ..(,~. (j::?~?:::::~¡f.!:¡;; .;t~;lf~ti·i~.; .~j