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Home My WebLink About927598 Wh~n recorded maIl to: FIRST AMERICAN TITLE INSURANCE LENDERS ADVANTAGE 1100 SUPERIOR A VENUE, SUITE 200 CLEVELAND, OHIO 44114 ATTN: FT1120 Loan No.: 000685936532 Loan Product: Interest Only Equity Line 000312 RECEIVED 3/14/2007 at 2:22 PM RECEIVING # 927598 BOOK: 651 PAGE: 312 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES MIN 100037506859365323 THIS MORTGAGE, as amended and extended (this "Mortgage") is signed to secure advances under a GMAC Mortgage, LLC Home Equity Line of Credit agreement (the "Agreement"); it is dated as of February 12, 2007 , and is made by Rick C. Owen and Carole A. Owen, Husband and Wife \ \ vU U \ (LQ who reside(s) at 125 County Rd 177, Bedford, WY 83112-9717 as mortgagor(s), in favor of {}MAC Mortgage, LLC 7 Carnegie Plaza, Cherry Hill, NJ 08003 , as mortgagee. Borrower irrevocably mortgages, grants, and conveys to all Mortgage Electronic Registration Systems Inc. PO Box 2026 Flint, MI 48501-2026 (MERS) acting solely as a nominee for Lender and Lender's successors and assigns. Throughout this Mortgage, "we", "us" and "our" refer to mortgagor(s). "LENDER" refers to GMAC Mortgage, LLC or its assigns. The "Account" refers to the Home Equity Line of Credit account established by LENDER under the Agreement. "Borrower" refers to each person who signs the Agreement as borrower. The Agreement and this Mortgage, taken together, are called the "Credit Documents." "Signer" refers to any person (other than 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 125 County Rd 177, Bedford ,County of Lincoln , State of Wyoming 83112-9717, 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 proceeds of any insurance on the property and all refunds of premiums on such insurance; (t) all proceeds of 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, the 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 Uniform Commercial Code and we hereby grant MERS acting solely as a nominee for LENDER a security interest in the personal property described in (d) through (g) above. SECURED OBLIGATIONS TillS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES. We have signed this Mortgage to secure payment to LENDER of up to $ 50,000.00 , plus FINANCE CHARGES and any other amounts due LENDER under the Agreement (the "Total Balance Outstanding") and to secure performance by Borrower under the Agreement and our performance of the covenants of this Mortgage (collectively, 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 the Credit Limit, except for advances made to protect the lien of this Mortgage. We agree that the lien and security title of this Mortgage shall not be deemed released or extinguished by operation of law or 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 DUTIES We promise that, except for Permitted Liens; (a) we own the Property; (b) we have the right to mortgage the Property to LENDER; and (c) there are no outstanding claims or charges against the Property. The term "Permitted Lien" means (x) any mortgage, deed to secure debt or deed of trust ("security instrument") disclosed to LENDER by any Signer in applying for the Account, to the extent that the amount secured by such security instrument does not exceed the amount disclosed on such application; and (y) any liens, claims and restrictions of record that do not individually or collectively have a material adverse impact upon LENDER's security, the value of the Property or the Property's current use. GMAC-WY -1- Initial ~ 0927598 ,f 000313 Each of us gives a general 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 permit 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 THE AGREEMENT We understand that LENDER may, under certain circumstances set forth in the Agreement, cancel its obligation to make further advances andlor 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 LENDER. The rate of FINANCE CHARGES changes on a daily basis as the index or the amount outstanding under the Agreement increases or decreases. We understand that Borrower will not receive advance notice of such changes. PROMISES AND AGREEMENTS We agree with LENDER as follows: 1. TIMELY PAYMENT. Except as limited by paragraph 10 below, Borrower shall pay when due all sums owed LENDER under the Credit Documents. 2. APPLICATION OF PAYMENTS. 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 all our obligations under any mortgage, deed of trust or other security agreement on the Property. We shall payor cause to be paid when due all loans, taxes, assessments, charges, fines, impositions and rents of any kind relating to the Property ("Assessments "). Receipts evidencing such payments shall be delivered to LENDER upon its request. Except for Permitted Liens, we shall not allow any encumbrance, charge or lien on the Property to become prior to this Mortgage 4. HAZARD INSURANCE; CONDEMNATION. (a) We shall, at our cost, keep all improvements on the Property insured against loss by hazards included in the term "extended coverage" 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 any coinsurance requirement contained in the insurance policy. We may choose the insurance company, subject to approval by LENDER which may not be unreasonably withheld. All insurance policies and renewals must be in a form acceptable to LENDER and must include a standard mortgagee clause in favor of LENDER. LENDER shall have the right to hold the policies and renewals, subject to the terms of any Permitted Liens. If we pay the premiums directly, we shall provide LENDER with all renewal notices and, if requested by LENDER, all receipts for premiums. If policies and renewals are held by any 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 if we fail to do so promptly. (b) The proceeds of any condemnation 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 this 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 any Permitted Lien, LENDER may elect that the proceeds of any insurance or condemnation (after payment of all reasonable costs, expenses and attorneys' fees paid or incurred by LENDER and us) shall be applied to pay the Secured Obligations, to repair or reconstruct the Property, andlor pay for our loss. In the event that such proceeds are not used entirely for repair and reconstruction, we shall provide LENDER with a new appraisal 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 abandoned 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 proceeds and apply them as set forth above. Initial ~Cu - 2 - o9i~5:j&" If the Property is acquired by LENDER, all of our right, title and interest in and to any insurance or condemnation proceeds shall become the property of LENDER to the extent of the sums secured by this Mortgage. 000314 5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. We shall: use, improve and maintain the Property in compliance with law; keep the Property in good repair and pay when due all repair costs; prevent waste; impairment andlor deterioration of the Property; and comply with the provisions of any lease of the Property. If the Property is a part of a condominium project or a planned unit development, we shall promptly perform all of our obligations under the governing documents of the project or development. 6. PROTECTION OF LENDER SECURITY. We shall appear in and defend any action or proceeding which may affect the 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 funds and do whatever it believes necessary to protect the security of this Mortgage. In doing so, LENDER shall give us notice but it need not make demand or release us from any obligation. Any amounts paid by LENDER under this paragraph 6, with FINANCE CHARGES at the variable rate in effect under the Agreement, shall be paid by us upon demand. Until paid by us, such amounts are secured by this Mortgage. LENDER is not required to incur any expense or take any action under this Mortgage and no action taken shall release 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 ANDIOR JUDGMENT, To the extent permitted by law, we agree that FINANCE CHARGES after the end of the Account andlor after a judgment is entered shall continue to accrue at the rates and in the manner specified in the Agreement. 9. OUR CONTINUING DUTIES AND LENDER'S RIGHTS; WAIVERS. No waiver of any LENDER right under the Credit Documents shall release or limit our liability, Borrower's liability, or that of our successors or Borrower'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 made by us or any successor. No LENDER act or failure to act shall waive any right under this Mortgage. All waivers must be in writing and signed by LENDER; they shall apply only to the extent and with respect to the event specified in the writing. Obtaining insurance, or paying taxes, other liens or charges shall not be a waiver of LENDER's right to demand payment at once of the sums secured by this Mortgage in 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 respective successors and permitted assigns for the benefIt of LENDER and its successors and assigns. All agreements made by us or any successor are joint and several and may be enforced against each of us or any successor. Any Signer who does not execute the Agreement (a) is co-signing only to encumber that person's interest in the Property and to release all homestead andlor 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 modifying 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 shall be hand delivered or mailed by first class, registered or certified mail to the address of the Property or to such other address specified by the addressee in a written notice given to LENDER. Any LENDER notice shall 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 on 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 given on the day it is received by LENDER. 12. GOVERNING LAW. This Mortgage will be governed by federal and Wyoming law. If any provision is invalid, illegal, or unenforceable, this Mortgage shall be interpreted as if such provision has never been inculded. 13. COPIES. We shall receive copies of the Credit Documents at the time they are signed or after this Mortgage is recorded. Initial Rtf) ~ - 3 - ij~~?S~8 000315 14. EXERCISING REMEDIES. LENDER may exercise all of the rights and remedies provided by the Credit Documents or law, and any of these rights and remedies may be exercised individually or jointly, once or a number of times. The parties to this document are subject to the provision for Arbitration as set forth in the Agreement which is incorporated by reference as if set forth at length herein. 15. EVENTS OF DEFAULT. (a) The events set forth in paragraph 15(b) are Events of Default if and when LENDER gives any Signer notice of default. We agree to notify LENDER promptly upon the happening of any event that would be an Event of Default under either Credit Document upon the giving of notice by LENDER. (b) After giving notice of default, LENDER may end the Account andlor demand repayment at once of the Total Balance Outstanding in any of the following events: (i) There has been 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 outstanding; or (iii) Any action 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 representative or successor of any Signer) agreeing to sell, transfer or assign or selling, transferring or assigning any interest in the Property, without the prior written consent of LENDER. (c) Notwithstanding any language in this Mortgage to the contrary, LENDER will not give notice of default unless permitted by applicable law and LENDER will give us any grace period, right to cure andlor reinstatement right required by applicable law. This paragraph 15 is intended to give LENDER all rights permitted by applicable law. 16. REMEDIES. IF BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OUTSTANDING WHEN DUE, LENDER MAY EXERCISE ANY REMEDY AVAILABLE TO IT UNDER APPLICABLE LAW, INCLUDING FORECLOSURE. 17. FORECLOSURE BY ADVERTISEMENT. We hereby grant LENDER upon an Event of Default power to sell or cause the sale of the Property by advertisement and sale at public auction or vendue and to convey the Property to 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 Property andlor insurance premiums on the Property (which we agree shall constitute waste), LENDER shall be entitled to the appointment of a receiver if permitted by law. 19. SATISFACTION OF MORTGAGE. Upon payment and discharge of all sums secured by this Mortgage and termination of the 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 of any lien which has priority over this Mortgage be sent to LENDER at 7 Carnegie Plaza, Cherry Hill, NJ 08003 21. EXIDBITS, SCHEDULES 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 Terms of the Agreement are made part of this Mortgage. 22. TIME OF ESSENCE. Time is of the essence in this Mortgage. 23. ACTUAL KNOWLEDGE. For purposes of the Credit Documents, LENDER shall not be deemed to have actual knowledge of any fact until it actually receives notice as set forth in paragraph 11 or until it receives written notice thereof from a source LENDER reasonably believes to be reliable. The date of receipt shall be determined by reference to the "Received" date stamped on such written notice by LENDER or its agent. 24. RELEASE. To the 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 ~ - 4 - Ô~;(:~'558 00031.6 25. EXPENSES OF LITIGATION. 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 searches; title insurance policies; Torrens certificates; and similar items which LENDER reasonably considers necessary in such proceeding or to evidence to bidders at any sale the true condition of the title to or value of the Property. Such expenses may be estimated to the extent they will be incurred after entry of the decree. In any foreclosure by advertisement, all expenses permitted by statute that LENDER incurs in protecting the Property, maintaining the lien of this Mortgage and foreclosing the Mortgage shall be included in the redemption price and in the calculation of any deficiency. 26. CAPTIONS; GENDER; ETC, The headings in this Mortgage are not to be used to interpret or define its provisions. In this Mortgage, the masculine gender includes the feminine andlor nueter, singular numbers include the 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 Mortgage, but, if necessary to comply with local law or custom MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of these interests, including, but not limited to, the right to foreclose and sell the property; and to take any action required of Lender including but not limited to, releasing and canceling this Mortgage. By signing this Mortgage, we agree to all of the above. WITNESSES: J1J Œ,~ Rick C. Owen By: By: ~a~~ Carole A. Owen By: By: STATE OF WYOMING COUNTY OF J.-I A/(!()(..AI '~s. t'Ít. ---'1 ¡J On the I û - day of T -.tAI~ before me personally came 11 'I([ ~/{ . e,. () LÙ etA C/ to me known to be the mdlVidual(s) descri1fed in acknowledged that helshelthey executed the same. óLt> t.~ :7 (P tc.~¿)!~ A. ()we I/) and who executed the foregoing instrument, and - 0. DAVID GARDNER· NOTAR. Y PUBUGJ. - County of State of Uncoln Wyoming _ M Commission Expire~= :'=' ;~, ?:;/~ 1 ~~ntO~I~ ~~ ~ County, I"':J "" ð '7 My Commission Expires: -, - c::;r-ï - t:/ ( Wyoming - 5'- Q~2'7598 00031.7 MORTGAGE Title No. TillS INSTRUMENT PREPARED BY: Cheryl Quickel TO RECORDING REQUESTED BY: GMAC Mortgage, LLC UPQN-&ECORÐl'.TION, Uf..Il. TO. GMAC Mortgage, LLC 7 Carnegie Plaza, Cherry Hill, NJ 08003 RESERVE THIS SPACE FOR USE OF RECORDING OFFICE Ü~~IS~Ö 000318 EXHIBIT A SITUATED IN THE COUNTY OF LINCOLN AND STATE OF WYOMING: A PORTION OF THE NORTHWEST 1/4 NORTHWEST 1/4 OF SECTION 14, TOWNSHIP 33 NORTH, RANGE 118 WEST OF THE 6TH PRINCIPAL MERIDIAN, LINCOLN COUNTY, WYOMING, BEING PART OF THOSE TRACTS OF RECORD ON THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 115PR ON PAGE 198 AND PART OF THAT TRACT IN BOOK 178PR ON PAGE 309, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE NORTH LINE, PROPORTIONED MEASUREMENT, OF THE TRACT OF RECORD IN SAID BOOK 115PR ON PAGE 198, SAID POINT BEING 508.82 FEET SOUTH 1 DEGREE 04 MINUTES 30 SECONDS WEST (RECORD 499 FEET SOUTH) AND 373.17 FEET NORTH 89 DEGREES 32 MINUTES 07 SECONDS EAST, FROM THE NORTHWEST CORNER OF SAID SECTION 14; THENCE CONTINUING NORTH 89 DEGREES 32 MINUTES 07 SECONDS EAST ALONG SAID NORTH LINE, A DISTANCE OF 291.69 FEET TO THE PROPORTIONED WEST LINE OF THAT LAND CONTAINED IN WARRANTY DEED RECORDED IN BOOK 141PR ON PAGE 587; THENCE SOUTH 1 DEGREE 04 MINUTES 30 SECONDS WEST, ALONG LAST SAID WEST LINE, 839.89 FEET TO A POINT IN THE SOUTH LINE OF SAID NORTHWEST 1/4 NORTHWEST 1/4; THENCE SOUTH 89 DEGREES 46 MINUTES 15 SECONDS WEST, ALONG LAST SAID SOUTH LINE, 113.28 FEET TO THE SOUTHERLY PROLONGATION OF AN OLD FENCE LINE SAID TO BE THE EAST LINE OF THE LAND CONTAINED IN QUITCLAIMED DEED RECORDED IN BOOK 217PR ON PAGE 212; THENCE NORTH 1 DEGREE 26 MINUTES 18 SECONDS WEST, ALONG SAID FENCE LINE, 252.36 FEET (RECORD 247.5 FEET); THENCE SOUTH 89 DEGREES 46 MINUTES 15 SECONDS WEST, 106.31 FEET TO THE PROPORTIONED EAST LINE OF THAT LAND CONTAINED IN QUITCLAIM DEED RECORDED IN BOOK 348PR ON PAGE 186; THENCE NORTH 1 DEGREE 04 MINUTES 30 SECONDS EAST, ALONG LAST SAID EAST LINE, 275.91 FEET (RECORD NORTH 270 FEET) TO THE NORTHEAST CORNER OF SAID PROPERTY RECORDED IN SAID BOOK 348; THENCE SOUTH 89 DEGREES 46 MINUTES 15 SECONDS WEST, ALONG THE NORTH LINE OF 11566176 O~,.;.,¡' ~:.J~ 000:11.9 EXHIBIT A ( continued) SAID PROPERTY RECORDED IN SAID BOOK 348, 61.00 FEET; THENCE NORTH 0 DEGREES 04 MINUTES 30 SECONDS EAST, 311.01 FEET TO THE POINT OF BEGINNING. CONTAINING 4.231 ACRES, MORE OR LESS. Permanent Parcel Number: 3318 142 00 19900 RICK C. OWEN AND CAROLE A. OWEN, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES 125 COUNTY ROAD 177, BEDFORD WY 83112 Loan Reference Number MCNJ01/7074942 First American Order No: 11566176 Identifier: FIRST AMERICAN LENDERS ADVANTAGE 11111111111111111111111111111111111111111111111111 1111111111/11111111 III OWEN 11566176 FIRST AMERICA WY MORTGAGE N LENDERS ADVANTAGE 1111111/11/111/ 111111111111 111111111 " 11111111 III