HomeMy WebLinkAbout928364
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6010714974
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Recording requested by and
when recorded return to:
CONSUMER LOAN RECORDS CENTER
1170 SILBER RD
HOUSTON, TX 77055
ATTN: MAILSTOP: CLRVLTTX
This Mortgage was prepared by:
CANDICE DANZOY
WASHINGTON MUTUAL BANK
20855 STONE OAK PKWY BLDG B
SAN ANTONIO, TX 78258-7429
RECEIVED 4/12/2007 at 3:19 PM
RECEIVING # 928364
BOOK: 654 PAGE: 310
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
II Washington
Mutual
OPEN-END MORTGAGE
Loan Number:
0753158468
THIS MORTGAGE is from
JASON R. ISAACSON & KIMBERLY A. ISAACSON, HUSBAND AND WIFE
whose address is:
("Borrower"); in favor of:
WASHINGTON MUTUAL BANK, A FEDERAL ASSOCIATION, WHICH IS ORGANIZED AND
EXISTING UNDER THE LAWS OF THE UNITED STATES OF AMERICA AND WHOSE ADDRESS IS
2273 N GREEN VALLEY PARKWAY, SUITE #14, HENDERSON, NV 89014 ("LENDER") AND ITS
SUCCESSORS OR ASSIGNS.
1. Granting Clause. Borrower hereby grants, bargains, sells, conveys, warrants, and
mortgages WITH POWER OF SALE to Lender and its successors and assignees, the real property in
LINCOLN County, Wyoming, described below, and all rights and interest in
it Borrower ever gets:
SEE ATTACHED LEGAL
170 ADAMS STREET AFTON, WY 83110
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This Mortgage is second and subordinate to
the amount of $ recording concurrently herewith.
first Mortgage in
Together with all insurance and condemnation proceeds related to it; all income, rents and profits
from it; all plumbing, lighting, air conditioning, and heating apparatus and equipment; and all
fencing, blinds, drapes, floor coverings, built-in appliances, and other fixtures, at any time installed
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0753158468
on or in or used in connection with such real property, all of which at the option of Lender may be
considered to be either personal property or to be part of the real estate.
All of the property described above will be called the "Property". If any of the Property is
subject to the Uniform Commercial Code, this Mortgage is also a Security Agreement which grants
Lender, as secured party, a security interest in all such property.
2. Obligation Secured.
This Mortgage is given to secure performance of each promise of Borrower contained
herein or in a WaMu Equity Plus(TM) Agreement and Disclosure with Lender with a
maximum credit limit of $22,100.00 (the "Credit Agreement") including any
extensions, renewals, or modifications thereof, and repayment of all sums borrowed by Borrower
under the Credit Agreement with interest from the date of each advance until paid at the rates
provided therein. The Credit Agreement provides for variable and fixed rates of interest. Under the
Credit Agreement, the Borrower may borrow, repay, and re-borrow from time to time, up to the
maximum credit limit stated above, and all such advances shall be secured by the lien of this
Mortgage. This Mortgage also secures payment of certain fees and charges payable by Borrower
under the Credit Agreement, certain fees and costs of Lender as provided in Section 9 of this
Mortgage, and repayment of money advanced by Lender to protect the Property or Lender's interest
in the Property, including advances made pursuant to Section 6 below. The Credit Agreement
provides that unless sooner repaid, the Debt is due and payable in full on 04/11/2037 (the
"Maturity Date"). All of this money is called the "Debt".
3. Representations of Borrower. Borrower represents that:
(a) Borrower is the owner of the Property, which is unencumbered except by easements,
reservations, and restrictions of record not inconsistent with the intended use of the Property, and
any existing first mortgage or mortgage given in good faith and for value, the existence of which
has been disclosed in writing to Lender; and
(b) The Property is not used for any agricultural or farming purposes.
4. Promises of Borrower. Borrower promises:
(a) To keep the Property in good repair and not to remove, alter or demolish any of the
improvements on the Property, without first obtaining Lender's written consent;
(b) To allow representatives of Lender to inspect the Property at any reasonable hour, and
to comply with all laws, ordinances, regulations, covenants, conditions, and restrictions affecting
the Property;
(c) To pay on time all lawful taxes and assessments on the Property;
(d) To perform on time all terms, covenants and conditions of any prior mortgage or deed
of trust covering the Property or any part of it and pay all amounts due and owing thereunder in a
timely manner;
(e) To see to it that this Mortgage remains a valid lien on the Property superior to all liens
except those described in Section 3(a); and
(f) To keep the improvements on the Property insured by a company satisfactory to
Lender against fire and extended coverage perils, and against such other risks as Lender may
reasonably require, in an amount equal to the full insurable value of the improvements, and to
deliver evidence of such insurance coverage to Lender. Lender will be named as the loss payee on
all such policies· pursuant to a standard lender's loss payable clause. The amount collected under
any insurance policy may be applied upon any indebtedness hereby secured in the same manner as
payments under the Credit Agreement or, at Lender's sole option, released· to Borrower. In the
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0753158468
event of foreclosure or sale of the Property, all rights of the Borrower in insurance policies then in
force shall pass to the Lender or purchaser of the Property.
5. Sale, Transfer or Further Encumbrance of Property. The loan is personal to Borrower, and
the entire Debt shall be accelerated and become immediately due and payable in full upon any sale '
or other transfer of the Property or any interest therein by Borrower including, without limit, further
encumbrance of the Property. A sale or other transfer of the Property or any interest therein by
Borrower without the full payment of the Debt shall constitute an event of default hereunder.
6. Curing of Defaults. If Borrower fails to comply with any of the covenants in Section 4,
including all the terms of any prior mortgage or deed of trust, Lender may take any action required
to comply with any such covenants without waiving any other right or remedy it may have for
Borrower's failure to comply.
Repayment to Lender of all the money spent by Lender on behalf of Borrower shall be secured
by this Mortgage. The amount spent shall bear interest at the rates from time to time applicable
under the Credit Agreement and be repayable by Borrower on demand. Although Lender may take
action under this paragraph, Lender is not obligated to do so.
7. Remedies For Default.
(a) Prompt performance under this Mortgage is essential. If Borrower does not pay any
installment of the Debt on time, or any other event occurs that entitles Lender to declare the unpaid
balance of the Debt due and payable in full under the Credit Agreement, the Debt and any other
money whose repayment is secured by this Mortgage shall immediately become due and payable in
full, at the option of the Lender and the total amount owed by Borrower on the day repayment in
full is demanded, including all unpaid interest, will thereafter bear interest at the rate specified in the
Credit Agreement.
(b) Upon the occurrence of a default as set forth in Section, 7(a) above, Lender may at
Lender's option, initiate foreclosure by advertisement and sale, or institute an action to foreclose
this Mortgage under Wyoming law. Lender may seek any other remedies available to it under
applicable Wyoming law.
(c) The foreclosure of this Mortgage is not the exclusive remedy of Lender to collect the
Debt. Lender may, upon the occurrence of a default, as set forth in Section 7(a) above, institute
any other remedies available to a creditor under Wyoming law. In connection with any portion of
the Property which is personal property, Lender shall further be entitled to exercise the rights of a
secured party under the Uniform Commercial Code as then in effect in the State of Wyoming.
(d) By accepting payment of any sum secured by this Mortgage after its due date, Lender
does not waive its right to require prompt payment when due of all other sums so secured or to
declare default for failure to so pay.
8. Condemnation; Eminent Domain. In the event any portion of the Property is taken or
damaged in an eminent domain proceeding, the entire amount of the award, or such portion as may
be necessary to fully satisfy the obligation secured by this Mortgage, shall be paid to Lender to be
applied to the obligation in the same manner as payments under the Credit Agreement.
9. Fees and Costs. Borrower shall pay Lender's reasonable cost of seårching records, other
reasonable expenses as allowed by law, and reasonable attorney's fees, in any lawsuit or other
proceeding to foreclose this Mortgage, in any lawsuit or proceeding which Lender is obligated to
prose ute or defend to protect the lien of this Mortgage and, in any other action taken by Lender to
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collect the Debt, including without limitation any disposition of the Property under the Uniform
Commercial Code and any action taken in bankruptcy proceedings as well as any appellate
proceedings.
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10. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this
Mortgage. Borrower shall pay Lender a Release Fee, unless prohibited by law, and for all
recordation costs of any satisfaction of this Mortgage.
11. Payoff and Similar Statements. Unless prohibited by law, Lender may collect a fee in the
amount determined by Lender, for furnishing a payoff demand statement or similar statement.
12. Miscellaneous. This Mortgage shall benefit and obligate the heirs, devisees, legatees,
administrators, executors, successors and assigns of the parties hereto. The words used in this
Mortgage referring to one (1) person shall be read to refer to more than one (1) person if two (2) or
more have signed this Mortgage or become responsible for doing the things this Mortgage requires.
This Mortgage shall be governed by and construed in accordance with Federal law and to the extent
Federal law does not apply, the laws of the State of Wyoming. IN THE EVENT OF ANY ACTION
HEREUNDER OR RELATED HERETO, AND SUBJECT TO APPLICABLE LAW, BORROWER HEREBY
WAIVES ANY RIGHT TO A JURY TRIAL. If any provision of this Mortgage is determined to be
invalid under law, that fact shall not invalidate any other provision of this Mortgage, but the
Mortgage shall be construed as if not containing the particular provision or provisions held to be
invalid, and all remaining rights and obligations of the parties shall be construed and enforced as
though the invalid provision did not exist.
D 13. Joining in Execution. If this box is checked,
joins in the execution and delivery of this Mortgage to induce Lender to make the loan and to create
a valid, enforceable lien under Wyoming law does
not undertake any responsibility for payments of the Credit Agreement secured by this Mortgage
but is jointly and severally responsible with the Borrower for the performance of all warranties,
terms and conditions of the Mortgage.
14. Riders. If one (1) or more riders are executed by Borrower and recorded together with this
Security Instrument, the covenants and agreements of each such rider shall be incorporated into and
shall amend and supplement the covenants and agreements of this Security Instrument as if the
rider(s) were a part of this Security Instrument. [Check applicable box(es)]
o Condominium Rider
o Planned Unit Development Rider
o Other:
(specify)
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The undersigned hereby release and waive all rights under and by virtue of the homestead
exemption laws of the State of Wyoming.
DATED at
this _ day of
-
J N R I AACSON
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KIM ERL Y A ISA SON
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STATE OF WYO~ - ~
COUNTY OF ur
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instrument ~was aCknowledged
, ~ by:
before me this
Witness my hand and official seal.
DONNA BOOTH - NOTARY PUBLIC
COUNTY OF STATE OF
LINCOLN WYOMING
MY COMMISSION EXPIRES SEPT. 20, 2007
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Nota~ ¿J
Address 'v(
My Commission Expires:
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LEGAL DESCRIPTION
EXHIBIT' A'
Order No: 6010714974
Lot 6 of Schwab Addition to the Town of Afton, Lincoln County, Wyoming as described
on the official plat thereof.
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