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HomeMy WebLinkAbout930122 -) u j../ I Loan No.: 000690087020 Loan Product: Equity Line .# fh g 9 3 ff RECEIVED 6fi/2007 at 3:10 PM RECEIVING # 930122 BOOK: 661 PAGE: 130 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000130 MORTGAGE \ \ '-ÐC\ \ ~ 4 ~ THIS MORTGAGE SECURES OBUGATORY FU'nJRE ADVANCES /.( 1./ MJN 10OO37S06900870206 THIS MORTGAGE, as amended and extended (this WMortgagc") is signed to secure advances under a Diteeh.c.om, LLC elkla Ditech.com, Inc. 0 Home Equity Line of Credit agreement (the "Agreement"); it is dated as of April 9, 2007 , and is made by Duane E and Clara M Beaderstadt Living Trust dated March 6, 1966 Duane E Beaderstadt and Clara M Beaderstadt Trustees ' who reside(s) at 81 Cheyenne Circle, Thayne, WY 83127 as mortgagor(s), in favor of pitech.eom, LLC f/k/a Dltech.c.om, Inc. 3200 Park Center Dr. Suite lSO, Costa Mesa, CA 92626 , as mortgagee. Borrower irrevocably mortgages, grants, and conveys to all Mortgage Electronic Registration Systems Ioc, PO Box 2026 Flint, MI 48.501-2026 (MERS) acting solely all a nominee for Lender and Lender's successors and aslligns. Throughout this Mortgage, Wwe" , "us" and ·ourW refer to mortgagor(s). "LENDER" refers to Dltech.com, LLC flkla Ditech.com, Inc. or its assigns. The "Account" refers to the Home Equity Une of Credit account established by LENDER under the Agreement. "Borrower" refers to each person who signs the Agre'cment all borrower. The Agreement and this Mortgage, taken together, are called the ·Credit Documents. II "Signer" refers to any person (other than LENDER) who has signed a Credit Document. DESCRIPrION 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 81 Cheyenne Clrele, Thayne ,County of Lincoln , State of Wyoming 83127 ,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) aU rents and royalties from fhe property; (e) all proceeds of any insurance on the property and all refunds of premiums on such insurance; (f) aU proceeds of any taking (or threatened t:aIqng) of the property by any governmental authority ("condemnation"); and (g) all fixtures on the property at any ÛD1e (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 8:Cquire. 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 in1erest in the personal property described in (d) through (g) above. SECURED OBLIGATIONS THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES. We have signed this Mortgage to secure payment to LENDER of up to $ 20,000.00 ,plus FINANCE CHARGES and. any other amOUDlS due LENDER under the Agreement (the "Total Balance Outstanding") and to secure performance by Borrower UDder the Agreement and our performance of the covenants of this Mortgage (collectively, the ·Secured Obligatioos"). . 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. Accorclingly, 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 ÛDle (the -Earning Balance Outstanding") shall never exceed the Credit Umit, 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 exûoguished 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 i. from time to time reduced to zero by payments made to LENDER. REPRESENTATIONS AND DUTIES We promise that, except for Permitted Lieos; (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 teon ·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 instrmnent does not. exceed the amount disclosed on such application: and (y) any liens, claims and restrictions of record that do not individwdly or collectively have a material adverse impact upon LENDER's security, the value of the Property or the Property's current use. -1- Initial {~ t1J:? OMAC-WY U~J Üll;:;;l: . 000131 . Each of us gives a general warranty of title to LENDER. This means that each of us will be fulÎy . . responsible (or any losses which LENDER suffers because someone has. rights in the Property other than Permitted Liens. We promise tþat we will defend our ownership of the Property against any claims of such right. . We will neither take nor pennit any action to partition. subdivide or change the conditiOD of title to to all or any part of ~e Property. We will not amend any Permitted Lien without LENDER's prior written consent. CERTAIN PROVISIONS OF THE AGREEMENT . . 'V!e 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 Iournal 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, rm~, 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 (í) 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 nCver 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 policics 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 policÎ.e$ 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 los8. we shall give prompt notice to the insurance company and LENDER. LENDER may file a proof of 108s if we fail to do 80 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 dOCUI11eßts 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) Subj~ct to the terms of any Permitted Lien, LENDER may elect tluit the proceeds of any iusurance or condemnarlon (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, and/or pay for our loss. In the event that such proceeds are not used entirely for repair and reconstructioD. we shall provide LENDER with a new appraisal or valuation of the Property, conducted by a person or entity and in a forDt reasonably acceptable to LENDER, unless LENDER waives this tequirement in wriÛDg. The receipt of proceeds sball not cure or waive any default or notice of default under this Mortgage or mvalidate 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. -2- Initial J,[ {; ~/;;f1J O~/,l' ( ~ 'i' .'>...) Ÿ ~..J ¿,.'iI....I-.l 0001.32 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. s. 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 costa; prevent waste; impairment and/or 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 pl81Ù1ed 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 procee~ which may affect the security of LENt>ER 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 wbs.tever it believes necessary to protect the security of this Mortgage. In doing so, LENDER shan give us notice but it Deed 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 iDspeçtion. 8. FINANCE CHARGES AFTER END OF A COUNl' 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 is entered shall continue to accrue at the rates and in e manner specified in the Agreement. 9. OUR CONTINUING DUTIES AND L of any LENDER right under the Credit Documents shall rel or that of our successors or Borrower's successor, nor shall Mortgage. LENDER shall not be required to start proceed terms by reason of any demand made by us or any successor. No LENDER act or failure to act shall waive any figh under this Mortgage. An waivers must be in writing and signed by LENDER; they shall apply only the extent and with respect to the event specified in the writing. Obtaining insurance. or paying taxes, other liens or charges shal1 not be a waiver of LENDER's right to demand payment at once of the SUIIJ ed by this Mortgage in the event of a default under the Credit Documents. ER'S RIGHTS; WAIVERS. No waiver or limit our liability, Borrower's liability, y waiver affect the lien or priority of this against any successor or modify payment 10. SUCCESSORS AND ASSIGNS; JOINT A SEVERAL LIABll..ITY¡ CO-SIGNERS. This Mortgage shall bind us and our respective successors and ermitted assigns for the benefit of LENDER and its successors and assigns. All agreements made by us or an 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) i co-signing only to encumber that person's interest in the Property and to release all homestead and/or do er rights, (b) is not personally liable under the Credit Documents. and (c) agrees that LENDER and any igner may modify either Credit DOCUl11a1t, without consent and without modifying the interests of the rest f us under this Mortgage. 11. NOTICES. All notices shall be in writing. Exce t where applicable law requires otherwise: (a) LENDER notices shall be hand delivered or maile by first class, registered or certified mail to the address of the Property or to such other address specified y the addressee in a written notice given to LENDER. Any LENDER notice shall be considered given on e day it is deposited in the U.S. mail or is hand-delivered . class, registered or certified mail to the statement under the Agreement or to such us. Any such notice shall be considered (b) Our notices shall be mailed to LENDER b.y fir address fQr such notices specified on our most recent monthl other address specified by LENDER in a written notice given given on the day it is received. by LENDER. 12. GOVERNING LAW. This Mortgage will be ovemed by federal and Wyoming law. If any provision is invalid, illegal. or unenforceable. this Mong e shall be interpreted 88 if such provision bas never been inculded. 13. COPIES. We shall receive copies of the Credit D this Mortgage is recorded. nt3 at the time they are signed or after -3- Initial _ ;:;/1Jý 11 I' ;\'('\"'¡¡Cð"'1.,"'.~~) 000:'-.33 tJvu/tJV f$·rff't~.1 .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 indiviclua11y or jointly. once or a number of times. The parties to this document are subject to the provision for Arbittation as set forth in the Agreement which is incorporated by reference as if set forth at length herein. 15. EVENI'S OF DEFAULT. (a) The events set forth in paragraph lS(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 and/or demand repayment at once of the Total Balance Outstanding in any of the following events: (i) There has been fraµd or material misrepresentation by any Signer hi cooncction with the Account; (ii) Borrowers have failed to meet the repayment terms of the A.greement 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 88sign or selting. transferring OT assigning any interest in the Propeny. 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 and/or reinstatement fight required by applicable law. This p81"agraph 1.5 is intended to give LENDER all rights pennitted 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 Of vendue and to convey the Property to the purchaser in the manner provided ~y law. 18. APPOINTMENT OF RECEIVER. Upon an Event of a Default or our failure to pay taxes assessed against the Property and/or insurance premiums on: the Property (whIch we agree shall constitute waste), LENDER shall be entitled to the appo~tment of a receiver if permitted by law. 19. SATISFAC110N OF MORTGAGE. Upon payment and discharge of all sums secured by this Mortgage and termination of the Account, this Mongage 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 3200 Park Center Dr. Suite 150, Costa Mesa, CA 92626. 21. EXHIBITS, 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 funy set forth in this Mortgage. All of the Terms of the Aareement are made part of this Mortgage. Z2. TIMJj: OF ESSENCE. Time is of the essence in this Mortgage. 23. ACTUAL KNOWLEDGE. For purposes of the Credit Documents, LENDER sbaII not be deemed to have actual knowledgc of any fact until it actuany receives notice as set forth in paragraph 11 or until it receives written nodce thereof from a source LENDER reasonably believes to be reüable, 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, fot ourselves and our .success01'8 and assigns, we hereby release and waive all rights under and by virtue of the homestead exemptIon laws of the State of Wyoming. -4- Initial 1) fI/ C I/tI /1 ." I'}:.t }~t~("I'l"'-~"::), V,.¡ ~t.lJ ,{.'\...J 0(.0134 25. EXPENSES OF LmGATION. In any proceeding to enforce any remedy of LENDER under the Credit Documents there shall be allowed and included, to the extent permi~ 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; appraiaers; documentary and expert evidence; steoograpbers; publication; surveys; abstracts of tide; tide searches; title insurance policies; Torrens certificates; and similar items which LENDER reasonably considers necessary in sucb proceeding or to evidence to bidders at any sale the bUe condition of the tide to or value of the Property. Such expenses may be estimated to the extent they will be incurred after entry of the deçree. In any foreclosure by advertisement, all expenses permitted. by statute that LENDER incurs in protecting the Property, maintaioing the lien of this Mortgage and foreclosing the Mortgage shall be included in the redemption price and in the calculation of any deficiency. 26. CAPI'IONS; GENDER; ETC. The beadings 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 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 MBRS (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: .J)~ £, ^_~ ~;I;.,I.:r- . Duane E. Beaderstadt By: By: ~t~ß ;¿#II- Clan M. BeldentJ¡dt L~p Z. fÓQØ~ÐI~Æ-ðd-~ By: DuaDe E. Deaderlpdt .. Trustee far the D.aøe E. a.d Clara M. øeadersudt U1'lnl TrUlt Dated March 6, 19" ~Jft/ Ál~~~ -;-. Ct-( .-~~ Can. M.. Badentadt III Trustee for the Du.aDe E. aod Oara M. Beadustadt LIvIDI Trult Dated March 6,. 196' By: STATE OF WYOMING COUNTY OFL:\~""-ss. Onthe~daYOf~í\ ,'~ . before me personally came DUQne.. E. ex.Qde.r~+a.d+ t1.,nd ,ŒllLra. IY/. ~rstodt A~ \Ÿu~-k~ +C(---t~ Duane.. 5. oed Q.lClra rYl. ~ac~rs'htd-f l,v¡ r:111ìÁ~T to ~+t&!o~y.ol ~~the individual(s) described in and who executed the foregoing instrument, and acknowledged that he/she/they executed the same. Lð.UNI NEWMAN - NOTARY PUBLIC County of State of Unc:oln y mlng MV COMMISSION EXj!lIFtSI ib t\ J6 ~~_ _ßP~) Vlv&0M. ~ ~ Public ~, tA.-CD l r- My Commission Expires: County. Wyoming ß~ dO~O -5- · ...~,.:¡: :r'J or,;} I. ....l):-.~ (,( ¡;.. .,.,;"....1 '-.) ~... "-I,V 410. 0001.35 MORTGAGE Title No. THIS INsrRUMENT PREPARED BY: Jessica Rendtrey TO RECORDING REQUESTED BY: Diteeh.com, LLC r/kla Dlteeh.tom, Inc. When recorded mail to: FIRST AMERICAN TITLE INSURANCE LENDERS ADVANTAGE 1100 SUPERIOR A VENUE, SUITE 200 CLEVELAND, OHIO 44114 ATTN: FT1J20 1, CA 92626 RESERVE TlDS SPACE FOR USE OF RECORDING OFFICE OOO~36 " ~, '. '\ ft.',' ':---'.. c...····.) U:"}.J¡ ;ij lL .~;.';., EXHIBIT A SITUATED IN THE COUNTY OF LINCOLN AND STATE OF WYOMING: LOT 20 OF THE PRATER CANYON ESTATES UNIT NO.4, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Permanent Parcel Number: 3519 25/ 07 070 DUANE E. BEADERSTADT AND CLARA M. BEADERSTADT, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES 81 CHEYENNE CIRCLE, THAYNE WY 83127 Loan Reference Number 4689398/000690087020 First American Order No: 11691248 Identifier: FIRST AMERICAN LENDERS ADVANTAGE 1111111111111111111111 BEADERSTADT 11691248 WY FIRST AMERICAN LENDERS ADVANTAGE MORTGAGE 1111 IlluumllHlllllllllllI1I 11I1 II III II 111I11