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HomeMy WebLinkAbout933387 · Vhen recorded return to: First American Title Insurance Co LenderS Advantage ., 1100 Superior Avenue, Suite 200 Cleveland, Ohio 44114 ATTN: NATIONAL RECORDINGS ~¡~~:L(()~686249943 Loan Product: Interest Only Equity Line ;)- 0 6).1 ð,;L5 L{ aD I ~M~RTGAGE THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES RECEIVED 9/24/2007 at 3:51 PM RECEIVING # 933387 BOOK: 673 PAGE: 204 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000204 \ ''d--9 51 L\':; L\ MJN 100037506862499432 THIS MORTGAGE, as amended and extended (tillS "Mortgage") is signed to secure advances lU1der a GMAC Mortgage, LLC Home Equity Line of Credit agreement (tile "Agreement"); it is dated as of August 8, 2007 , and is made by Alaina Shepherd, A Single Woman who reside(s) at 408 Lincoln St, Afton, WY 83110 as mortgagor(s), in favor of ßMAC Mortgage, LLC 7 Carnegie Plaza, Cherry Hill, NJ 08003 , as mortgagee. Borro\ver irrevocably mortgages, grants, and conveys to all Mortgage ElectrOlllc 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 tillS Mortgage, "we", "us" and "our" retèr to mortgagor(s). "LENDER" retèrs to GMAC Mortgage, LLC or its assigns. The "ACC01U1t" refers to the Home Equity Line of Credit account established by LENDER lU1der the Agreement. "Borrower" retèrs 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 (otIler than LENDER) \ovho has signed a Credit Document. -:...,...,'> ,'¡;;i~ , ....-;'" ....) 'î >j DESCRIPTION OF SECURITY By signing tillS Mortgage, we mortgage to MERS as nominee LENDER, subject to tile terms of tillS Mortgage, (a) the real estate located at 408 Lincoln St, Afton C01U1ty of Lincoln , State of Wyoming 83110 , more fully described in Schedule A; (b) all buildings or otIler structures on tile property; (c) all rights we may have in any road, alley easement or license regarding tile property or in any mineral, oil, gas or water which is part of tile property; (d) all rents and royalties from tile property; (e) all proceeds of any insurance on tile property and all refunds of premiums on such insurance; «() all proceeds of an)' t.1.king (or tIrreatened taking) of the property by any governmental autIlority (" condemnation"); and (g) all tìxtures on tile property at any time (collectively, tile "Property"). The Property includes all rights and interests wlllch we now have or which we may acquire in tile future. For example, if tile security mortgaged under tillS Mortgage is a leasehold estate and we subsequentIy acquire fee titIe to tile Property, tile rights and interests granted to MERS acting solely as a nominee for LENDER by tillS Mortgage will include the fee titIe that we acquire. This Mortgage is also a Security Agreement lU1der the Wyoming U1lltòrm Commercial Code and we hereby grant MERS acting solely as a nominee for LENDER a security interest in the personal property described in (d) tIrrough (g) above, SECURED OBLIGATIONS TillS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES. We have signed tillS Mortgage to secure payment to LENDER of up to $ 20,000.00 , plus FINANCE CHARGES and any otIler aJ.ll01U1tS due LENDER lU1der tile Agreement (tile "Total Balance Outstanding") and to secure pertòrmance by Borrower lU1der tile Agreement and our performance of tile covenaJ.lts of tillS Mortgage (collectively, tile" Secured Obligations"). PRIORITY OF ADVANCES The lien of tIlis Mortgage will attach on tile date tI1Ís Mortgage is recorded, WitIl priority over subsequently recorded mortgages, The indebtedness evidenced by the Credit Docmllents is a revolving indebtedness, The Credit Docmllents provide tIlat amounts may be advanced, repaid and readvaJ.lced from time to time in accordance with tile terms aJ.ld provisions of tile Agreement. Accordingly, the aggregate advaJ.lces dm-ing tile term of tile Credit Documents may exceed the Credit Limit. However, the Total BalaJ.lce Outstanding less FINA1-.JCE CHARGES and certain special charges at any time (the "Ean1Íng Balance Outstanding") shall never exceed the Credit Limit, except for advances made to protect the lien of tI1Ís Mortgage. We agree tI18t tile lien and secm-ity title of tillS Mortgage sl18ll not be deemed released or extinguished by operation of law or implied intent of tile parties if tile Total Balance Outstanding is zero as of tile date of tillS 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 OVv11 tile Property; (b) we have the right to mortgage tile 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 instrlU11ent") disclosed to LENDER by any Signer in applying for the AccolU1t, to the extent that the amolU1t secured by such security instrument does not exceed tile amount disclosed on such application; and (y) any liens, claims aJ.ld restrictions of record tIlat do not individually or collectively have a material adverse impact upon LENDER's security, the value of the Property or tile Property's current use. GMAC- WY -1- II1Ítia1 .15 OD020S 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 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 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 PA Yl\ffiNT. Except as limited by paragraph 10 below, Borrower shall pay "vhen due all SlUllS 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 ft.ùl replacement cost of the building that is part of the Property or (ii) the amolUlt of this Mortgage plus the total amolUlt of all Permitted Liens; but never less than the amolU1t 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 premimlls directly, we shall provide LENDER Witll all renewal notices and, if requested by LENDER, all receipts for premimlls. If policies and renewals are held by any other person, we shall supply copies of tllem to LENDER within ten calendar days after they are issued, In the event of loss, we shall give prompt notice to the lllsurance 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 cmTY out this pm-agraph 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 tlmt the proceeds of mlY insuranc,e or condemnation (after payment of all reasonable costs, expenses and attorneys' fees paid or incurred by LENDER and us) shall be applied to pay tile Secured Obligations, to repair or reconstruct the Property, mld/or pay for our loss. In the event that such proceeds m'e not used entirely for repair and reconstruction, we shall provide LENDER \Vitll a new appraisal or valuation of the Property, conducted by a person or entity and in a form reasonably acceptable to LENDER, lUl1ess LENDER waives tins requirement in vvriting. The receipt of proceeds shall not cure or waive any detàult or notice of detàult t.mder this Mortgage or invalidate mlY act done pursum1t to such notice. If tile Property is abancloned 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 ~ - 2 ~ 0.00206 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, 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 and/or deterioration of the Property; ane! 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 peIform all of our obligations under the governing documents of tlle project or development. 6. PROTECTION OF LENDER SECURITY. We shall appear in and defend any action or proceeding which may aftèct the secmity of LENDER tlllder tills Mortgage or result in violation of paragraph 3 above. If such an action is filed, we violate tillS Mortgage or Borrowers violate tillS Agreement, tIlen LENDER may disbmse funds and do whatever it believes necessary to protect tile secmity of tillS Mortgage. In doing so, LENDER shall give us notice but it need not make demand or release us fronl any obligation. Any amounts paid by LENDER under tillS paragraph 6, witil FINANCE CHARGES at tile variable rate in eíÌèct under tile Agreement, shall be paid by us upon demand. Until paid by us, such amounts are secw-ed by tillS Mortgage. LENDER is not required to incur any expense or take any action lUlder 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 CHA,RGES AFTER END OF ACCOUNT AND/OR JUDGMENT. To the extent permitted by law, vve 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 tile manner specified in tile 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 stmi proceedings against any successor or modify payment terms by reason of mlY 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 tile extent and with respect to the event specified in the writing, Obtaining insurance, or paying ta.."es, other liens or chm'ges shall not be a waiver of LENDER's right to demand payment at once of the sums secured by this Mortgage in tile event of a default under the Credit Documents, 10. SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY; CO-SIGNERS. This Mortgage shall bind us ane! om respective successors and permitted assigns for tile benefit of LENDER and its successors and assigns. All agreements made by us or any successor are joint and several mId 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 Propeliy and to release all homestead mId/or dower rights, (b) is not personally liable under the Credit Documents, mId (c) agrees that LENDER and any Signer may modify either Credit Document, \"ithout consent mId witilout modifying the interests of the rest of us under this Mortgage. 11. NOTICES. All notices shall be in \:vTiting. Except where applicable law requires otherwise: (a) LENDER notices shall be hand delivered or mailed by first class, registered or celiified 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. (11) 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 lmder tile 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 mId 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 MOligage is recorded. I1lltial~ - 3 - 000207 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 doclUllent 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 l5(b) are Events of Default if and when LENDER gives any Signer notice of detàult. We agree to notify LENDER promptly upon the happening of any event that would be an Event of Default under either Credit DOCtullent upon the giving of notice by LENDER. (b) Mter giving notice of default, LENDER may end the Account and/or demffild repayment at once of the Total Balffilce Outstanding in ffilY of the following events: (i) There has been fraud or material misrepresentation by any Signer in cOlmection with tlle Account; (ii) Borrowers have failed to meet the repayment terms of tlle Agreement for ffilY amount outstanding; or (iii) Any action or inaction by any Signer has adversely affected the Property or ffilY right of LENDER in the Property; to the extent permitted by law, this will include, but not be limited to, ffilY 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 Iffilguage in this Mortgage to the contrffiy, LENDER will not give notice of default unless permitted by applicable law and LENDER will give us ffilY grace period, right to cme ffild/or reinstatement right required by applicable law. This pffi-agraph 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 grffilt LENDER upon ffil Event of Default power to sell or cause the sale of the Property by advertisement ffild sale at public auction or vendue and to convey the Property to the purchaser in the mffimer provided by law. 18. APPOINTMENT OF RECEIVER. Upon ffil 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 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 ffild LENDER shall satisfy this Mortgage, file a discharge or release ffild pay any recording costs. 20. REQUEST FOR NOTICES. LENDER requests tllat 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. EXIllBITS, SCHEDULES AND RIDERS, ETC. The terms of any Exhibit, Schedule Rider attached to tIllS Mortgage or executed and recorded ,vitIl this Mortgage shall be treated as if fully set forth in this Mortgage. All of the Terms of tIle Agreement are made part of tIlis Mortgage, 22. TIME OF ESSENCE. Time is of tIle essence in tills Mortgage. 23. ACTUAL KNOWLEDGE. For purposes of the Credit Documents, LENDER shall not be deemed to have actual knowledge of any fact lUltil 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 ffild om successors ffild assigns, we hereby release and waive all rights lUlder and by virtue of the homestead exemption laws of the State of Wyoming. I1lltial--J.s- - 4 - 000208 25. EXPENSES OF LITIGATION. In any proceeding to enforce any remedy of LENDER lmder the Credit DoclUllents 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; doclUllentary 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 forecloslU-e 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 ma.sculine 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 Witll 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 tllis Mortgage, we agree to all of the above. WITNESSES: By: ~~J Alaina Shepherd By: By: By: STATE OF W\OMING COUNTY OF I~ 55. On the f- day of &r C/ / IJ {)t) 1 before me personally canle ALAINA SHEPHERD to me known to be the individual(s) described 111 and who executed the foregoing instrument, and acknowledged that he/she/they executed the same. VALERIE KITTRELL, NOTARY PUBLIC County of State of Lincoln Wyoming My Commission Expires April 19, 2008 ¿)duù '1fd~ Notary Public ~ v County, Wyoming My Conllllission Expires: ~r /1 ' :;'00 t , - 5 - 000209 MORTGAGE Title No, THIS INSTRUMENT PREPARED BY: Taria Bernard TO RECORDING REQUESTED BY: GMAC Mortgage, LLC UPOIf lŒCORÐATlÐN, ~1.\1l. ~ GMAC Mortgage, LLC 7 Carnegie Plaza, Cherry Hill, NJ 08003 RESERVE THIS SPACE FOR USE OF RECORDING OFFICE \", 00021.0 Form No. 3301 (6/00) Short Form Comnútment, EAGLE SUPER EAGLE ORDER NO: 4915870 FILE NO: 33917469 LENDER REF: 000686249841 Exhibit "A" The land referred to in this policy is situated in the STATE OF WYOMING, COUNTY OF LINCOLN, CITY OF AFTON, and described as follows: BEGINNING AT A POINT 73 1/2 RODS NORTH OF A POINT 267 RODS EAST FROM THE SOUTHWEST CORNER IS SECTION 25, T32N, R119W, 6TH P.M., WYOMING AND RUNNING THENCE NORTH 92 FEET, THENCE WEST 119 FEET, THENCE SOUTH 92 FEET, MORE OR LESS, TO THE SOUTH BOUNDARY LINE OF THE O. SHARLENE MOSS PROPERTY ACQUIRED UNDER A CERTAIN REAL ESTATE SALES AGREEMENT DATED THE 6TH DAY OF SEPTEMBER, 1984 (WHEREIN EDGAR LEROY CAZLER AND ROZELlA W. CAZLER, HUSBAND AND WIFE, WERE SELLER AND O. SHERLENE M. MOSS, A MARRIED WOMAN, AS HER SOLE AND SEPARATE PROPERTY, AS BUYER, AS EVIDENCE BY A REAL ESTATE CONTRACT DATED SEPTEMBER 6, 1984 AND RECORDED SEPTEMBER 17, 1984, IN BOOK 218 P.R., PAGE 543, RECORDING NO. 623157), THENCE EAST ALONG SAID SOUTH BOUNDARY LINE, 119 FEET, MORE OR LESS, TO THE POINT OF BEGINNING. AJPN:32192540013200 1111111111111111111111 SHEPHERD 12958454 WY FIRST AMERICAN LENDERS ADVANTAGE MORTGAGE 111111111111111 1111111111111111111111111111111111