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HomeMy WebLinkAbout935829 Accout No.: 5244330 **** Branch No.: 886 Lom Product: BR 80% CLTV Stalldalone RECEIVED 12/26/2007 at 2:24 PM RECEIVING # 935829 BOOK: 682 PAGE: 133 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MlN 1000375-8250524433-7 /.$t fC¡3~ MORTGAGE THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES 0001.33 THIS MORTGAGE, as &me:Oded and e;tkmded (this "Mortgage") is signed 10 secure advances under a GMACHomeEquityLine of Creditagreement(the "Agreement"}; ¡tis daœdø of November 14.2007. and is made by Gam:u. Edington. who reside(s) at S46 .AiIport Drive. Alpine, Wyoming 83128, as mortpgor(s). in mvor ofGMAC Mortgage, LLC, a Delaware limited liability company flkJa GMAC Mortgage Corporation, 100 Witmer Road, Horsham, PA 19044-0963 (berreiD "GMAC") md the Mortgage Electronic Regi8trati.on Systems, Inc., P.O. Box 2026, Flint. MI 48501-2026 and astrcet address 0£3300 S.W. 34th Avenue. Suite 101, Ocala, FL 34474 whose telephone number is (888) 679-MERS rMERS") actiDg solely as nominee for GMAC and OMAC'a successors and assigns UDder this Mortgage, as mortgagee. Throughout this Mortgage, "we", "uS' and "our" refer 10 mortgagor(s). "GMAC" refms to GMAC Mortgage, LLC f/kJa GMAC Mortgage COIpomtioo or its assigns. The "Acçount" refers to the Home Equity Line of Cmlit accouat established by GMAC under the Agreement "Borrower" refers to each penon who sigœ tho Agrccmcnt as borrower. The Agreement and !his Mortgage; taken fogctbar, 8RI called the "Credit I>ocumeoœ. If "Siguer" refers to any person (other thao GMAC) who has signed a Credit Document. f J,'ì i í \ 'I DESCRIPTION OF SECURITY By signing this Mortgage, we mortgage to MERS acting solely as a nominee for GMAC, subject 10 the œnœ oftbis Mortgage, (å) tbe real estate located at S46 ADport Drive, Alpine. County ofLiocoln, State of W}'OIDing 83128, more fully described in Schedule A; (b) all buìldings and odJcr 9trI1CtIlre8 on the property, (0) all rights we may have in aDy road, alley, casement or licœ8c rcgardiDg the property or in any mineral, oil, gas or water which is part of tlw property; (d) all rents and royaltie8 ftom the property; (0) all proceeds of my insuram:c on the property aDd all refimds of premiums on such insurance; (f) all proceeds of 8Dy ta1åDg (or tbreaœœd tBking) of tho property by my govcmmemal authority ("condemnation"),' and (g) aU fixtures on tbc property at any time (coUectively, lite "Property"), The Property includes all rights and interests which we now have or which we may acquiœ in tho futute. For example, if the asecurity mortgaged um:1ec this Mortgage is a leasehold estate md we subsequcody acquire fee title to the Property, the rights and iDtercøts granted to MERS acting solely 88 a nomint:c for GMAC by this Mortgage will inc1ude the fee title that we acquire. This Mortgage is also a Sccwity A¡œemeÐt uqder tho WyomiD¡ UDi!onn Commercial Code and we hereby gran1 MERS acting solely as a nominee for GMAC a security interest in the penonal property described in (d) 1brough (1) above. SECURED OBUGATIONS THIS MORTGAGE SECURES OBLIGATORY FUTURE AnV ANCES. We have signed this Mortgage to 8CCUl'C payment 10 GMAC of up to $175.000.00, plus FINANCE CHARGES and any other amounts due GMAC under the ~ent (the "Total BaIœrce Out3tanding") and to secure performance by B01TOwer under the Agrc:cment and our pcrfunnance of the cownants of this Mortgage (collectively, the "Secured Obligati(¡fI,J"). PJUOIUTY OF ADVANCES The Hen of tbis Mortgage will attach on the date this Mortgage is recorded, with priority over subsequontly recorded mortgages. The indebtedness evidenced by the Credit DOCUJDeD.1B is a revolvin¡ indebtedness. The Credit Documents provide that amountIJ may be advanced, JqJaid and readvmJced ftom time to time in acçordance with the 1mDS and provisiom of the Agreement AocoroingIy, the aggrogate advances during the term of the Credit Documents may eltcced the Credit Limit. H~. the Total Balance OUtstanding less FINANCE CHARGES and certain special cbarges at any time (the "Eaming Baltmce Oublœlding") &baD never exceed tho Qcdit Limit, axçopt fur advances made to protect the Hen of this Mortgage. We agree tbat the lien and security title of this Mortgage øba1l not be deemed ~1eased or extinguisbtJd by operation oflaw or implied iJtteDt oftbe parties iftbo 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 eb REPRESENTADONS AND DUTIES 0001.34 We promise 1hat, except for Pcnnittcd Liens: Ca) we own the Property; (b) we havo the rigbt to mortgage the Property to GMAC; and (c) there are no owWlding claims or charges against the Property. The kmI "Permitted Lieu" UlCIIDS (x) any mortgage, deed to secure debt or deed of tmst ("security in.stnonønt") disclosed to GMAC by any Sign« jn applyiog lOr the Accaunt, to the mœt that the amount secured by sueh secwity instrument does not exceed the amount disclosed on such application; and (y) any liens, claims and rcstricticmB of record that do not individually or collectively haw a maœda1 adwrøo impact upOD OMAC's security, the value of the Property or the property's C1JI'reOt use. Each of us gives a goneml wammty of title to GMAC. This meaDS that each of us will be fully respoD8ible for any losses which GMAC sufba because someone bas rights in the Property other than Pemùtted Liens. We promise iliat we will deibnd our ownership of the Property agajnøt any cllÙlDB of such right We will neither talœ nor permit any acùon to partition, subdivide or change the condition oftit1e to all or any part of the Property. We will not amend any Permitted Licø. without GMAC's prior written coD8Cl1l CERTAIN PROVISIONS OF TBEAGREEMENT We understand that GMAC may, UDder certain circumscaoce8 set forth in the Agreement, caned. its òbligation 10 ma1œ finure advances and/or reqmre œpayment at 0DCe of the Total Balance Outstalldiog. Under the Agreememt, FINANCE CHARGES lItO based on the "prime rate" pub&.hed in Tho WaIl Streot l2Ymm or in certain cin:ums1aocos the "prime rate" published in ThS; New York Times or 8 RimiJar index aclected by GMAC. The ¡ate of FINANCE CHARGES chaugcs on a daily basis as the index. or 1be amount ouøtaDðjng under the Agreement increases or dec:mues.. We UDdentand that BotrOwer will DOt receive advaucc notice of such changes. PROMISES AND AGREEMENTS We agree with GMAC as follows: 1. TIMELY PAYMENT. Except aslimi1ed by paragraph 10 below, Bonowet' sballpay when duo all sums owed GMAC under the Credit Documents. 2. APPLICATION OF PAYMENTS. All paymenJ8 shall be applied by GMAC as set furth in the Agreement. 3. MORTGAGES AND DEEDS OF mUST; CllARGES; LŒNB. We shall make paymeDtll when due and perform all our obligations under any mortgage. deed of trust or other security agreement on the Property. We shall pay or caWle to be paid when due all loans, taxes, assessments, charge., fines, impositioDS and nmts of any kind rclatiog to the Property (" .As8essments"). RcceJpI8 evidencing such p8yments shall be deliVered to GMAC upon its request. Except fur Pormittcd Licoa, we shall not allow any cDC1.IIDbnance, charge or lien on the Property to become prior to this Mortgage. 4.11AZARD INSURANCE; CONDEMNATION. (a) We sbaU, at our cost, keep all improvements OD the Property insured against loss caused by hazards inoluded in the tcm1 "cxæudcd coverage" or by o1bcc bazards GMAC may Ie88OD8bly specify. Hazard insw'ance shall be in an amount equal to the lessee of (i) the full replacement cost of the building tbat is part of the Property or (ù) the amount of this Mottgagc plus the to1al amount of all Permitted IiCll8; but never less than the amount necossazy to se.tisfy any coinsurance æquircmcmt contained in the in.sunmce policy. Wo may cJwose the msunmce company, subject 10 approval by GMAC which may not be unreasonably withheld. AU insurance policies and renewals must be in ÍOIm acceptable to GMAC and must include a standard mortgagee clause in mvor ofGMAC. GMAC shall have the right to hold the policies and renewals, subject to the tmns of any Penniøed Liens. Ifwe pay the premiums directly, we sbaJ1 provide GMAC with all renewal notices and, if requested by GMAC, all receipts for prraWwm. If policies and renewals arc bcld by any other PCIBOD, we shall supply copies of thetn 10 GMAC within tea calendar days after they aro issued. In the event of loss, we shall give prompt DOtico to the iosurancc company and GMAC. GMAC may file a proof of loss ifwe fåiI to do so promptly. (b) The proceeds of 80y condcnmation of the Property sba1l be paid to GMAC, subject to any Pennitœd liens. We sball give GMAC notice of any tbteatmed condenmation and sign all documents rcqWrcd 1Q cmy out this paragraph 4. No condcmuation settlement may be made without GMAC's prior written approval which shall not be wm:asonably w:i1:hheJd. -2- S!ö 0001.35 (c) Subject 10 the terms of any Pennitted Lien, GMAC may elect that the proceeds of my .insunmce or ~Jl.tion (after payment of aU reasonable costs, expeosos and attoEM)'S' 1èes paid or incwred by GMAC and us) shall be applied to pay tbc Secured Obligations. 10 repair or rcooostruct tho Property, and/or pay US for our loss. In the event that such proçeods are not used entirely fur repair and reconstraçÛon, we sbaIl provide GMAC with a DCW appraisal or valuation of tho Property, 00Dducted by a person or entity and in a fbnn ICIIIIOD8bly acceptable to OMAC, unless OMAC waives this requirmneot in writing. The .receipt of proceeds sball not cure or waive any defilult or Dotice of demult under this Mortgage or invalidate any act done pursuant to such notice. If the Property ia abandoned by us, or if we tàil to respond to GMAC in writing within 30 ca100dar days :&om tho date notice of a proposed insurance or condemnation settlement is given to us, OMAC may sett1e the claim, co.Dect the proceeds IIDd apply them as set furth above. If the Property is acquired by OMAC, all of out rigbr. title and interest in and to my ÌDSUraIICCI or (;OfICÈmnAtjon proceeds shall become the property of GMAC to 1hc extent of tbc sums lICÇured 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 PIoperty; and comply with the provisions of any lease of the Property. If the Property is part of a condominium project or a plam1ed unit development, we shall promptly perfonn aU of oW' ob1igations under the govcmins: doCUDKmtS of the project or development 6. PROTECl'ION OF GMAC SECURITY. We sball appear in and defend any action or proceeding which may affect the security of GMAC UDder 1his Mortgage or rœu1t in a violation of paragraph 3 above. If such an action ia 61cd, '\W violate this Mortgage or BOIIOWa'8 violate the Agrcomeot, then GMAC may disburse funds and do whatever it believes necessary to protect the øec:urity of this Mortga¡e. In doing so, GMAC sball give us notice but it need not ma1œ demand or release us Ú'om any obligation. Any amounts paid by GMAC under this paragraph 6. with FINANCE æARGES at the variable rate in effect UDder the Agreement, shall be paid by us upon demand. Until paid by us, such amounts are secured by this Mortgage. OMAC is not required to incur any expcmc or take any action under this Mortgage and no action takeo. shall release us from any duty. 7. INSPECTION. Rep¡csentatives of GMAC may Ìmlpect the Property from time to time. Exçept in an emergency, GMAC must first give notice specifying reasonable cause mr the inspection. 8. FJNANCE CBARGES AFTER END OF ACCOUNT AND/OR JUDGMENT. To the extad permitted by law, we agree dJatFINANCE CHARGES after the end of the Accmmt and/or after a judgment is eIdetCd shall continue to acaue at the rate! and in the manner specified in the Agreement. ,. OUR CONTINUING DUTIES AND GMAC'S RIGHTS; WAIVERS. No waiver of any OMAC right under the Credit Documents sba1l release or limit 01JJ' liability, Borrower's liabi1i1y, or tbat of our SI1CÇC8SOIB or BOlTOwer"S SUCCClSBOI'S. nof sbalI any waiver afi'ect the lien or priority of this Mortgage. OMAC shaD not be required to start proceedings against any SUCCCllBOr or modify payment terms by reason of any demand made by US or anysucce.ssor. No GMAC act or tåil1R to act shaD waive any right under this Mortgage. AD waiVC1'8 must be in writiøg and signed by GMAC; they shall apply only to the extent and with respect to the event speci1ied in the writing. Obtaining inswance, Of paying taxes, other liens or charges shaU not be a waiver of GMAC's right to demand payment at once of the sums secured by this Mortgage in tbe event of a dofault under the Credit Documeom. 10. SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABll..ITY; CO-SIGNERS. This Mortgage shall bind us and our respective succesøors and pennitted usigm¡ø the benefit of GMAC and its 9UCCe8SOIS and 888Ïgns. AD agœemenu made by us or any SUCCC880r are joint IDd several and may be enforced a,piDst each ofus or any successor. Any Siper who does. DOt execute the AgreemcDt (a) ia co-sigIUug oDly to encumber tbat penson's mtcRSt in the Property and 10 relcaøo all homestead and/or dowor rights, (b) is Dot personally liable under tho Q-edit Documm1ts. and (c) &gJœS that GMAC and any Sigøer may modify either cadit Document, without COIISCDt and without modifying the interests of the rest ofus under this Mortgage. -3- st 11. NOTICES. All notices shall be in wridng. &cept where applicable law rcquin:s odærwUe: 000136 (a) OMAC DOtWes sball be band delivered or mailed by first class, ægistered or certified maü to the address of the PI'OpCIrty or to such other address specified by the addrcS$CC in a wriUcn DOIice ¡ivon to GMAC. Any GMAC notice shall be considered given on the day it is deposited in the U.S. mail or is hand-delivered. (b) Our notices sba1l be mailed to GMAC by first clasø, registmd or certified mail to t1w address fur such notices specified on our most recent monthly statement under the Agreement or to such other address specified by GMAC in a written notice given to us. Any such notice shall be cODSidered given on the day it is received by GMAC. U. GOVERNING LAW. This Mortgage will be governed by federal and Wyoming law. If any provision Ì8 inwlid, illegal, or UIJCIlfun:cable, this Mortgage shall be interpteted as if suçh provision had never been included. 13. COPIES. We shall receive copies of the Credit Documents at the time 1hcy III\': signed 01' afb:rthia Mortgage is J'eCOrdcd. 14. EXERCISING REMEDIES. GMAC may exereiso aD of the rights and remedies provided by the Credit Documents or law, and any of theso rights and n:medies may be exercised individually or jointly~ once or a number of times. 15. EVENTS OF DEFAULT. {a} The events set b1h in paragraph IS(b) 8R: Events ofDetàult if and when GMAC gives any Signer IIOÛce of detàu1t. We agree to notify GMAC promptly upon the happening of any event that would be 80 Event ofDefilult under either Credit Document upon the giving of notice by GMAC. (b) After giving notice of default, GMAC may end 1hc Acoount and/or demaDd repayment at once of the Total Ba1auce Outstanding in any of the followmg events: (i) 'I'here has been ftaud or material misrepRseDtation by any Sigaer in WDDCCÛOD with the Account; (ü) BOIIOWCI'S have tàiIed to meet the repayment terms of the Agreement fur IDy amount outstaDding; or (ill) Any action or inaction by any Signer has adversely atœcted the Property or any right of GMAC in the Property; to the extent permitted by law, this will1nclude. but not be limited to, 80y SigDeI' (or 80y legal representative or successor of any Signer) agreeing to sell, U'8Osfcr or assign or selling, IraDsfurring or assigoing any iDt«est in the Property, witbout the prior written oonsent of GMAC. (c) Notwiths1ancting any language in this Mortgage 10 the contrary, OMAC will not give notice of dcJBult unless permitted by applicable Jaw and GMAC will give us any graçe period. right 10 cure audlor reinabltP.ment right required by applicable law. This paragraph IS is in1eDded to give OMAC aD righ1s pmniUed by appI:icablc law. 16. REMEDIES. II' BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OUTSTAND~G WHEN DUE, GMAC MAY EXERCISE ANY IUCMEDY AVAILABLE TO IT UNDER APPLICABLE LAW, INCLUDING FORECLOSURE. 17. FORECLOSURE BY ADVERTISEMENT. We hereby grant GMAC upon 80 Event of Defà.ult power to aell or C8wre the sale of the Property by advmisemcnt 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 Demwt or our fi.ùlure to pay taxes assesacd. against the Property and/or insurance premiums on the Property (which ~ agree sbal1 ooDStitute waste), GMAC sbaJl be entitled to the appointment of a receiver if pe;rmitted by law. 19. SATISFAcnON OF MORTGAGE. Upon payment aDd discbarge of an SUJD& secured by this Mortgage and t=mination of the Account. this Mortgage sbal1 be void and GMAC sbaD satisi)' this Mortgage, file a discharge or release and pay any m;ording 00S1S. 20. REQUEST FOR NOTICES. GMAC requests that copies of notices of defiwlt, sale and foreclosure 1ìom the holder of any lien which 1mB priority over tbi8 Mortgage be sent 10 GMAC at 100 Wilmer Road, Harsham, P A 19044. ·4- 8b 0001.37 11. EXHIBITS, SCIŒDULI!:S AND RIDERS, ETC. 1"hc terms of any Bx1u'bit. Schedule or Rider attached to this Mortgage or executed and recorded with thia Mortgage sball be treated as if fully set fbrth in tbis Mortgage. All of the terms of the Agreement SRI made part of this Mortgage. 22. TIME OF ESSENCE. Tune is oftbc esseuce in this Mortga,ge. n. AC111AL KNOWLEDGE. For pwposcs of1bc Credit Documcml8. GMAC shall not be deemed to have actual knowledge of any :fàct twtil it actua11y receives notice as set forth in paragraph 11 or UDtil it n:ceiws wriUCIl notice thereof from a source GMAC reascmably believes to be reliable. The date of m:eipt shall be detarminod by rcfc:nmce to the "Received" date stamped on 8\lCh wntIcD. notice by GMAC or its agent. 24. RELEASE. To tho extent permitted by law, fur ourselves aDd our sw;cessors and aSBigos. we bcrcby release and waive aU rights UDder and by virtue of the homestead exemptiOD laws of the State ofWyomiog. 15. EXPENSES OF LmGATlON. In any proceeding to cnfurce any remedy of GMAC under the Credit Documents there sbal1 be allowed and included, to the extent pennitted by law, as additioDIÙ iodebœdness in the judgment or decree, any court costS and reasouabJo expenses which may be paid or incurred by GMAC fOr attorneys; appraisers; documentary and expert evidence; steoographen; publication; 8U1'VC}'8; absnct:s of tide; tide scaroheS; title insurance policies; Torrens cc:rti.fic:aIcs; and similat items which GMAC reasonably considers necessary in such proceecting or to evidence to bidders at any sale the ÙUCI condition of 1bc title to or va1ue of the Property. Such expeoses may be estimated 10 the extl!mt they will be iDcumd. aftec eIlby of the cfeaee. rn any fureclosure by advm1isemont. all axpenses permitted by statute that GMAC incurs in protecting the Property, ma;nfHini~g the.lien oftbis Mortgage and fbreclosing this Mortgage sba1l be included in the redemptiou price and in the calculation of any deficiency. 16. CAPTIONS; GENDER; ETC. The hf'I9lI1T\ß8 in this Mortga,ge are not to be used to imapm or define its provisions. In this Mortgage, the masculine gender includes the femínino and/or neuter, singular numbenl include tho plurals, and plurals include the singular. 17. MERS. Borrower undelStands and agrees that MERS holds only legal title to the interests gnmted by BolTOwef in this Mortgage, but, if necessary to comply with local law or custom MERS (as nominee for GMAC and GMAC's successors and assigns) has the right: to exercise any or all of these intmlsts, including, but not limited to, the right to foreclose and sell the property; and 10 take any action required of Lender including but not limited to, releasing and canceling this Mortgage_ (This SJHI" left IJlønk Jnœntiq"ølIJ') ~ By signing this Mortgage. we agree to all of the above. WITNESSES: ..000138 ,. -------- ~L~ . "::. R By: By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR. By: MORTGAGOR STATE OF WYOMING COUNTY OF Li~", IS. 1- oob2 Onth~.TdaYOf.aOV€ v. ~007 .beforemepeœonallycameQmØ Edingtnn to me known to be the indi-vidual(s) described in and who executed the fi:>rcgoing instnu:œot. and f County, Wyoming ,~~,9..~~!~~~~~~~~~;~~;:(~ MyComm.Expires: I· 10- ocr MORTGAGE Title No. TO 0001.39 THlSlNSTRUMENT PREPARED BY Scott Naylor GMAC Mortgage. LLC 7 Camogie Plaza Chmy Bin, NJ 08003 Recorded At Request of GMAC Mortgage. u.c When recordedÎnãTl ~,?,' FIRST AMERICAN TlTLE INSURANCE LENDt.ìlS ADVANTAGE 1100 SUPERIOR A VENUE, SUITE 200 CLEVELAND, OHIO 44114 ATTN: FT1l20 RESERVE nus SPACE FOR USE OF RECORDING OffICE ~ EXHIBIT A '000:140 SITUATED IN THE COUNTY OF LINCOLN AND STATE OF WYOMING: LOT 83 IN ALPINE VILLAGE SUBDIVISION NO. 1 PLAT 2 AMENDED 6TH FILING, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF, TOGETHER WITH ALL BUILDINGS, IMPROVEMENTS AND APPURTENANCES THEREON SITUATE OR IN ANYWISE APPERTAINING THERETO. Permanent Parcel Number: 3718-192.03-016-00 GARRET J. EDINGTON, A SINGLE MAN 546 AIRPORT DRIVE, ALPINE WY 83128 Loan Reference Number 5244330/5244330 First American Order No: 13669436 Identifier: FIRST AMERICAN LENDERS ADVANTAGE r 1111111//1/11111111111 EDINGTON 13669436 WY FIRST AMERICAN LENDERS ADVANTAGE MORTGAGE "'1/1 1/ 1111111/111/ 11111111 '" 111111111111/" III When recorded mail to: FIRST AMERICAN TITLE INSURANCE LENDERS ADVANTAGE lJOO SUPERIOR AVENUE, SUITE 200 CLEVELAND, OHIO 44/14 ATTN: FTlJ20