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HomeMy WebLinkAbout937337 RecordIng Requested by & When Recorded Return To: US Recordings, Inc. 2925 Country Drive Ste 201 St. Paul, ~N 55117 RECEIVED 3/3/2008 at 2:06 PM RECEIVING # 937337 BOOK: 688 PAGE: 487 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Prepared By: LAURIE A. WILKENS ûJ1~d~D ?131:1l ' [Spucc Abovc This I.ipc I,'ur UccordJng Dulu] L( 7r>Ol(~ ¿::-I!':::" .:..;J{ V V 00\1487 24033771 00017687949008007 I Doc ID »J (Escrow/Closing HI . C, \'\:J ("', \ / MIN 1001337-0002356181-7 .-/1 ¡ MORTGAGE (Line of Crcdil) THIS MORTGAGE, daled AUGUST 2, 2007 SHAWN WHITNEY, A SINGLE MAN , is between residing at 1601 HILLSIDE LOOP, THAYNE, WY 83127 the person or persons signing as "Morlgagor(s)" below and hereinafter referred lo as "we," "our," or "us" and MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., ("MERS") a Delaware corponllion, with an address of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. MERS is the "Mortgagec" undcr tbis MorLguge,nnd is acting solely as nominee for Countrywide Bank, FSB. ("Lender" or "you") and its successors nnd assigns. MORTGAGED PREMISES: In consideration of the loan hereinafter described, we hereby morlgage, grant and convey to MBRS (solely as nominee for Lender and Lender's successors and assigns) and lo the successors and assigns of MERS, the premises localed at 1601 HILLSIDE LOOP Slrccl THAYNE MunicipnlilY L-; ^~()['" t'l.~f1'1 Counly · MERS HELOC - WY Mortgage 2E037·WY (10/06)(dll) Page 1 of 5 WY Slnlc 83127 ZlP (lhe "Premises"). . 2 3 991 · · 1 OOð488 and furlher described as: THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN TH ECOUNTY OF LINCOLN, STATE OF WYOMING, AND IS DESCRIBED AS FOLLOWS: LOT 10 OF SALT RIVER HEIGHTS SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICAL PLAT THEREOF. COMMONLY KNOW AS 1601 HILLSIDE LOOP, THAYNE, WY 83127 HOWEVER BY SHOWING THIS ADDRESS NO ADDITIONAL COVERAGE IS PROVIDED. DOC ID #: 00017687949008007 The Premises includcs all buildings and olher improvemenls now or in the future on Lhe Premises and all rights and inleresls which derive from our ownership, use or possession of the Premises and all appurtenances thereto. WE UNDERSTAND and agree that MERS is a separate corporation acting solely as nominee for Lender and Lender's successors nnd assigns, and holds only legal tille to the intereSL':ì granted by us in this Mortgage, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right to exercise any or all of those interests, including, but not limited to, the right to foreclose and seU the Property, and to take any action required of Lender including, but not limited to, releasing or canceling this Morlgage. LOAN: This Mortgage will secure your loan to us in the principal amount of $ 71, 000. 00 or so much thercof as may be advanced and readvanced from time to time to SHAWN WHITNEY , and the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated AUGUST 2, 2007 ,plus interest and COSlS, late charges und all othercharges related to the loan, all of which sums arc repayable according to the NOle. This Mortgagé will also secure the perfonnance of all of the promises and agreements mode by us and each Borrower and Co-~jgner in the Note, aU. of our promises and agreements in this Mortgage, any extensions, renewals, amendments, supplements and other modifications of the Note, and any amounts advanced by you under the tenns of the section of this Mortgage entiUcd "Our Authority To You." Loans under the Note may be made, repaid and remade from time to time in accordance with the terms of the Note and subjeclto the Credit Limil set forth in the NOle. OWNERSIllP: We arc the sole owner(s) of the Premises. We have the legal right to mortgage the Premises to you. OUR IMPORTANT OBLIGATIONS: (a) TAXES: We will pay all real estate laxes, assessments, water charges and sewer rents relating to Ute Premises when they become due. We will nol claim any credit on, or make deduction from, the loan under lhe Note because we pay these ·tnxc.'! and charges. We will provide you with proof of payment upon requc.'!l. (b) MAINTENANCE: We will maintain the building(s) on the Premises in good condition. We wiJJ nOl make major changes in the büiJding(s) except for nonnal repairs. We will not tear down any of the building(s) on the Premises without first gelling your consent. We will not use the Premises illegally. If this Mortgage is on a unit in a condominium or a planncd unit developmenl, we shall perfonn all of our obligations under the declaration or covenanL'! creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit developmenl and constiluenl documents. (c) INSURANCE: We will keep the building(s) on the Premises insured at all times against loss by fire, flood and any other hazards you may specify. We may choose the insurance company, but our choice is subject to your reasonable approval. The policies must be for at least the amounts aod the time periods that you specify. We wíII deliver to you upon your request the policies or other proof of the insurance. The policies must name you nil "morlgagee" and "loss-payee" so that you wíII receive payment on all insurance claims, to Ute extent of your interest under this Morlgage, before we do. The insurance policies must also provide that you be given not less than 10 days prior wrillen notice of any cancellation or reduction in coverage, for any reason. Upon rcquc.<;t, we shall deliver Ule policies, certificales or ollter evidence of insurance to you. In the event of loss or damage to the Premises, we will immediately notify you in writing and file 0 proof of loss with the insurer. You may file a proof of loss on our behalf if we fail or refuse to do so. You may also sign our name to W1y check, draft or other order for the payment of insurance proceeds in tlle event of loss or damage to the Premises. If you receive payment of a claim, you will have the right to choose to use the money either LO repair tlle Premises or to reduce the amount owing on the Note. · MERS HELOC - WY Mortgage 2E037-WY (10/06) Page 2 of 5 '~,'OÔ4S9 DOC ID #: 00017687949008007 (d) CONDEMNATION: Wc assign to you thc proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Premises, or part Lhereof, or for conveyance in lieu of condemnation, all of which shall be paid to you, subject Lo [he terms of any Prior MorLgage. (e) SECURITY INTEREST: We will join with you in signing and filing documents and, at our expense, in doing whatever you believe is necessary to perfect and continue the perfection of your lien and security interest in the Premises. 1l is agreed that the Lender shall be subrogated to the claims and liens of aU parties whose claims or liens arc discharged or paid with the proceeds of the Agreement secured hereby. (f) OUR AUTHORITY TO YOU: If we fail to perform our obligations under this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses. You will add the amounts you advance to the sums owing on the Note, on which you will charge inLerest at the interest rate set forth in the Note. If, for example, we fail to honor our promises to maintain insurance in effect, or to pay fili'ng fees, taxes or the COSL') necessary to keep the Premises in good condition and repair or to perform any of our other agreemenL') with you, you may, if you choose, advance any sums to satisfy any of our agreements with you and charge us intercst on such advances at the interest rate set forth in the Note. This Mortgage secures all such advances. Your payments on our behalf will not cure our failure to perform our promises in Ùtis Mortgage. Any replacement insurance that you obtain to cover loss or damages to the Prcmises may be limited Lo Lhe amount owing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this paragraph arc completed, this Mortgage is subject and subordinate to a prior mortgage dated FEBRUARY 12, 2007 nnd given by us to COUNTRYWIDE HOME LOANS as mortgagee, in the original amount of $ 47, 000.00 (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior wriHen consent and shall upon receipt of any wriUen notice from the holder of the Prior Mortgage promptly deliver a copy of such notice to you. We shall pay and perfonn aJ) of our obligations under the Prior Mortgage as and when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or permit Lhe presence, use, disposal, storage, or release of any Hazardous Substnnces on or in the Premises. We shall not do, nor allow anyone else to do, anything affccting the Premises that is in vioJaLion of any Environmental Law. The preceding two sentences shall not appJy to the presence, use, or storage 'on Lhe Premises of small quantities of Hazardous Substances that are generally recognized to be appropriatc to nOnTIal residential uses and Lo maintenance of the Premises. As used in this pamgraph, "Hazardous Substances" arc those substances defined as Loxic or hazardous substances by Environmental Law and the following substances: gasolinc, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehydc, and radioactive materials. As used in this paragraph, "Environmental Law" means federal laws and laws of the jurisdiction where the Premises are Jocated Lhat relate to health, safety or environmental protection. (i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest in the Premises, in whole or in part, or permit any other lien or claim against the Premises without your prior wriHen consent. CD INSPECTION: We will permit you to inspect the Premises aL any reasonable time. NO LOSS OF lUGHTS: The Note and this Mortgage may be negotiated or assigned by you wiLhout releasing us or the Premises. You may add or reJease any person or properLy obligated under the Note and this Mortgage without losing your rights in the Premises. DEFAULT: Except as may be prohibited by applicable law, and subject to any advance notice and cure period if required by applicable law, if any event or condition of default as described in the Note occurs, you may foreclose upon this Mortgage. This means that you may arrnnge for Lhe Premises to be sold by advertisement and sale or by judicial foreclosure, at your option, as provided by law, in order to payoff what we owe on the Note and under this Mortgage. If the money you receive from the sale is not enough to payoff what we owe yoú, we will still owe you the difference which you may seek to collect from us in accordance with applicabJe Jaw. In addition, you may, in accordance with applicable law, (i) enter on and take possession of the Premises; (ii) collect the rental payments, including over-due rental paymenL\), directly from tenants after simply notifying them first class mail Lo makc rental paymenL') to you; (iii) manage thc Premises; and (iv) sign, cancel and change leases. We agree that the interest rate set forth in the Note will continue before and after a defnult, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonable fees and costs actually incurred by you in proceeding to foreclosure, including, but not limited Lo, reasonable allomeys fees and costs of documentary evidence, abstracts ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the Premises. You or a recciver appointed by the courts shall be entitled to enLer upon, take possession of and manage the Premises and collect the rents of the Premises including those pasl due after simply notifying them by first class mail to make rental payments lo you. . MERS HELOC - WY Mortgage 2E037-WY (10/06) Page 3 of 5 000490 DOC ID #: 00017687949008007 W AlVERS: To Lhc eXLenL permilled by applicable law, we waive and release any error or defecL,; in proceedings Lo enforce Lhis MorLgage and hereby waive Lhe benefiL of any presenL or fULure laws providing for stay of execution, exLension of time, exemption from allachmcnt, levy and sale and homes lead exemption. BINDING EFFECT: Each of us shall be fully rcspon.~ible [or all of the promises and agreements in this Mortgage. Unlil Lhe NOLe has been paid in full and your oblig¡¡lion to make further advances under lhe Note has been Lerminated, the provisions of this Mortgage will be binding on us, our legal representatives, our heirs and all future owners of LJle Premises. This MorLgage is for your bencfit and for Lhe benefiL of anyone 10 whom you may assign iL. Upon payment in full of all amounts owing LO you under lhc NOLe and this Morlgage, and provided any obligaLion to make furLJler advances under lhe NOlc has lenninaled. Lhis Mortgage and your righLS in Lhe Premises shall end. NOTICE: ExcepL for any notice required under applicablc law LO bc givcn in anoLher manner, (0) any notice LO us provided for in this Mortgage shall be given by delivering it or by mailing such notice by regular firsL class mail addressed lo us aL thc lasL address appearing in your records or aL such olher address a<; we may designaLe by nOlice to you a<; provided herein, and (b) any noûce 10 you shall be given by certified mail, reLurn receipt requesLed, Lo your address at For MERS: P.O. Box 2026, Flint, MI48501-2026 For Lender: 1199 North Fairfax St. Ste.500, Alexandria, VA 22314 or Lo such other address as you may design aLe by noLice Lo us. Any nOLice provided for in LJlis Mortgage shall be deemed to have been given to us or you when given in the manner designated herein. RELEASE: Upon payment of all sums secured by this MOrLgage and provided your obligation Lo make further advances under lhe NoLe has LerminaLed, you shall discharge Lhis Mortgage without charge Lo us, excepLlhat we shaIJ pay any fees for recording of a satisfaclion of this Mortgage. GENERAL: You can waive or delay enforcing any of your rights under this Mortgage withouLlosing them. Any waiver by you of any provisions of this MorLgage will noL be a waiver of that or any other provision on any other occasion. nIlS MORTGAGE hos been signed by each of us under seal on the da~e first above wrillen. Morlgugor: Morlgagor: Mortgagor: · MEAS HELoa . WY Mortgage 2E037-WY. (10/06) Page 4 of 5 / ùOÙ491 &7'-1 ¡::o æ III 11+ ~C- STATE OF~:WYOl\>IING, DOC ID #: 00017687949008007 Counly 55: SITC~e-NTÙ The foregoing insLrumenL was acknowledg<:d before me Lhis 5hAJ1~ Lufwtn~ (person aeknowlcdgi DC) My Commission Expires: q 1;;)-10 7 m a~ ¡(Q, ~ by 8J,~ I D7 (dale) Nolnry Publie ~""''''''''''''''''''''''''''''''''''''''''''''''''''J MARSHA D. CARR .~... . Commission # 1437630 ~ -. Notary Public - California ~ 2 . _ Sacramento County My Comm. Expires Sep 2, 2007 · MERS HELOC - WY Mortgage 2E037·WY (10/06) Page 5 of 5 ~L Exhibit A LOT 10 OF SALT RIVER HEIGHTS SUBDNISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Commonly known as 1601 Hillside Loop Thayne, WY 83127 However, by showing this address no additional coverage is provided. \ 1\\1\ 111\\\ \1\\\ \\\\\ 1'111 \\1\\ \1\1\\\\\\ \11\\ \\\\ \\1\1\ '\1\1\\\11\1\\\\\\\1\\\\\\11\ 1\\\ U43904655-01FJ06 MORTGAGE US RecQI'd 1 ngs 000492