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HomeMy WebLinkAbout939175 ¿ ¿;, ~ o( .-t /" ) , ~ v WHEN RECORDED RETURN TO: Equity Loan Services, Inc. 1100 Superior Ave., Ste. 200 Cleveland, OH 44114 National Recording - FACT RECEIVED 5/21/2008 at 2:41 PM RECEIVING # 939175 BOOK: 695 PAGE: 144 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Prepared By: CHIRAG AMIN Ú00:144 [Space Above ThI,lJJJ. For Reeordlog Datal 00019269671404008 (Doc 1D #] MIN 1001337-0003140157-6 MORTGAGE (Line of Credit) '\ l\ tv II toB 1 -;rHIS MORTGAGE, dated APRIL 23, 2008 ,is between CAMERON S JONES, AND CONNIE M JONES, HUSBAND AND WIFE AS TENANTS BY THE ENTIRETY residing at 120 ZELLA COURT, BEDFORD, WY 83112 , the person or persons signing as "Mortgagor(s)" below and hereinafter referred to as "we," "our," or "us" and MORTGAGE ELECfRONIC REGISTRATION SYSTEMS, INC., ("MERS") a Delaware corporation, with an address of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. MERS is the "Mortgagee" under this Mortgage and is acting solely as nominee for COUNTRYWIDE BANK, FSB ("Lender" or "you") and its successors and assigns. ;,' ( MORTGAGED PREMISES: In consideration of the loan hereinafter described, we hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns ofMERS, the premises located at: 120 ZELLA CT Street BEDFORD Muoicipality WY 83112-9711 State ZIP (the "Premises"). LINCOLN Couoty . MERS HELOC - WY Mortgage 2E037-WY (10/06)(dn) Page 1 015 IL DOC ID #: 00019269671404008 and further described as: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. è00145 The Premises includes all buildings and other improvements now or in the future on the Premises and all rights and interests wmch derive from our ownersmp, 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 and assigns, and holds only legal title to the interests 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 sell the Property, and to take any action required of Lender including, but not limited to, releasing or canceling tms Mortgage. LOAN: This Mortgage will secure your loan to us in the principal amount of $ 76,163.50 or so much thereof as may be advanced and readvanced ftom time to time to CAMERON S. JONES CONNIE M. JONES , and the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated APRIL 23, 2008 ,plus interest and costs, late charges and all othercharges related to the loan, all of wmch sums are repayable according to the Note. This Mortgage will also secure the perfonnance of all of the promises and agreemeRts made by us and each Borrower and Co-Signer in the Note, all 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 entitled "Our Authority To You," Loans under the Note may be made, repaid and remade ftom time to time in accordance with the tenns of the Note and subject to the Credit Limit set forth in the Note. OWNERSIDP: We are the sole owner{s) ofthe Premises. We have the legal right to mortgage the Premises to you. OUR IMPORTANT OBLIGATIONS: (a) TAXES: We will pay all real estate taxes, assessments, water charges and sewer rents relating to the Premises when they become due. We will not claim any credit on, or make deduction ftom, the loan under the Note because we pay these taxes and charges. We will provide you with proof of payment upon request. (b) MAINTENANCE: We will maintain the building{s) on the Premises in good condition. We will not make major changes in the building{s) except for nonnal repairs. We will not tear down any of the building{s) on the Premises without first getting your consent. We will not use the Premises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, we shall perfonn all of our obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development and constituent 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 and the time periods that you specify. We will deliver to you upon your request the policies or other proof of the insurance. The policies must name you as "mortgagee" and "loss-payee" so that you will receive payment on all insurance claims, to the extent of your interest under this Mortgage, before we do. The insurance policies must also provide that you be given not less than 10 days prior written notice of any cancellation or reduction in coverage, for any reason. Upon request, we shall deliver the policies, certificates or other evidence of insurance to you. In the event of lOBS or 'damage to the Premises, we will immediately notify you in writing and file a 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 any check, draft or other order for the payment of insurance proceeds in the event of loss or damage to the Prernises, If you receive payment of a claim, you will have the right to choose to use the money either to repair the Premises or to reduce the amount owing on the Note. . MERS HELOC - WY Mortgage 2E037-WY (10/06) Page 2 of 5 DOC ID #: 00019269671404008 (d) CONDEMNATION: We assign to you the proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Premises, or part thereof, or for conveyance in lieu of condemnation, all of wruch shall be paid to you, subject to the tenns of any Prior Mortgage. (e) SECURITY INTEREST: We will join with you i signing and filing documents and, at our expense, in doing whatever you believe is necessary to perfect and conti ue the perfection of your lien and security interest in the Premises. It is agreed that the Lender shall be subrogate to the claims and liens of all parties whose claims or liens are discharged or paid with the proceeds of the Agreem nt secured hereby. (f) OUR AUTHORITY TO YOU: Ifwe fail to perfo our obligations under this Mortgage, you may, if you choose, perfonn our obligations and pay such costs and ex enses. You will add the amounts you advance to the sums owing on the Note, on wruch you will charge interest a the interest rate set forth in the Note. If, for example, we fail to honor our promises to maintain insuránce in effec¡~, or to pay filing fees, taxes or the costs necessary to keep the Premises in good condition and repair or to perform any of our other agreements with you, you may, if you choose, advance any sums to satisfy any of our agreem.þts with you and charge us interest on such advances at the interest rate set forth in the Note. This Mortgage secfes all such advances. Your payments on our behalf will not cure our failure to perfonn our promises in this Mïgage. Any replacement insurance that you obtain to cover loss or damages to the Premises may be limited to e amount owing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this p agraph are completed, trus Mortgage is subject and subordinate to a prior mortgage dated JANUARY 25, 201 8 and given by us to COUNTRYWIDE HOME LOANS, INC. as mortgagee, in the original amount ofS 294,800.00 (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without yo prior written consent and shall upon receipt of any written notice trom the holder of the Prior Mortgage prompby deliver a copy of such notice to you, We shall pay and perfonn all of our obligations under the Prior MortgJge as and when required under the Prior Mortgage. (II) HAZARDOUS SUBSTANCES: We shall not ca~se or pennit the presence: use, disposal, storage, or release of any Hazardous Substances on or in the Premises. Vie shall not do, nor allow anyone else to do, anytlùng affecting the Premises that is in violation of any Environme¿tal Law. The preceding two sentences shall not apply to the presence, use, or storage on the Premises of small ~uantities of Hazardous Substances that are generally recognized to be appropriate to nonnal residential uses aid to maintenance of the Premises. As used in this paragraph, "Hazardous Substances" are those substan~rs defined as toxic or hazardous substances by Environmental Law and the following substances: gasohne, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solventsj materials containing asbestos or fonnaldehyde, and radioactive materials. As used in this paragraph, "Envirolunental Law" means federal laws and laws of the jurisdiction where the Premises are located that relate to healrh, safety or environmental protection. (i) SALE OF PREMISES: We will not sell, transferlownersrup of, mortgage or otherwise dispose of our in~erest ~n the Premises, in whole or in part, or pennit any rther lien or claim against the Premises without your pnor wntten consent. (j) INSPECfION: We will permit you to inspect the ptemises at any reasonable time. I NO LOSS OF RIGHTS: The Note and this Mortgage may b the Premises. You may add or release any person or prope losing your rights in the Premises. negotiated or assigned by you without releasing us or obligated under the Note and this Mortgage without DEFAULT: Except as may be prorubited by applicable law and subject to any advance notice and cure period if required by applicable law, if any event or condition of defa It as described in the Note occurs, you may foreclose upon trus Mortgage. This means that you may arrange for t~e Premises to be sold by advertisement and sale or by judicial foreclosure, at your option, as provided by law, in oilier to pay off what we owe on the Note and under this Mortgage. If the money you receive trom the sale is not enO~gh to payoff what we owe you, we will still owe you the difference wruch you may seek to collect trom us in acc rdance with applicable law. In addition, you may, in accordance with applicable law, (i) enter on and take posse sion of the Premises; (ii) collect the rental payments, including over-due rental payments, directly trom tenants efter simply notifying them first class mail to make rental payments to you; (iii) manage the Premises; and (i~) sign, cancel and change leases. We agree that the interest rate set forth in the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonable feeJ and costs actually incurred by you in proceeding to foreclosure, including, but not limited to, reasonable attomJys fees and costs of documentary evidence, abstracts ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIV]R: As additional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts hall be entitled to enter upon, take possession of and manage the Premises and collect the rents of the Premises i eluding those past due after simply notifying them by first class mail to make rental payments to you. I . I I Page jotS . MERS HELOC - WY Mortgage 2E037-WY (10/06) Û00:146 DOC ID #: 00019269671404008 W ANERS: To the extent pennitted by applicable law, we waive and release any error or defects in proceedings to enforce this Mortgage and hereby waive the benefit of any present or future laws providing for stay of execution, extension of time, exemption ftom attachment, levy and sale and homestead exemption. BINDING E~FEcr: Each of us shall be fully responsible for all of the promises and agreements in this Mortgage. Until the Note has been paid in full and your obligation to make further advances WIder the Note has been temJinated, the provisions of this Mortgage will be binding: on us, our legal representatives, our heirs and all future owners of the Premises. This Mortgage is for your benefit and for the benefit of anyone to whom you may assign it. Upon payment in full of all amoWIts owing to you WIder the Note and this Mortgage, and provided any obligation to make further advances WIder the Note has tenninated, this Mortgage and your rights in the Premises shall end. NQTICE: Except for any notice required under applicable law to be given in another manner, (a) any notice to us provided for in this Mortgage shall be given by delivering it or by mailing such notice by regular first class mail addressed to us at the last address appearing in your records or at such other address as we may designate by notice to you as provided herein, and (b) any notice to' you shall be given by certified mail, return receipt requested, to your address at For MERS: P.O. Box 2026, Flint, MI 48501-2026 For Lender: 1199 North Fairfax St. Ste.500, Alexandria, VA 22314 or to such other address as you may designate by notice to us. Any notice provided for in this Mortgage shall be deemed to have been given to us or you when given in the manner designated herein. RELEASE: Upon payment of all swns secured by this Mortgage and provided your obligation to make further advances WIder the Note has tenninated, you shall discharge this Mortgage without charge to us, except that we shall pay any fees for recording of a satisfaction of this Mortgage. GENERAL: You can waive or delay enforcing any of your rights WIder this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not be a waiver of that or any other provision on any other occasion. THIS MORTGAGE has been signed by each of us WIder seal on the date first above written. ~M~"" ~~'^ N S. JONES "- ~ CONNIE M. JO~/)"/ q~- Mortgagor: Mortgagor: Mortgagor: . MERS HELOC - WY Mortgaga 2E037-WY(10/06) Page 4 of 5 COO1.47 DOC ID #: 00019269671404008 STATE OF WYOMING, .Lì,-.a:Jin Countyss: The foregoing instrument was acknowledged before me this ;{3IC( éil,"'~ nor Apr; I, 2cr::ç.) by {! è't'/d '-(''')'S~ '~'ý\ <( '" C) C~~ ^'"': (i" r1:\~,(,,\f" '\ ate) (person acknowledging) My Commission Expires: ':'\;.. '" t 5, -J.. èC '7 Notary Public lAJend ì ~ ~ WENDIE R. KING· NOTARY PUBUC County of ,A State of Lincoln W Wyoming My CommissIon expires -:ï::' . MERS HELOC - WY Mortgage 2E037-WY (10/06) Page 5 of 5 ú·OOj.48 EXHIBIT "A" LEGAL DESCRIPTION SITUATED IN THE COUNTY OF LINCOLN AND STATE OF WYOMING: LOTS 59, 60, 61 AND 62 OF FERTILE ACRES VACATION AND SECOND FILING, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. PERMANENT PARCEL NUMBER: 3318-033-02-052-00 FIRST AMERICAN ORDER NO: 37115535 3318-033-02-052-00 120 ZELLA CT; Bedford, WY 83112 10-01067901 37115535/f 1111111111111111111111 JONES 14611637 FIRST AMERICAN ELS MORTGAGE 1111111111111111111111111111111111111111111111111 WY. COO1.49