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Home My WebLink About939970 **** Account No.: 5584032 Branch No.: 886 Loan Product: 70% CLTV Standalone RECEIVED 6/20/2008 at 3:12 PM RECEIVING # 939970 BOOK: 698 PAGE: 87 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MIN 1000375-8250558403-9 0777//7'/ TillS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES MORTGAGE 000087 TillS MORTGAGE, as amended and extended (this ''Mortgage'~ is signed to secure advances under a GMAC Home Equity Line of Credit agreement (the "Agreement'~; it is dated as of May 23. 2008, and is made by Carl Brown And KeUy Bass_ who reside(s) at 52 East Forest Drive, Thayne, Wyoming 83127,.as mortgagor(s), in favor of GMAC Mortgage, LLC, a Delaware Jimited liability company fì'kla GMAC Mortgage Corporation, 1100 Virginia Drive, Fort Washington, PA 19034-3200 (herein "GMAC") and the Mortgage Electronic Registration Systems, Inc., P.O. Box 2026, Flint, MI 48501-2026 and a street address of 3300 S.W. 34th Avenue, Suite 101, Oca1a, FL 34474 whose telephone number is (888) 679-MERS ("MERS") acting solely as nominee for GMAC and GMAC's successors and assigns under this Mortgage, as mortgagee. A tv.:¡. L. Kell~ ß~~~ UNMARRIED UNMARRIED Throughout this Mortgage, "we", "us" and "our" refer to mortgagor(s). "GMAC" refers to GMAC Mortgage, LLC fì'kla GMAC Mortgage Corporation or its assigns. The "Account" refers to the Home Equity Line of Credit account established by GMAC under the Agreement. "Borrower" refers to each person who signs the Agreement as borrower. The Agreement and this Mortgage, taken together, are caUed the "Credit Documents." "Signer" refers to any person (other than GMAC) who has signed a Credit Document. DESCRIPTION OF SECURITY By signing this Mortgage, we mortgage to MERS acting I solely as a nominee for GMAC, subject to the tenns of this Mortgage, (a) the reaJ estate located at 52 Eas Forest Drive, Star VaUey Ranch, County of Lincoln, State of Wyoming 83127, more fuUy described in Sch dule A; (b) aU buildings and other structures on the property; (c) all rights we may have in any road, aUey, eas ment or license regarding the property or in any mineral, oil, gas or water which is part of the property; (d) U rents and royalties :trom the property; (e) aU proceeds of any insurance on the property and aU refunds of remiums on such insurance; (t) aU proceeds of any taking (or threatened taking) of the property by any gove ental authority ("condemnation'~; and (g) all fixtures on the property at any time (collectively, the "Property' . The Property includes all rights and interests which we n w have or which we may acquire in the future. For example, if the security mortgaged under this Mortgage is a 1easehoJd estate and we subsequently acquire fee title to the Property, the rights and interests granted to MER acting solely as a nominee for GMAC by this Mortgage will include the fee title that we acquire. This M rtgage is also a Security Agreement under the Wyoming Unifonn Commercial Code and we hereby grant ERS acting solely as a nominee for GMAC a security interest in the personaJ property described in (d) thrOUI(t) above. SECURED OBLIGATIONS TillS MORTGAGE SECURES OBLIGATORY FUT ADVANCES. We have signed this Mortgage to secure payment to dMAC of up to $113,100.00, plus FINANCE CHARGES and any other amounts due GMAC under the Agre~ment (the "Total Balance Outstanding'~ and to secure perfonnance by Borrower under the Agreement and our:perfonnance of the covenants of this Mortgage (collectively, the "Secured Obligations'~. PRIORITY OF ADVANCES ! The lien of this Mortgage wiJl attach on the date this Mortg~ge is recorded, with priority over subsequently recorded mortgages. The indebtedness evidenced by the Cred~t Documents is a revolving indebtedness. The Credit Documents provide that amounts may be advanced,!' epaid and readvanced :trom time to time in accordance with the tenns and provisions of the Agreement. I ccordingly, the aggregate advances during the tenn of the Credit Documents may exceed the Credit Limit. 'However, the Total Balance Outstanding less FINANCE CHARGES and certain special charges at any time (~he "Earning Balance Outstanding'~ shall never exceed the Credit Limit, except for advances made to protect ~e lien of this Mortgage. We agree that the lien and security title of this Mortgage shall not be deemed released! or extinguished 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 is :trom time to time reduced to zero by payments made to GMAC. I I GMAC-WY ! ~ jr)/J REPRESENTATIONS AND DUTIES 000088 We promise that, except for Pennitted Liens: (a) we own the Property; (b) we have the right to mortgage the Property to GMAC; and (c) there are no outstanding claims or charges against the Property. The term "Pennitted Lien" means (x) any mortgage, deed to secure debt or deed of trust ("security instrnment") disclosed to GMAC by any Signer in applying for the Account, to the extent that the amount secured by such security instrument does not exceed the amount disclosed on such appJication; and (y) any Jiens, claims and restrictions of record that do not individually or conectively have a material adverse impact upon GMAC's security, the value of the Property or the Property's current use. Each of us gives a general warranty oftitle to GMAC. This means that each of us wilJ be funy responsible for any losses which GMAC suffers because someone has rights in the Property other than Pennitted Liens. We promise that we win defend our ownership of the Property against any claims of such right. We win neither take nor pennit any action to partition, subdivide or change the condition of title to an or any part of the Property. We will not amend any Pennitted Lien without GMAC's prior written consent. CERTAIN PROVISIONS OF THE AGREEMENT We understand that GMAC may, under certain circumstances set forth in the Agreement, cancel its obJigation to make future 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 Wan Street JournaJ or in certain circumstances the "prime rate" pubJished in The New York Times or a similar index selected by GMAC. 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 GMAC as follows: 1. TIMELY PAYMENT. Except as Jimited by paragraph 10 below, Borrower shall pay when due all sums owed GMAC under the Credit Documents. 2. APPLICATION OF PAYMENTS. All payments shall be appJied by GMAC as set forth in the Agreement. 3. MORTGAGES AND DEEDS OF TRUST; CHARGES; LIENS. We shall make payments when due and perform all our obJigations 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 shan be deJivered to GMAC upon its request. Except for Permitted Liens, we shall not allow any encumbrance, charge or Jien on the Property to become prior to this Mortgage. 4. HAZARD INSURANCE; CONDEMNATION. (a) We shan, at our cost, keep an improvements on the Property insured against loss caused by hazards included in the term "extended coverage" or by other hazards GMAC may reasonably specify. Hazard insurance shan be in an amount equal to the lesser of (i) the full replacement cost of the building that is part of the Property or (ii) the amount of this Mortgage pJus the total amount of an Pennitted Liens; but never less than the amount necessary to satisfy any coinsurance requirement contained in the insurance poJicy. We may choose the insurance company, subject to approval by GMAC which may not be unreasonably withheld. All insurance poJicies and renewals must be in form acceptable to GMAC and must include a standard mortgagee clause in favor of GMAC. GMAC shall have the right to hold the poJicies and renewals, subject to the terms of any Permitted Liens. If we pay the premiums directly, we shan provide GMAC with all renewal notices and, if requested by GMAC, all receipts for premiums. If policies and renewals are held by any other person, we shall supply copies of them to GMAC within ten calendar days after they are issued. In the event of loss, we shall give prompt notice to the insurance company and GMAC. GMAC may file a proofofloss if we fail to do so promptly. (b) The proceeds of any condemnation of the Property shall be paid to GMAC, subject to any Pennitted Liens. We shall give GMAC notice of any threatened condemnation and sign all documents required to carry out this paragraph 4. No condemnation settlement may be made without GMAC's prior written approval which shan not be unreasonably withheld. - 2 - I~ \.., 000089 (c) Subject to the tenns of any Pennitted Lien, GMAC may elect that the proceeds of any insurance or condenmation (after payment of an reasonable costs, expenses and attorneys' fees paid or incurred by GMAC and us) shall be appHed to pay the Secured ObHgations, to repair or reconstruct the Property, and/or pay us for our loss. In the event that such proceeds are not used entirely for repair and reconstruction, we shan provide GMAC with a new appraisal or valuation of the Property, conducted by a person or entity and in a fonn reasonably acceptable to GMAC, unless GMAC waives this requirement in writing. The receipt of proceeds shan not cure or waive any default or notice of default under this Mortgage or invaHdate any act done pursuant to such notice. If the Property is abandoned by us, or if we fail to respond to GMAC in writing within 30 calendar days fi-om the date notice of a proposed insurance or condenmation settlement is given to us, GMAC may settle the cJaim, conect the proceeds and apply them as set forth above. If the Property is acquired by GMAC, an of our right, title and interest in and to any insurance or condenmation proceeds shan become the property of GMAC to the extent of the sums secured by this Mortgage. 5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. We shan: use, improve and maintain the Property in compHance with law; keep the Property in good repair and pay when due an repair costs; prevent waste, impairment and/or deterioration of the Property; and comply with the provisions of any lease of the Property. If the Property is part of a condominium project or a planned unit development, we shan promptly perfonn an of our obligations under the governing documents of the project or development. 6. PROTECTION OF GMAC SECURITY. We shan appear in and defend any action or proceeding which may affect the security of GMAC under this Mortgage or result in a violation of paragraph 3 above. If such an action is filed, we violate this Mortgage or Borrowers vioJate the Agreement, then GMAC may disburse funds and do whatever it believes necessary to protect the security of this Mortgage. In doing so, GMAC shall give us notice but it need not make demand or reJease us fi-om any obHgation. Any amounts paid by GMAC 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. GMAC is not required to incur any expense or take any action under this Mortgage and no action taken shall release us fi-om any duty. 7. INSPECTION. Representatives of GMAC may inspect the Property fi-om time to time. Except in an emergency, GMAC must ftrst give notice specifying reasonable cause for the inspection. 8. FINANCE CHARGES AFTER END OF ACCOUNT AND/OR JUDGMENT. To the extent pennitted 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 the manner specifted in the Agreement. 9. OUR CONTINUING DUTIES AND GMAC'S RIGHTS; WANERS. No waiver of any GMAC right under the Credit Documents shall release or Jimit our Hability, Borrower's HabiHty, or that of our successors or Borrower's successors, nor shan any waiver affect the Hen or priority of this Mortgage. GMAC shall not be required to start proceedings against any successor or modify payment tenns by reason of any demand made by us or any successor. No GMAC act or faiJure to act shall waive any right under this Mortgage. All waivers must be in writing and signed by GMAC; they shan appJy only to the extent and with respect to the event specified in the writing. Obtaining insurance, or paying taxes, other Hens or charges shan not be a waiver of GMAC's right to demand payment at once of the sums secured by this Mortgage in the event of a default under the Credit Documents. 10. SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY; CO-SIGNERS. This Mortgage shan bind us and our respective successors and pennitted assigns for the benefit of GMAC and its successors and assigns. An agreements made by us or any successor are joint and several and may be enforced against each of us o(any successor. Any Signer who does not execute the Agreement (a) is co-signing only to encumber that person's interest in the Property and to release an homestead and/or dower rights, (b) is not personany Hable under the Credit Documents, and (c) agrees that GMAC and any Signer may modify either Credit Document, without consent and without modifying the interests of the rest of us under this Mortgage. - 3 - ~ II(/; 000090 11. NOTICES. All notices shall be in writing. Except where applicable law requires otherwise: (a) GMAC notices shall be hand delivered or mailed by first class, registered or certified mail to the address of the Property or to such other address specified by the addressee in a written notice given 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 shall be mailed to GMAC by first class, registered or certified mail to the address for such notices specified on our most recent montlùy statement under the Agreement or to such other address specified by GMAC in a written notice given to us. Any such notice shall be considered given on the day it is received by GMAC. 12. GOVERNING LAW. This Mortgage will be governed by federal and Wyoming law. If any provision is invalid, illegal, or unenforceable, this Mortgage shall be interpreted as if such provision had never been included. 13. COPIES. We shall receive copies of the Credit Documents at the time they are signed or after this Mortgage is recorded. 14.. EXERCISING REMEDIES. GMAC 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. 15. EVENTS OF DEFAULT. (a) The events set forth in paragraph l5(b) are Events of Default if and when GMAC gives any Signer notice of default. We agree to notify GMAC promptly upon the happening of any event that would be an Event of Default under either Credit Document upon the giving of notice by GMAC. (b) After giving notice of default, GMAC may end the Account and/or demand repayment at once of the TotaJ Balance Outstanding in any of the following events: (i) There has been fraud or materia] misrepresentation by any Signer in connection with the Account; (ii) Borrowers have failed to meet the repayment tenns of the Agreement for any amount outstanding; or (iii) Any action or inaction by any Signer has adversely affected the Property or any right of GMAC in the Property; to the extent pennitted 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 assign or selling, transferring or assigning any interest in the Property, without the prior written consent of GMAC. (c) Notwithstanding any language in this Mortgage to the contrary, GMAC will not give notice of default unless pennitted by applicable law and GMAC will give us any grace period, right to cure and/or reinstatement right required by applicable law. This paragraph 15 is intended to give GMAC all rights pennitted by applicable law. 16. REMEDIES. IF BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OUTSTANDING WHEN DUE, GMAC MAY EXERCISE ANY REMEDY AVAILABLE TO IT UNDER APPLICABLE LAW, INCLUDING FORECLOSURE. 17. FORECLOSURE BY ADVERTISEMENT. We hereby grant GMAC upon an Event of Default power to sell or cause the sale of the Property by advertisement 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 Default or our failure to pay taxes assessed against the Property and/or insurance premiums on the Property (which we agree shall constitute waste), GMAC shall be entitled to the appointment of a receiver if pennitted 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 and GMAC shall satisfy this Mortgage, file a discharge or release and pay any recording costs. 20. REQUEST FOR NOTICES. GMAC requests that copies of notices of default, sale and foreclosure from the holder of any lien which has priority over this Mortgage be sent to GMAC at 1100 Virginia Drive, Fort Washington, P A 19034-3200. -4- ~ j¢ 000091· 21. EXHIBITS, SCHEDULES AND RIDERS, ETC. The tenus of any Exlùbit, Schedule or Rider attached to this Mortgage or executed and recorded with this Mortgage shall be treated as if fully set forth in this Mortgage. All of the tenus of the Agreement are made part of this Mortgage. 22. TIME OF ESSENCE. Time is of the essence in this Mortgage. 23. ACTUAL KNOWLEDGE. For purposes of the Credit Documents, GMAC shall not be deemed to have actual knowledge of any fact untiJ it actually receives notice as set forth in paragraph 11 or until it receives written notice thereof from a source GMAC reasonably believes to be reliabJe. The date of receipt shall be determined by reference to the "Received" date stamped on such written notice by GMAC or its agent. 24. RELEASE. To the extent pennitted by Jaw, for ourselves and our successors and assigns, we hereby release and waive all rights under and by virtue of the homestead exemption laws of the State of Wyoming. 25. EXPENSES OF LITIGATION. In any proceeding to enforce any remedy ofGMAC under the Credit Documents there shall be allowed and included, to the extent pennitted by law, as additional indebtedness in the judgment or decree, any court costs and reasonable expenses which may be paid or incurred by GMAC for attorneys; appraisers; documentary and expert evidence; stenographers; publication; surveys; abstracts of tide; tide searches; tide insurance policies; Torrens certificates; and similar items which GMAC reasonably considers necessary in such proceeding or to evidence to bidders at any saJe the true 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 decree. In any foreclosure by advertisement, an expenses pennitted by statute that GMAC incurs in protecting the Property, maintaining the lien of this Mortgage and forecJosing this 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 masculine gender includes the feminine and/or neuter, singular numbers include the plurals, and plurals include the singular. 27. MERS. Borrower understands and agrees that MERS holds only legal tide to the interests granted by Borrower in this Mortgage, but, if necessary to compJy 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 interests, including, but not limited to, the right to foreclose and selJ the property; and to take any action required of Lender including but not limited to, releasing and canceling this Mortgage. (This space left blank intentionally) úÞ //!Ó 000092 By signing this Mortgage, we agree to all of the above. WITNESSES: ¡Jø/ D~ By: L . ~.e Il~ 'llt\' s S By: By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR .I.... .nl.. II II ......... I........ II II. : 1:>. Fenton - Notary Public - - - - - :: County of State of :: : Uncoln Wyoming : - - :: My Commission expires 10/11/2011 :: . ..... ...... 11.11 II. II.. I....n. ...... ¡: STATE OF WYOMING COUNTY OF Lì 11(01" ss. On the?& ~ of vf/)~ ' :loot , before me personally came Carl Brown And Kelly Bass to me mown to e the mdlVldua](s) descnbed m and who executed the foregomg mstrument, and acknowledged that belshe/they executed the ~ A ~C./I':f 11 .S~ Notary Public ._.h17 ~ County, Wyoming My Comm. Exp;",: Itil (/ßð If D. t'1'\ -k)f1 MORTGAGE Title No. ". :".,. ., TO 000093· TIllS INSTRUMENT PREPARED BY Eddie Reynolds GMAC Mortgage, LLC 7 Carnegie Plaza Cherry Hill, NJ 08003 Recorded At Request of GMAC Mortgage, LLC RET",l'\:h VI ~(L'¡H. T~I GMAC Mortgage, LLC RecÇ,Jrds Management 1100 Virginia Drive Fort Washington, PA 19034-3200 RESERVE THIS SPACE FOR USE OF RECORDING OFFICE JD j/6 Schedule A 000094 Tax ID Number: '3 S I~ - ']D ~ - 01- t, S OÒ Known as: 52 East Forest Drive, Star Valley Ranch, Wyoming 83127 000095 Account No. 5584032 PLANNED UNIT DEVELOPMENT RIDER TillS PLANNED UNIT DEVELOPMENT RIDER is made as of May 23. 2008; it is part of and amends and supplements the Mortgage, Deed of Trust or Deed to Secure Debt (the "Security Instrument'~ of even date herewith from the undersigned to GMAC Mortgage, LLC f7k/a GMAC Mortgage Corporation ("GMAC'~. All tenns defined in the Security Instrument shall have the same meaning when used in this Rider. The Property is a parcel of land and a dwelling, which, together with similar parcels and dwellings and certain common areas and facilities or "common elements", all as described in The Declaration of Star Valley Ranch the ("Declaration"), fonns a planned unit develQpment known as Star Valley Ranch (the "PUD'~. ADDITIONAL AGREEMENTS. In addition to the agreements in the Security Instrument, we agree with GMAC as follows: 1. PUD OBLIGATIONS. We shall perfonn all of our obligations under applicable law and the: (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document required to establish the Homeowners Association or equivalent entity managing the common elements of the PUD (the "Owners Association '~; and (iii) bylaws, if any, or other rules or regulations of the Owners Association. Without limiting the generality of the foregoing, we shall pay when due all assessments imposed by the Owners Association. 2. HAZARD rnSURANCE. Any hazard insurance proceeds payable to us in lieu of restoration or repair of the common elements of the PUD are hereby assigned to GMAC and shall be applied as set forth in the Security Instrument. 3. CONDEMNATION. Our entire interest in the proceeds of any condemnation of all or any part of the common elements of the PUD is hereby assigned to GMAC. Such proceeds shall be applied as set forth in the Security Instrument. to: 4. GMAC's PRIOR CONSENT. Absent GMAC's prior written consent, we shall not consent \U) .1..1.1\,1 UVaJ..1UVJ...1J.U,VÜ" V.1 "V.1ÜJ..1J.J.U".1V.1.1 V.I. U.1V..l. ~......" Oee Q·J6 (b) Any amendment to the documents described in 1 above, including but not limited to, any amendment which would change the percentage interests of the unit owners in the common elements of the PUD; (c) Any decision by the Owners Association to terminate professional management and assume self-management of the PUD; or (d) The'transfer, release, encumbrance, partition or subdivision of all or any part of the PUD's common elements, except for easements for utilities and the like. 5. REMEDIES. WE GRANT AN IRREVOCABLE POWER OF ATTORNEY TO GMAC TO VOTE IN ITS DISCRETION ON ANY MATTER THAT MAY COME BEFORE THE MEMBERS OF THE OWNERS ASSOCIATION. GMAC SHALL HAVE THE RIGHT TO EXERCISE THIS POWER OF ATTORNEY ONLY AFTER IT DECLARES A DEFAULT BY US UNDER THE SECURITY INSTRUMENT OR THIS RIDER. HOWEVER, IT MAY DECLINE TO EXERCISE THIS POWER. &ï~OF' we have exe~too tjP~ llid~~ Carl Brown . Kel~ !lj:1'I MORTGAGOR MORTGAGOR L, r:el{~ 'ßc,S'S- MORTGAGOR MORTGAGOR MORTGAGOR MORTGAGOR MORTGAGOR 000097 EXHIBIT A SITUATED IN THE COUNTY OF LINCOLN AND STATE OF WYOMING: LOT 16 OF STAR VALLEY RANCH PLAT 22 AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING. Permanent Parcel Number: 3518-302-07-115.00 CARL BROWN AND KELLY BASS, AS JOINT TENANTS 52 EAST FOREST DRIVE, STAR VALLEY RANCH WY 83127 Loan Reference Number : 5584032/5584032 First American Order No: 37771198 Identifier: FIRST AMERICAN LENDERS ADVANTAGE 1111111111111111111111 BROWN 37771198 WY FIRST AMERICAN ELS MORTGAGE 1111111111111111111111111111111111111111111111111 WHEN RECORDED RETURN TO: Equity Loan Services, Inc. 1100 Superior Ave., Ste. 200 Cleveland, OH 44114 National Recording - FACT