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HomeMy WebLinkAbout939972 vVI-ŒN RECORD ED, RETURN TO: EQUnY LOAN SERVICES~ INe. 11 oo.sUPERIOR A VENUE: SUITE 200 CLEVELAND, OHIO 44114 NATIONAL RECORDING-FACT Account No.: 5578109 **** Branch No.: 886 Loan Product: BR 90% CL TV Standalone RECEIVED 6/20/2008 at 3:22 PM RECEIVING # 939972 BOOK: 698 PAGE: 102 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MIN 1000375-8250557810-6 J777 /y~r TIDS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES MORTGAGE 000102 TIDS MORTGAGE, as amended and extended (this "Mortgage") is signed to secure advances W1der a GMAC Home Equity Line of Credit agreement (the ''Agreement''); it is dated as ofMav 13. 2008, and is made by Kevin Paul And Eko Paul, Husband And Wife_ who reside(s) at 173 Forest Dell Cnty Road 155, Smoot, Wyoming 83126, as mortgagor(s), in favor of GMAC Mortgage, LLC, a Delaware limited liability company f7k/a GMAC Mortgage Corporation, 1100 Virginia Drive, Fort Washington, PA 19034-3200 (herein "GMAC") and the Mortgage Electronic Registration Systems, Inc., P.O. Box 2026, FJint, MI 48501-2026 and a street address of3300 S.W. 34th Avenue, Suite 101, Ocala, FL 34474 whose teJephone number is (888) 679-MERS ("MERS") acting solely as nominee for GMAC and GMAC's successors and assigns under this Mortgage, as mortgagee. Throughout this Mortgage, "we", "us" and "our" refer to mortgagor(s). "GMAC" refers to GMAC Mortgage, LLC f7k/a GMAC Mortgage Corporation or its assigns. The "ACCOW1t" 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 called the "Credit Docwnents." "Signer" refers to any person (other than GMAC) who has signed a Credit Docwnent. DESCRIPTION OF SECURITY By signing this Mortgage, we mortgage to MERS acting solely as a nominee for GMAC, subject to the tenns of this Mortgage, (a) the real estate located at 173 Forest Dell Cnty Road 155 , Smoot, COW1ty of Lincoln, State of Wyoming 83126, more fully described in Schedule A; (b) all buildings and other structures on the property; (c) all rights we may have in any road, alley, easement or license regarding the property or in any mineral, oiJ, gas or water which is part of the property; (d) all rents and royalties trom the property; (e) all proceeds of any insurance on the property and all refunds of premiums on such insurance; (f) all proceeds of any taking (or threatened taking) of the property by any governmental authority ("condemnation''); and (g) all fixtures on the property at any time (collectively, the "Property''). . The Property includes all rights and interests which we now have or which we may acquire in the future. For example, if the security mortgaged under this Mortgage is a leasehold estate and we subsequently acquire fee title to the Property, the rights and interests granted to MERS acting solely as a nominee for GMAC by this Mortgage wiJl include the fee title that we acquire. This Mortgage is also a Security Agreement W1der the Wyoming Unifonn Commercial Code and we hereby grant MERS acting solely as a nominee for GMAC a security interest in the personal property described in (d) through (f) above. SECURED OBLIGATIONS TIDS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES. We have signed this Mortgage to secure payment to GMAC of up to $73,000.00, plus FINANCE CHARGES and any other amoW1ts due GMAC W1der the Agreement (the "Total Balance Outstanding'') and to secure perfonnance by Borrower W1der the Agreement and our perfonnance of the covenants of this Mortgage (collectively, the "Secured Obligations''). PRIORITY OF ADVANCES The lien of this Mortgage will attach on the date this Mortgage is recorded, with priority over subsequently recorded mortgages. The indebtedness evidenced by the Credit Documents is a revolving indebtedness. The Credit Docwnents provide that amounts may be advanced, repaid and readvanced trom time to time in accordance with the tenns and provisions of the Agreement. Accordingly, the aggregate advances during the tenn of the Credit Docwnents may exceed the Credit Limit. However, the Total Balance Outstanding less FINANCE CHARGES and certain special charges at any time (the "Earning Balance Outstanding'') shall never exceed the Credit Limit, except for advances made to protect the 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 TotaJ 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. . GMAC-WY þP ctÞ 000103 REPRESENTATIONS AND DUTIES We promise that, except for Permitted 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 "Permitted Lien" means (x) any mortgage, deed to secure debt or deed of trust ("security instrument'~ 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 application; and (y) any liens, claims and restrictions of record that do not individuaHy or coHectively 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 of title to GMAC. This means that each of us will be fully responsible for any losses which GMAC 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 all or any part of the Property. We wiH not amend any Permitted 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 obligation 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 Wall Street Journal or in certain circumstances the "prime rate" published 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 foHows: 1. TIMELY PAYMENT. Except as limited by paragraph 10 below, Borrower shall pay when due all sums owed GMAC under the Credit Documents. 2. APPLICATION OF PAYMENTS. All payments shaH be applied 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 obligations under any mortgage, deed of trust or other security agreement on the Property. We shaH payor cause to be paid when due aH loans, taxes, assessments, charges, fines, impositions and rents of any kind relating to the Property (''Assessments'~. Receipts evidencing such payments shaH be delivered to GMAC upon its request. Except for Permitted Liens, we shaH not allow any encumbrance, charge or lien on the Property to become prior to this Mortgage. 4. HAZARD INSURANCE; CONDEMNATION. (a) We shaH, at our cost, keep aH 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 shaH be in an amount equal to the lesser of (i) the fuH replacement cost of the building that is part of the Property or (ii) the amount of this Mortgage plus the total amount of all Permitted Liens; but never less than the amount necessary to satisfy any coinsurance requirement contained in the insurance policy. We may choose the insurance company, subject to approval by GMAC which may not be unreasonably withheld. All insurance policies 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 policies and renewals, subject to the terms of any Permitted Liens. If we pay the premiums directly, we shaH provide GMAC with all renewaJ notices and, if requested by GMAC, all receipts for premiums. If policies and renewals are heJd 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 proof ofloss if we fail to do so promptly. (b) The proceeds of any condemnation of the Property shall be paid to GMAC, subject to any Permitted Liens. We shaH 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 shall not be unreasonably withheJd. -2- þ 000104 (c) Subject to the terms of any Permitted Lien, GMAC may elect that the proceeds of any insurance or condenmation (after payment of all reasonable costs, expenses and attorneys' fees paid or incurred by GMAC and us) shall be applied to pay the Secured Obligations, 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 shall provide GMAC with a new appraisal or valuation of the Property, conducted by a person or entity and in a form reasonably acceptable to GMAC, unless GMAC waives this requirement in writing. The receipt of proceeds shaH not cure or waive any default or notice of default under this Mortgage or invalidate 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 from the date notice of a proposed insurance or condenmation settlement is given to us, GMAC may settle the claim, collect the proceeds and apply them as set forth above. If the Property is acquired by GMAC, all of our right, title and interest in and to any insurance or condenmation proceeds shall 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 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; and comply with the provisions of any Jease of the Property. If the Property is part of a condominium project or a planned unit development, we shall promptly perform all of our obligations under the governing documents of the project or development. 6. PROTECTION OF GMAC SECURITY. We shall 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 release us from any obligation. 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 from any duty. 7. INSPECTION. Representatives of GMAC may inspect the Property from time to time. Except in an emergency, GMAC must first give notice specifYing reasonable cause for the inspection. 8. FINANCE CHARGES AFTER END OF ACCOUNT AND/OR JUDGMENT. To the extent permitted 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 specified in the Agreement. 9. OUR CONTINUING DUTIES AND GMAC'S RIGHTS; WAIVERS. No waiver of any GMAC right under the Credit Documents shall reJease or limit our Jiability, Borrower's liability, or that of our successors or Borrower's successors, nor shall any waiver affect the lien or priority of this Mortgage. GMAC shaH not be required to start proceedings against any successor or modifY payment terms by reason of any demand made by us or any successor. No GMAC act or failure to act shall waive any right under this Mortgage. All waivers must be in writing and signed by GMAC; they shall apply omy to the extent and with respect to the event specified in the writing. Obtaining insurance, or paying taxes, other liens or charges shall 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 shall bind us and our respective successors and permitted assigns for the benefit of GMAC and its successors and assigns. All agreements made by us or any successor are joint and several and 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 Property and to release all homestead and/or dower rights, (b) is not personally liable 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 - tR ~ 0001.05 11. NOTICES. All notices shall be in writing. Except where applicable law requires otherwise: (a) GMAC notices shall be hand delivered or maiJed 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 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 considered given on the day it is received by GMAC. 12. GOVERNING LAW. This Mortgage will be governed by federaJ 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 defauJt, GMAC may end the Account and/or demand repayment at once of the Total Balance Outstanding in any of the following events: Account; (i) There has been fraud or material misrepresentation by any Signer in connection with the (ii) Borrowers have failed to meet the repayment tenns of the Agreement for any amount outstanding; or (üi) 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 defauJt unless permitted 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 permitted 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 Jaw. 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 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 and GMAC shall satisfy this Mortgage, file a discharge or reJease and pay any recording costs. 20. REQUEST FOR NOTICES. GMAC requests that copies of notices of defauJt, sale and foreclosure from the hoJder of any lien which has priority over this Mortgage be sent to GMAC at 1100 Virginia Drive, Fort Washington, PA 19034-3200. -4- fð (;00(;1.06 21. EXIßBITS, SCHEDULES AND RmERS, ETC. The tenus of any Exhibit, 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 pwposes of the Credit Documents, GMAC shall not be deemed to have actuallmowledge of any fact until it actually receives notice as set forth in paragraph 11 or until it receives written notice thereof from a source GMAC reasonabJy believes to be reliable. The date of receipt shall be detennined by reference to the "Received" date stamped on such written notice by GMAC or its agent. 24. RELEASE. To the extent pennitted by law, for ourselves and our successors and assigns, we hereby release and waive all rights under and by virtue of the homestead exemption Jaws of the State of Wyoming. 25. EXPENSES OF LITIGATION. In any proceeding to enforce any remedy of GMAC 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 title; title searches; title insurance policies; Torrens certificates; and similar items which GMAC 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 forecJosure by advertisement, all expenses pennitted by statute that GMAC incurs in protecting the Property, maintaining the lien of this Mortgage and forecJosing this Mortgage shall be incJuded 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 mascuJine gender incJudes the feminine and/or neuter, singular numbers include the pluraJs, and plurals incJude the singuJar. 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 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 sell the property; and to take any action required of Lender incJuding but not limited to, releasing and canceling this Mortgage. (This space left blank intentionally) ¡þ By signing this Mortgage, we agree to all of the above. 0001.07 WITNESSES: I~ fZ-e. Kevin Paul MO~~ Eko Paul MORTGAGOR By: By: By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR STATE OF WYOMING COUNTY OF ss. On the p..f. day of _~ , .8 00 t> , before roe personally came Kevin Paul And Eko Paul. Husband And Wife to me known to be the individua1(s) described in and who executed the . . ed that he/she/they executed the same. SHARON L. BACKUS - NOTARY PUBLIC ~ M C~~~~nOf ~~~t~i~~ NOtary.JJW~tJ t. 1i~~KU$ L'f V\t.f)tvv My Comro. Expires: County, Wyoming (kÓUJ+ (3l2¿Jv'1 M Commission Expires August 13, 2009 OOO~08 EXHIBIT A SITUATED IN THE COUNTY OF LINCOLN AND STATE OF WYOMING: THAT PART OF THE NORTHEAST 1/4 NORTHWEST 1/4 OF SECTION 33, TOWN 30 NORTH, RANGE 118 WEST, LINCOLN COUNTY, WYOMING, BEING PART OF THAT TRACT OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 361 OF PHOTOSTATIC RECORDS ON PAGE 452, DESCRIBED AS FOLLOWS: THENCE 89 DEGREES 27 MINUTES 08 SECONDS EAST 360.00 FEET, ALONG THE NORTH LINE OF SAID NORTHEAST 1/4 NORTHWEST 1/4 TO A POINT¡ THENCE SOUTH 00 DEGREES 08 MINUTES 05 SECONDS EAST, 726.00 FEET, PARALLEL WITH THE WEST LINE OF SAID NORTHEAST 1/4 NORTHWEST 1/4 TO A POINT¡ THENCE SOUTH 89 DEGREES 27 MINUTES 08 SECONDS WEST, 360.00 FEET, PARALLEL WITH SAID NORTH LINE, TO A POINT ON SAID WEST LINE, THENCE NORTH 00 DEGREES 08 MINUTES 05 SECONDS WEST 726.00 FEET, ALONG SAID WEST LINE TO THE CORNER OF BEGINNING¡ ENCOMPASSIG AN AREA OF 6.00 ACRES, MORE OR LESS. THE BASE BEARING FOR THIS SURVEY IS THE WEST LINE OF THE NORTHWEST 1/4 OF SECTION 33, TOWN 30 NORTH, RANGE 118 WEST, BEING NORTH 00 DEGREES 20 MINUTES 00 SECONDS WEST¡ SUBJECT TO A 60 FOOT ACCESS AND UTILITY EASEMENT APPURTENANT TO THE SOUTHEAST 1/4 SOUTHWEST 1/4 OF SECTION 28, TOWN 30 NORTH RANGE 118 WEST OF RECORD IN SAID OFFICE IN BOOK 361 OF PHOTOSTATIC RECORDS ON PAGE 454. 37771458 OOOj.09 EXHIBIT A (continued) TOGETEHR WITH A RIGHT OF INGRESS AND EGRESS AND UTILITIES OVER, UNDER AND ACROSS A STRIP OF LAND 30 FEET IN WIDTH, WITHIN SAID NORTHEAST 1/4 NORTHWEST 1/4 WITH THE WESTERLY LINE DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF SAID NORTHEAST 1/4 NORTHWEST 1/4; THENCE NORTH 00 DEGREES 08 MINUTES 05 SECONDS WEST 400.00 FEET, ALONG THE WEST LINE OF SAID NORTHEAST 1/4 NORTHWEST 1/4 TO THE NORTHWEST POINT OF THAT TRACT OF RECORD IN SAID OFFICE ON BOOK 361 OF PHOTOSTATIC RECORDS ON PAGE 448; THENCE CONTINUING NORTH 00 DEGREES 08 MINUTES 05 SECONDS WEST, 196.65 FEET TO THE SOUTHWEST POINT OF THE ABOVE DESCRIBED PARCEL; WITH THE SIDE LINES OF THE ABOVE DESCRIBED EASEMENT TO BE SHORTENED OR LENGTHENED AS NECESSARY TO CREATE A CONTIGUOUS EASEMENT WITH A MINIMUM WIDTH OF 30 FEET; EACH .CORNER FOUND AS DESCRIBED IN THE CORNER RECORD FILED IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY; EACH POINT MARKED BY A 5/8 INCH X 24 INCHE STEEL REINFORCING ROD WIT A 2 INCH ALUMINUM CAP INSCRIBED, SURVEYOR SCHERBEL LTD AFTON WYOMING PLS 536811, WITH APPROPRIATE DETAILS Permanent Parcel Number: 3018 332 00 234 00 KEVIN PAUL AND EKO PAUL, HUSBAND AND WIFE AS TENANTS BY THE ENTIRETIES 173 FOREST DELL COUNTY ROAD 155, SMOOT WY 83126 Loan Reference Number 5578109/5578109 First American Order No: 37771458 Identifier: FIRST AMERICAN LENDERS ADVANTAGE 1111111111111111111111 PAUL 37771458 WY FIRST AMERICANELS MORTGAGE . 1111111111111111111111111111111111111111111111111