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HomeMy WebLinkAbout940825 Recording Requested by & When Recorded Return To: US Recordings, Inc. 2925 Country Drive St. Paul, MN 55117 )"S}Q':6G'¡C'¡ Prepared By: a /j) i.rf3 ~ I MICHELLE TENNISON RECEIVED 7/28/2008 at 11 :48 AM RECEIVING # 940825 BOOK: 700 PAGE: 8~ JEANNE WAGNER - LINCOLN COUNTY CLERK, KEMMERER, WY 000845 n ,j t iI.¡ ..../,,)i, [Space Above This Line For ReconUng Da!-1 ';i T008-039648 00019315877207008 [Doc ID #] [Escrow/Closing #] NUN 1001337-0003286093-7 MORTGAGE LINE OF CREDIT TillS MORTGAGE, dated JULY 9, 2008 , is between SARAH ELISABETH E DAY, AND KELLY ALAN A DUNSTON, WIFE AND HUSBAND AS JOINT TENANTS , WHO ACQUIRED TITLE AS SARAH ELISABETH DAY AND KELLY ALAN DUNSTON '7 residing at 58 SNOW FOREST DRIVE, THAYNE, WY 83127-0000 , the person or persons signing as "Mortgagor(s)" below and hereinafter referred to as "we," "our," or "us" and MORTGAGE ELECIRONIC REGISTRATION SYS1EMS, 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 of MERS, the premises located at: 58 SNOW FOREST DRIVE Street WY State THAYNE Municipality 83127 (the "Premises"). Zip LINCOLN County and further described as: LOT 3 OF STAR VALLEY RANCH PLAT 15, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. The Premises includes all buildings and other improvements now or in the future on the Premises and all rights and interests 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 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 this Mortgage. MEAS HELOC Mortgage-WY 2E037-WY (04l08)(dII) Page 1 of 4 IUI · 2 3 991 · 1IIIIIIIII11III11111 · 1 93 1 5 8 7 7 2 0 0 0 0 0 2 E 0 3 7 · 000846 DOC ID #: 00019315877207008 LOAN: The Mortgage will secure your loan to us in the principal amount of $ 36, 000 . 00 or so much thereof as may be advanced and readvanced from time to time to SARAH ELISABETH E. DAY KELLY ALAN A. DUNSTON ,and , the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated JULY 9 r 2 0 0 8 , plus interest and costs, late charges and all othercharges related to the loan, all of which sums are repayable according to the Note. This Mortgage will also secure the performance of all of the promises and agreements 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 from time to time in accordance with the tenns of the Note and subject to the Credit Limit set forth in the Note. OWNERSHIP: We are 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 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 from, 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 loss 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 Premises. If you receive payment of a claim, you wiU have the right to choose to use the money either to repair the Premises or to reduce the amoWlt owing on the Note. (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 which shall be paid to you, subject to the tenns of any Prior Mortgage. (e) SECURITY IN1EREST: We wiU 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. It is agreed that the Lender shall be subrogated to the claims and liens of all parties whose claims or liens are discharged or paid with the proceeds of the Agreement secured hereby. (f) OUR AUTHORITY TO YOU: If we fail to perfonn our obligations under this Mortgage, you may, if you choose, perfonn 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 interest 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 filing fees, taxes or the costs necessary to keep the Premises in good condition and repair or to perfonn any of our other agreements with you, you may, if you choose, advance any sums to satisfy any of our agreements with you and charge us interest 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 perfonn our promises in this Mortgage. Any replacement insurance that you obtain to cover loss or damages to the Premises may be limited to the amount owing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage dated DECEMBER 01, 2006 and given by us to COUNTRYWIDE HOME LOANS, INC. as mortgagee, in the original amount of $ 140, 500 . 00 (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior written consent and shall upon receipt of any written notice from the holder of the Prior Mortgage promptly deliver a copy of such notice to you. We shall pay and perfonn all of our obligations under the Prior Mortgage as and when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Premises. We shall not do, nor allow anyone else to do, anything affecting the Premises that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Premises of small quantities of Hazardous Substances that are generally recognized to be appropriate to nonnal residential uses and to maintenance of the Premises. As used in this paragraph, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fonnaldehyde, and radioactive materials. As used in this paragraph, "Environmeptal Law" means Mt:RS HeLQO ~~ilSIt-WY 2e037·~ (W~ Page 2 of 4 ~~ 000847 DOC 1D #: 00019315877207008 federal laws and laws of the jurisdiction where the Premises are located that 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 pennit any other lien or claim against the Premises without your prior written consent. (j) INSPECTION: We will pennit you to inspect the Premises at any reasonable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be negotiated or assigned by you without releasing us or the Premises. You may add or release any person or property 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 arrange for the 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 you, we will still owe you the difference which you may seek to colleCt from us in accordance with applicable law. 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 payments, directly from tenants after simply notifying them first class mail to make rental payments to you; (iii) manage the 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 default, 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 to, reasonable attorneys fees and costs of documentary evidence, abstracts and title reports. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: AB additional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts shall be entitled to enter upon, take possession of and manage the Premises and collect the rents of the Premises including those past due after simply notifying them by first class mail to make rental payments to you. WAIVERS: 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 from attachment, levy and sale and homestead exemption. BINDING EFFECT: 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 under the Note has been terminated, 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 amounts owing to you under the Note and this Mortgage, and provided any obligation to make further advances under the Note has tenninated, this Mortgage and your rights in the Premises shall end. NOTICE: 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 sums secured by this Mortgage and provided your obligation to make further advances under 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. MERS HELOC Mortgage-WY 2E037-WY (04108) Page 3 of 4 '10 ~ 000848 DOC ID t: 00019315877207008 GENERAL: You can waive or delay enforcing any of your rights under this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage wí11 not be a waiver of that or any other provision on any other occasion. TIllS MORTGAGE has been signed by each of us under seal on the date fIrst above written. ~e·CÀ Mortgagor: SARAH ELISABETH(g. DAY K(~ 9r-\- -- Mortgagor: KELLY ALAN A. DUNSTON Mortgagor: Mortgagor: State of Lt_)yo ,1A (¡ 'kq County of I- ì h~() (lI? (Seal, if ~-~ Sandra Jacobson County of y) lIncoln My Commluian Expires, Notary Publrc State of // W/YOmins. r ~ - ". pOd This i by 2ð My commission expires: , 1- 1(; . ;;¿lJ I I MERS HELOC Mortgage-WY 2E037-WY (04108) Page 4. of 4 r.{J ...;Ou849 SECOND HOME RIDER After Reco . COUNTRYW MS SV-79 P.O.Box 1 Van Nuys, FSB PROCESSING Prepared By: MICHELLE TENNISON T008-039648 [Escrow/Closing #] 00019315877207008 [Doc ID #] TIllS SECOND HOME RIDER is made this NINTH day of JUL Y , 2 0 0 8 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower" whether there are one or more persons undersigned) to secure Borrower's Note to COUNTRYWIDE BANK, FSB (the "Lender") of the same date and covering the Property described in the Security Instrument (the "Property"), which is located at: 58 SNOW FOREST DRIVE THAYNE, WY 83127-____ [Property Address] In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy. Borrower shall occupy, and shall only use, the Property as Borrower's second home. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrower either to rent the Property or give a management fmn or any other person any control over the occupancy or use of the Property. MUL TlSTATE SECOND HOME RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT . CONVNA Second Home Rider 2365R-XX (02/07)(dIi) Page 1 of 2 Form 3890 1/01 1111111 · 2 399 1 · IJJ.IJIIJJJJJIII 'fð § "./L 000850 DOC ID #: 00019315877207008 8. Borrower's Loan Application. BOITOwer shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate infonnation or statements to Lender (or failed to provide Lender with material infonnation) in connection with the Loan. Material representations include, but are not limited to, representations concerning BOITOwer's occupancy of the Property as Borrower's second home. BY SIGNING BELOW, BOITOwer accepts and agrees to the tenns and provisions contained in this Second Home Rider. ~k G. Dt SARAH ELISABETH ~ DAY (Seal) - Borrower ~(~~ KELLY ALAN A. DUNSTON - (Seal) - Borrower (Seal) - BOITOwer (Seal) - Borrower . CONVNA Second Home Rider 2365R-XX (02107) Page 2 of 2 Form 3890 1/01 000851 PLANNED UNIT DEVELOPMENT RIDER T008-039648 [Escrow/Closing #] 00019315877207008 [Doc ID #] TIllS PLANNED UNIT DEVELOPMENT RIDER is made this NINTH day of JULY, 2008 , and is incorporated into and shall be deemed to amend and suppl~ment the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to COUNTRYWIDE BANK, FSB (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 58 SNOW FOREST DRIVE, THAYNE, WY 83127- [property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in THE COVENANTS, CONDITIONS, AND RESTRICTIONS FILED OF RECORD THAT AFFECT THE PROPERTY (the "Declaration"). The Property is a part of a planned unit development known as STAR VALLEY RANCH [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. MUL TlSTATE PUD RIDER - Single Family/Second Mortgage PUD Rider 1207R-XX (11/07)(dIi) Page 1 of 3 3/99 111II1 · 2 3 991 · 1111111.111 · 193 1 5 8 7 7 2 0 000 0 1 2 0 7 R . 40@ 000852 DOC ID #: 00019315877207008 PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perfonn all of Borrower's obligations under the POO's Constituent Documents. The "Constituent Documents" are the: (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fIre, hazards included within the tenn "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Unifonn Covenant 2 for the monthly payment to Lender of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Unifonn Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfIed to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the tenn of the loan. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage provided by the master or blanket policy. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the POO, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. PubHc liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in fonn, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the POO, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Unifonn Covenant 9. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the POO, except for abandonment or termination required by law in the case of substantial destruction by fIre or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefIt of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay POO dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower PUD Rider 1207R-XX (11/07) Page 2 of 3 3/99 ~ 40 000B53 DOC ID #: 00019315877207008 secured by the Security Instrument. Unless Borrower and Lender agree to other tenns of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the tenns and covenants contained in this PUD Rider. ~~,h.-~ SARAH ELISABETH E. DAY ~DJ KELLY LAN A. DUNSTON (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower PUD Rider 1207R-XX (11/07) Page 3 of 3 3/99 EXHIBIT A (:00854 THE FOLLOWING DESCRIBED REAL ESTATE, SITUATE IN LINCOLN COUNTY AND STATE OF WYOMING, HEREBY RELEASING AND WAIVING ALL RIGHTS UNDER AND BY VIRTUE OF THE HOMESTEAD EXEMPTION LAWS OF THE SAME TO WIT: LOT 3 OF STAR VALLEY RANCH PLAT 15, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. SUBJECT, HOWEVER, TO ALL RESERVATIONS, RESTRICTIONS, PROTECTIVE COVENANTS, EXCEPTIONS, EASEMENTS AND RIGHTS-OF-WAY OF RECORD, IN SIGHT, OR IN USE. ADDRESS: 58 SNOW FOREST DRIVE; THAYNE, WY 83127 OR PARCEL ID NO.: 3518-193-01-056-00 TAX MAP .1(. III II IIIIIIIU m !OiU00264331iIE ;134 7/16/2008 75128019/1