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HomeMy WebLinkAbout877326Loan No.: 000685122811 Loan Product: Equity Line THIS MORTGAGE SECURES OBLIGATORY FUTU~ ADVANCES MIN 100037506851228115 THIS MORTGAGE, as amended and extended (this "Mortgage") is signed to secure advances under a GMAC Mortgage Corporation 'Home Equity Line of Credit agreement (the 26, 2001 , and is made by Agreement ); it is dated as of October William A. Sheppard and Ruth M. Sheppard, who reside(s) at 247 Spruce Drive, Thayne, WY 83127 as mortgagor(s), in favor ,200 Centnry Parkway, Monnt Laurel, NJ 08054 GMAC Mortgage Corporation , as mortgagee. Borrower irrevocably mortgages, grants, and conveys to all Mortgage Electronic Registration Systems Inc. PO Box 2026 Flint, MI 48501-2026 (MERS) acting solely as a nominee for Lender and Lender's successors and assigns. Throughout this Mortgage, "we", "us" and "our" refer to mortgagor(s). "LENDER" refers to or its assigns. The Account refers to the Home Equity GMAC Mortgage Corporfition Line of Credit account established by LENDER under the Agreement. "Borrower" refers to each person who . The A~reement and this Mortgage, taken together, are called the "Credit sf ns the Agreement as b~rrower ~ _ .... ho~ I FND } who has si ned a Credit Document. ~g ......... S~-ner" reters to any person (other ............ ER. g ~ocum~nt~. DESCRI~ION OF SEC~ITY By signing ~is Mortgage, we mortgage to MERS as nominee LENDER, subject to the terms of this Mortgage, (a) the real estate located at 247 Spruce Drive, Thayne, County of Lincoln , State of Wyoming 83127- , more hlly described in Schedule A; (b) all buildings or other structures on the properS; (c) all rights we may have in any road, alley easement or license regarding the property or in any mineral, oil, gas or water which is part of ~e ProperS; (d) all rems and royalties from the property; (e) all pioceeds of any insurance on fl~e proper~ and all re~nds of premiums on such insurance; (0 'all proceeds of any taking (or ~reatened taking) of ~e property by any governmental time (collectively, the "Property"). auflmri~ ( condemnaUon ) and (g) atl fixtures on the property at any The Property includes all rights and interests which we now have or which we may acquire in the ~ture. For example, if the securi~ mortgaged under this Mortgage is a leasehold estate and we subsequently . acquire fee title to the ProperS, the rights and interests granted to MERS acting solely as a nominee for LENDER by this Mortgage will include the fee title that we acquire. This Mortgage is also a Security Agreement under the Wyoming Uniform Co~ercial Code and we hereby grant MERS acting solely as a nominee for LENDER a security interest in ~e personal property described in (d) throu h (g) abov~ ;.,,.' ::. 'i~ SECURED OBLIGATIONS T~S MORTGAGE SECU~S OBLIGATORY FUTURE ADVANCES. We have signed this Mortgage to secure payment to LENDER of up to $ 15,000.00 , plus FInAnCE CIIA~GES and any other amounts due LENDE~ under the Agreement (the "Total Ba[ance O~tstanding") and to 'secure performance by gorrower under the Agreement and our p~rformance of the covenants of this Mortgage (collectively, th~ "Secured Obligations"). PRIO~TY OF ADVANCES The lien of this Mortgage will attach on the date this Mortgage is recorded, with priority over subsequently r~corded mortgages. The indebtedness evidenced by the Credit Documents is a revolving indebtedness. The Credit Docmnents provide ~at amounts may be advanced, repaid and readvanced from time to time in accordance with the terms and provisions of Ce Agreement. Accordingly, the aggregate advances during the term of the Credit Documents may exceed ~e Credit Limit. ~owever, the Total Balance O~tstanding. less FINANCE CHARGES and certain special charges at any time (the "Earning Balance Outstanding") shall never exceed the Credit Li~it, except for advances made to protect the lien of this Mortgage. We agree that the lie~ a~d securi~ lille of ~is Mortgage shall not be deemed', released or extinguished by operation o~ law or implied intent o[ the parties if the Total galanc¢ Outstanding is zero as of , the date of this Mortgage or is from time to time reduced to zero by payments made to LENDER. REP~SENTATIONS A~ DUT~S We promise that, ~xcept.for ~ermi~ed ~i~ns; (a) we ow~ the property; (b) we have the right to mortgage the Property to LENDER; and (c) there are no outstanaing claims Or charges against the Property. The term "~ermitted ~ien" means (x) any mortgage, deed to secure debt or deed of trust ("security instrument") disclosed to LENDER by a~y Signer in applying for the Account, to die extent that file amount secured by such security inst~mem does n~t exceed the amount disclosed on such application; and (y) any liens, claims and restrict;offs of r~cor~ that do not individually or ~ollectively haw a ~at~rial'adverse impact upon LENDER's securi~, Ce value of Ce ~roperty or the Proper~'s current usC. GMAC-WY Each of us gives a general warranty of title to LENDER. This ~means that each of us will be fully . responsible for any losses which LENDER 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 to all or any part of the Property. We will not ~end ~y Permitted Lien without LENDER's prior written consent. CERTAIN PROVISIONS. OF T~ AGREE~NT We understand that. LENDER may, under certain circumstances set forth in the Agreement, cancel its obligation to m~e ~rther adv~ces and/or require repayment at once of the Total Balance Outstanding. Under the Agreement, FINANCE CHARGES are based on the "prime rate" published in Th~ Wall Street Journal or in certain circumstances the "prime rate" published in The New York Times or a similar index selected by LENDER. 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 A~ AGREEMENTS We agree with LENDER as follows: 1. TIMELY PAYMENT. Except as limited by paragraph 10 below, Borrower shall pay when due ail sums owed LENDER under the Credit Documents. 2. APPLICATION OF PAYMENTS. All payments shall be applied by LENDER as set forth in the Agreement. 3, MORTGAGES A~ DEEDS OF TRUST; CHARGES; LIENS. We shall m~e payments when due ~d perform all our obligations under ~y mortgage, deed of trust or other security agreement on the Property. We shall pay or cause to be paid when due all loans, taxes, assessments, charges, fines, impositions ~d rents of ~y kind relating to the Property ("Assessments"). Receipts evidencing such payments shall be delivered to LENDER upon its request. Except fbr Permitted Liens, we shall not allow any encumbrance, charge or lien on the Property to become prior to this Mortgage 4. HAZARD INSURANCE; CO~EMNATION. (a) We shall, at our cost, keep all improvements on the Property insured against loss by hazards included in the term "extended coverage" or by any other hazards LENDER may reasonably speci~. Hazard insurance shall be in an amount equal to the lesser of (i) the ~I1 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 satis¢ any coinsurance requirement contained in the insurance policy. We may choose the insurance company, subject to approval by LENDER which may not be unreasonably wifl~eld. All insurance policies and renewals must be in a form acceptable to LENDER and must include a standard mortgagee clause in favor of LENDER. LENDER 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 shall provide LENDER wi~ all renewal notices and, if requested by LENDER, all receipts for premiums. If policies and renewals are held by any other person, we shall supply copies of ~em to LENDER within ten calendar days after they are issued. In the event of loss, we shill give prompt notice to the insur~ce company ~d LENDER. LENDER may file a proof of loss [f we fail to do so promptly. (b) The proceeds of my coffdemation of the Property shall be paid to LENDER, subject to any Permitted Liens. We shall give LENDER notice of any such threatened condemnation and sign all documents required to carry out this paragraph 4. No condemation settlement may be made without LENDER's prior written approval which shall not be unreasonably withheld. (c) Subject to the terms of any Permitted Lien, LENDER may elect that the proceeds of a~y insurance or condemnation (after payment of all ~asonable costs; expenses and attorneys' fees paid or incurred by LENDER and us) shall be applied to pay ~e'Secured Obligations, to repair or reconstruct the Proper/y, and/or ~pay for our loss. In the event that such proceeds are not used entirely for repair and reconstruction, we shall provide LENDER with a new appraisal or valuation of the Property, conducted by a person or entity and in a form reasonably acceptable to LENDER, Unless LENDER waives this requirement in writing. The receipt of proceeds shall 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 LENDER in writing within 30 calendar days from the date notice of a proposed insurance or condemnation settlement is given to us, ~LENDER may settle ~e claim, collect ~e proceeds and apply ~em as set forth above. If the Property is acquired by LENDER, all of our right, title and interest in and to any insurance or condemnation proceeds shall become the property of LENDER to the extent of the sums secured by this Mortgage. 5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONI)OMINIUMS; 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 0f any lease of the Property. If the Property is a 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 LENDER SECURITY. We shall appear in and defend any action or proceeding which may affect the security of LENDER under this Mortgage or result in violation of paragraph 3 above, If such anaction is filed, we violate this Mortgage or Borrowers violate this Agreement, then LENDER may disburse funds and do whatever it believes necessary to protect the security of this Mortgage. In doing so, LENDER shall give us notice but it need not make demand or release us from any obligation. Any amounts paid by LENDER 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. LENDER is not required to incur any expense or take any action under this Mortgage and no action taken shall release us from an.y duty. 7. INSPECTION. Representatives of LENDER may inspect the Property from time to time. Except in an emergency, LENI~ER 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 LENDER'S RIGHTS; WAIVERS. No waiver of any LENDER right Under the Credit Documents shall release or limit our liability, Borrower's liability, or that of our successors or Borrower's successor, nor shall any waiver affect the lien or priority of this Mortgage. LENDER shall 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 LENDER act or failure to act shall waive any right under this Mortgage. All waivers must be in writing and signed by LENDER; they shall apply only 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 LENDER'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 LENDER 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 LENDER and any Signer may modify either Credit Document, without consent and without modifying the interests of the rest of us under this Mortgage. 11. NOTICES. All notices shall be in writing. Except where applicable law requires otherwise: (a) LENDER 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 LENDER. Any LENDER 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 LENDER by first class, registered or certified mail to the address for such notices specified on our most recent monthly statement under the Agreemefit or to such other address specified by LENDER in a written notice given to ns. Any such notice shall be considered given on the day it is received by LENDER. 12. GOVERNING LAW. This Mortgage will be governed by federal and Wyoming law. If any provision is invalid, illegal, or unenforceable, this Mortgage shall bb interpreted as if such provision has never been inculded. 13. COPIES. We shall receive copies of the Credit Documents at the time they are signed or after this Mortgage is recorded. Initial ~/_~}~_~_ -3- 888 14. EXERCISING REMEDIES. LENDER 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 individuall3~ or jointly, once or a number of times. The parties to this document are subject to the provision for Arbitration as set forth in the Agreement which is incorporated by reference as if set forth at length herein. 15. EVENTS OF DEFAULT. (a) The events set forth in paragraph 15(b) are Events of Default if and when LENDER gives any Signer notice of default. We agree to notify LENDER promptly upon the happening of any event that would be an Event of Default under either Credit Document upon the giving of notice by LENDER. (b) After giving notice of default, LENDER may end the Account and/or demand repayment at once of the Total Balance Outstanding in any of the following events: (i) There has been fraud or material misrepresentation by any Signer in connection with the Account; (ii) Borrowers have failed to meet the repayment terms 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 LENDER in the Property; to the extent permitted 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 LENDER. (c) Notwithstanding any language in this Mortgage to the contrary, LENDER will not give notice of default unless permitted by applicable law and LENDER will give us any grace period, right to cure and/or reinstatement right required by applicable law. This paragraph 15 is intended to give LENDER all rights permitted by applicable law. 16. REMEDIES. IF BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OUTSTANDING WHEN DUE, LENDER MAY EXERCISE ANY REMEI)Y AVAILABLE TO IT UNDER APPLICABLE LAW, INCLUDING FORECLOSURE. 17. FORECLOSURE BY ADVERTISEMENT. We hereby grant LENDER upon an Event of Default power to sell Qr 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. APl'OINTMENT 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), LENDER 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 LENDER shall satisfy this Mortgage, file a discharge qr release and pay any recording costs. 20. REQUEST FOR NOTICES. LENDER requests that copies of notice of default, sale and foreclosure from the holder of any lien wlfich has priority over this Mortgage be sent to LENDER at 200 Century Parkway, Mount Laurel, NJ 08054 21.' EXHIBITS, SCHEDULES AND RIDERS, ETC. The terms of any Exhibit, Schedule Rider attached to this Mortgage or executed and recorded with this Mortgage shall be treated as if fully set forth in this Mortgage. Ail of the Terms 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, LENDER. shall not be deemed to have actual knowledge of any fact until it actually receives notice as set forth in paragraph 11 or until it receives written notice thereof from a source LENDER reasonably.believes to be reliable~ The date of receipt shall be determined by reference to the "Received" date stamped on such written notice by LENDER or its agent. 24. RELEASE. To the extent authorized by law, 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. Initial - 4 - EX ENSES OF LITIGATION. In any proceeding to enforce any remedy of LENDER 25. ~n~ents there shall be allowed and included, to the extent permitted by law, as additional under the Credit Doc indebtedness in the judgment or decree, any court costs and reasonable expenses which may be paid or incurred by LENDER for attorneys; appraisers; documentary and expert evidence; stenographers; publication; surveys; abstracts of title; title searches; title insurance policies; Torrens certificates; and similar items which LENDER 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 foreclosure by advertisement, all expenses permitted by statute that LENDER incurs in protecting the Property, maintaining the lien of this Mortgage and foreclosing the Mortgage shall be included in the redemption price and in tile calculation of any deficiency. 26. CAI~rlONS; 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 nueter, singuiar numbers include the plurals, and plurals include the singular. 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 Lender and Lender'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 including but not limited to, releasing and canceling this Mortgage. By signing this Mortgage, we agree to all of the above. By: By: STATE OF WYOMING COUNTY OF to me known to be the ind!vidua)(s) described in ~d who executed the foregoing instrument, and acknowledge~ that he/~he/they executed tBe same.  Notary Public  ~ Coumy, WyominB xy Commission -5- MORTGAGE THIS INSTRUMENT PREPARED BY: Title No. Susann Fantozzi TO RECORDING REQUESTED BY: GMAC Mortgage Corporation UPON RECORDATION, MAIL TO: GMAC Mortgage Corporation 200 Century Parkway, Mount Laurel, NJ 08054 RESERVE THIS SPACE FOR USE OF RECORDING OFFICE SCHEDULE "A" Borrower: William A. Sheppard, Ruth M. Sheppard Property: 247 Spruce Drive, Thayne, WY 83127 Loan No: 000685122811 Closing Date: October 26, 2001 Lot 16 of Amended plat of Star valley Ranch Plat 1, lincoln County, Wyoming as described on the Plat No. 427346 of Lincoln County official records. Version 2.8.5.06 SCHA - 11/09/2000 SECOND HOME RIDER THIS SECOND HOME RIDER is ~ade this 26 day of0ctober , 2001 , 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 GMAC Mortgage Corporation (the "Lender") of the same date and covering the Property described in the Security Instrument (the "Property"), which is located at: 247 Spruce 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 alt 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 firm or any other person any control over the occupancy or use of the Property. 8. Borrower's Loan Application. Borrower 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 information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's second home. 000685122811 MULTISTATE SECOND HOME RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fqrm_31~90 1/01 Page lof2 Initials:~ /q'~]-g' (~i}<~365R (0011) 'VMP MORTGAGE FORMS -(800)521-7291 BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Second Home Rider. W i~'i ~m A': g h~pP'ar:d-JF -Borrow,r ~u~hJ;M. -Sheppard ?' -Bo,,ow,, (Seal) (Seal) - Borrower - Borrower (Seal) (Seal) - Borlower - Borrower (Seal) . (Seal) - Borrower - Borrower 000685122811 (~365R (0011) Page 2 of 2 Form 3890 1/01