HomeMy WebLinkAbout877309 SPACE ABOVE FOR RECORDERS USE
WHENR CORDED MAIL TO:
COUNTRYWIDE LOANS. INC.
MSN SV'79 / DO( CONTROL DEPT.
P.O. BOX 10266
VAN NUYS, =ORNIA 91410-0266
DOC~D#: 0000 11808142075 PARCEL ID #: 37182040204700
ESCROW/CLOSIN( #: 0918081 Prepared by: ,]. WINKELER
MORTGAGE
(Line of Credit)
THIS dated October 24 ,200]. , is between
CHRISTOPHER MORASCO, AND TERESA MUSE'E-FI, HUSBAND AND WIFE
residing at
145 SPRUCE STREET, ALPINE, WY 83128 ,
the person or per~ signing as "Mortgagor(s)" below and hereinafter referred to as "we" or "us" and
COUNTRYWIDE tOME LOANS, INC. ,
with an address
4500 PARK CALABASAS, CA 91302-1613
and hereinafter to as "you" or the "Mortgagee."
PREMISES: In consideration of the loan hereinafter described, we hereby mortgage, grant and convey to you
the premises locat ;d at:
145 SPRUCE STREET
Street
ALPINE LINCOLN WY 83128 (the "Premises"):
Municipality County State ZIP
and further descri :d as:
LAND IN THE COUNTY OF LINCOLN, STATE OF WYOMING, TO-WIT:
LOT 47 OF REES SUBDIVISON, BEING PART OF THE NORTH 1/2 SOUTHEAST 1/4 OF
SECTION 20 37 NORTH RANGE 118 WEST, LINCOLN COUNTY, WYOMING,
ACCORDING THAT PLAT RECORDED IN THE OFFICE OF THE LINCOLN COUNTY CLERK.
The Premises inc] all buildings and other improvements now or in the future on the Premises and all rights and interests which
derive from our o' use or possession of'the Premises and all appurtenances thereto.
LOAN: The Mort :age will secure your loan in the principal amount of $ 25,290.00 or so much thereof as may be
., advanced and from time to time to CHRISTOPHER MORASCO
, and
TERESA ,
, the Borrower(s) under the Home Equity Credit Line Agreement.
and Disclosure (the "Note") dated 10/24/2001 , plus interest and costs, late charges and all other
charges 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' pro: ~ises and agreements made by us and each Borrower and co-signer in the Note, all of our promises and
agreements in Mortgage, any extensions, renewals, amendments, supplements and other modifications of the Note, and any
amounts by you under the terms of the section of this Mortgage entitled "Our Authority To You." Loans under the Note
may be made re aid and remade from time to time in accordance with the terms of the Note and subject to the Credit Limit set
forth in the Note.
OWNERSHIP: are the sole owner(s) of the Premises. We have the legal right to mortgage the Premises to you.
BORROWER'S I1 PORTANT OBLIGATIONS:
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DOC ID # 000091808142075
(a) TAXES We will pay all real estate taxes, assessments, water charges and sewer rents relating to the Premises wh~in they
become due. will not claim any credit on, or make deduction from, the loan under the Note because we pay these taxes and
charges We will proof of payment upon request.
(b) 'ANcE: We will maintain the building(s) on the Premises in good condition. We will not make major changes
in the building(s) except for normal 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 perform of our obligations under the declaration or covenants creating or governing the condominium or planned unit
development, by-laws and regulations of the condominium or planned unit development and constituent documents.
(c) We will keep the building(s) on the Premises insured at all times against loss by fire, flood and anY other
hazards you 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 of the insurance. The policies must name you as "mortgagee" and "loss-payee" so that you will receive
payment on all claims, to the extent of your interest under this Mortgage, before we do. The insurance policies must also
provide that you ~e given not less than l0 days prior written notice of any cancellation or reduction in coverage, for any reason.
Upon shall deliver the policies, certificates or other evidence of insurance to you. In the event of loss or damage to the
Premises, we wil 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 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 of loss or damage to the Premises. If you receive payment of a claim, you will have the right to choose to use
the money either repair the Premises or to reduce the amount owing on the Note.
(d) NATION: We assign to you the proceeds of any award or claim for damages, direct or consequential, in
connection with ~ condemnation or other taking of the Premises, or part thereof, or for conveyance in lieu of condemnation, all
of which ~aid to you, subject to the terms of any Prior Mortgage.
(e) FY INTEREST: We will join with you in signing and filing documents and, at our expense, in doing whatever
you belieye is nec essary to perfect and continue the perfection of your lien and security interest in the Premises.
(f) OUR TO YOU: If we fail to perform our obligations under this Mortgage, you may, if you choose,
perform 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 wilI charge interest at the interest rate set forth in the Note. If, for example, we fail to honor our promises to maintain
insurance in cftc{t, or to pay filing fees, taxes or the costs necessary to keep the Premises in good condition and repair or to
perform any of ogr other agreements with you, you may, if you choose, advance any sums to satisfy any of our agreementsl with
you and charge u~ 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 perform our promises in this Mortgage. Any replacement insurance that you
obtain to cover lc,ss or damages to the Premises may be limited to the amount owing on the Note plus the amount of any Prior
Mortgages.
(g) PRIOR AORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a
prior mortgage d~ :ed 11/01/1999 and given by us to
COUNTRYWIDE HOME LOANS, INC.
as mortgagee, in t,~e original amount of $ 114,600.00 (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 perform all of our obligations under the Prior
Mortgage as and'/hen required under the Prior Mortgage.
(h) HAZAR])OUS SUBSTANCES: We shall not cause or permit the presence, use, disposal, storage, or release of any
Hazardous Substa aces on or in the Premises. We shall not do, nor allow anyone else to do, anything affecting the Premises that is
in violation of m ty 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 normal residential uses and
to maintenance oK the Premises. As used in this paragraph, "Hazardous Substances" are those substances def'med as toxic or
hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum
products, toxic l~esticides and herbi,,c, ides, volatile solve,,nts, materials containing asbestos or formaldehyde, and radioactive
materials. As used in this paragraph, Environmental Law means 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 whol z'or in part, or permit any other lien or claim against the Premises without your prior written consent.
(j) INSPEC 71ON: We will permit you to inspect the Premises at any reasonable time.
NO LOSS OF' RI~ iHTS: The Note and this Mortgage may be negotiated or assigned by .you without releasing tis or the Premises.
You may add or :elease any person or property obligated under the Note and this Mortgage. . without losing your rights in the
Premises.
DEFAULT: Exce >t as may be prohibited by applicable law, and subject to any advance notice and cure period if required by
apPlicable law, if iny event or condition described in Paragraph 12.A. of the Note occurs, you may foreclose upon this Mortgage.
This means that y~u 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 pay off what we owe on the Note and under this .Mortgage. If the money you receive from the sale
· HELOC - WY Mortge, ge Page 2 o{ 3 initials:
2C6202WY (03/01)
,~v;/~'~ }~) DOC ID # 000091808142075
is not enough to pay off what we owe you, we will still owe you the difference which you may seek to collect from us in
accordance with ~pplicable law. In addition, you may, in accordance with applicable law, (i) enter on and take possession of the
Premises; (ii) coll :ct the rental payments, including over-due rental payments, directly from tenants after simply notifying them first
class mail to mal~e rental payments to you; (iii) manage the Premises; and (iv) sign. cancel and change leases. We agree that the
interest rate set fr :th in the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall
be entitled to coll.~ct all reasonable fees and costs actually incurred by you in proceeding to foreclosure, including, but not limited
to, reasonable att(,rneys fees and costs of documentary evidence, abstracts and title reports.
Ag~IGNMENT )F RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the Premises.
You or a receive appointed by the courts shall be entitled to enter upon, take possession of and manage the Premises and Collect
the rents of the P: ,.raises including those past due after simply notifying them by first class mail to make rental payments to you.
WAIVERS: To I e extent permitted by applicable law, we waive and release any error or defects in proceedings to enforce this
Mortgage and he eby 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 exe/nption.
BINDING EFFEET: 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 furore owners of the Premises. This Mortgage is for
your benefit and :hr 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 Mc rtgage, and provided any obligation to make further advances under the Note has terminated, 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 sh: dl be given by delivering it or by mailing such notice by regular first class mail addressed to us at the last address
appearing in you 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 giver by certified mail, return receipt requested, to your address at
COUNTRYWIDE HOME LOANS, INC.
4500 PARK GFANADA, CALABASAS, CA 91302-1613
or to such other ~ddress as you may designate by notice to us. Any notice provided for in this Mortgage shall be deemed to have
been given to us )r you when given in the manner designated herein.
RELEASE: Upo payment of all sums secured by this Mortgage and provided your obligation to make further advances under the
Note has termina~ ed, you shall discharge this Mortgage without charge to us, except that we shall pay any fees for recording of a
satisfaction of thi~ Mortgage.
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 will not be a waiver of that or any other provision on any other occasion.
THIS MORTGA~ E has been signed by each of us under seal on the date first above written.
WITNESS:
Mortgagor: CHRISTOPHER MORASCO
Mo~agor: TERESA MUSETI'I
(S!EAL)
Mortgagor:
(SEAL)
. Mortgagor:..=~(.~(~
~ ..~ c6unty ss:
STATE OF WYI)MING,
The foregoing ira, :rument was acknowledged before me this DC:_~'~ ~,.,.t-- 25 '~...OC~ ~
(person acknowledging)
My Commission ExPires: 3Jq]o* (~'~'P~
Notary Public
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