HomeMy WebLinkAbout87044702014135
870447
RETURN TO: GMAC Mortgage Corp.
100 Witmer Road
Horsham, PA 19044 -0963
ATTN: Capital Markets
RSLEAS of
1 2 ',i;.
This Mort
SEE FMK:' v ..JF OVUM
"Borrower This Security Instrument is given to
GMAC Mortgage Corporation
which has the address of
Wyoming 83128
[Space Above This Line For Recording Data]
MORTGAGE
THIS MORTGAGE "Security Instrument is given on December
Rolf A. Funk and Nora M. Funk, husband and w
entireties
Two Hundred Seventy Five Thousand and 00 /100
55 Lonesome Dove Trail, Alpine
"Property Address
[Zip Code]
WYOMING Single Family FNMA /FHLMC UNIFORM INSTRUMENT
GMACM CMS.0042.WY 19402) Form 3051 9/90
Page 1 of 6
101805405
Initials
rJOEC26
JEANNE WAGNER
KEMMERER. WYOMING
f: I v 1)
LINCOLN COUNTY
006
19, 2000
BOOK 4 'J I PR PAGE
LOAN NO: 508438900
SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF.
The mortgagor is
which is organized and existing under the laws of Pennsylvania and whose
address is 100 Witmer Road, P.O. Box 963, Horsham, PA 19044
"Lender Borrower owes Lender the principal sum of
Dollars (U.S. 275, 000 .00
This debt is evidenced by Borrower's note dated the same date as this Security Instrument "Note which provides for monthly
payments, with the full debt, if not paid earlier, due and payable on January 1, 2008 This Security
Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions
and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the
security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security
Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale,
the following described property located in Lincoln County, Wyoming:
[Street, City],
06/6 L90E tuaod
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9 jo Z °Bed
(Z046) AM7ti00'SWO WOVWJ
4 8 7
LOAN NO; 508438900
5. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including
floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods
that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval
which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's
option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7.
All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender
shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of
paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender.
Lender may make proof of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the
Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or
repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums
secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the
Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then
Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums
secured by this Security Instrument, whether or not then due. The 30 -day period will begin when the notice is given.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If
under paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from
damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument
immediately prior to the acquisition.
6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the
execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one
year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld,
or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall not destroy, damage or impair
the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture
action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the
Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may
cure such a default and reinstate, as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling
that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material
impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if
Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed
to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited
to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a
leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the
leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements contained
in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a
proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and
pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may
include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying
reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph
7, Lender does not have to do so.
Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this
Security Instrument. Unless Borrower and Lender agree to other terms 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.
8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this
Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason,
the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required
to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to
the cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by Lender. If
substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to Lender each month a sum equal to
one twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to
be in effect. Lender will accept, use and retain these payments as a loss reserve in Lieu of mortgage insurance. Loss reserve
GMACM CMS.0042.WY (9402)
Page 3 of 6
Form 3051 9/90
Initials:[ Jf�
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17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it
is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without
Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this
Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date
of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not
less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this
Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies
permitted by this Security Instrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays
Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b)
cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument,
including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure
that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay ,the sums secured by
this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the
obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall
not apply in the case of acceleration under paragraph 17.
19. Sale of Note; Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security
Instrument) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity (known
as the "Loan Servicer that collects monthly payments due under the Note and this Security Instrument. There also may be one
or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be
given written notice of the change in accordance with paragraph 14 above and applicable law. The notice will state the name and
address of the new Loan Servicer and the address to which payments should be made. The notice will also contain any other
information required by applicable law.
20. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any
Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the
Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or
storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal
residential uses and to maintenance of the Property.
Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any
governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law
of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that
any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take
all necessary remedial actions in accordance with Environmental Law.
As used in this paragraph 20, "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 formaldehyde, and radioactive materials. As used in
this paragraph 20, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that
relate to health, safety or environmental protection.
NON- UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's
breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraph 17 unless
applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default;
(c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and
(d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums
secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to
reinstate after acceleration and the right to bring a court action to assert the non existence of a default or any other
defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice,
Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument without
further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be
entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 21, including, but not limited
to, reasonable attorneys' fees and costs of title evidence.
GMACM CMS.0042.WY (9402)
Page 5 of 6 Initials:
Form 3051 9/90
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492
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BALLOON RIDER
(CONDITIONAL RIGHT TO REFINANCE)
THIS BALLOON RIDER is made this 19th day of December 2000
and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Deed to
Secure Debt (the "Security Instrument of the same date given by the undersigned (the "Borrower to secure
the Borrower's Note to
LOAN NO: 508438900
GMAC Mortgage Corporation
(the "Lender of the same date and covering the property described in the Security Instrument and located at:
55 Lonesome Dove Trail
Alpine, WY 83128
[Property Address]
The interest rate stated on the Note is called the "Note Rate." The date of the Note is called the "Note
Date." I understand the Lender may transfer the Note, Security Instrument and this Rider. The Lender or
anyone who takes the Note, the Security Instrument and this Rider by transfer and who is entitled to receive
payments under the Note is called the "Note Holder."
ADDITIONAL COVENANTS. In addition to the covenants and agreements in the Security Instrument,
Borrower and Lender further covenant and agree as follows (despite anything to the contrary contained in the
Security Instrument or the Note):
1. CONDITIONAL RIGHT TO REFINANCE
At the maturity date of the Note and Security Instrument (the "Maturity Date I will be able to obtain a
new loan "New Loan") with a new Maturity Date of January 1 2031 and with an
interest rate equal to the New Note Rate" determined in accordance with Section 3 below if all the conditions
provided in Sections 2 and 5 below are met (the "Conditional Refinancing Option If those conditions are not
met, I understand that the Note Holder is under no obligation to refinance or modify the Note, or to extend the
Maturity Date, and that I will have to repay the Note from my own resources or find a lender willing to lend me
the money to repay the Note.
2. CONDITIONS TO OPTION
If I want to exercise the Conditional Refinancing Option at maturity, certain conditions must be met as of
the Maturity Date. These conditions are: (1) I must still be the owner and occupant of the property subject to the
Security Instrument (the "Property (2) I must be current in my monthly payments and cannot have been more
than 30 days late on any of the 12 scheduled monthly payments immediately preceding the Maturity Date; (3) no
lien against the Property (except for taxes and special assessments not yet due and payable) other than that of the
Security Instrument may exist; (4) the New Note Rate cannot be more than 5 percentage points above the Note
Rate; and (5) I must make a written request to the Note Holder as provided in Section 5 below.
3. CALCULATING THE NEW NOTE RATE
The New Note Rate will be a fixed rate of interest equal to the Federal National Mortgage Association's
required net yield for 30 -year fixed rate mortgages subject to a 60 -day mandatory delivery commitment, plus
one -half of one percentage point (0.5 rounded to the nearest one eighth of one percentage point (0.125
(the "New Note Rate The required net yield shall be the applicable net yield in effect on the date and time of
MULTISTATE BALLOON RIDER Single Family- Fannie Mae Uniform Instrument Form 3180 12/89 Initials•
GMACM CRM.0057.FNBAL (9705) 101805519 Page 1 of 3
/V
GMACM CRM.0057.FNBAL (9704)
49 ;3
day that the Note Holder receives notice of my election to exercise the Conditional Refinancing Option. If
this required net yield is not available, the Note Holder will determine the New Note Rate by using
comparable information.
4. CALCULATING THE NEW PAYMENT AMOUNT
Provided the New Note Rate as calculated in Section 3 above is not greater than 5 percentage points
above the Note Rate and all other conditions required in Section 2 above are satisfied, the Note Holder will
determine the amount of the monthly payment that will be sufficient to repay in full (a) the unpaid principal,
plus (b) accrued but unpaid interest, plus (c) all other sums I will owe under the Note and Security Instrument
on the Maturity Date (assuming my monthly payments then are current, as required under Section 2 above),
over the term of the New Note at the New Note Rate in equal monthly payments. The result of this calculation
will be the amount of my new principal and interest payment every month until the New Note is fully paid.
5. EXERCISING THE CONDITIONAL REFINANCING OPTION
The Note Holder will notify me at least 60 calendar days in advance of the Maturity Date and advise me
of the principal, accrued but unpaid interest, and all other sums I am expected to owe on the Maturity Date.
The Note Holder also will advise me that I may exercise the Conditional Refinancing Option if the conditions
in Section 2 above are met. The Note Holder will provide my payment record information, together with the
name, title and address of the person representing the Note Holder that I must notify in order to exercise the
Conditional Refinancing Option. If I meet the conditions of Section 2 above, I may exercise the Conditional
Refinancing Option by notifying the Note Holder no later than 45 calendar days prior to the Maturity Date.
The Note Holder will calculate the fixed New Note Rate based upon the Federal National Mortgage
Association's applicable published required net yield in effect on the date and time of day notification is
received by the Note Holder and as calculated in Section 3 above. I will then have 30 calendar days to provide
the Note Holder with acceptable proof of my required ownership, occupancy and property lien status. Before
the Maturity Date the Note Holder will advise me of the new interest rate (the New Note Rate), new monthly
payment amount and a date, time and place at which I must appear to sign any documents required to complete
the required refinancing. I understand the Note Holder will charge me a $250.00 processing fee and the costs
associated with updating the title insu °ance policy, if any, and any reasonable third -party costs, such as
documentary stamps, intangible tax, survey, recording fees, etc.
Page 2 of 3 Form 3180 12/89
LOAN NO: 508438900
GMACM CRM.0057.FNBAL (9704)
Rolf A. F
w�L
Nora Funk
49
t t
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Balloon Rider.
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
[Sign Original Only]
Page 3 of 3 Form 3180 12/89