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CERTAIN PROVISIONS OF THE AGREEMENT
PROMISES AND AGREEMENTS
406
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 will not amend any Permitted Lien without GMAC's prior written consent.
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.
We agree with GMAC as follows:
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 shall 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 shall pay or cause to be paid when due all loans, taxes, assessments, charges, fines, impositions and
rents of any kind relating to the Property "Assessments'). Receipts evidencing such payments shall be
delivered to GMAC upon its request. Except for Permitted Liens, we shall not allow any encumbrance, charge
or lien on the Property to become prior to this Mortgage.
4, HAZARD INSURANCE; CONDEMNATION.
(a) We shall, at our cost, keep all 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 shall be in an amount equal to the lesser of (i) the full 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 shall provide GMAC with all
renewal notices and, if requested by GMAC, all receipts for premiums. If policies and renewals are held 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 of loss 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 shall 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 withheld.
(c) Subject to the terms of any Permitted Lien, GMAC may elect that the proceeds of any
insurance or condemnation (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
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 GMAC in writing within 30 calendar days
from the date notice of a proposed insurance or condemnation settlement is given to us, GMAC may settle the
claim, collect the proceeds and apply them as set forth above.
-2-
If the Property is acquired by GMAC, all of our right, title and interest in and to any insurance or
condemnation 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 lease 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 violate 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.
S. 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 release or limit our liability, 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
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 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 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 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.
11. NOTICES. All notices shall be in writing. Except where applicable law requires otherwise:
(a) GMAC 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 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 federal 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.
3
Account;
15. EVENTS OF DEFAULT.
4
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498
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. 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.
(a) The events set forth in paragraph 15(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 default, GMAC 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
(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
GMAC 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 GMAC.
(c) Notwithstanding any language in this Mortgage to the contrary, GMAC will riot give notice of default
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 law.
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 release and pay any recording costs.
20. REQUEST FOR NOTICES. .GMAC requests that copies of notices of default, sale and foreclosure
from the holder of any lien which has priority over this Mortgage be sent to GMAC at 100 Witmer Road,
Horsham, PA 19044.
21. EXHIBITS, SCHEDULES AND RIDERS, E TC. The terms 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 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, GMAC 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 GMAC reasonably believes to be reliable. The date of receipt shall be
determined by reference to the "Received" date stamped on such written notice by GMAC or its agent.
24. RELEASE. To the extent permitted 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.
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MORTGAGE
Title No.
TO
THIS INSTRUMENT PREPARED BY
Peter Hender, Esq.
GMAC Mortgage Corporation
100 Witmer Road
Horsham, PA 1 9044
Recorded At Request of
GMAC Mortgage Corporation
RETURN BY MAIL TO:
GMAC Mortgage Corporation
Capital Markets /Home Equity
100 Witmer Road
Horsham, PA 19044 -0963
RESERVE THIS SPACE FOR USE OF RECORDING OFFICE
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