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HomeMy WebLinkAbout877672 Return TOlilESOUnO~ TTrLE LL~ '- / -" .: '," . 8u~ ~? ~1~4t Mille, MO INlll~' Prepared By: Community Bank of Northern Virginia 14555 Avion Parkway Suite 150 Chantilly, VA 20151 BOOK4TS_PRPAGE 3 3 0 IMORTGAGE1 ,. THIS MORTGAGE is made this 25th day of August, 2001, between the Mortgagor, JAMES A. HAWKES, An Unmarried Man (herein "Borrower"), and the Mortgagee, Comnmnity Bank of Northern Virginia, a corporation organized and existing under the laws of Virginia, whose address is 14555 Avion Parkway Suite 150, Chantilly, VA 20151 (herein "Lender"). WHEREAS, Borrower ~s indebted to Lender in the principal sum of U.S. S 34,850.00, which indebtedness is evidenced by Borrower's note dated August 25, 2001 and extensions and renewals thereof (herein "Note"), providing for monthly installments of principal and Interest, with the balance of the indebtedness, if not sooner paid, due and payable on August 31, 2016. TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the performance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in the County of Lincoln, State of Wyoming: which has the address of 1126 CO.ULSON AVENUE, Kemmerer, WY 83101 ("Property Address"). TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and remain a part of the property covered by this Initials ' __ : ~VYOMING--Second Mo~t~a~__e- 1/80---FNMA/FHLMC UNIFORM INSTRUMENT~ (jJ Form 3851 Delphi Discovery ® SI2WY,0301 ' Page I of 6 122256 Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as the "Property". Borrower covenants that Borrower is lawfidly seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, and that the Propert is un/nc B, orrow, er co. venants that Borrower warrants and will defend ~Yener-,~- }~m-b-e.,red' e~ce.,pt fo~ encumbrances of record · ~ ~-y me [me [o me ~'roperty against all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in fidl, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, if' any) which may attain priority Over this Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly prem/um installments forhhazard insurance, plus one-twelfth of yearly premmm installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional Lender. If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of Which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest On the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time 0f execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such'agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting rOf the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as addiiional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance prenfiums and ground rents as they fall due, Borrower shall pay t© Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Properly or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2. hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereo£, then to interest payable on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's ob!igat{ons under any mortgage, deed of trust or other security agreement with a lien which has priority over this / · Initials ~ [WYOMING -- Second Mort a~.~-- 1780-~ FNMA/FttLMC UNIFORM INSTRL,~i..E'~-~ ~ Form 3851 Delphi Discovery ~ SI2WY,0301 Page 2 o1'6 122256 Mortgage, including Bon'ower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. ' $. Hazard 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 such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval sha]l not be unreasonably witt~eld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favo~ of and in a form acceptable to Lender. Lender shah have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. 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. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days fi'om the date notice is mailed by Lender to Borrower that the insurance carrier offers to settlb a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a nnit in a condominium or a planned unit development, Borrower shall perform all of Borrower's 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. ?. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections Of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condenmation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage~ deed of trust or other security agreement with a lien which has priority over this Mortgage. 10. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. ·Lender shall not be required to conunence proceedings against such successor or refuse to extend 'time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any Initials ___ . WYOMING ~ Second Mortgage -- 1/80 -- FNMA/FHLMC UNIFORM INSTRUSIEN~ ~' Delphi Discovery ® SI2WY.0301 Form 3851 Page 3 of 6 122256 demand made by the original Borrower and Borrower's successors in interest. Any £orbearance by Lender in exercising an~ right or remedy hereunder, or othm'wise afforded by applicable ]aw, shall not be a waiver of or preclude the exercise of any such right or remedy. ll. Snccessors and Assigns Bound; Joint and Several Liability: Co-signers. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, tl~e respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Any Borrower ~vho co-signs this Mortgage, but does not execute the Note, (a) is co-signing ~this Mortgage only to grant and convey that Borrower's interest in the Propen*y to Trustee under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Mortg~ige or the Note, without that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that Borroxver's interest in the Property. 12. Notice. Except for any notice required nnder applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borkower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender maY designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the PrOperty is located. The foregoing sentence shall not lim/t the applicability of Federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note-which can be given effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As nsed herein, "costs"," ,, expenses and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 15. Rehabilitation Loan Agreement..Borrower shall fulfill all of Borrower's obligations unde rehabilitation, improvement, repair or other loan agreement which Borrower enters in,^ --J .... r~any.home · tu wmt Lenaer. Lencter, at Lender's option, may require Borrower to execute and. deliver to Lender, in a form acceptable tol Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who suPplY labor, materials or services in connection with improvements made to the Property. 16. Transfer of the Property or a Beneficial Inter'est 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 snms secured by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. 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 Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Mortgage without further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: . 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due an>, sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof Specifying': (1) the breach; (2) the action required to cure such breach; (3) a date, not Initials __ ~ .. _ ~VYOMING-- Second Mortgage-- 1/80 -- FNMA/FHLMC UNIFORM INSTRUMEN~ 'kY Delphi Discovery ® Si2WY.0301 Form 3851 Page 4 of 6 122256 less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failnre to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. It' the breach is not cnred on or before the date specified in the notice, Lend,r, at Lender's option, may declare ali of the sums secured by this Mortgage to be immediately due and payable without fnrther demand and may invoke the power of sale and any other retnedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs a~d expenses incurred in pursning the remedies provided in this paragraph 1'/, including, but not limited to, reasonable attorneys' fees. If Lender invokes the power of sa!e, Lender shall give a notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a notice of sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property shall be sold in tim manner prescribed by applicable law. Lender or Lender's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including, but not,.}imited to, reasonable attorneys~ fees and costs of title evidence; (b) tO all sums seem'ed by this Mortgage; and (c) the excess, if any, to the person or persons legally entitled thereto. 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays al1 reasonable expenses incurred by Lender in ent'orcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force.and effect as if no acceleration had occurred. ' 19. Assignment of Rents; Appointment of Receiver~ Lender in Possession. As additional security hereunder, Borrower hereby a~signs to Lender the rents of the Property,' provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and.the receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge to Borrower. Borrowar shall pay all costs ofrecordation~ if any. 21. Waiver of Homestead. Borrower hereby waives all rights of homestead exemption in the property. hfitial ~ _ ~ ~ Second Mortgage- 1/80- FNMA/FtlLMC UNIFORM iNSTRUM-ENT] 'xJ Delphi Discovery ® S12WY.030I Form 3851 Page 5 of 6 122256 REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of mist or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at Lender's address set forth on page one o'f this Mortgage, of any default tinder the superior encumbrance and of any sale or other foreclosure action. IN WITNESS WHEREOF, Borrower has executed this Mortgage. (Lff//AMES A. H~WKE S (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -BOlTOWer (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower [Sign Original OnlyJ STATE OF WYOMING, County ss: .. Thel£~)re~oing instrument by ~.,, . , ? . was acknowledgedbeforemethis c~,..]-i~ &OJ Initials: ~ _ _ ~YO~IN~G ~ Second Mortgage -- 1/80 --FNiMA/FHLMC UNIFORM INSTRUMENT~ Form 3851 Delphi Discovery ® SI2WY.0301 Page 6 of 6 122256 EXHIBIT "A" LOT (6) OF BLOCK FIVE (5), LINCOLN HEIGHTS 4TH SUBDIVISION TO THE TOWN OF KEMMERER, LINCOLN COUNTY, WYOMING. MORTGAGE DEED WITH RELEASE OF HOMESTEAD ~CarI C. Markwood~ Jr. Mortgagor(s), of ~Teton County, State of _Wyoming payment of~ Five thousand four hundred ' ~ , to secure -- _Dollars ($~5,400.00 ), due_ September~ __2011 , with interest from ~Sevtember 14, 2001 ~ --atthe rate of 10 (t~n~.~l~er cent per annum Payable monthly, evidenced by Promissory Note of ~ve--~ date hereWith, in monthly installments of ~Seventy-one dollars and 36/100 Dollars ($___71.36 ) each, including interest, commencing on the __ 15th 'day of October ., 2001, and continuing on the same day of each month thereafter, do~ hereby mortgage and warrant to ~EISURE VALLEY, INC., a Nevada Corporation, Mortgagee, · of Lincoln County, Wyoming, the following described reai property in the ~ounty of Lincoln, State of Wyoming: Lot 15 of STAR VALLEY RANCH PLAT FIVE (5) Mortgagor(s) agree__ to pay the indebtedness according to the terms and conditions of that certain Promissory Note hereinabove described, executed by Mortgagor(s) to Leisure Valley, Inc., and during the life of this mortgage to pay all taxes and assessments against the premises.' If Mortgagor(s) fail__ to pay such taxes or assessments, Mortgagee may pay the same, and all sums paid by Mortgagee for such purpose shall be added to and considered as a part of the indebtedness and shall draw interest at the same rate. If default occurs in the payment of the indebtedness or in the payment of any installment thereof, or if default occurs in any of the covenants and agreements hereof or under the·aforesaid Promissory Note, then the whole indebtedness shall, at ortgagee s option, M ' become due and payable forthwith, and Mortgagee may foreclose this mortgage either by advertisement and sale of the premises as provided by the statutes of the State of Wyoming, Orby an action in equity. This will be Mortgagee's sole remedy against Mortgagor(s) in case of&fault by Mortgagor(s). Out of the proceeds of any foreclosure the Mortgagee shall retain or receive all sums due to it hereunder and costs of foreclosure and sale, including attorney fees in an amount equal to Ten Percent (10%) of the indebtedness remaining unpaid at the time of such sale, and the same shall be taxed as costs in any equitable action brought to foreclose this mortgage. To fully assure Mortgagee the benefits of the security interest in the premises granted to it hereunder, Mortgagor(s) hereby assign__ to Mortgagee all rents hereafter payable for the use and occupancy of the premises by any person in possession thereof with Mortgagor's consent. If default occurs in any of the the covenants and agreements herein contained or under the aforesaid Promissory Note, whether or not Mortgagee elects to foreclose this mortgage on account thereof, Mortgagor(s) hereby authorize__ Mortgagee to collect the rents from the premises and to apply the same to the payments on the indebtedness secured hereby until such default is remedied. In the event of foreclosure of this mortgage up6n default, Mortgagee shall be entitled to the possessi if any. ~n and enjoyment 0fthe premises and rents and profits thereof from the time of such default and during the pendency of foreclosure proceedings and period of redemption, If Mortgagor(s) shall fail to surrender such possession to Mortgagee promptly upon its request therefbr, Mortgagee may compel delivery thereo£by ejectment action or other civil proceedings appropriate for that purpose. Furthermore, in addition to the remedies otherWise provided for in this mortgage and by law and as a matter of right without regard to the solvency or insolvency of Mortgagor(s), or the value of the premises or the insufficiency thereof to discharge the indebtedness and costs of foreclosure and sale, Mortgagee shall be entitled to receive from the premises the rents, issues and profits thereof from the time of default to the expiration of any redemptive period provided by law. A receiver maY be appointed by any court of competent jurisdiction upon ex parte application without notice, notice being hereby waived and appointment ora receiver upon such application being hereby consented to by the Mortgagor(s). MORTGAGORS(S) HEREBY RELINQUISH AND WAIVE__all rights under and by virtue of the homestead exemption laws of the 'State of Wyoming. Dated this 6~"-' day of ~'~ 2001. MORTGAGORS: '-2 ',Ti :~'-/:;. ..~ ~,,,,rlg I! STATE OF WYOMING ) COUNTYOF LINCOLN ) On this .. ,7,) <;" day of .55 :. .... "c.~,,..~;. :.'.L , 2001, before me personally appeared .Carl C. Markwood! Jr. and known to me to be the person(S) described in and who executed the foregoing instrument, and acknowledged that free act and deed, including the release and waiver of the right of homestead. NOTARY PUBLIC in and for said CS,:n'~,~Sd State ,. , :"r'