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HomeMy WebLinkAbout891154Jun-ig-03 i2:30pm From- When recorded, mail to: LONG BEACH MORTGAGE COMPANY P.O. BOX 201085 STOCKTON, CA 95202 Loan No. 5529367-7988 THIS MORTGAGE is made this JOSEPH E. WALTHALL PR P^ E 3 4 3 891 %76? P.009/038 RECEIVED LIt',IO, OL?,,! OO..It,?Ty CLERK - i.. ~ '~ i , ~ '~ L !3 I"q I1'~ MORTGAGE 19th day of June , 2003 , between the Mortgagor, LONG BEACH MORTGAGE COMPANY existing under the laws of the State of Delaware 1100 TOWN & COUNTRY ROAD ORANGE, CA 92868 (herein "Borrower"), and the Mortgagee, , a corPoration organized and , whose address is (herein" Lender"). WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ 11,400.00 , which indebtedness is evidenced by Borrower's note dated June 19 , 2003 and extensions and renewals thereof (herein "Note"). providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner pa/d, due and payable on July I , 2018 ; TO SECURE to Lender the repayment of the indebtedness evidenced by tile 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: LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF which has the address of 235 W FIRST STREET [Sueet] Wyoming 83 I23 (herein "Property Address"); [zip Code] LABARGE [Cityl TOGETHER with all the improvements now or hereafxer erected on the property, and all easements, rights, appunenanc.es and rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with 5aid property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as the "Property." Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, and that the PropeR3, is unencumbered, except for encumbrances of record. Borrower covenants that Borrower warrants and will defend generally the title, to the Property 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 writtcn waivcr by Lender, Borrower shall pay to Lendc'r on the day monthly payments of principal and interest are payable under the Note, tmtil the Note is paid in full, 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 premium installments for hazard insurance, plus one-twelfth of yearly premium 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 paymcnts of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of tn.ut if such holder is an institutional lender. WYOMING SECOND MORTGAGE ~ FhlMAIFHLMC UNIFORM INSTRUMENT I 1i80 Form 3851 Pag~ 1 ol 4. ' (~®-76{WYI i'~l 2~.o~ VMP MORTGAGE FORMS-18001521-7291 Jun-J9-03 ]Z:3Opm From- T-76"~ P.010/0:38 F-637 If Bo~ower pays F~d~ ~o Lender, the Funds sh~l be held in ~ institution ~c d~osits or accounts of which ~c i~ed or gun.teed by a feder~ or state, agency (~cluding Lender if Lender is such ~ institution). Lender sh~l apply fl~e Funds to pay s~d mos, a~scssmems, insur~ce pre~unu ~d ground renu. Lend~ may not ch~ge for ~o hold~g md applyMg the Funds, ~Myzing shd accost or v[~fying ~d Compiling said asse~smenu ~d bills, uffie~s L~der pays Bo=owcr ~rerest on ~e Funds ~d applicable law pernuts Lender ro m~e sud~ a ch~ge. Bo~ower md Lender may agree in writing at the time of execution of ~is Mortgage thai imerest on the F~ds sh~l be phd to Bo~ower, ~d ~ess such agreement is made or applicable law requires such interest ro be paid, L~der sh~l nor be required ~o pay Bo=ow~ ~y interest or emgs on Funds. Lender sh~l give to Bo=ower, wi~our ~ge, ~ ~u~ accounting of ~e F~ showing ~edits ~d debits to F~ ~d the pu~osc for which each debit [o the F~ds w~ made. The Funds ~e pledged as addition~ securi~ for ~e sums secured by ~2 Mortgage. If ~e mount of the Funds held by Lender, toged~er with ~e ~ture mon~ly Mst~Imems of Funds payable prior to ~e due dates of t~c~, ~essments, imur~ce premim ~d ground rents, shall exceed ~e mo~t requked to pay said taxes, assessments, insur~ce premu~ ~d gro~d rents ~ ~ey f~l due, such excess sh~l be, at Bo~ower's option, ~cr promptly rephd m Bo=ower or cre~ted to Borrower on mon~ly inst~lmcmu of Fun~, if ~e ~ount of the F~ds held by Lender sh~l nor be sufficient to pay t~es, ~sessments, i~ur~ce prmiums ~d gro~d rents ~ ~hey fMl due Bo~ower shall pay to Lender ~y ~ount neces~ to m~e up the deficiency in one or more paymenm ~ Lender may require. Upon paymem M ~I1 of ~I sum ~ccurcd by ~2 Mortgage, ~nder shM1 promptly re~d to Bonower my F~ held by Lender. If ~der p~agraph 17 hereof ~e Property 2 sold or ~c Prope~ is o~he~se acquired by Lender, Lend~ sh~l apply, no later th~ imdiarely prior to the sale of ~e Property or its ac~isition by ~nder, ~y Funds held by L~der at ~e time of application as a cre~r aghmr ~e su~ secured by ~his Mortgage. 3. Application of Payments. UMess applicable law provides oth~v2e, ~I paymmrs received by Lender ~der ~e Note ~d p~agraphs 1 ~d 2 hereof sh~l be applied by Lender first in payment of mounu payable ro Lend~ by Borrower ~der p~agraph 2 hereof, then to int~est payable on ~e Note~ ~d ~en to O~e princip~ of the Note. 4. ~or Mo~gag~ and Dee~ of Trust; Charges; Liens. Bo~ower shMl perfom ~1 of Bo=ower's obligatio~ ~der ~y mortgage, deed of trust or o~er security agreemem with a lien wMch h~ priority over thi~ Mortgage, including Bo=ower's coven~ts to m~e payments when due. Bo=ower shMl pay or cause ~o be p~d ~1 [~es, ~sessmems ~d off, er ch~ges, fines ~d [mpositiom attributable ~o ~e Prop~ which may attain a priority over th2 Mortgage, ~d le~ehold paymen~ or ground rents, if ~y. 5. Hazard Imumnce. Bo~ower Shall keep the improvem~u now existing or hereafr~ ~ected on ~e Prop~ ~sured agaimr loss by fire, h~ds ~cluded wi~in the tern "extended coverage," ~d such o~cr h~ds as L~der my require ~d in such amount~ ~d for such periods ~ Lender may require. The i~ur~ce c~ier providing the imurmce shall be chosen by Bo~ower subject to approv~ by Lmder: provided, such apprSv~ sh~l not be u~e~onably wirM~eld. All insur~ce policies ~d renewals thereof sh~l be in a fora acc~table Lender ~d ~h~l ~clude a sr~d~d mortgage clause ~ hvor of ~d ia a fora acceptable to ~nder. ~nder shMI have the right to hold ~e policies ~d r~cw~s ~ereof; subject to ~e rer~ of ~y mortgage, deed of ~mst or other securi~ agree~nt wi~ a lien which has priofi~ over ~is Mortgage. In the event of loss, Bo~ow~ shall giw prompt notice to the inmr~ce c~c~ ~d Lender. Lender may ~e proof of loss if not made prompdy by Borrower. If the Prope~ is ab~doned by Bo~ower, or if Bo~ower fmls to respond to Lender wi~in 30 days ~om ~e date notice m~led by ~nd~ m Bo~ow~ that ~e insur~ce c~er offers to seule a claim for imur~ce benefits, ~nder is au~orized collect ~d apply ~e insur~ce procee~ at Lender's option eider ~o restoration or rephr of the Prope~ or ro ~e s. mq secured by ~is Mortgage. 6. ~e~ation ~d ~intenanee of Property; Lmsehol~; Condominim; Pia~ed UMt Developments. Borrower shall keep the Property in good r~r ~d sh~l not co~t w~te or pcmr imphment or fore. oration of ~e Property sh~l comply wi~ the provisions of my lease if ~is Mortgage 2 on a le~ehold. If this Mortgage is on a ~it in a condo~nium or a plied u~t development, Bo~ower sh~l peffo~ ~I of Bo=ower's obligatio~ under the decimation or coverts ~eating or govem~g ~e condo~um or pl~ed unit developmenL the by-laws ~d rcgulatio~ of the condo~um or pl~ed development, ~d constituent docmenrs, 7. Protection of Lender's Security. If Bonowcr f~l~ to perfom ~e coven~r~ ~d agreemenm contorted in Mo~gage, or if ~y action or proceeding is co~enccd which matcfi~ly ~fecm Lender's interest in the Property, ~en Lend~, at Lender's option, upon notice ro Bo=ower, may m~e such appellees, disburse such ~u~. ~clud~g reportable atromey~' fees, ~d t~e such action ~ is necess~ to protect ~nder's int~est. If ~nder required mortgage imur~ce ~ a condition of m~cing the 1o~ secured by ~is Mortgage, Bo=ower s~l pay ~e premiums required to maintain such inmr~ce in ~fect ~til such time as ~e requirement for such insur~ce teminates in accord~ce with Bo=ower's ~d Lender's wriuen agreement or applicable law. Any mo~ts disbursed by Lender p~su~r to ~is p~agraph 7, wi~ int~esr ~ereon, a~ ~e Note ra~e, sh~l become addifion~ Mdebte~ess of Bo=ower secured by ~is Mortgage. Uffiess Bo~ower ~d Lender a~ee to other tern of payment, such moun~s sh~l be pay~le upon notice from ~nd~ to Borrower re~esting payment thereof. No~ing cont~ed ~ p~agraph 7 sh~l require ~nder to inc~ ~y expose or [~e ~y action hero.der. 8. Inspection. ~nder my m~e or ca~ to be made re~onable enmes upon ~d inspection~ of the Prop~', provided ~at Lender shM1 give Bo~ower notice prior' to ~y such inspection speci~ing rmsonable cause theiefor related to Lender's Mterest M the Prope~: 9. Cond~ma~on. The proceeds of ~y awed or clfim for dmages, direc~ or consequenti~, ia co~ecfion wi~ ~y condemation or o~.r t~ng of ~e Property, or p~ ~crcof, or for conv~c~ ~ lieu of condmtion, ~e hereby ~si~ed ~d shMl be paid to Lend~, subject to ~e temps of ~y mo~gage, deed of tms~ or mher semriv agreement wi~ a lien which h~ p~ority over ~is Mortgage. 10. B~mwer Not Rel~ed; Forbmrance By Lender Not a WMver. Exaction of ~he time for payment or modification of mortization of fie su~ secured by this Mo~gage gr~ed by ~nder to ~y successor in in~eresr of Borrower sh~l not operate to rele~e, in ~y m~ner, ~e liability of the ofig~ Borrower ~d Borrower's successors in interest. Lmd~ ~h~l not be required to co--once proceedings ag~t such successor or rede to exrmd time for paymcmt or oth~se modi~ monization of the sums secured by riffs Mong~e by re.on of ~y domed made by ~e ofigin~ Bo~ower ~d Borrower's · successors in interest. Any forbe~ce by Lender in exercising ~y right or remedy her~nder, or othe~ise 'afforded by applic~le law, shM1 not be a wryer of or preclude fl~e exercise of ~y such right or rmedy. 'rDw¥2ND2 (0~t/2~02) LG Form 3851 Lo~,,, ~,I~. 529367-7988 Jun-19-03 1Z:3Opm From- T-T6T P.011/038 F-63T 3 4 5 11. Succ~sors and Assig~ Bound; Joiut and Several Liability; C~signers. The coven~ts ~d ~rcem~t9 herein contained sh~l bind. ~fl ~e rights hero.der sh~l inure to, ~c respective suc~ssors ~d assi~ of ~nder ~d Bo~ow~, subject to ~e provisions of p~agraph 16 hereof. ~l coven~ts ~d'agreemems of Bo~ower shall be join~ ~d sever~. Any Bonower who eo-sigm this Mortgage, but does not execute ~e Note, (a) is co-sign~g ~ Mortgage only to mo~gage, gr~t ~d conv~ ~at Bo~ower's interes: ~ ~e Prop~ to Lend~ ~der ~e ter~ of this Mortgage, (b) ~ not person~ly liable.on the Note or under ~is Mortgage, ~d (c) agrees ~a~ Lender ~d ~y other Bo~ower hereunder may agree to ex, end, modi~, forbes, or ~e ~y o~er aceo~odatiom wi~h reg~d m ~e ter~ of ~his Mortgage or ~e Note wifl~out that Bo~ower's consent ~ wi~out rele~ing ~at Bo~ower or modi~g ~is Mortgage ~ m ~at Bo~ower's int~es~ in ~e Prope~. 12~ Notice. Except for ~y notice required ~der applicable law m be given in ~other m~er, (a) ~y notice to Borrower provided for ~ ~is Mortgage sh~l be given by delivering k or by mailing such nofi~ by certified ma~l addressed m Borrower at the Prope~ Address or at ~ueh o~er address as Bo~ower may designate by notice to Lender ~ provided l~rein, ~d ~) ~y notice to Lender sh~l be giv~ by certified m~I to Lend~'s address sta~ed here~ or to such other addre~ ~ L~der may designate by notice m Borrower as provided herein. ~y notice provided for in ~is Mortgage sh~l be deemed m have been given to Bo~ower or Lender when given in ~e m~ designated herein. 13. Governing Law; Sev~ability. ~e state ~d loc~ laws applicable ~o ~is Mortgage sh~l be ~e laws of jurisdiction in whi~ ~e Prope~ is loca~. The forego~g sentence sh~l not limit the applieabili~y of feder~ ~w to Mortgage. ~ ~e event ~at ~y provision or clause of this Mortgage or ~e No~e conflicts with applicable law, such conflict sh~l no~ ~fec~ other provisions of ~is Mortgage or the Note which c~ be'given effec~ wi~om ~e conflict~g provision, ~d · is end ~e provisiom of ~is Mortgage ~d ~e Note ~e decl~ed to be sev~able. ~ ~ed here~, "costs," "expenses" an~ "auomeys' fees~ ~clude ~1 sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Bo~ower sh~l be f~mi~hed a~conformed copy of the Note ~d of this Mortgage at ~e time of execution or ~ter recordation hereof. 15. Rehabilitation Loan Agreem~t. Bo~ower sh~l filfill ~l of Bo~ower's obligatiom under ~y home rehabilitation, improvement, repair, or o~er lo~ agreement which Bo~ower ent~s into wi~h L~der. L~der, at Lender's option, may require Bo~ower to e~cute ~d deliver to Lender, in a form acceptable to ~nder, ~ assignment of my right~, clfi~ or defenses which Bo~ower may have agorot p~ies who supply labor, mamri~s or services in co~ecfion w~ improvemen~ made Prope~, 16. Tra~fer of ~e Property or a Benefice! Inter~t in Borrower. If ~1 or ~y p~ of the ~ope~ or ~y interest in is sold or ~ferred (or if a benefici~ ~teres~ in Bo~ower is sold or tr~sf~ed ~fl Borrower is not a ~tur~ per,on) Lender's prior written co~ent, Lender n~y, at its option, require i~ediate payment in full of ~1 sums secured by Meagre. Howcv~, this option sh~l not be exercised by ~nder if exercise is prohibited by federal law ~ of ~e date of Mortgage., ~f ~nder exercises ~is option, Lender ~h~l give Borrow~ notice of acceleration. ~e notice s~l provide a period of no~ less th~ 30 days from ~e date ~e noti~ ~ delivered or m~lefl wi~ whi~ Borrower mint pay ~l sun~ secured by this Mortgage. If Bo~ower.fails to pay ~ese s~s p~or to ~c expffation of ~is period, Lend~ may Woke ~y remedies per~ued by ~is Mortgage wi~out ~er notice 0r dem~d on Bo~ower. NON-UNIFO~ COVENANTS. Bo~ower ~d Lender fu~hc~ coven~t ~d agree ~ follows: 17. Acceleration; gemedi~. Except ~ ~ovided ~ paragraph 16 hereof, upon Bo~ower's breach of any eov~ant or agreem~t of Borrower in this Me.gage, including the covenants to pay when due any s~s secured by th~ Me.gage, Lender prior to aec~ation s~il We notice to Bo~ower as provided in pa~graph 12 hereof speeifylng: (i) the brach; (2) the action req~red to cure such brach; (3) a date, not l~s than 10 days from ~e date the notice ~ mailed to Borrower, by which such brach mint be cured; and (4) that faille ~o cure su~ br~ on or before ~e date specified in the notice may r~ult in acceleration of the s~s secured by th~ Me.gage. The notice shall fu~her info~ B~rower the right to rd~tate after acc~eratlon and the right to bring a cou~ action to ~se~ the nonexistence of a default or any other d~ense of Borrower to acc~eration and sale. If the breach Lc not cured on or before the ~te specified in the notice, L~nfl~, at Lend~'s op~on, may decl~e ~I of the s~s sec~ed by this Me.gage to be immediately due and payable without fu~her d'~and and may invoke ~e power of s~e and any o~ remedi~ p~i~ed by appli~ble law. Lender shall be entitled to collect all reasonable costs and ~p~ incu~ed in pursuing the remedi~ provided in ~ paragraph 17, including, but not limited to, r~o~ble a~o~eys' fe~. If L~der invokes the power of s~e, Lender s~ll give notice o~ intent to foreclose to Borrow~ and to the person in poss~sion of the Prope~y, if ~ffer~t, in accordance wi~ appli~ble law. Lend~ shall mail a copy of a notice of the s~e ~o Borrower in ~ manner provided in paragraph 12 h~eof. L~der shall publ~h ~e notice of sale ~d ~e ~openy s~ll be sold in the m~n~ pr~eribed by ap~icable law. Lender ~ Lender's d~gnee may p~eh~e the ~ope~y at any sale. The proceeds of the sale s~ll be applied in the following order: (a) to all reasonable cos~ and exp~s~ of ~e s~e~ including, but not limited to, re. enable a~orneys' fe~ and co~s of rifle evid~ce; ~) to all s~s s~ured by Me.gage; and (e) ~he ~e~s, if any, to the person or persom legally entffied thereto. 18. B~rower's ~ght to Rei~tate. Notwithst~ding L~d~'s acceleration of ~e s~ secured by ~is Mortgage due Bo~ower's breach, Bo~ower sh~l have ~e right m have ~y pro~ed~gs be~ by Lender m enforce ~is Mortgage discontinued at ~y time prior m ~e e~ller to occur of (i) ~e fif~ day before s~e of ~e Proper~ p~su~t to ~e power of confined in this Mortgage or (ii) cnt~ of ~ judgment t~forcing ~ Mortgage if: (a) Bo~ower pays Lend~ ~l s~ which would be then due under th~ Me.gage ~d' ~e Note had no acceleration' occ~ed; ~) Bo~ower cures all-bre~hes of ~y o~ coven~ or agreem~ of Bo~ower centred in th~ Mortgage; (c) Bo~ower pays ~1 reasonable expenses i~u~ed by Lender in ~forcing ~e coven~ ~d agreem~s of Borrow~ com~ed in this Mortgage, ~d in enforc~g ~nder's remedies ~ provided in p~agraph 17 hereof, including, bu~ no~ li~efl m, re~o~ble attorneys' fees; ~fl (fl) Bo~ower t~es such action ~nder may reasonably require to ~sure tha~ fl~e lien of fids Mortgage, Lender's int~es~ in ~he Pmpe~ ~d Bo~ower's obligation to pay the sun~ secur~ by this Mortgage sh~l continue u~mpaired, Upon such, payment ~d cure by Bo~ower, Mortgage md ~he obligations secur~ hereby sh~l remain in ~ll force ~d eff~t as if no acceleration had occu~. 19. Assignment of R~; Appointm~t of Recfiv~; L~d~ in Poss~sion. ~ addidon~ se~fiW hereunder, Bo~ower hereby assigm to ~nder ~e rents of the Prope~, provided ~hat Borrower sh~l, prior m aecel~afion under p~agraph hereof or ab~do~ent of ~e Ptope~, have ~he ri~ m collec~ md ret~n su~ renu ~ ~ey become due ~d payable. Jun-lB-03 12:30pm From- T-T6? P.012/038 F-B3T Upon accclcradon under paragrsph 17 hereof or abandonment of the Proper[y, and at any time prior to the expiration of any period of rcdcmpdon following judicial sale, Lender, in person, by .~gent or by judicially appointed receiver, shall be entitled to enter upon, t~e possession of and manage [he Property and to collect the rents of thc Property including those pasr due. All rents collected by Lender or the receiver shall be applied first to paymcm of the costs of management of the Property and collection of renu, 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 r¢lease this Mortgage without charge to Borrower. Borrower shall pay all costs of recorchdon, if any. 21. Waiver or Homestead. Borrower hereby waives all right of homestead e×empdon in the Property. REQUEST FOR NOTICE OF DEFAULT A_N'D FORECLOSUKE UNDER SUPERIOK lVlORTOAGES OR DEEDS OF TRUS~r Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance wkh alicn which has priority over uhis Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any default under the superior encumbrance and of any sale or mher foreclosure action. IN WITNESS WHEREOF, Borrower has executed this Mortgage. J~EPH ~. WALTHALL (Seal) -Borrower (Seal) -Borrowc£ (Seal) .]~n ~TOWCT (Seal) -Borrower (Sign Original Only) STATE OF WYOMING, Linco in County ss: The foregoing instrument was acknowledged before me this 20th day of June, 2003 by Joseph E. Walthall My Commission Expires: February 2, 2006 Nomr), Public ..qHL~.EY ,~DN.J.. NOTARY pU~ [Spa.,e B:low Thi~ Linc R¢~rvcd For L.'ndcr and Recorder] (~I~-761WY) TD~YY2HD~ i~ll~.~'A.g.I Pa§o = o! e. Loan Form 3861 9367-7988 LEGAL DESCRIPTION Lots 1 and 2 of Block 3 of the Second Addition to Tulsa to the Town of LaBarge, Lincoln County, Wyoming as described on the official plat thereof.