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HomeMy WebLinkAbout893028When recorded, mail to: LONG BEACH MORTGAGE COMPANY P.O. BOX, 201085 STOCKTON, CA 95202 Loan No. 5764162-7988 ,J 0 2 '8 Boo 33 P^c :[ 5 I MORTGAGEI THIS MORTGAGE is made this 26th day of August 2003 , between the Mortgagor, DUSTIE LYN STEED, A SINGLE WOMAN AS HER SOLE AND SEPARATE PFt~PERTY LONG BEACH MORTGAGE COMPANY existing reader the laws of the State of Delaware · 1100 TOWN & COUNTRY ROAD ORANGE, CA 92868 · WHEREAS, Borrower is indebted [o Lender in the principal sum of U.& $ ' .... (herein "Borrower"), and the-Mortgagee, , a corporation organized and , whose address is (herein "Lender"). 25,400.00 , which indebtedness is evidenced by BOrrower's note dated August 26 . 2003 and extensions and renewals thereof (herein "Note"), providing for monthly installments Of principal and interest, with the balance of indehtednms, if not sooner paid, due and payable on September 1 , 2023 ; . 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 hereto 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 595 MADISON STREET [street] Wyoming · 83110 · (herein "Property Address"); [ZIP Code] AFTON [Ci~l TOGETHER with all the improvements now or hereafter erected on thc property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and renm~ a part of the property covered by this Mortgage; and ali 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 lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, and that the Property 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 o1' Principal and Iuterest. Borrower shall promptly pay when due the principal and interest indebtedness evidcmced by the Note and late charges as provided in the Note. 2. Funds ['or 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 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 reazonably 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 exren! that Borrower makes such payments to the holder of a prior mortgagc or deed of trust if such holder is an institutional lender. '1 f VV'YOI~IINI~ - SECOND MORTGAGE. 1180 · FNMA/FHLMC UNIFORM INSTRUMENT Form 3851 -76(WY} (~]9121.01 VMP MORTGAGE FORMS. fgOOl§21.72ql I¢~01 DI-:I 8£O/§OO'd 580-1 11150ZZ£O£1+ °~'e~lJ°}'l qoee8 l~u°l-m°a:l meES:§O ~_O-/Z-In¥ If Borrower pays Funds to Lender, the l~unds 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 thc t:unds to pay said taxes, a~sessmenrs, insurance premiums and ground rents. Lender may not charge Ibr so holding and applying thc Fu.ads, analyzing said account or verifying and compiling said azsessrnents and hills, unless Lender pays Borrower intere,'t on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of 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 earrdngs on the Funds. Lender shall give to Borrowcr, without charge, an annual accounting of 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 aa additional 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, inmrance preminmq and ground rents, shall exceed the amount requi~'ed 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 mount of the Funds held by Lender shall not be sufficient to pay Exes. assessments, insurance premiums and g~und rents as they fall flue, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as L~der may require. Upon paymmt in fall of all sums secured by this Mortgage, Lender shall promptly refund tn Borrower any Funds held by Lender. If Under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lenfler shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Fund~ 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 hereof, then m imerest payable on the Note, and then to the principal of the Note. 4. Prior Mortgage~ and Deeds of Trmt; Charges; Liens. Borrower shall perform all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower'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. 5. I-Ia~,ard l. nsm-ance. Borrower shall keep the improvements now existing or hereafter crcctcd on the Property insured against loss by fire, bozards included within the term "extended coverage," and such other hazards such mounts and for such periods as Lender may require. The insurance carrier providing the insurance shall bc chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance polici~ aud renewals thereof shall be in a form acceptable to Lender and shall include a standarfl mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policie~ and renewals thereof, subject to the terrm of any mortgage, deed of trust or other security agreement with a lien which has priority over this/Vlortgage. In the event of loss, Borrower shall give prompt notice to the i.m-urance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Pi'operty is abandoned by Borrower, or if BOrrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that thc insurance carrier offers to settle a claim for insu.rance 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 De*elopments. 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 unit 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 Comtimem documents. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or preceding 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 a~ 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 az 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 indebted.ness 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 reazonable entries upon and iaspccfion~ of the Property, provided that Lender shall give Borrower notice prior to any such inspe~ion 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 cormection with any condemnation or other taking of the Property. or' part thereof, or for conveyance In lieu of condemnation, are hereby assigned and ~hall be paid to. Lender, subject to the ~errm of any mortgage, deed of trust or other security agreement with a lien which ha, priority over this Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of antortization 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 commence 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 demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or ~reclude the exercise of any such right or remedy. 11~)®'7 6(WY) i:: ?.!:'.::! ii Form 3851 11. Successors and Assig~ Bound; 2'oint and Sever~ L~ab~ty; Co-si~s. ~e coven~ts ~d a~eem~ts here~ cont~ned shill b~d, ~d ~e fight~ here~der ~h~l ~nure to. ~e respective successo~ ~d ~s~s o'f ~d~ ~d ~o~ower~ ~bject to ~e provisions of p~a~aph 16 hereof. All coven~ts ~d agreement~ of ~o~ower sh~l be jolt ~d ~ever~. ~y Bo~ower who ~-si~s Sis Mo~gage, but does not execute ~e Note, (a) is ~-$igning ~s Mortgage oMy t6 mortgage, grmt md convey ~at Borrower's incerost M ~e Prope~ to ~nder under ~e tern of ~i: Mo~gage, ~) is not p~s0n~ly lNble on · e Note or ~der Sis Moagage, md (c) agrees ~t Lender md my o~er Bo~ower hereund~ may a~ee to ~t~d, mo~,' forbes, or m~e ~y o~cr ~co~odation$ wi~ reg~d to ~e tern of ~is Mortgage or ~e Note wi~out ~at Bo~ower's consent md wi~out rel~ing ~at Bo~ower or modi~ing ~is Mortgage ~ to ~at Bo~ow~'s Nicest M ~e Prop~. 12. Notice. Except for my notice required ~der applicable law to be giv~ M ~o~ ~er, (a) my notice to Bo~ower provided tot M ~s Mo~gage sk~l be given by deliverMg it or by ~ling ~ch notice by ce~ified ~1 ~$ed to Bo~ower at ~e Prope~y Addr~s or at ~uch o~er addr=~s as Bogower ~y designate by notice to ~der ~ provid~ h~ein, ~d ~) my notice to ~d~ shM1 be given by c~ifi~ ~ to ~nder's addres~ anted hereM or to ~ch o~er address ~ L=d~ ~y designate by notice to Bo~ow~ ~ provided h~ein. ~y notice provided for ~ ~is Mo~gage sh~] be deem~ to have been giv~ to Bo~ow~ or ~der when givm in ~e ~er desi~ated herein. 13. Goring Law; geverab~y. ~e state <d loc~ ~ws applic~le to ~s Mortgage sh~l be ~e laws of jurisdiction in which ~e Prope~y is located. ~e foregoMg s~ten~ shM1 not l~t ~e applicabili~ of feder~ law to Moagage. In ~c event ~at ~y provision or clause of ~is Mortgage or ~e Note confli~s wi~ applicable Mw', su~ conflict sh~l not affect o~er provisions of ~is Mortgage or ~e Note which c~ be given eff~ wi~out ~e conflicting provision, ~d to · is ~d ~e provisions of ~is Mo~gage ~d ~e Note ~e dec.ed to be severable. As used hereM, "co~s," "~penses" ~d "a~om~s' f~" include fll ~ms to ~e ext~t not prohibited by applicable law or li~tcd herein. 14. Bo~ower's Copy. Borrower sh~l be ~sh~ a confo~ed copy of ~e Note ~d of ~ia Mo~gage at ~e t~ of execution or a~er recordation hereof. 15. Rehabilitation Loan A~ment. Bo~ower sh~l ~lf~l ~1 of Bo~ower's obligations under ~y home rehabilitation, improvement, repair, or o~er lo~ agreement whi~ Bo~ower enters Mto wi~ ~nder. ~nder, at ~nder's option, ~y require Bo~ower. to ~ecute ~d deliver to Lender, M a fo~ acc~mble to ~der, ~ ~sigm~t of ~y ~t$. claims or defenses whi~ Bo~ower ~y have againnt p~ies who supply labor, ~tt~s or se~ices in co~ection wi~ ~provem~ts mdc lo Prope~y. 16. Tr~fer of the ~op~y or a Bm~ ~ter~ M Bo~owg. If ~1 or ~y' p~ of ~e Prope~ or ~y M~r~ ~ it is sold or trusteed (or if a beaefic~ ~rerest M Bo~ower is sold or ~sf~ed ~d Bo~ower is not a na~ person) wi~out ~der's prior written cons~t, Lmder my, at its option, require i~ediate payment in ~1 of ~1 s~ sec~ed by Mortgage. However, ~i$ option sh~l not be ex~dsed by ~nder if exercise is prohibited by feder~ law ~ of ~e date of Mo~gage. If ~nder exerci~ tiffs option, ~nder sh~l give Borrower notice of acceleration. ~e noti~ sh~l provide a period of not less ~m 30 days from ~e date ~e notice is delivered or ~led wi~ whi~ Borrower mu~ pay M1 m~ secured by Mortgage. If Borrower f~s to pay ~ese s~ prior to ~e expiation of ~is period, ~der ~y Mvo~e my r~es p~ued by ~is Mortgage wi~out ~er notice or d~d on Bo~ower. NON-UNIFORM COVENANTS. Borrower md ~nder ~er covenmt md agree = follows: 17. Accel~ation; R~e~. Except ~ provided in p~a~ap~ 16 her~f, upon Bo~ower~s brach of ~y coven~t or agr~ment of BorrOwer in t~s Mo~gage, ~clu~ng the co.naars to pay when due any ~ ~red by this 'Mo~gage, Lender prior to accel~afion sh~ ~ve notice to Borrow~ ~ pro~ded ~ p~a~aph ~ her~f ~g: {1) the br~; (2) the action req~ to e~e su~ br~; (3) a date, not l~s th~ 10 ~ys from the date ~e notice ~ ~ed to Bo~ower, by wMeh such brach m~t be e~ed; and (4) that failure to cure such brach on or before the ~te spoiled the ~otice may r~ult in acceleration of the ~m.~ s~ed by ~ Mo~. ~e notice sha~ f~her ~fo~ Bo~ower of the fight to r~tate aft~ ace~eration ~d ~e right to b~g a eo~t action to ~gt ~e non~stence of a defa~t or any o~ d~e of Bo~ower to aee~eration ~d s~e. If the brach ~ not e~ed on or before the date specified ~ the notice, Lend~ at ~der's option~ ~y deel~e ~ of the s~mu s~ed by t~s Mo~gage to be imme~at~y due ~d payable ~fi~out f~h~ dem~d ~d may invoke ~e power of sMe ~d ~y oth~ r~e~ p~tted by app~ble law. Lend~ $ha~ be ~titled to co~eet ~ r~onable eos~ ~d ~pe~ in--ed in p~s~ng the reme~ provid~ in tMa paragraph 17, Mdu~g, but not ~ted to, r~onable attorneys' f~. ~ ~d~ ~vo~ the power or amc, Lender shall give notice of intent to for~lose to Bo~ower aod to the pe~on poss~sion of the ~ope~y, if ~fferent~ in accordance ~th app~cable law. Lead~ sha~ m~ a copy of a notice of the sale to Bo~ower ~ ~e m~ner pro~ded in para.apb 12 h~eof. L~d~ sh~ pub~sh ~e notice of sale and the ~op~y s~ be sold M the ~nnn~ pr~cfibefl by appli~ble law. Lender.or Lender's d~ignee may p~e the ~op~y at ~y sale. ~e proe~ds of the s~e sh~ be appEed ~ the foBo~g order: (a) to ~ r~onable costs ~d exp~ of the ~elu~g, but not limited to, r~onable attomey~' f~ and costs of title e~deoce; ~) to all sums s<ured by this Mo~gage; ~d (c) the execs, if any~ to the person or p~so~ leggy entitled th~eto. 18. Bo~ower~s ~ght to R~ate. Notwi~st~g L~der's a<elerafion of ~e s~ sec~ed by ~is Mortgage due to Bo~ower's brea~, Borrower shMl have ~e right to Aave ~y proceedings be~n by ~nder to ~force ~i$ Mo~gage diseontMued at ~y t~e prior to ~e ~lier to oc~r of (i) the fi~ day before ~e of ~e ~ope~ puget to ~e power of coat.ed m ~is Mortgage or (ii) ent~ of a jud~ent enforcMg ~is Mo~gage if: (a) Bo~wer pays ~nder ~1 s~ wMch wo~d be ~en due ~der ~is Mortgage md ~e Note had no acceleration orated; (b) Bo~ower ~r~ ~1 breaches of ~y other ~v~ts or agre~ents of Bo~ower ~nt~ in ~is Mo~gage; (c) Bogower pays fll reportable ~p~ses ~c~ed by ~nder · in enfor~ng ~e covenmts md agre~nts of Borrower coat.ed M ~s Mo~gage, ~d M ~orcMg L~d~'s r~es provided in p~agraph 17 h~r~f, McludMg, but not li~ted to, reportable attorneys' fees; ~d (d) Bo~ower t~ts ~c~ action ~nder ~y remonably requ~e to ~sure ~at ~e Ii= of ~is Mo~gage, L~nder's int~o~ ~n ~e Prope~ md obligation to pay ~e ~ s<ured by ~is Mortgage shill continue ~impair~d. Upon ~ch pa~ent ~d ~re by Bo~ow~r, Mo~gage md ~e obligations s<ured h~eby ~hM1 x~ in ~11 force md eff<t as if no acceleration had orated. 19. ~5i~t of R~; AppoMtm~t of Reefiv~; Lend~ in Poss~sion. As addition~ sec~ty here~der, ~o~ower hereby ~s~ns to Lender ~e. r~ of ~e Propegy, provided ~at Bo~ower sh~, prior to acceleration ~der p~agraph h~eof or abmdo~ent of ~e Prope~y, have ~e ri~t to collect ~d ret~ m~ rents ~ ~ey beco~ due md payable. Upon acceleration under paragraph 17 hereof or abandonment of Uae Property, a~d at any time prior to Uae expkation of any perind of redetoption follow~g judicial sale, Le~der, i~ person, by agent or by judicially appoimed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of thc 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 thc 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 surm secured by this Mortgage, Lender shall release this Mortgage without charge m Borrower. Borrower shall pay all costs of recordation, if.any. 21. Waiver of Homestead. Borrower hereby waive~ all right of homestead exemption in thc Property. REQLrEST FOR NOTICE OF DEFAULT -AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower ~nd Lender reque,qt Uae holder of any mortgage, deed of trust or other encumbrance with a lica which h~ priority over this Mortgage ro give Notice to Lender, ar Lender's address set forth on page one of this Mortgage, of any default under the superior encumbrance and of any sale or other foreclosure action. IN WITNESS WHEREOF, Borrower has executed this Mortgage. -Borrower (Seal) -Borrower (Seal) -Borvoxvcr (Seal) -~orrower (Sign Original Only) STATE OF WYOM1NG, LINCOLN County ss: The foregoing mstrumem was aclmowledged before me this 27th day of August, 2003 by DUSTIE LYN STEED. My Commission Expires: February 2, 2006 Notary Public ~ '~[[~or~ ~suc [Spacc Below This Line Reserved For Lender and Recorder] (~-76(WY! les~2l.o~ Form 3851 £O-lZ-~ny Legal Description Part of Lot 3 of Block 26 of the Afton Townsite, Lincoln County, Wyoming being more particularly described as follows: BEGINNING at the Southwest corner of said Block 26 and running thence North 9.5 rods; thence East 7 rods; thence South 9.5 rods; thence West 7 rods to the POINT OF BEGINNING.