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HomeMy WebLinkAbout8935211/02018321; Parcel// 1111 Prepared By: NOR£EN KHAN 893521 Record and Return Address: Chase-Manhattan Bank USA, N,iA. ~o Chase Manhattan Mortgage!Corporation 1500 N. 19th St Monroe, LA 71201 Attn: Document Control 6th FL!-' HE WYOMING HOME EQUITY LINE OF CREDIT MORTGAGE (Securing Future Advances) Reference # 032511411455 Servicing # 9894604447 THIS MORTGAGE· is r!iade'on .DAVID BUCHOLZ a.q.d. BARI BUCHOLZ September 12, 2003 · The mortgagor is This Mortgage is given to Chase,',Manhattan Bank USA, N.A. a national banking association w(~ose~ address is 200 White Clay Center Drive Rd, utei'273, Newark, DE 19711 ("Lender") or its successors or a~singees. Any communication to the Lender should be sent to c/o Chase Manhattan Mortgage Cqrpoiratlen; :250 Wast Huron Reed. P. O. Bo= 93764; Cleveland: OH 44113 In {his Modgage, {he terms "you,!~ ~.y0ur" and "yours" refer to the mortgagor(s). The terms "we," 'us" and "our" refer to Lender. Pursuant to a Home Equ:ify' kine of' Credit Agreement dated the same date as this Mortgage ("Agreement"), you may incur maximum unpaid .!0aq" indebtedness (exclusive of interest thereon) in amounts fluctuating from time Io time up to the maximum princii'iSI .',~um outstanding at any time of Dollars (U,S. $._3Q,QD. QJ~ ..'----). The Agreement provides for a final scheduled installment due and payable not later than on r3r_h~h~_~. 1. )n~ You agree that this Mortgage shlall continue to secure all sums now or hereafter advanced under the terms of the Agreement including, without lim~iltati0n, such sums that are advanced by us whether or not at the time lhe sums are advanced there Is any principal ~'um ioutstanding under the Agreement. The parties hereto intend that this Mortgage shall secure unpaid balances, enid all other amounts due to us hereunder and under the Agreement. This Modgage secures tb us: (a} the repayment of the debt evidenced by the Agreement, with Interest, and all refinancings, renewals, exte~:~ions and modifications of the Agreement; (b) the payment of all other sums, with interest, advanced under this Mbrtgage to protect the security of this Modgage; and (c) the performance of your · 'covenants and agreements und~!r this Mortgage and the Agreement· For this purpose and in consideration of the debt, you do hereby mortgage, grar~t and conVey to us and our successors and assigns, with power of sale, the property located in LINCt3LN County, Wyoming and more full~ described in EXHIBIT A, which is attached hereto and made a part hereof, which roperty is more commonly knoV]n as * 55PINE STREET; ALPINE. WY 83.128 ("Property Address") Page 1 of 7 SECOND AND SUBJECT WYLCM~ (Rev.09108/03} *THIS REAL ESTATE MORTGAGE IS ONLY TO A FIRST REAL RECOP]n;c-~°~--CONCURRENTIdy HEREWITH IN FAXt-caP~.--ap CHASE MANHATTAN MORTGAGE · .. , ,,i~,:::.,.X;;..- DAT~_ .-..,'EMBER 12, ::,2003, IN THE ORIG2':!?;iii??'~MOUNT OF $119,000.00. ESTATE MORTGAGE C~'~, ~ :t~FION 210 TOGETHER WITH all th.;.'ie ImProvements now or hereafter erected on the property,' and all easements, rights, appudenances, and fixtur~,,:S now or hereafter a part of the properly. All replacements and addilions shall also be covered by this Mortgage}. All of the foregoing is referred to in this Modgage as the "Properly," YOU COVENANT that ,fou,are lawfully seized of the estate hereby conveyed and have the right to modgage, grant and conveY theilProperty and that the Properly is unencumbered, except for encumbrances of record. You warrant and will def;~.nd generally the title to the Properly against all claims and demands, subject to any encumbrances of record. 'ii" ' YOU AND WE covenant and agr~ie as follows: 1. Payment of Prlnci!!~al, Interest and Other Charges. You shall pay when the principal of and inlerest owing under the Agreement and ~11 other charges due hereunder and due under the Agreement. · 2. Application of Pa~jments. Unless applicable law provides otherwise, all payments received by us under the Agreement and Section: 1 shall be applied by us as provided in the Agreement. 3. Prior Mortgages; ;Charges; Liens. You shall perform all of your obligations under any mortgage, deed of trust or other security instruments with a lien which has priority over this Modgage, including your covenants to make payments w!hen due, You shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Mortgage, and leasehold payments or ground rents, if any. Upon our request, you shaI~ promptly furnish to us all notices of amounts Io be paid under this paragraph and receipts evidencing any such payments you make directly. You shall promptly discharge any lien (other Ihan a lien disclosed to us in your application, Or Cn any rifle report we obtained) which has priority over this Modgage. We specifically reserve to oursel~ and our successors and assigns the unilateral right to reqUire, upon notice, that you pay to us on the day monthl~ pa~menls are due an amount equal to one-twelfth (1/12) 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 (1/12) of yearly premium installments for hazard and mortgage insuran(~;e, all as we reasonably estimate initially and from time to time, as allowed by and in accordance with applicable law'i 4. Hazard Insurance.i' Ycu shall keep the Property insured against loss by fire, hazards included Within the lerm "extended coverage" and any other hazards, including floods or Iqooding, for which we require insurance. This insurance shall be maintairjed lin' the amounts and for the periods that we require. You may choose any insurer reasonably acceptable Io;.us. Insurance policies and renewals shall be acceptable to us and shall Include a standard mortgagee clause. If v~'e require, you shall promptly give us all receipts of paid premiums and renewal notices. If you fail to maintain'coi'¢erage as required in this section, you aulhorize us to obtain such coverage as we in our sole discretion determine ~.ppropriate to protect our interest in the Property in accordance with the provisions in Section 6. You understand and agree that any coverage we purchase may cover only our interest In the Property and may not cover your interest in the Property or any personal property therein. You also understand and agree that the premium for any such insurance may be higher than the premium you would pay for such insurance. You shall promptly notify the insurer ahd us of any loss. We may make proof of loss if you do not promptly do so. We may also, al our option ancl On~ your behalf, adjust and compromise any claims under the insurance, give releases or acquittances to the kisurance company in connection with lhe settlement of any claim and collect and receive insurance proceeds. Y(i!u appoint us as your attorney-in-fact to do all of the foregoing, which appointment you understand and agree is irr~ivocable, coupled with an interest with full power of substitution and shall not be affected by your subsequent disa ]iiity or incompetence. Page 2 of 7 WYLCMT 211 Insurance proceeds shall be a~oplled to restore or repair [he Properly damaged, if restoralion or repair is economically feasible and our s~iicurity would not be lessened. Otherwise, insurance proceeds shall be applied to sums secured by this Modgage, wheiher or not then due, with any excess paid to you. if you abandon the Properly, or do not answer within 30 days OUr notice to you that the insurer has o~ered to settle a claim, then we may collect and use the proceeds to repair (ir restore the Properly or to pay sums secured by this Modgage, whether or not then due. The 30-day period w~l begin when notice is given. Any application' of proceeds to principal shall not require us to extend or postpone:.the due date of monthly payments or change the amount of monthly payments. If we acquire the Property ara fora. ed sale following your default, your right to any insurance proceeds resulting from damage to the Property prior to the acquisition shall pass to us to the extent of the sums secured by this Modgage Immediately prior to the acqulsltid'n. i' You shall not permit any condilli°n ito exist on the Property which would, in any way, invalidate the insurance coverage on the Property. 5. Preservation, M~'.intenance and Protection of the Property; Borrower's Loan Application; Leaseholds. You shall not destroy, damage or substantially change the Property, allow'the Property to deteriorate, or commit waste. You shall be '~.n default If any forfeiture ac,on or proceeding, whether civil or criminal, is begun that. in our good faith judgment! coUld result in forfeiture of the Property or otherwise materially impair [he lien created by this Mortgage or out' security interest You may cure such a default, as provded in Section 17, by causing the action or proceedln!l to be dismissed with a ruling that, In our good faith determination, precludes fodeiture of your interest in the property or other material impairment of the lien created by this Mortgage or our security interest. You shall also' be in default if you, during the loan application process, gave materially false or inaccurate information or statemi'.~nts to us (or failed to provide us with any material information) in connection with the loan evidenced by the AgreCrnent, including, but not limited to, representations concerning your occupancy of the Properly as a principle residence. If this Modgage is on a leasehold, you shall comply with the lease. If you acquire fee title to the Property, t~e leasehold and fee title shall not merge unless we agree to the merger In writing. ,.., 6. Protection of Oi~r .Rights in the Property; Mortgage Insurance. If you fail to perform the covenanls and agreements cont:ained in this Modgage, or there is a legal proceeding that may significantly affect our rights in the Property (such ~;!~s a.proceeding in bankruptcy, probate, for condemnaLion or forfeiture or to enforce laws or regulations), then we maiy do, and pay for, anything necessary to protect the Property's value and our rights in the Property. Our actions mai./.include paying any sums secured by a lien which has pdority over this Modgage or any advance under the Agr(ilement or this Mortgage, appearing in coud, paying reasonable attorney's fees, paying any sums which you are i'eq~Jired to pay under this Modgage and entering on the Properly to make repairs.- We do not have to take any acti(in v~e are permitted to take under this paragraph. Any amounts we pay under this paragraph shall become addition:at debts you owe us and shall be secured by this Mortgage. These amounts shall bear interest from the disburse~., ent date at the rate established under the Agreement and shall be payable, with interest, upon our request. If wi3 required modgage insurance as a condition of making the loan secured by this Modgage, you shall pay the pri~m urns for such insurance until such time as the requirement for the insurance terminates. 7. Inspection. We r:~ay enter and inspect the Property at any reasonable time and upon reasonable notice' 8. Condemnation. '~ihe ~3roceeds of any award for damages, direct or consequential, in connection with any condemnation or other takin!;] of any pad of the Properly, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to u~. If the Property is abandoned, or if, after notice by us to you that the condemnor gofers to make an award or sortie a claim for damages, you fall to respond to us within 30 days after the date the notice is given, we are authoriz{!d to collect and apply the proceeds, at our option, eilher to restoration or repair Of [he Property or to the sums secured by this Mortgage, whether or not then due. Unless we and you otherwise agree in writing, any applicat on~0f proceeds lo principal shall no[ ex{end or postpone the due date of the monthly payments payable under the Agr.'eement and Section 1 or change the amount of such payments. ;!'.: WYLCMT Page 3 o ? 9. You Ars Not R~iis=a~ed; Forbearance by Us Not a Waiver. Extension of time for payment or modification of amodization of ithe ;sums secured by this Modgage granled by us to any of your successors in interest shall not operate to relii~ase your liability or the liability of your successors in interest. We shall not be required to commence proceed?rig, s against any successor in interest, re,use to extend time for payment or otherwise modify amortization o~ thff sums secured by this Modgage by reason of any demand made by you or your successors in interest. Our forbearance in exercising any right or remedy shall not waive or preclude the exercise 'or any right or remedy. 10. Successors and:'iAsSigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Mortgage ski!all bind and bene~t your successors and permitted assigns. Your covenants and agreements shall be joint and sii~ve~-al. Anyone who co-signs this Mortgage but does nol execute lhe Agreement: (a) is co-signing this Modgage Cnlylto modgage grant and convey such person's interesl in the Property; (b) is not personally obligated to pay the l~greement but is obligated to pay all other sums secured by this Mortgage; and (c) agrees that we and anyone el!;m. ~vho signs this Modgage may agree to extend, modify, forbear or make any accommodations regarding the [i'=_rms of this Modgage or the Agreement withoul such person's consent. 11. Loan Charges. ~f the loan secured by this Mortgage is subject to a law which sets maximum loan charges, and that law is finally !n[e~refed so that the interesl or other loan charges collected or fo be collecied in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by Ihs amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from you which exceed permilted limils will be refunded~to you. We may choose lo.make this refund by reducing the principal owed under the Agreement or by making a ~ire~t payment to you. If a refund reduces principal, Ihs reduction will be treated as a parllal prepayment without an~!i~i Prepayment charge under the Agreement. 12. Notices. Un ess .~[herwise required by law, any noliCe to you provided for in this Modgage shall be delivered or mailed by first clasii mail to the Property Address or any other address you designate by notice to us. Unless other'wise required by Iai'v, ~ny notice to us'shall be given by first class mail to our address staled above or any other address we designate~iby hotice to you. Any notice provided for in this Modgage shall be deemed to have been given to you or us when gib'ion ..as provided in this paragraph. 13. Governing La'w;;~ Severabili~. The extension of credit secured by this Mortgage is governed by federal law, which for the purp~se~ et 12 USC § 85 Incorporates Delaware law. However, the interpretation and enforcement of this Mortgage ~i!halll be governed by the law of the jurisdiction in .which the Property is located, except as preempted by federa!~ la~i, n the event that any provision or clause of this Mortgage or the Agreement conflicts with applicable law, su~h C~nflict shall not affect other provisions of this Mortgage or [he Agreement which can be glven '~ ~' ' effect without the confhctmg provision. To this end the provis ons of this Morlgage and the Agreement are declared to be severable. 14. Transfer of the Property. If all or any part of the Property or any interest in it is sold or transferred Withoul our prior written consen:.=~, we may, al our option, require immediale payment in full of all sums secured by this Mortgage. However, this o~tion shall not be exercised by us if exercise is prohibiled by federal law as of the dale of this Modgage. 15. Sale of Agree~e'nt; Change of Loan Servicer. The Agreement or a padial interest in the Agreement (together with this I~)edgage) may be sold one or more times wilhout prior notice to you. A sale may result in a change in the entil~!? (known as the "Loan Servicer") that collects monthly payments due under the Agreement and this Modgage. '?-here also may be one or more changes of the Loan Servicer unrelated to lhe sale o¢ the Agreement, If there is Fi¢ change of the Loan Servicer, you will be given written notir.,c of the 6hang~ a~ required by applicable law. Thr~i no[ice will stale the name and address of the new Loan Servicer and the address to which paymenls should be m~ide. The notice will also conlain any information required by applicable law. !! i Page 4 of 7 213 16. Hazardous Sub~tadces' You shall not cause or Permit the presence, use, disposal, storage, or release of any Hazardous Sub?ta~ces on or in the Property. You shall not do, nor allow anyone else to do, anything affecting the Property t:~at i's in violation of any Environmenta~ Law. The preceding two sentences shall not apply to the presence, use, or ~;.~tor~-zge on the Property of Hazardous Substances in quantities that are generally recognized to be appropriate t~i norton residential uses and to maintenance of the Property. You shall promptly give us written notice of any ~nv~'.s.~i.qation. claim, demand, lawsuit or other action by any governmental or regulatory agency or private party invoJvin~i.I the Property and any Hazardous Substance or Environmental Law of which you have actual knowledge. If you I& ~arr~ or are notJt~ed by any government or regulatory auihority, that any removal or olher remediation ef any Haza!,dod!s Substance affecting the Property is necessary, you shall promptly take all necessary remedial actions ini:accordance with Environmental Law. As used in this Mortgage. "Hazardous Substances" are those substariice~ defined as toxic or hazardous substances by Environmenlal Law and the following substances: gasolin~.,~kerosene, other flammable or toxic petroleum pr'oducts, toxic pesticides and herbicides, volatile solvents, maker a s containing asbestos or formaldehyde, and radioactive materials. As used Jn this Mortgage, "Environmental Liaw" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or en/i~'onmental protection. 17. Acceleration; Relme~lles. You Will be In default il' (1) any payment required by the Agreement or this Mortgage Is not made~i when It is due; (2) we discover that you have committed fraud or made a material misrepresentation in "~'onnectlon" with the Agreement; or (3) you take any action or fall to take any action that adversely affects °UrsecurJty for ihe'Agreement or any right we have in the Property. If a default occurs (other than under paragraph 14 hereof, unless applicable law provides' otherwise), we will give you notice specifying: (~,~)the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date tl~e rlotice is given to you, by which the default must be cured; and (d) that failure to cure the default onilor before the date specified in the notice may result in acceleration of the sums secured by this MortgaGe a~d saje of the Property. The notice shall further lnformyou of the right to reinstate after acceleration enid the right to bring a court action to assert the nonexistence et' a default or any other defense you may halve ~o acceleration and sale. If the default is not cured on or before the date specified in the notice, we, al~, ot!~r option, may declare all of the sums secured by this Mortgage to be Immediately due and payable;without further demand and may invoke the power of sale and any other remedies permlffed by applicable!law. We shall be entitled to collect all expenses Incurred In pursuing the remedies provided in this pAra~'raph 17, including, but not limited to, reasonable attorneys' fees as permitted by applicable law, bi)f, ri'et to exceed 20% of the amounl decreed for Principal and Interest (which fees shall be allowed and Palii! a~. a part of the decree of Judgment), and costs of documentary evidence0 abstracts and title reports. .'~; If we Invoke the power:of .~ale, we will give notice of intent to foreclose to you and to the person In possession el' the Property, If {~li'fft, rent, in accordance with applicable law. We Will give notice of the sale to you m the manner provide Jn p~aragraph 12. We will publish the notice of s'ale, and the Property will be sold in the manner prescribed by ~ppl;~cable law. We or our desi nee ma u The proceeds of the sale shal~'i'r ~ ,-,,,~;,,.~ ;. ,._ · ....... g. . , .y p,. rchase the Property at any sale. ,, be a~,,,=,., ,, ,,~, ~uuuwmg oroer: (.nj to all expenses of the sale, inc ' . but not limited to, reasonable ii{'to~nevs' fees' ~b' ............ ludmg. · ..-~ . - , [ I [U ", sums secureo Dy~nlSMo~ga e;and c an exc to the person or persons legal/:yer~ditled to it. g ( ) y ess 18. Discontinuance 6f' Enforcement. Notwithstanding o~r acceleration el' the sums secured by this Mortgage under the provisions o~iSe~:tion 17, we may, in our sole discretion and upon such conditions as we in our sole discretion determine, disconi~nu~ any proceedings begun to enforce the terms of IhJs Mortgage. 19. Release. Upon Y0!!r ~'equest and payment of all sums secured by ~his Mortgage, We shall release this Mortgage without charge to y~.pU. You will be responsible for all costs of recording such release. :!j. Page 5 of ? i' 20. Additional Char~eS.i You agree to pay reasonable 'charges as allowed by law in connection with the servicing of this loan including, without limitation, the costs of obtaining tax searches and subordinations. Provided, however, thai nothing contained~:,in this section is intended to create and shall not be construed to create any duty or obligation by us to perform aiiy such act, or 1o execute or consent 1o any such transaction or mailer, except a release of the Modgage upon fuii ~-epayment of all sums secured thereby. 21. Waiver. You hereby i'~lease and waive all rights under and by virtue of. lhe homestead exemption laws of Wyoming. No waiver byiu~ at any time of any term. provision or covenanl contained in this Modgage or in the Agreemenl secured hereby !Sha!l be deemed to be or construed as a waiver of any other term, Provision or covenanl or of the same term, pri)vis, ion or covenant at any other time. 22. Riders t° this M°~g~ge. If one or more riders are executed by you and recorded together with this Mortgage, the coven[ants and a'~greements of each such rider shall be incorporated into and sha~l amend and supplement the covenants and a~reements of this Mortgage as if the rider(s) were part of this Mortgage. Condominium F-~id er Planned Unit Di..'vel, opment Rider [~ 1-4 Family Rider E~ Other(s) WYLCMT ;-~.. :. 2i 5 BY SIGNING BELOW, You accept 'and agree to the lerms and covenanls conlained in Ihis Deed of Trust and in any rider(s) execulad by you ani] re,.corded wilh it. (Seal) Signed, sealed and delivered in 't~e presence of: Wilness: 'J BARI BUCHOLZ (Seal) (Seal) (Seal) (Seal) (Seal) STATEOF~ .~ ,~__~ ;" : ) ~ . .. COUNTYO ~' ;, ) ss: · : I ,,.,.,,The foregoing inst(-umen!;~ W¢~ ~cknowledgect bet'ore me Ibis /"~LA'-~- day · . : · . . I : No%t~6~o- . WYLCMT ~, .: NOTARY PUBLIC KRISTEN COLLINS 2180 South 1300 East Ste. 580 S,LC. LIT 84106 COMMISSION EXPIRES MARCH 3, 2007 · S_T_ATE~OE UTAH EXHIBIT "A" Lot 35, Rees Subdivision as shown by the official plat thereof recorded September 1, 1955 in the Office of the Recorder of Lincoln County, Wyoming, and being part of the North half of the Southeast Quarter (N1/2SE1/4) of Section 20, Township 37 North, Range 118 West of:the Sixth Principal Meridian.