HomeMy WebLinkAbout894054 WHEN RECORDED MAIL TO:
COUNTRYWIDE HOME LOANS, INC.
MSN SV-79 / DOCUMENT CONTROL DEPT.
P.O. BOX 10266
VAN NUYS, CALIFORNIA 91410-0266
DOC ID #: 0003313023265106
ESCROW/CLOSING #:
89u05L'
RECEIVED
LINCOLN COUNTY OLERK
SPACEABOVEFORRECORDERS USE
PARCEL ID #: 1
Prepared by: T. GANNISON
SAM
MORTGAGE
(Line of Credit)
THIS MORTGAGE, dated September 26 ,2003 , is between
A MORTON, AND JANE P MORTON, HUSBAND AND WIFE
residing at
1122 7TH WEST AVE, KEMMERER, WY 83101-3101
the person or persons signing as "Mortgagor(s)" below and hereinalter referred to as "we" or "us" and
COUNTRYWIDE HOME LOANS, INC.
with an address at
4500 Park Granada, Calabas.as, CA 91302-1613
and hereinafter referred to as "you" or the "Mortgagee."
MORTGAGED PREMISES: In consideration of file loan herein'~'tcr described, xve hereby mortgage, grant and convey to you
the premises located at:
1122 7TH WEST AVE
Street
KEMMERER LINCOLN WY 83101 -3101
Municipality County State ZIP
and further described as:
Lot 12 of Block 6 of the Lincoln Heights 4th Subdivision to the Town of
Kemmerer, Lincoln County, Wyoming as described on the official plat
thereof.
(the "Premises").
The Premises includes all buildings and other improvements now or in the flm~re on the Premises mid all rights and interests which
derive from our ownership, use or possession of the Premises and all appurtenances thereto.
LOAN: Tile Mortgage will secure yonr loan in the prfllcipal amount of $1 1,4 0 0.0 0 or so nmch thereof as may be
advanced and readvanced from time to time to SAM A MORTON
JANE P MORTON
' , alld
, the Borrower(s) under file Home Equity Credit Line Agreement
and Disclosure Statement (the "Note") dated 0 9 /2 6 /2 0 0 3 , plus interest and costs, late chm'ges and all other
charges related to file loan, all of which sums are repayable according to the Note. This Mortgage will also secnre the performance
of all of the promises and 'agreements made by us and each Borrower and Co-Signer in the Note, all of our pronfises and
agreements in this Mortgage, any extensions, renewals, mnendments, supplements and other modifications of the Note, and any
amounts advanced by you under file terms of the section of this Mortgage entitled "Our Authority To You." Loans under the Note
may be made, repaid mid remade from time to time in accordance with the terms of the Note and subject to the Credit Limit set
forth in the Note.
OWNERSHIP: We are the sole owner(s) of the Premises. We have the legal right to mortgage die Premises to you.
BORROWER'S IMPORTANT OBLIGATIONS:
· HELOC - WY Mortgage
2CG2OlWY (O3/O1)
Page 1 o! 3
Initials:
DOC ID t~
0003313023265106
(a) TAXES: We will pay all real estate t~xes, assessments, water charges and sewer rents relating to the Premises when riley
become due: We will [lot claixn any credit on, or make deduction from, tile loml under tile Note because We pay these taxes and
charges We will provide you with proof of payment upon request.
(b) MAINTENANCE: We will mmntain file building(s) on file Premises in good condition. We will not m~&e major changes
in the building(s) except for norm~d repairs. We will not tear down any of the building(s) on tile Premises without t'irst getting your
consent. We will not use file Premises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, we
shall perform all of our obligations under tile declaration or covenants creating or governing the condominium or planned nnit
development, the by-laws and regulations of the condominium or planned unit development and constituent docmnents.
(c) INSURANCE: We will keep the buildiug(s) on the Premises insured at all tm]es against loss by fire, flood and any other
hazards you may specify. We may choose the insurance company, but our choice is subject to your reasonable approval. The
policies must be for at least the amounts and file time periods that you specify. We will dehver to you upon your request the
policies or other proof of the insurance. The policies [nust name you. as "mortgagee" and "loss-payee" so that you will receive
payment on all insur,'mce claims, to the extent of your interest under this Mortgage, belbre we do. The insurance policies must 'also
provide that you be given not less than 10 days prior written notice of ally cancellation or reduction in coverage, for any reason.
Upon request, we shall deliver the policies, certificates or other evidence of insurance to yon. In the event of loss or damage to the
Ih-emises, we will immediately notify you in writing and file a proof of loss with file insurer. You may file a proof of loss on our
behalf if we fail or refuse to do so. Yon may also sign our nmne to any check, dral:t or other order for the payment of insurance
proceeds in the event oE loss or damage to the Prmnises. If you receive payment of a claim, you will have the right to choose to use
the money either to repair the Premises or to reduce the amouut owing on the Note.
(d) CONDEMNATION: We assigu to you the proceeds of any award or claim for damages, direct or consequential, in
connection with ,'tn5, cOndemnation or other taking of the Premises, or part thereof, or for conveyance in lieu of condemnation, all
o[ which shall be paid to you, subject to the terms of any Prior IVlortgage.
(e) SECURITY INTEREST: We will join with you in signing and filing documents and, at our expense, in doing whatever
you believe is necess,'u-y to perfect ,-md continue the perfection of your lien and security interest in the Premises.
(0 OUR AUTHORITY TO YOU: If we fail to perform our obligations under this Mortgage, you may, if you choose,
perform our obligations and pay such costs trod expenses. You will add file mnounts you advance to the sums owing on the Note,
on which you will charge interest at the interest rate set forth in the Note. If, for exmnple, we fail to honor our promises to ~naintain
insurance in effect, or to pay filing fees, taxes or the costs necessary to keep the Premises in good condition and repair or to
perform any of our other agreements with you, you inay, if you choose, advance any sums to satisEy any of our agreements with
you and charge us interest on such advances at the interest rate set forth m the Note. This Mortgage secures all such advances. Your
payments on our behalf will not cure our failure to perfom~ our promises in this Mortgage. Any replacement insurance that you
obtain to coy.er loss or damages to the Premises may be limited to file amount owing on the Note plus the mnount of any Prior
Mortgages.
(g) PRIOR MORTGAGE: If the provisions of this p~u:agraph are completed, this Mortgage is subject and subordiuate to a
prior mortgage dated / / and given by us to
COUNTRYWIDE HOME LO
as mortgagee, hi the original mnount of $ 7 4,2 0 0.0 0 (the "Prior IVlortgage"). We shall not increase, mnend or
modify the Prior Mortgage without your prior written consent and shall upon receipt of any written notice from the holder of file
Prior Mortgage promptly deliver a copy of such notice to you. We shall pay and perform all ol' our obligations under the Prior
Mortgage as and when required under file Prior Mortgage.
(h) HAZARDOUS SUBSTANCES: We shall n,ot cause or permit tile presence, use, disposal, storage, or release of any
Hazardous Substances on or in the Premises. We shall not do, nor allow anyone else to dol anything affecting the Premises that is
in violation of any Euvironmental Law. The preceding two sentences shall not apply to the presence, Use, or storage ou file
Premises of small qmmtifies of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and
to maintenance of the Pre[nises. As used in this paragraph, "Hazardous Substances" are those substances defined as toxic or
hazardous substances by Environment~fl Law and file following substances: gasoline, kerosene, other flmnmab/e or toxic petroleum
products,, toxic pesticides aud herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive
materialS. As used in this paragraph, "Environmental Law" means federal laws and laws of the jurisdiction where the Premises are
located that relate to health, safety or environmental protection.
(i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest in tile
Premises, m whole or in part, or permit any other lien or claim against the Premises without your prior written consent.
(j) INSPECTION: We will permit you to inspect the Premises at any reasonable time.
NO LOSS OF RIGHTS: Tile Note and this Mortgage inay be negotiated or assigned by you without releasing ns or the Premises.
You may add or release ally person or property obligated under the Note and this Mortgage without losing your rights ill the
Premises. '
DEFAULT: Except as ~nay be prohibited by applicable law, and subject to any advance notice and cure period if required by
applicable law, if any event or condition described in Paragraph 12.A. of the Note occurs, yon may foreclose upon this Mortgage.
This means that you may arrange for file Premises to be sold by advertise~nent and sale or by judicial foreclosure, at your option, as
provided by law, in order to pay off what we owe on file Note and under this Mortgage. If the money you receive [rom the sale
· HELOC-WYMortgage
2C6202WY (03/01) Page2o, 3 Initials:
DOC ID t~ 0003313023265106
is not enough to pay off what we owe you, we win sail owe you the difference which you may seek to collect from us in
accordance with applicable law. In addition, you may, in accordmme with applicable law, (i) enter on and t~flce possession of the
Premises; (ii) collect rite rental payments, including over-due rental payments, directly froln tenants after simply notifying them first
class mail to make rental payments to you; (iii) mamage tile Premises; and (iv) sign, cancel and change leases. We agree that tile
interest rate set forth in the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall
be entitled to collect all reasonable fees and costs actually incurred by you m proceeding to foreclosure, including, but not limited
to, reasonable attorneys fees and costs of documentm'y evidence, abstracts and rifle reports.
ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additiomfl security, we assign to you the rents of tile Premises.
You or a receiver appointed by the courts shall be entitled to enter upon, rake possession of and manage the Premises and collect
the rents of the Premises including those past due after simply notifying them hy fkst class mail to ~nake rental payments to you.
WAIVERS: To the extent permitted by applicable law, we waive and release any eITor or defects in proceedings to enforce this
Mortgage and hereby waive tile benefit of any present or fnmre laws providing for stay of execution, extension of time, exemption
from attachment, levy and sale m~d homestead exemprion.
BINDING EFFECT: Each of us shall be fully responsible tk)r all of the promises and agreements in this Mortgage. Until the Note
has been paid in full and your obligation to make further advances under the Note has'bee'n terminated, the provisions of this
Mortgage will be binding on us, our legal representatives, ()ur heirs and zdl future owners of the Premises. This Mortgage is for
your benefit and for tile benefit of anyone to whom you may assign it. Upou payment in rtl of zdl mnounts owiug to you under the
Note and this Mortgage, and provided any obligation to tm~e further advances under the Note has terminated, this Mortgage and
your rights in the Premises shzdl end.
NOTICE: Except for any notice requked tinder applicable law to be given in another manner, Ca) any notice to us provided for in
this Mortgage shrill be given 'by delivering it or by mailing such notice by regular first class mail addressed to us at the last address
appearing in your records or at such other address as we may designate by notice to you as provided herein, and Cb) any notice to
you shall be given by certified mail, return receipt requested, to your address at
COUNTRYWIDE HOME LOANS, INC.
4500 Park Granada, Calabasas, CA 91302-1613
or to such olher address as you may designate by norice to us. Any notice provided for in Oas Mortgage shall be deemed to have
been given to us or you when given in the mm~ner designated herein.
RELEASE: Upon payment of all sums secured by this Mortgage and provided your obligation to make further advances under file
Note has terminated, you shall discharge this Mortgage without charge to us, except that we shall pay ~my tees for recording of a
satisfaction of this Mortgage.
GENERAL: You cml waive or delay enforcing any of yonr rights under this Mortgage without losing them. Any waiver by yon of
any provisions of this Mortgage will not be a waiver of that or auy other provision on any other occasion.
TI~S MORTGAGE has been signed by each of us under seal on the date first above written.
WITNESS:
ortgagor SAM A MORTON
(SEAL)
Mortgag~r. dANE P MORTON
(SEAL)
Mortgagor:
(SEAL)
STATE OF '~VYOMING,
Mortgagor:
Conilty ss:
(SEAL)
The foregoing instrument was acknowledged before me this September
by Sam A. NOrton and Jane P. Norton
(person acknowledging)
My Com~nission Expires: February 2, 2006
· HELOC - WY Mortgage
2C6203WY (03101)
Notary Public
Page 3 of 3
26, 2003
(date)
8,NEII.EY ~ - NOT/'4:IY