HomeMy WebLinkAbout894754 RECEIVED
LINCOLN cOUNT? CLERK
Account No.: 0316521 ~ '~ q* ~
Branch No.: 272
Loan Product: 80% CLTV Piggyback
~OOK
MORTGAGE
THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES
THIS MORTGAGE, as amended and extended (this' "Mortgage") is signed to secure advances under a
GMAC Home Equity Line of Credit agreement (the "Agreement"); it is dated as of October 24, 2003, and is
made by Peggy Jo Parker who reside(s) at Po Box 3001 , Jackson, Wyonfing 83001-3001, as mortgagor(s), in
favor of GMAC Mortgage Corporation, a Pmmsylvania Corporation, 100 Witmer Road, Horsham, PA
19044-0963 (herein "GMAC") and the Mortgage Electronic Registration Systems, Inc., P.O. Box 2026, Flint,
MI 48501-2026 ("MERS") acting solely as nonfinee for GMAC and GMAC's successors and assigns under
this Mortgage, as mortgagee.
Throughout this Mortgage, "we", "us" and "our" refer to mortgagor(s). "GMAC" refers to GMAC
Mortgage Corporation or its assigns. The "Account" refers to the Home Equity Line of Credit account
established by GMAC under the Agreement. "Borrower" refers to each person who signs the Agreement as
borrower. Tbe Agreement and this Mortgage, taken together, are called the "Credit Docmnents." "Signer"
refers to any person (other than GMAC) who has signed a Credit Document. '
DESCRIPTION OF sEcURITY
By signing tlfis Mortgage, we mortgage to MERS acting solely as a nominee for GMAC, subject to the
terms of this Mortgage, (a) the real estate located at 1154 Vista Drive, Thayne, County of Lincoln, State of
Wyoming 83127, more fully described in Schedule A; (b) all buildings and other structnres on the property; (c)
all rights we may have in any road, alley, easement or license regarding the property or in any mineral, oil, gas
or water which is pail of the property; (d) all rents and royalties from the properly; (e) all proceeds of any
insurance on the property and all refunds of premiums on such insurance; (f) all proceeds of any taking (or
threatened taking) of the property by any govenm~ental authority ("condemnation"); and (g) all fixtures on the
property at any time (collectively, the "Property").
Tbe Property includes all rights and interests which we now have or which we may acquire in the future.
For example, if the security mortgaged tinder this Mortgage is a leasehold estate and we subsequently acquire'
fee title to the Property, the rights and interests granted to MERS acting solely as a nominee for GMAC by this
Mortgage will include the fee title that .we acquire. This Mortgage is also a Security Agreement under the
Wyoming Unifom~ Cormnercial Code and we hereby grant MERS acting solely as a nominee for GMAC a
security interest in the personal property described in (d) through (f) above.
SECURED oBLIGATIONS
THIS MORTGAGE SECIJRES OBLIGATORY FUTURE ADVANCES.
We have signed this Mortgage to secure payment to GMAC of up to $50,000.00, plus FINANCE
CHARGES and any other amounts due GMAC under the Agreement (the "Total Balance Outstanding") and to
secure performance by Borrower under the Agree~nent and our performance of the covenants of this Mortgage
(collectively, the "Secured Obligations").
PRIORITY OF ADVANCES
The lien of this Mortgage will attach on the date this Mortgage is recorded, with priority over subsequently
recorded mortgages. The indebtedness evidenced by the Credit Documents is a revolving indebtedness. The
Credit Documents provide that amounts may be advanced, repaid and readvanced from time to time in
accordance with the terms and provisions of the Agreement. Accordingly, the aggregate advances during the
term of the Credit Documents may exceed the Credit Limit. However, the Total Balance Outstanding less
FINANCE CHARGES and certain special charges at any time (the "Earning Balance Outstanding") shall never
exceed the Credit Linfit, except for advances made to protect the lien of this Mortgage. We agree that the lien
and security title of this Mortgage shall not be deemed released or extinguished by operation of law or implied
intent of the parties if the Total Balance Outstanding is zero as of the date of this Mortgage or is from tinge to
tkne reduced to zero by payments made to GMAC.
GMAC-WY
REPRESENTATIONS AND DUTIES
We pronfise that, except for Permitted Liens: (a) xve own the Property; (b) we have the right to mortgage
the Property to GMAC; and (c) there are no outstanding claims or charges against the Property. The term
"Permitted Lien" means (x) any mortgage, deed to secure debt or deed of trust ("security instrument") disclosed
to GMAC by any Signer in applying for the Account, to the extent that the amount secured by such security
instrument does not exceed the amount disclosed on such application; and (y) anY liens, claims and restrictions
of record that do not individually or collectively have a material adverse impact upon GMAC's security, the
value of the Property or the Property's current use.
Each of us gives a general warranty of title to GMAC. This means that each of us will be fully responsible
for any losses which GMAC suffers because someone has rights in the Property other than Pemfitted Liens. We
pronfise that we will defend our ownership of the Property against any claims of such right.
We will neither take nor pemfit any action to partition, subdivide or change the condition of title to all or
any part of the Property. We will not amend any Pemfined Lien without GMAC's prior written consent.
CERTAIN PROVISIONS OF THE AGREEMENT
we understand that GMAC may, under certain circumstances set forth in the Agreement, cancel its
obligatiou to make future advances and/or require repaymeut at ouce of the Total Balance Outstanding.
Under the Agreement, FINANCE CttARGES are based on the "prime rate" published in The Wall Street '
Journal or in certain circumstances the "prime rate" published in The New York Times or a sinfilar index
selected by GMAC. The rate of FINANCE CHARGES changes on a daily basis as the index or the amount
outstanding under the Agreement increases or decreases. We understand that Borrower will not receive
advance notice of such changes.
PROMISES AND AGREEMENTS
We agree with GMAC as follows:
1. TIMELY PAYMENT. Except as linfited by paragraph 10 below, Bon-ower shall pay when due all
sunzs owed GMAC under the Credit Documents.
2. APPLICATION OF PAYMENTS. All payments shall be applied by GMAC as set forth in the
Agreement.
3. MORTGAGES AND DEEDS. OF TRUST; CHARGES; LIENS. We shall make payments when due
and perform all our obligations under any mortgage, deed of trust or other security agreement on the Property.
We shall pay or cause to be paid when due all loans, taxes, assessments, charges, fines, impositions and
rents of any kind relating to the Property ("Assessments"). Receipts evidencing such payments shall be
delivered to GMAC upon its request. Except for Pemfitted Liens, we shall not allow any encumbrance, charge
or lien on the Property to become prior to this Mortgage.
4. HAZARD INSUIL~NCE; CONDEMNATION.
(a) We shall, at our cost, keep all improvements on the Property insured against loss caused by
hazards included in the tem~ "extended coverage" or by other hazards GMAC may reasonably specify. Hazard
insurance shall be in an amount equal to the lesser of (i) the full replacement cost of the building that is part of
the Propen'y or (ii) the amount of this Mortgage plus the total amount of all Pemfined Liens; but never less than
the amount necessary to satisfy any coinsurance requireme.nt contained in the insurance policy.
We may choose the insurance company, Subject to approval by GMAC which may not be unreasonably
witlfl~eld. All insurance policies and renewals must be in form acceptable to GMAC and nmst include a
standard mortgagee clause in favor of GMAC. GMAC shall have the right to hold the policies and renewals,
subject to the terms of any Permitted Liens. If we pay the premiums directly, we shall provide GMAC with all
renewal notices and, if requested by GMAC, all receipts for premiums. If policies and renewals are held by any
other person, we shall supply copies of fl~em to GMAC within ten calendar days after they are issued.
In the event of loss, we shall give prompt notice to the insurance company and GMAC. GMAC may file a
proof of loss if we fail to do so promptly.
(b) The proceeds of any condenmafion of the Property shall be paid to GMAC, subject to any
Pernfitted Liens~ We shall give GMAC notice of any threatened condemnation and sign all documents requh'ed
to carry out this paragraph 4. No condemnation settlement may be made without GMAC's prior written
approval which shall not be unreasonably witttheld.
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(c) Subject to the terms of any Pmmitled Lien, GMAC may elect that the proceeds of any
insurance or condenmation (after payment of all reasonable costs, expenses and attorneys' fees paid or incun'ed
by GMAC and us) shall be applied to pay the Secured Obligations, to repair or reconstruct the Property, and/or
pay us for .put loss. In the event that such proceeds are not used entirely for repair and reconstruction, we shall
provide GMAC with a new appraisal m' valuation of the Property, conducted by a person or entity and h~ a fmTn
reasonably acceptable to GMAC, unless GMAC waives this requirement in writing. The receipt of proceeds
shall not cure or waive any default or notice of default under this Mortgage or invalidate any act done pursuant
to such notice.
If the Property is abandoned by us, or if we fail to respond to GMAC in writing xvithin 30 calendar days
fi'onr the date notice of a proposed insurance or condemnation settlement is given to us, GMAC may settle the
claim, collect the proceeds and apply them as set forth above.
If the Property is acquired by GMAC, all of our fight, title and interest in and to any insurauce or
condenmation proceeds shall become the property of GMAC to the extent of the sums secured by this
Mortgage.
5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONDOI~HNIUSIS; PLANNED
UNIT DEVELOPMENTS. We shall: use, improve and maintain the Property in compliance with law; keep
file Property in good repair and pay when due all repair costs; prevent waste, impairment and/or deterioration of
the Property; and cmnply with the provisions of any lease of the Property.
If tlie Property is par! of a condominium project or a planned unit development, we shall promptly perfom~
all of our obligations under the governing documents of the project or development.
6. PROTECTION OF GMAC SECURITY. We shall appear in and defend auy action or proceeding
which may affect the security of GMAC under this Mortgage or result in a violation of paragraph 3 above. If
such au action is filed, we violate this Mortgage or Borrowers violate the Agreement, then GMAC may disburse
fimds and do whatever it believes necessary to protect the security of this Mortgage. In doing so, GMAC shall
give us notice but it need not make demand or release us from any obligation.
Any amounts paid by GMAC under this paragraPh 6, with FINANCE CHARGES at the variable rate hi
effect under the Agreement, shall be paid by us upon demand. Until paid by us, such amounts are secured by
this Mortgage. GMAC is not required to incur any expense or take any action under this Mortgage and no
action taken shall release us fi'om auy duty.
7. INSPECTION. Represeutatives of GMAC may h~spect the Property from tinge to tinge. Except in an
emergency, GMAC nmst first give notice specifying reasonable cause for the inspection.
8. FINANCE CHARGES AFTER END OF ACCOUNT AND/OR JUDGMENT. To the extent
pemfitted by law, we agree fl~at FiNANCE CHARGES after the end of the Account and/or after a judgment is
entered shall continue to accrue at file rates and in fl~e rammer specified in the Agreement.
9. OUR CONTINUING DUTIES AND GMAC'S RIGHTS; WAIVERS. No xvaiver of any GMAC
right uuder the Credit Documents shall release or linfit our liability, Borrower's liability, or that of our
successors or Borrower's successors, nor shall any waiver affect the lien or priority of this Mortgage. GMAC
shall not be required to start proceedings against any successor or modify payment terms by reason of any
demand made by us or any successor.
No GMAC act or failure to act shall waive any right under this Mortgage. All waivers must be in writing
and signed by GMAC; they shall apply only to the extent and with respect to the event specified in the writing.
Obtaiuing insurance, or paying taxes, other liens or charges shall not be a waiver of GMAC's right to demand
payment at once of the sums secured by tiffs Mortgage in the event of a default under the Credit Documents.
10. SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY; CO-SIGNERS. This
Mortgage shall bind us and our respective successors and permitted assigns for the benefit of GMAC and its
successors and assigns. All agreements made by us or any successor are joint and several and may be enforced
against each of us or any successor.
Any Signer who does not execute the Agreement (a) is co-signing only to encumber that person's interest in
the Property and to release all homestead and/or dower rights, (b) is not personally liable under tile Credit
Documents, and (c) agrees that GMAC and any Siguer may modify either Credit Document, without consent
and without modifying the interests of the rest of us under this Mortgage.
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11. NOTICES. All notices shall be in writing. Except where applicable law requires othe~wvise:
(a) GMAC notices shall be hand delivered or mailed by first class, registered or certified mail to the address
of the PropmXy or to such other address specified by the addressee in a written notice given to GMAC. Any
GMAC notice shall be considered given on the day it is deposited in the U.S. mail or is hand-delivered.
(b) Our notices shall be mailed to GMAC by first class, registered or certified mail to the adch'ess for such
notices specified on our most recent monthly statement tinder the Agreement or to such other address specified
by GMAC in a written notice given to tis. Any such notice shall be considered given on the day it is received
by GMAC. .
12. GOVERNING LAW. This Mortgage Will be governed by federal and Wyoming law. If any
provision is invalid, illegal, or unenforceable, this Mortgage shall be interpreted as if such provision had never
been included.
13. COPIES. We shall receive copies of the Credit Documents at the time they are signed or after this
Mortgage is recorded.
14. EXERCISING REMEDIES. GMAC may exercise all of the rights and remedies provided by the
Credit Documents or law, and any of these rights and remedies may be exercised individually or joh~tly, once or
a number of times. The parties to this document are subject to the provision for Arbitration as set lbrth in the
Agreement which is incorporated by reference as if set forth at length herein.
15. EVENTS OF DEFAULT.
(a) The events set forth in paragraph 15(b) are Events of Default if and when GMAC gives any Signer
notice of default. We agree to notify GMAC promptly upon the happening Of any event that would be au Event
of Default under either Credit Document upon the giving of notice by GMAC.
(b) After giving notice of default, GMAC may cud the Account and/or demand repayment at once of the
Total Balance Outstanding in any of the following events:
(i) There has been fi'aud or material misrepresentation by any Signer in connection with the
Account;
(ii) Bon'owers have failed to meet the repayment terms of the Agreement for any amount
outstanding; or
(iii) Any action or inaction by any Signer has adversely affected the Property or any right of
GMAC in the Properly; to the extent pe~xnitted by law, this will include, but not be linfited to, any Signer (or
any legal representative or successor of any Signer) agreeing to sell, transfer or assign or selling, transferring or
assigning any interest in the propmXy, without the prior writteu consent of GMAC.
(c) Notwithstanding any language in this Mortgage to the contrary, GMAC will not give notice of default
unless pemfitted by applicable law and G/vlAC will give us any grace period, right to cure and/or reinstatement
right required by applicable law. This paragraph 15 is intended to give G/VIAC all rights pem~ined by
applicable law.
16. REMEDIES. IF BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE
OUTSTANDING ~VItEN DUE, GMAC MAY EXERCISE )d~Y REMEDY AVAILABLE TO IT
UNDER APPLICABLE LAW, INCLUDING FORECLOSURE.
17. FORECLOSURE BY ADVERTISEMENT. We hereby grant GMAC upon an Event of Default
power to sell or cause the sale of the PropellT by advertisement and sale at public auction or vendue and to
convey fl~e Property to the purchaser in the manner provided by law..
18. APPOINTMENT OF RECEIVER. Upon an Event of a Default or our failure to pay taxes assessed
against the Property and/or insurance premiums on the Property (which we agree shall constitute waste),
GMAC shall be entitled to the appointment of a receiver if permitted by law.
19. SATISFACTION OF MORTGAGE. Upon payment and discharge of all sums secured by this
Mortgage and temfination of the Account, this Mortgage shall be void and GMAC shall satisfy this Mortgage,
file a discharge or release and pay any recording costs.
20. REQUEST FOR NOTICES. GMAC requests that copies of notices of default, sale and foreclosure
from the holder of any lien which has priority over this Mortgage be sent to GMAC at 100 Witmer Road,
Horsham, PA 19044.
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21. EXHIBITS, SCHEDULES AND RIDERS, ETC. The terms of any Exhibit, Schedule or Rider
attached to this Mortgage or executed and recorded with this Mortgage shall be treated as if fully set forth in this
Mortgage. All of the terms of the Agreement are made part of this Mortgage.
22. TIME OF ESSENCE. Time is of the essence in this Mortgage.
23. ACTUAL KNOXVLEDGE. For purposes of the Credit Documents, GMAC shall not be deemed to
have actual knowledge of auy fact until it actually receives notice as set forth in paragraph 11 or until it receives
written notice thereof fi'om a source GMAC reasonably believes to be reliable. The date of receipt shall be
detm~nined by reference to the "Received" date stamped on such written notice by GMAC or its agent.
24. RELEASE. To the extent pemfitted by law, for ourselves and our successors and assigns, we hereby
release and waive all rights under and by virtue of the homestead exemption laws of the State of Wymmng.
25. EXPENSES OF LITIGATION. In any proceeding to enforce any remedy of GMAC under the Credit
Docoments there shall be allowed and included, to the extent pernfitted by law, as additional indebtedness in the
judgment or decree, auy cour~ costs and reasonable expenses xvhich may be paid or incurred by GMAC for
attorneys; appraisers; documenta~ and expert evidence; stenographers; publication; surveys; abstracts of title;
title.searches; title insurance policies; Ton'ens certificates; and sinfilar items xvhich GMAC reasonably cousiders
necessary in such proceeding or to evidence to bidders at any sale the true condition of the title to or value of the
Property. Such expenses may be estinmted to the extent they will be incurred after entry of the decree. In any
foreclosure by advertisement, all expenses pem~itted by statute that GMAC incurs in protecting the Property,
maintaining the lien of this Mortgage and foreclosiug this Mortgage shall be included in the redemption price
and in the calculation of any deficiency.
26. CAPTIONS; GENDER; ETC. The headings in this Mortgage are not to be Used to interpret or define
its provisions. In this Mortgage, the masculine gender includes the feminine and/or neuter, singular numbers
include the plurals, and plurals include the singnlar.
27. MERS. Borrower understands and agrees that MERS holds only legal title to the interests granted
by Borrower in this Mortgage, but, if necessary to comply with local law or custom MERS (as nominee for
GMAC and GMAC's successors and assigns) has the right: to exercise any or all of these interests, including,
but not limited to, the right to foreclose and sell the property; and to take airy action required of Lender
including but not limited to, releasing and canceling this Mortgage.
(This space left blanl~ intentionally)
By signing this Mortgage, we agree to all of the above.
WITNESSES:
By:
Peggy, J. ttalrk~er \ ' '
MORTGAGOR
7 10
By:
MORTGAGOR
By:
MORTGAGOR
By:
MORTGAGOR
By: Peggy Jo Parker
MORTGAGOR
By:
MORTGAGOR
By:
MORTGAGOR
STATE OF WYOM1NG
COUNTY OF ss.
On the 2 4day of October 2 0 0 3 , before me personally came peggy Jo
Parker to m~ known to be the h~dividual(si described irfi_and wh~-oxec.,uted the foregomg insm,ment, and
ac~owledged that he/she/they executed the same. [ ~ ~ ~
C0'"'.'T~ 0F ~ STATE 0F ~ L~ncoln Count, Wyoming
LI;;~OLN ~ .WYOMING}
......... ~ ..... ~__;;. MyCo~.Expkes: Hatch 25, 2006
Schedule A
Lot 69 in Star Valley Ranch Plat 13, Lincoln County, Wyoming as described on the official plat thereof
known as 1154 Vista Drive, Thayne, Wy 83127
Tax ID Number: 35183220201100
Known as: 1154 Vista Drive, Thayne, Wyoming 83127
742
MORTGAGE
Title No.
THIS INSTRUMENT PREPARED BY
John Perez
GMAC Mortgage Corporation
4 Walnut Grove Drive
Horsham, PA 19044
TO
Recorded At Request of
GMAC Mortgage Corporation
RETURN BY lVlAIL TO:
GMAC Mortgage Corporation
Home Equity Funding
4 Walnut Grove Drive
Horsham, PA 19044-0963
RESERVE THIS SPACE FOR USE OF RECORDING OFFICE
743
Account No. 0316521
PLANNED UNIT DEVELOPMENT RIDER
THIS PLANNED UNIT DEVELOPMENT RIDER is made as of October 24, 2003; it is part of and amends
and supplements the Mortgage, Deed of Trust or Deed to Secure Debt (the ",~ecuriO, Inxmtment') of even date herewith
from the undersigned to GMAC Mortgage Corporation ("GMAC"). All terms defined in the Security Instrument shall have
the same meaning when used in this Rider.
The Property is a parcel of land and a dwelling, which, together with similar parcels and dwellings and certain
common areas and facilities or ".common elements", all as described in The Declaration of Star Valley Ranches the
("Declaration"), ~'orms a planned unit development known as Star Valley Ranches (the "PUD").
ADDITIONAL AGREEMENTS. In addition to the agreements in the .Security Instrument, we agree with
GMAC as follows:
1. PUD OBLIGATIONS. We shall perform alt of our obligations under applicable law and the: (i)
Declaration; (ii) articles of incorporation, trust instrument or any equivalent docmnent required to establish the
Homeowners Association or equivalent entity managing the com~non elements of the PUD(the "Chvners Association');
and (iii) bylaws, if any, or other rules or regulations of the Ova~ers Association. Without limiting the generality of the
/bregoing, we shall pay when due all assessments imposed by the Owners Association.
2. }lAZARD INSURANCE. Any hazard insurance proceeds payable to Us in lieu of restoration or repair of the
common elements of the PUD are hereby assigned to GMAC and shall be applied as set forth in the Security Instrument.
3. CONDEMNATION. Our entire interest in the proceeds of any condemnation of all or any part of the
common elements of the PUD is hereby assigned to GMAC. Such proceeds shall be applied as set forth in the Security
Instrumei{t.
4. GMAC's PRIOR CONSENT. Absent GMAC's prior written consent, we shall not consent to:
(a) The abandonment or ternfination of the PUD;
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(b) Any amendment to the documents described in 1 aboxe, including but not limited
to, any amendment which would change the percentage interests of the unit owners in the common
elements of the PUD;
(c) Any decision by the Owners Association to terminate professional management
and assume self-management of the PUD; or
(d) The transfer, release, encumbrance, partition or subdivision of all or any part of
the PUD's common elements, except for easements for utilities and the like.
5. REMEDIES. WE GRANT AN IRREVOCABLE POWER OF ATTORNEY TO
GMAC TO VOTE IN ITS DISCRETION ON ANY MATTER THAT MAY COME BEFORE
THE MEMBERS OF TI{E OWNERS ASSOCIATION. GMAC SHALL ItAVE TIlE RIGHT
TO EXERCISE THIS POWER OF ATTORNEY ONLY AFTER IT DECLARES A
DEFAULT BY US UNDER THE SECURITY INSTRUS'IENT OR THIS RIDER.
HOWEVER, IT MAY DECLINE TO EXERCISE THIS POWER.
IN WITNESS WHEREOF, xve have executed this PUD R/der.
Peggy ~. ~3 rke~ .....
MORTGAGOR
Peggy' Jo l~aYkler
MORTGAGOR
MORTGAGOR
MORTGAGOR