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HomeMy WebLinkAbout899368BOOK 5 5 5 ¢pRp;.;,GE ........ 55,8 899368 RETURN TO: GMAC Mortgage Corp. 100 Witmer Road Horsham, PA 19044-0963 ATTN: Records Management [SpaceAboveTlfisLineForRecor~ngData] LOAN NO: 567465406 State of Wyoming MORTGAGE FHA CaseNmnber 591-095313-5-703 MIN 1000375-0567465406-9 THIS MORTGAGE ("Security Instrument") is given on May 14, 2004 Gte9 L. Osborne and Linda J. Osborne, Husband and Wife · The Mortgagor is whose address is 357 E 4th Avenue Afton, WY 83110 ("Borrower"). This Security Instrument is given to Mortgage Electronic Registration Systems, Inc. ("MERS"), (solely as nominee for Lender, as hereinafter defined, and Lender's successors and assigns), as beneficiary. MERS is organized and existing under the laws of Delaware, and has an address aa~d telephone number of P. O. Box 2026, Flint, MI 48501-2026, tel. (888)679-MERS. GMAC Mortgage Corporation ("Lender") is organized mid existing under the laws of Pennsylvania , and has an addressof 100 Witmer Road, P.O. Box 963, Horsham, PA 19044 · Borrower owes Lender the principal sum of One Hundred Thirteen Thousand Nine Hundred Forty Seven and 00/100 Dollars (U.S. $ 113,947.00 ). This debt is evidenced by Borrower's note dated the santo date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paidlearlier, due and payable on June 1, 2 034 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the perfom~ance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby inortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in Lincoln County, Wyoming: See attached Schedule C. which has the address of 357 E 4th Avenue Wyonfing 83110 [Zip Code] FHA WYOMING MORTGAGE- 10/95 GMACM -FMS.0285.WY (0010) Page 1 of 7 249039183 ("Property Address"); Aft0n [Street, City], os' 9 s 5 5 9 TOGETttER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now ior hereafter a part of the property. Ail replacements and additions shall also be covered by this Security h~strument. All of the foregoing is referred to in this Security Instrument as die "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument; but, if necessary to comply with law or custom, IVIERS, (as nonrinee for Lender and Lender's successors and assigns), has the right: to exercise any or all of those interests, including, but not linfited tO, the right to foreclose and sell the Property; and to take m~y action required of Lender including, but not limited to, releasing or canceling this Security Instrument'. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the righ~ to mortgage, grant and convey the Property and tbat the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, snbject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM cOVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment Of Principal, hrterest and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due under the Note. 2. Monthly Payment of Taxes, Insnrance, and Other Charges. Borrower shall include in each monthly payment, together with the principal and interest as set forth in the Note and any late cbarges, a sum for (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums for insnrance required under Paragraph 4. In any year in which the Lender inust pay a mortgage insurance pre~nium to the Secretary of Housing and Urban Development ("Secretary"), or in any year in which such premium would have been required if Lender still held the Security Instrument, each monthly payment shall also include either: (i) a sum for the annual mortgage iusurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurauce premimn il' this Security Instrmnent is held by the Secretary, in a reasouable amount to be determined by the Secretary. Except for the monthly charge by the Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." Lender may, at any time, collect and hold anmunts for Escrow Items in an aggregate amount not to exceed the maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. § 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ("RESPA"), except that the cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium. If the amounts held by Lender for Escrow Items exceed the amounts pernfitted to be held by RESPA, Lender shall account to Borrower for the eXcess funds as required by RESPA. If the amounts of funds held by Lender at any time are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up tl~e shortage as perlnitted by RESPA. The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance relnaining for all installment items (a), (b), and (c) and any mortgage insurance prenfium installment that Lender has not-become obligated to pay to the Secretary, and Lender shall promptly refund any' excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments for items (a), (b), and (c). 3. Application of Payments. All payments under Paragraphs I and 2 shall be applied by Lender as follows: First, to the mortgage insurance premiurn to be paid by Lender to.the Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance prenfium; Second, to any taxes; special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; Third, to interest due under the Note; Fourth, to amortization of the principal of the Note; and Fifth, to late charges due under the Note. GN1ACM - FNIS.0285.WY {001,0), : i i5~ Page 2 of 7 Initials 560 If Borrower fails to make these payments or the payments required by Paragraph 2, or fails to perform any other covenants aud agreements contained in this Security Instrument, or there is a legal proceeding that may siguificantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condenmation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insnrance and other items mentioned in Paragraph 2. Any mnounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and be secured by this Security Instrument. These amounts shall bear interest from the date of disbursement at the Note rate, and at the option of Lender shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrulnent. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notme identifying the lien Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 8. Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Acceleration of Debt. GMACM- (a) Default. Lender may, except as linfited by regulations issued by the Secretary in the case of payment defaults, reqmre immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any tnonthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including section 341(d) of the Garn-St Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so Occupy the Property, but his or her credit has not been approved in accordance with the requiremeuts of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, kender does not waive its rights with respect to subsequent events. (d) Regulations of ItUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security l'nstrmnent does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not InSured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within sixty (60) days from the date hereof, Lender may, at its option require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to sixty (60) days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. ,oo o, LOAN NO: 567465406 4. F|re, Flood and Other Hazard Insnranee. Borrower shall insure all m]provements on the Proper[y, whether now in existence or subi~equent]y erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insulance. This insurance shall be maintained in the amoums and for the periods that Lender requires. Borrower shah also insure all improvements on the Proper[y,. whether now in existence or subsequently erected, against ]oss by floods to tile extent required by the Secretary.. Al| insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. In tile event' of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of 1o Borrower and [o Lender jointly. All or any part of the insurance proceeds may be applied by Lender, at its option, either (a) [o the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquen[ amounls applied in the order in Paragraph 3, and then to prepayment of principal, or (b) to .the restoration or repair of the damaged Properly. Any application of the proceeds to the principal shah not extend or pos[pone the due date of the monthly payments which are referred to in Paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies itl force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless the Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property, to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be itl default if Borrower, during the loan application process, gave materially false or .inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with tile loan evidenced by the Note, including, but not limited to, representations concerning BorrOwer's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. ' Condemnation. The proceeds of any award or claim for dan~ages, direct or consequential, in connection with any conde~nnation or other :taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full mnount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrmnent, first to any delinquent amounts applied in the order provided in Paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in Paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights itl the Property. Borrower shall pay all govermnental or municipal charges, fines and impositions that are not included ill Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. GMACM- FMS,O285.WY 10010, Page 3 o~ 7 Borrower shall promptly give Lender Written notice of any iuvestigation, claim, demand, lawsuit or other action by any gover~m'~ental Or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Bm!rower has actual kuowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any iremoval or Other re~nediation of any Hazardous Substances affecting the Property is necess,'u:y, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental Law. As used in this Paragraph 16, "Hazardous Substances", are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flan~mable or toxic petroleum products, toxic pesticides and herbicides, volatil, e solvents, materials,,containing asbestos or formaldehyde, and radioactive materials. As uged in the Paragraph 16, 'Environmental Law means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as' follows: 17.' Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement iu the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes m~ absolute assigmnent and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sunts secured by the Security Instrmnent; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demm~d to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Paragraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. If Lender requires inunediate payment in full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 18, iucluding, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the poWer of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of the sale to Borrower itl the maimer provided in paragraph 13, Lender shall publish .the notice of sale, and the Property shall be sold in the maturer prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not litnited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. If the Lender's interest in this Security Instrument is held by the Secretary mid the Secretary requires immediate payment in full under Paragraph~ 9, the Secretary ~nay invoke the uonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting a foreclosure cormnissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of anY rights otherwise available to a Lender under this Paragraph 18 or applicable law. GMACNI - FMS.0285.WY (0010l Page 6 of 7 563 LOAN NO: 567465406 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to' pay an amount due under the Note or this Security Instrument. This right applies .even after foreclosure proceedings are instituted. To reinstate tbe Security Instrument, Borrower shall tender in a lmnp sum all amounts required t'o bring Borrower's account current including, to tire extent they are obligations of Borrower under tiffs Security Ins~rumentl foreclosure costs and reasonable and customary attorney's fees and expenses properly associated with tile foreclosure proceediug. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required irmnediate payment in full. .However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after tile commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of tile lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of tile time of payment or modification of amortization of the sums secured by .tiffs Security In'strument granted by Lender to any successor iu interest of Borrower shall not operate to release tbe liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otberwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of Paragraph 9(b). Borrower's covenants and agree~nents shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, graut and convey that. Borrower's iuterest in the Property under the terms of this Security Instrumeut; (b) is not personally obligated to pay the sums secured by this Security Instru~nent; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any acconunodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrowm' designates by notice to Lender. 'Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. ' Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrumeut or tbe Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect witbout the conflicting provision. To this end the provisions of this Security Instrument and tbe Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and this Security Instrument. 16. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. GMACM- FMS.0285.WY (0010) Page 5 of 7 LOAN NO: 567465406 19. Release. Upon payment of all sums secured by this Security Instrumeut, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 20. Waivers. Borrower waives all rights of homestead exemptiou iu the Property and relinquishes all rights of curtesy and dower in the Property. 564 Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] [--]Condominium Rider [---]Adjustable Rate Rider ~]Growing Equity Rider [~-]Planned Unit Development Rider [---]Graduated Payment Rider i JOther(s) [specify] BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security Instrument and in any rider(s) executed by Borrower and recorded .with it. ~_~e~ L'<, Os]~ne -Borrower (Seal) -Borrower STATE OF WYOMING, (Seal) -Borrower County ss: (Seal) -Borrower by The foregoing instrument was acknowledged before me this Greg L. Osborne and Linda J. Osborne May 14, 2004 (date) My Conunission Expires: gqELl~ SA~O~t.~'~NOT/~Y P~6UG (person acknowledging) ~~el Notary Public . GMACM - FNIS.0285.WY {00101 Page 7 of 7 SCHEDULE C Part of Lot 4 of Block 14 to the Town of Afton, Lincoln County, Wyoming being more particularly described as follows: BEGINNING at the Southwest corner of said Lot 4 and thence running North 10 rods; thence East 5 rods; thence South i0 rods; thence West 5 rods to the POINT OF BEGINNING.