Loading...
HomeMy WebLinkAbout899369WHEN RECORDED MAIL TO: GMAC Mortgage Corp. 100 Witmer Road Horsham, PA 19044-0963 ATTN: Records Management RECEIVED LINCOLI,I COUNTY CLERK {}L,, },~,?.,.'r' 1 7 P f'i I,,: 1 ? nook 555t -p..,:0 5 6' [Space Above This Lh]e For Recording Data] Closed End Loan No.: S6746S406 CLOSED END MORTGAGE T}HS MORTGAGE is made this 14th day of May, 2004 , among the Mortgagor, Gre9 L. Osborne and Linda J. Osborn~ Husband and Wife wb0se address is 357 E 4th Avenue Afton, WY 83110 (herein "Borrower" or "Mortgagor"), and the Mortgagee GMAC Mortgage Corporation as agent for the District of Columbia Housing Finance Agency acting as nonfinee for the District of Columbia Affordable Housing Finance Trust (herein after, including its assigns, called "Mortgagee" or "Lender") find any future Holder or Holders. WHEREAS, Borrower is indebted to Lender in the principal stun of U.S. $ 4,557.00 (the "Loan") which indebtedness is evidenced by Borrower's Note dated May 14, 2004 and extensions and renewals thereof (herein "Note") if not sooner paid, due and payable on June 1, 2014 ; 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 herein contained. Borrower does hereby mortgage, grant and convey to Lender, with power cf sate, the following described property located in the County of Lincoln , State of Wyoming: FHA WYOMING - AHFT/Morlgage (Page l of 9) lnitiaL,~'O ff.) GMACM- FMS.1303.WY (0108) 249039184 808 587 See Attached Schedule A which has lhe address of: 357 E 4th Avenue, 'Afton, WY 83110 (S/reeO (City) (State) (Zip Code) (herein "Property Address" or "Residence"); TOGETHER with all the ~mprovements now or hereafter erected on tile Property. and all easements, rights, app'arten,'mces and rents, all of which shall be deemed to be and remain a part of the Property covered by this Mortgage; and all of the foregoing, together with said Property (or the leasehold, estate it' this Mortgage is on a leasehold) are hereinafter referred to as the "Property'i or "Residence". Borrower covenants that Borrower is lawfidly seized of tile estate hereby conveyed and has the right to mortgage, gr,'mt and convey the Property, and that the Property is unenct, mbered 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 fi)llows: 1. Payment of Principal. Borrower sball promptly pay wheq due the principal indebledness evidenced by the Note. 2. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender nnder the Note and paragraph I hereof shall .be applied by Lender to the principal of the Note. 3. Prior Mortgages and Deeds 'of Trnst; Cliarges; Liens. Borrower shall perform all of Borrower's obligations ur. der any mortgage, deed of trust or other security agreement with a lien which bas priority over this Mortgage, including Borrower's covenants to make paylnents 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. 4. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured! against loss by fire, hazards inch,ded within the term "extended co~,erage", and such other hazards as Lender may requn'c and in such amot, nts and tbr such periods as Lender may require. The insurmlce c~rrier providing tile insurmlce shall be chosen by Borrower subject to approval by Kender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form ~cceptable to Lender aud shall include a stmldard mortgage clause in favor of and in a forfil acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to tile terms of any mortgage, deed of LOAN NO: 567465406 FHA WYOMING a. liFr Mungag~ 2/01 GM ACM- I?MS. 13(}3.WY (0108) (Page2 of 9) trust, or other security agreement with a lien which has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender Lender may make proof of loss if not made promptly by Borrower. If the Property 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 the insurance carrier offers to settle a claim for insurance 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. 5. Preservation and Maintenance of Property; Leaseholds; Condonfiniums; Planned Unit Developments. 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 constituent documents. 6. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if ,'my action or proceeding is commenced which materially affects Lender's interest in the Property, the 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 as a condition of making tile loan secured by this Mortgage, Borrower shall pay the prenfiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. To the extent permitted by applicable law, any amounts disbursed by Lender pursuant to this paragraph 6, with interest thereon, at the Note rate, shall become additional indebtedness 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 6 shall require Lender to incur any expense or take any action hereunder. 7. Inspection. Lender may make or cause to be made reasonable entries upon ,and inspections of the Property, provided ,that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefore related to Lender's interest in the Property. 8. Condemnation. TheI proceeds of any award or claim for damages, direct or consequential, in connection With any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of m~y mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgilge. 9. Borrower Not ReleaTed; Forbearance by Lender Not a Waiver. Extension of the time for LOAN NO: 567465406 GMACM- FMS.1303.WY (6108) (Page 3 of 9) Initials:(~O('~) ~ . 5(:;9 payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor ~n 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 proceeding against snch successor or refuse to extend time for payment or otherwise modify mnortization of the sums secured by this Mortgage by reason of any demand made by the original B6rrower 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 preclude the exercise of any such right or remedy. 10. Successors and Assigus Bound; Joint and Several Liability; Co-signers. The covenants and agreements herein contained shall bind, m~d the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 14 hereof. All covenants and agreements of Borrower shall be joint and several. Any Borrower who co-signs this Mortgage, but does not execute the Note, (a) is co-signing this Mortgage only to mortgage, grant and convey that Borrower's interest in the Property to Lienor under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Mortgage or the Note without that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that Borrower's interest in the Property. 11. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided lbr in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated.herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the rammer designated herein. 12. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be givea effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable As used herein, "costs", "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or li~nited herein. 13. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 1.4. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, LO/X.N NO: 567465406 FHA WYOMING ^I,Fr/vlongage 2/01 dO ~ GMACM - FMS.1303.WY (0108) (Page 4 of 9) hfitlals: 570 Lender may, at its option, after giving any grace period, right to cure, and/or reinstatement right required by applicable ~law, require immediate paymen! in fall of all sums secured by ibis Mortgage. llowever, tiffs option shall not be exercised by Lender if exercise is prohibited by Federal law as of the date of this Mortgage. If Borrower fails to pay these sums prior to tile expiration of this period, Lender may invoke any remedies permitted by this Mortgage without further notice or demand on Borrower. NON-UNIFORM COVENANTS Borrower mid Lender timber covenant and agree as follows: 15. AccelerMion; Remedies. Excep! as provided in imrngrnph 14 hereof, npon Borrower's hreach of any coven:~nl or agreement of Borrower iu this Mortgage, including tile covenants to pay when due any sums secured by this Mortgage, Lende,' p,-ior to acceleration shall give notice to Borrower as provided iu parng,'aph 11 hereof specifying: (1) the breach; (2) tile action reqnired to cure sucb hrench; (3) a date, not less than 10 days from the date tile notice is mailed to Borrower, by which such breach must be cra'ed; and (4) that failnre to cure such breach on or before the date specified in the notice may rest,It in acceleration Of tile sums secured by tbis Mortgage and sale of the Property. Tile notice shall ft, rther inform Borrowe,' of tile right to reinstate after acceleralion and tile right to briug a corn'! action to assert the nonexisteuce of a default or any other defense of Borrower to acceleration and sale. If tile breach is not cured on or before the date specified in tile notice, Lender, at Lender's option, may declare nil of the sams secured by this Mortgage to be immediately due and payable withont farther demand and may invoice tile power of sale and ally other remedies permitted by applicable law. Lender shall be entitled to collect in such proceeding all expenses ol' fm'eclosure, inclnding, hut uot limited to, reasonable attorneys' fees. Tile parties to this documeut are subject to tile provisiou for Arbitration as set forth in tile Closed End Note which is incorporated by reference as if set forth at length herein. If Lender invokes tile power of sale, Lender shall give notice of intent to foreclose to Borrower and to tile person in possession of tile Property, if different, in accordance with applicable law. Leuder shall mail a copy of a notice of the sale to Borrower ill the manner provided in paragraph 11 hereof. Lender shall publish tile notice of sale and the Property shall be sold ill the nmnner prescribed by applicable law. Lender or Lender's designee may pnrehase tile Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonahle costs and expenses of the sale, including, bat not limited to, reasonahle attorneys' fees, and costs of title evidence; (b) to all sums secured by this iMortgage;' and (c) the excess, if any, to the Person or persons legally entitled thereto. 16. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have tile right to bare ,'my proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to tile earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale contained in this Mortgfi, ge or (ii) entry of a judgment enforcing this lVlortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other covenmlts or agreements of LOAN NO: 567465406 FItA %VYOMING ^Hvr Mot,gage 2/01 OMACM- FMS.1303.XVY (010S) (Page 5 of 9) lnitials.~ Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the ~:ovenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 15 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the:lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligation secured hereby shall remain in full force and effect as if no acceleratiou had occurred. 17.'Assignment of Rents; Appointnrent of Receiver; Leuder in Possession. As additional security hereunder, Borrower hereby assigns to Lender the rents of thc Property, provided that Borrower shall, prior to acceleration under paragraph 15 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 15 hereof or abandonment of the Property, Lender, in person, by agent or by judicially appointed receiver shall be entitled to enter upon, take possession of and nmnage the Property and to collect the rents of the Property including those past due. All rents colle:ted by Lender or the receiver shall be applied first to pay of the costs of management of file Property and collection of rents, including, but not linfited 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. 18. Release. Upon payment of all sums secured by this Mortgage, Lender shall discharge this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 19. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Property. 20. This mortgage is given to secure the payment of the Loan, according to the terms of a certain Down Payment and Closing Cost Assistance Program Note of even date herewith (the "Loan Closing Date"), signed by the Mortgagor, the payment hereon being due on or before the Maturity Date, as provided by the Note. The Note secured by this mortgage has a maturity of ten years, but will be forgiven to the extent of twenty (20%) of the original principal amount on the fifth anniversary of the Loan Closing Date; an additional twenty percent (20%) of the original principal mnount on the sixth anniversary of the Loan Closing Date; twenty percent (20%) of the original principal amount on the seventh anniversary of the Loan Closing Date; twenty percent (20%) of the original principal amonnt on the eighth anniversary of the Loan Closing Date. This mortgage will be fully forgiven on the tenth (10th) anniversary of the Loan Closing Date. Unless the obligations under the Note and this mortgage are assumed by the transferee of the Residence qualified under the Program in the opinion of the Servicer (described in the Note) of the Loan to assume such obligations, the Note and this mortgage securing the Property will be accelerated at the then principal balmme if the Mortgagor sells the Residence or voluntarily refinances or prepays more than 20% of the original principal balance of the first mortgage note within ten years of the Loan Closing Date. LOAN NO: 567465406 FHA WYOMING AIIFT Mortgage 2/01 Inltials:(~)~ O GMACM - FMS.I303.WY (0108) (Page6 of 9) _t~2- 571 572 In the event the Mortgagor defaults in the prepayment of said indebtedness, or fails to perform the other covenants and agreements hereof, the Mortgagee may foreclose this mortgage as provided by law; and as often as any proceedings may be taken to foreclose this mortgage, the Mortgagor agrees to pay to the Mortgagee a sum equal to ten percent (10%) of the amount due as attorneys' fees, in addition to the other sums due, which shall be a further lien secured hereby. Upon the due payment of said indebtedness and the performance of the covenants and agreements hereof by the Mortgagor, this mortgage shall become null and void. This mortgage is and shall be automatically subordinate to any existing first lien real estate mortgage on the Property. The parties hereto acknowledge and agree that this mortgage is subject and subordinate in all respects to the liens, terms, covenants, and conditions of the first lien real estate mortgage on the Property encumbered by this second lien real estate mortgage and to all advances heretofore made or which may hereafter be made pursuant to the first lien real estate mortgage including all stuns advanced for the purpose of (a) protecting or further securing the lien of the first lien real estate mortgage, (b) curing defaults by the Mortgagor under the first lien real estate mortgage, (c) for any other purpose expressly permitted by the first lien real estate mortgage, or (d) constructing, renovating, repairing, furnishing, fixturing, or equipping the Property The terms and provisions of the first lien real estate mortgage are paramount and controlling, and they supersede any other terms and provisions hereof in conflict therewith. In the event of a foreclosure or deed in lien of foreclosure of the first lien real estate mortgage, and provisions herein or any provisions in any other collateral agreement restricting the use of the Property to low or moderate income households or otherwise restricting the Mortgagor's ability to sell the Property shall have no further force or effect on subsequent owners or purchasers of the Property (other than the Mortgagor or a related person or entity of the Mortgagor). Any person including its successors or assigns (other than the Mortgagor or a related person or entity of the Mortgagor), receiving title to the Property through a foreclosure or deed in lieu of foreclosure of tile first lien real estate ~nortgage shall receive title to the Property free and clear of such restrictions. Further, if the holder of the first lien real estate mortgage (the "Senior Lien ttolder") acquires title to the Property pursuant to a deed in lieu of foreclosure, the lien of the first lien real estate mortgage shall automatically terminate npon the Senior Lien Holder's acquisition of title provided that (i) Mortgagee has been given written nouce of a default under the first lien real estate mortgage and (ii) Mortgagee has not cured the default (which cure option may be exercised in Mortgagee's sole discretion under tile first lien real estate mortgage or diligently pursued curing the default as determined by the Senior Lien Holder within the 60-day period provided in such notice sent to Mortgagee). REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at 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. LOAN NO: 567465406 FIIA WYOMING AHFT Mortgage GMACM - FMS.1303.WY (0108) (Page 7 of V) hfitials.~(~) IN WITNESS WHEREOF, Borrower has executed this Mortgage. Borrower (Maker): Gre9 L. Osborne (Seal) -Borrower b'±nda J. 4~sborne (SeaO -Borrower (SeaO -Borrower (Seal) -Borrower Witnesses: LOAN NO: 567465406 FIIA WYOMING AHFT Mortgage 2/01 GMACM - FMS.1303.WY (0108) (Page 8 of 9) 574 INDIVIDUAL ACKNOWLEDGMENT STATE OF W~ON~.HNG, COUNTY OF I~...~'-C~ (~"~ } SS The foregoing instrument Was acknowledged before me this May 14, by Greg L. Osborne ~nd LS_nda ,J. Osborne 2004 (date) WITNESS my hand and official seal. My Comnfission Expires:~ fro ~ltll.EY S~.~I.L - NOtAI~Y P~ 0nortgagor) Notary'Publtc v ~ ~.],._/ LO/LXl Iq'O: 567465406 FIIA WYOMING AIIFT Mortgage GMACM - FMS.1303.WY (0108) (Page 9 of 9) hfitials: ~ O ~ 575 Schedule A Wyoming Mortgage Given By: Greg L, Osborne and Linda J. Osborne Page 1 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 10 rods; thence West 5 rods to the POINT OF BEGINNING.