HomeMy WebLinkAbout878661 · MORTGAGE
9B1702
~-~ IF BOX IS CHECKED, THIS MORTGAGE SECURES FUTURE ADVANCES.
THIS MORTGAGE is made this 1-/~H day of JANUARY 2002 , between the Mortgagor,
' ' SHAWN A, WHITMORE AND CHRISTA WHITMORE, HUSBAND AND WIFE
"(herein. "Borrower"), and Mortgagee BENEFICIAL WYOMING INC,
~l 6orporadon organized and existing under the laws of WYOMt NG whose add~ess is
i383 DEWAR DRIVE, PLAZA MALL STE 8, ROCK SPRINGS, WY 82901 '
(herein" '
Lender").
· . .The following paragraph preceded by a checked box is applicable.
'' · [~ WHEREAS, B,orrower is indebted to Lender in the principal sum of $ 91,39:. 98 ,
::i:i::'"evidenced by Borrowers Loan Agreement dated JANUARY 17, 2002 and any extensions or renewals thereof
:):~: (including those pursuant to any Renegotiable Rate Agreement) (herein "Note"), providing for monthly installments of
principal and interest, including any adjustments to the amount of payments or the contract rate if that rate is variable,
With.the balance of the indebtedness, if not sooner paid, due and payable on JANUARY 17, 2032 ;
~--~ WHEREAS, Borrower is indebted to Lender in the princilEal sum of $ , or so much thereof
as may be advanced pursuant to Borrower's Revolving Loan Agreement dated and
extensions and renewals thereof (herein "Note"), providing for monthly installments, and interest at the rate and under
the terms specified in the Note, including any adjustments in the interest rate if that rate is variable, and providing for a
.. - credit limit 5tared in the principal sum above and an initial advance of $ ;
TO SECURE to Lender the repayment of (I) the indebtedness evidenced by the Note, with interest thereon,
including any i~creases if the contract rate is variable; (2) future advances under any Revolving Loan Agreement; (3) the
Payment o[ all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage;
and {4) the performance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage,
grant and convey to Lender and Lender's successors and assigns the following described property located in the Cmmty of
LINCOLN COUNTY State of Wyoming:
. TH~ NORTHERLY ~0 FEET OF LOTS, 1 AND 2 OF BLOCK 38 OF THE
FIRST ADDITION TO THE TOWN OF KEMMERER, LINCOLN COUNTY,
WYOM NG
878661
which has the address of 617 SAGE AVE KEMMERER
(Street) (City)
Wyoming 831 01 (herein "Property Address");
(Zip Code)
.. ~W17743E45096MTGgOOOV/YO0123 IO~WH I TMOR,~ :/:.?:...: :,,
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TOGET}?~:}~:,,,'Jh all the improvements now or h':.'[212~z erected on the property, and all nts, rights,
appurtenances 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 if this Mortgage is on a
leasehold) are hereinafter referred to as the "Property."
Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage
grant and conv~y the Property, and that the Property is unencumbered, except for encumbrances of record, and
Borrower ~x}arrants 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 follows:
1. Payment of Principal and Interest. Borrowers shall promptly pay when due the principal and interest
indebtedness evi'denced by the Note, including any variations resulting from changes in the Contract Rate, and late
charges as provided in the Note.
2. Funds for Taxes and Insurance. Subiect to applicable law and only if requested in writing by Lender, Borrower
shall pay 'to Lender on the day monthly payments Of principal and interest are payable under the Note, until the Note is
paid in full, a sum (herein "Funds") equal to one-twelfth 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 of yearly premium installments for hazard insurance, plus one-twelfth of yearly
premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by
Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make
such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage'
or deed of trust if s~ch holder is an institutional lender.
If Borrower pays Funds to I~ender, the Funds shall be held in an institution the deposits or accounts of which are
insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall
apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so
holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless
Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to
Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be
required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borr~ower, without charge~ an
annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the
Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said
taxe2, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option,
either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the
Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they
fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as
Lender may require.
Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrov~er any Funds
held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender,
Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds
held by Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Application of Payments. Unless applicable law or the Note provide otherwise, all payments received by
Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to
Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the
Note.
4. Prior Mortgages and Deed of Trust; Charges; Liens. Borrower shall perform all of Borrower's ol~ligations
under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage,
including Borrower's covenants to make payments 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 an~. .
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender
may require and in such amounts and for such periods as Lender may require.
The insurance carrier providing the insurance shall be chosen by the Borrower subject to approval by Lender
provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in
a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to
Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage,
deed of 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 L'~nder. Lender may make proof
of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair
of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If
the restoration or~.repair is not economically feasible or Lender's security would be lessened, the insurance proceeds
shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to
Borrower.
If the Property is abandoned by Borrower, or if Borrower fails to refipond to Lender wi.thin 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. ' '
Unless Lender and Borrower otherwise a~-ree']n writing, any application of proceeds to principal shall not extend or
postpone the due date of' the monthly payments referred to in paragraphs 1 and 2 or change the amount of the
payments. If"under paragraph 17 the Property is acquired by Lender, Borrower's right to any insurance policies and
proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums
secured by this Security Instrument immediately prior to the acquisition.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums; 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.
WY001232
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~W 17743 E45096MT 09000WY 0012320~HlTMORE ~ OR I G IN^L
7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced, which materially affects Lender's interest in the Property, then
Lender, at Lender's option, upon notice to Bor-rower, may make such appearances, disburse such sums, inctudirig
reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender requires mortgage
insurance as a condition of making the loan secured by this Mortgage, Borrower shall pal, the premiums re{uired 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 o? applicable law.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon at the applicable Contract 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 7 shall require Lender to incur any expense or take any action hereunder.
8'. Inspection. Lender may take 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 therefor
related to Lender's interest in the Property
9. Condemnation. The 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 any mortgage, deed of trust or other secdrity agreement
with a lien which has priority over this Mortgage.
10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of
Borrower shall not operate to release, in any manner, the liability of thc original Borrower and Borrower's successors in
interest. Lender shall not be requ!red to commence proceedings against such successor or refuse to extend time for
payment or Otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the
original Borrower 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.
1.1. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements
herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and
Borrower, subject to the provisions of paragraph 16 hereof. Ail 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 Lender 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.
12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for 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 manner designated herein.
13. Governing Law; Severability. The applicable law contained in the Note shall control. Where no applicable law
is contained therein, 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 given 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' feds" include all sums to the extent not prohibited by applicable law or limited herein.
14. 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.
15. Rehabilitation Loan Agreement. Borrbwer shall fulfill all of Borrower's obligations under any home
rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at
Lender's option, may require Borrower to execute and deliver to Lender, in a f6rm acceptable to Lender, an assignment
of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in
connection with improvements made to the Property.
16. Transfer of the Property. If Borrower sells or transfers all or any part of the Property or an interest therein,
excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) a transfer by devise, descent, or by
operation of law upon the death of a joint.tenam, or (c) the grant of any leasehold interest of three years or less not
containing an option to purchase, Borrower shall cause to be submitted information required by Lender to evaluate 'the
transferee as if a new .loan were being made to the transferee. Borrower will continue to be obligated uhder the Note
and this Mortgage unless Lender releases Borrower in writing.
If Lender does not agree to such sale or transfer, Lender may declare all of the sums secured by this Mortgage to be
immediately due and payable. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of
acceleration in accordance with paragraph 12 hereof. Such notice shall provide a period of not less than 30 days from
the date the notice 'is mailed or delivered within which Borrower may pal' the sums declared due. If Borrower fails to
pay~ such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower,.
invoke any remedies permitted by paragraph 17 -hereof.
NON-UNIFORM COVENANFS. Borrower aod Lender further cog~',t ,a .nd agt.~e as follows:
17. Acceleration; Remedies. Except as px;c}vided in paragra.'i~ i~6'~:ere'0~.;.0L as otherwise 'required by law
upon Borrqwer s breach of any covenant ;or agreement /.'of ?Borrower ~r~ th~s Mortgage, including the
covenants to pay when due any sums secured by this Mbrtgage, Lender prior to acceleration shall give
notice to Borrower as provided in paragraph 12 hereof specifying;. (15 lhe :breach (2) the action required to
cure such breach; (35 a date, not less than 10 days from the).diite the notice is;.mailed to Borrower, by which
such breach must be cured; and (4) that failure to cure such ~breach:~on..or be, fore the date specified in the
notice may result in acceleration of the sums secured by t'hi~:'Mortgage; ;?Fh~ notice shall further inform
Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the
nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not
cured on or before the date specified in the notice, Lender at Lender's 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 permitted by applicable law. Lender shall be entitled to collect all
reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including,
but not limited to, reasonable' costs and expenses incurred in pursuing the remedies provided in this
paragraph 17, including, but not limited to, reasonable attorneys' fees.
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 mail a
copy of a notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall
publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender
or Lender's designee may purchase the Property at any sale. The proceeds of lhe sale shall be applied in the
following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to,
reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the
excess, if any, to the person or persons legally entitled thereto.
18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage
due .to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to. enforce this
Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant
to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage 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 ali breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c)
Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower
contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 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 obligations
secured hereby shall remain in full force and effect as if no acceleration had occurred.
19. Assignment of Rents; Appointment of Receiver; Lender in Possesion. As additional security hereunder,
Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under
paragraph 17 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 17 hereof or abandonment of the Property, and at any time prior to the
expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed
receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the
Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the
costs of management of the Property and collection of rents; including, but not limited 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 t6 account only for those rents actually received.
20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without
charge to Borrower. Borrower shall pay all costs of recordation, if any.
21. Waiver of Homesteadl Borrower hereby waives all right of homestead exemption in the Property.
22. Arbitration Rider to Note. The Arbitration Rider attached to and made a part of the Note is hereby
incorporated by reference and made a part of this ~Mortgage.
REQUEST FOR NOTICE OF DEFAULT
AND FORECLOSURE UNDER SUPERIOR
MORTGAGES OR DEED 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 andof any sale or other foreclosure action.
IN WITNESS WHEREOF, Borrower has executed this Mortgage.
Signed, 'sealed and delivered in the presence of:. ~..../~ ..~. ,24'
(SEAL)
~.:.:.:.:) ~C..-~.-"~'~ ~-"'~'~' ~ ' (SEAL)
WYOMiNG,~/~,} ~ } . , -Borrower
STATE
OF
U~
~he foregoin instrument was acknowledged before me by ¢~.r'[~ ~/¢ff~[)~Q ~' ~'
this ~ dayof ~~'- ,20 ~..
My commisi~n expires: ~ ~
" ~ B~~ ~Line Reserved For Lender and Recorder)
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