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HomeMy WebLinkAbout899608THIS INSTRUMENT WAS PREPARED BY: WHEN RECORDED MAIL TO: OPTION ONE MORTGAGE CORiOORATION 8 9 9 6 0 8 P.O. BOX 57096 IRVINE, CA 92619-7096 ATTN: RECORDS MANAGEMENT RECEIVED LINOOLN COLJNTY CLERK Loan Number: 321018782 Servicing Nmnber: .0013 4116 9 - 9 BOOP,.~ MORTGAGE THIS MORTGAGE is m:~de this 18 the Mortgagor, GUY L. WILLIB~MSON, A SINGLE MAN day of May , 2004 , between 1-5 Option One Mortgage Corporation, existing under the laws of 3 Ada, (liercin "Borrower"), and the Mortgagee, a California Corporation , a corporation organized and , whose address is CALIFORNIA Irvine, CA 92618 (herein "Lender"). WHEREAS, Borrower iJ indebted to Lender in the l~rincipal sum of U.S. $ 29,200.00 * , which indebtedness is evidenced by Borrower's note dated May 18, 2004 and exte~tsions and renewals fl~ereof (herein "Note"), providing for monflfly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on dune 01, 2034 ; TO SECURE to Lender the repayment of tile indebtedness evidenced by the Note, with imerest thereon; the payment of all other stuns, wifl~ interest thereon, advanced in accordance herewith to protect the security of fids Mortgage; and the pertbrnmnce of fire covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the lbllowing described property located in the County of Lincoln State of Wyoming: ' 37182830602100 LOT 52, OF THREE RIVERS MEADOW ESTATES, SUBDIVISION 'B' ACCORDING TO THAT PI.~T RECORDED IN THE OFFICE OF THE COUNTY CLERK, LINCOLN COUNTY, WYOMING: *THIS REAL ESTATE MORTGAGE IS SECOND AND SUBJECT ONLY TO A FIRST REAL ESTATE MORTGAGE RECORDING CONCURRENTLY HEREWITH IN FAVOR OF OPTION ONE MORTGAGE DATED MAY 18, 2004 IN TIlE ORIGINAL AMOUNT OF $116,800.00. which has the address of ALPINE 444 MEADOWS DR [City], Wyoufing 83128- [Slreetl [ZIP Codel ("Property Address") TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and renmin a part of the property covered by this Mortgage; and all of the tbregoing, togefl~er with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as fl~e "Property." Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and bas tim right to mortgage, grant and convey the Property, and ti}at the Property is uuencumbered, except for encmnbrances of record. Borrower covenants that Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to en:mnbrances of record. UNIFORM COVENAN?S. Borrower and Lender covenant and agree as fullows: 1. Payment of Principal and h~terest. Borrower shall prompdy pay when due the principal and interest indebtedness evidenced by the Note and late charges as provided in file Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender on the day mortthly payments of principal and ,merest are payable under die Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of file yearly taxes and assessments (including Pnge 1 of 5 WYSI~21.wp (04-18-03) Loan Number: '321018782 : Servicing Number: 001341169-9 Date: 05/18/04 condominium and planned unit deCelopment assessments, if any)which limy attain priority over this Mortgage and ground rents on the Property, if any, plus one-twelfth of yearly premimn instalhnents for hazard insurance, plus one-twelfth of yearly prenfimn insiallments for mortgage insurance, if any, all as reasonably estinmted initially and from time to tilne by Lender on the basis of assessments and bills and reasonable estilnates thereof. Borrower shall not be obligated to nmke 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 such holder is an institutimml lender. If Borrower pays Funds !to Lender, the Funds shall be held in all 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 p~y said.taxes, assessments, insurance premimns and ground rents. Lender nmy not charge for so holding and .{.~pplying die Funds, analyzing said account or verifying and coinpiling said assessments and bills, mdess Len~ler pays Borrower interest on the Funds and applicable law pernfits Lender to ~nake 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! id Borrower, and mdess such agreement is nmde or applicable law requires such interest to be paid, Lender shall ndt;ibe required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without chargei hn annual accounting of the Funds showing credits and debits to the Funds and the purpose tbr which each debit to the Funds was made. The Funds are pledged as additional security for the stuns secured by this Mortgage. ~: If the amount of the FUn~s~ held by Lender, together with file future monthly instalhnents of Funds payable prior to the due dates of taxes, assessments,, insurance prenfiums and ground rents, shall exceed rite amount required to pay said taxes, 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 amom~t of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as fl, ey fail due/Borrower shall pay to Lender ally amount necessary to nmke up the deficiency in one or more payments as Lender nmy require. Upon payment in full Of ill sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under pa4ragraph· 17 hereof the Property is sold or file Property is otherwise acquired by Lender, Lender shall apply, no la,er 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 secored by this Mortgage. 3. Application of Payme~nts. Unless applicable law provide otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied in the following order (i) prepayment charges due under file Note, if any (ii) amounts payable under Section 2; (iii) interest then due under the Note; (iv) principal then due under file Note; (v) any other charges then due under or relating to file Note or Security Instnm~ent including but not limited to late charges and non sufficient funds; ~9i) any payments or premimns due for optional products that I have authorized; and (vii) the unpaid Principal balance of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall peril)mi all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over dfis Mortgage, including Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other clmrges, fines and impositions attributable to file Property which nmy attain a priority over this Mortgage, and ~easehold payments or ground rents, if any. 5. Ha?ard Insurance. B6rrower 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 iLender nmy require. The insurance carrier providing the insurance shall be choseu by Borrower subject to approval by Lender; provided, that such approval shall not be mn'easonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mo.rtgage 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 0f trust or other ~ecurity agreement with a lien which has priority over this Mortgage. In the event of loss, Bor}'0wer shall give prompt notice to the insurauce carrier and Lender. Lender may make proof of loss if not made plomptly by Borrower. If Borrower abandons the Property, Lender nmy file, negotiate, and settle any available insurance claim. and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle file claim. The 30 day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 2~ or otherwise, Bon'ower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Se~urity Instrument, and (b) any other of Borrower's rights (other than file right to any .refund of the unearned prenfimns paid by Borrower) under all insurance policies covering 'the Property, insothr as such rights are applicable to the coverage of the Property. Lender nmy use the ilksurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Preservation and Mainlena~me of Property; I~mseholds; Condominiums; Planned Unit Devel°pmen~s. Borrower shall keep the Property in good repair and shall not conmfit waste or pemfit impairment or deterioration of the Property and shall comply with die provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condo;[<iniun~ or a plamled unit development, Borrower shall perform all of Borrower's obligations under the declaration er covenants creating or governing rile condonfinium or planned unit development, . the by-laws and regulations of the condonfini'um or plalmed milt development, and constituent documents. 7. Protection of Lender'~ Security. If Borrower fails to pertbrm the covenants and agreements contained WYOMING- SECOND MORTGAGE hfitials: ~3d~ Page 2 of 5 , ' WYSIM21.wp (04-18-03) Loan Number: 321018782 Servicing Nulnber: 001341169-9 Date: 05/18/04 in tills Mortgage, or if any action or 'proceeding is connnenced which nmterially affects Lender's interest ill the Property, then Lender, at Lender"s ,option, upon notice to Borrower, nuy make such appearances, disburse such suns, including reasonable attorneYs' fees, and take such action as is necessary to protect Lender's iuterest. If Lender required mortgage insurance as a condition of making the loan secured by tiffs Mortgage, Borrower shall pay rite premiums required to lnaintain such insurance in effect until such time as the requirement fol' such insurance ternfinates in accordance with Borrower's and Lender's writteu agreement or applicable law. Any alnounts disbursed by Lefider pursuant to this paragraph 7, with interest thereon, at file Note rate, shall become additional indebtedness Of:Borrower secured by this Mortgage. U~fless Bm'rower and Lender agree to other terms of paYment, such amounts sl:,.a~l be payable upon notice from Lender to Borrower requesting pa~,ment thereof. Nothing contained in fids paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Ins'pection. Lender n~3y make or cause .[o be nude reasonable entries upon and inspections of the ProPerty, provided flut Lender shfili give Borrower notice prior to any such inspection specifying reasonable c,'mse therefor related to Lender's intere:!gt in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condenmation or other taki,ng of the Property, or part thereof, or for conveyance in lieu of condermution, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a lien wh.(ch lus priority over this Mortgage. 10. Borrower Not Relea'*:xt; For ~bearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of th~ Suns secured by this Mortgage granted by Lender to any successor ill interest of Borrower shall not operate to ~release, in any number, the liability of the original Borrower and Borrower's successors in interest. Lender shall.~not be required to commence proceedings against such successor or refuse to extend time for payment or otherwi§e modify amortization of the sums secured by this Mortgage by reason of any demand made by the original B&rower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy ht!reunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such ¥i~ght or remedy. 11. Successors and Assighs Bound; Joint and Several Liability; Co-signers. The covenants and agreements herein contained shall bind, and th$ rights hereunder shall inure to, the respective successors and assigns of Leuder and Borrower, subject to the provisions of paragraph 16 hereof. All cove~unts and agreements of Borrower shall be joint and several. Any Borrower' who co-s~gns tlus Mortgage, but does not execute the Note, (a) is co-signing this Mortgage tuffy to mortgage, grant and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, (b) is not persoiully 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 acconmlodations with regard to the terms of this Mortgage or the Note without that Borrower's consent and without releasing flut Borrower or modifying this Mortgage as to that Borrower's interest in the Property. 12. Notice. Except for any notice required nnder applicable law to be given in another manner, (a) any notice to Borrower pro'vided for in this Mortgage shall be given by delivering it or by mailing such notice by certified null 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 olher address as Lender nmy designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deelned to have been giveu to Borrower or Lender when given in rite nunner designated herein, 13. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of file jurisdiction in which the Property is located. The foregoing sentence shall not linfit the applicability of federal law to this Mortgage. In the event Jut any provision or clause of this Mortgage or the Note conflicts with applicable law, suclf 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 file provisions of this Mortgage and the Note are declared to be severable. As Used herein, "costs," "expenses" and "attorneys' fees" include all smus to the extent not prohibited by applicable law or linfited herein. 14. Borrower's Copy. Borrower sliall be furnished a conforlned copy of the Note aud of this Mortgage at file time of execution or after recordation hereof. 15. Rehabilitation~Loan Agreement. Borrower 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 form acceptable to Lender, an assignment of any rights, clai~ns or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements nude to the Property. 16. 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 ill Borrower is sold or transferred and Borrower is not a natural person)without Lender'.s. prior written consent, Lender may, at its option, require ilmnediate payment in full of all sums secur.::d by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. If Lender exercises this o?tion, Lender shall give Borrower notice of acceleration. Tlie notice shal! provkle a period of not less than 30 days front the date the notice is delivered or ~nailed within which Borrower nmst pay all sums secured, by this Mortgage: If Borrower fails to pay these suuls prior to the expiration of this period, Leuder nuy invoke any remedies pernfitted by tlfis Mortgage without further notice or delnand on Borrower. NON-UNIFOI:Uv[ COVE~NANTS. Borrower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any COvenant or agreement of Borrow'ur .h~ this Mortgage, including the covenants to pay when due any WYOMING- SECOND MORTGAGE' Initials: Page 3 Of 5 WYSIlvI21.wp (04-18-03) Loan Number: 321018782 Servicing Nmnber: 00134116979 Date: 05/18/04 sums secured by this Mortgage, Lei.'~der prior to acceleration shall give notice to Borrower as provided in par*graph 12 hereof specifying: (1) the breach;. (2) the action required to cure such breach; (3) a date, not less ~han 10 days from the date the notice is mailed ~m~' Borrower, by which such breach must be cured; 'and (4) that failure to cure such breach on or before the date !sPeCified in the notice may result in. acceleration of the sums secured by this Mortgage. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring court action to assert'the monexistenee 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 enlifled to collect all reasonable costs and expenses incurred in pumuing rile 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 Propertyi 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 sludl publish rile notice of sale and the Property shall be sold in the manner prescribe by applicable law. Lender or Lender's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable ,costs and expenses of the !sale, including, but not lhnited to, reasonable attonmys' fees and costs of fide evidence; (b) to all sums secured b~' this Mortgage; and (c) the excess if any, to rile person or persons legally entitled thereto. ! : 18. Borrower"s Right to Reinstate. Notwithstanding Lender's acceleration of the stuns 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 discontinned at any titne prior to the earlier to occur of (i) the fifth day befor~ 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 I~ender all stuns which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all 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 linfited to, reasonable attorneys' fees; and (d) Borrower takes such action as to 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 conti~me mfimpaired. Upon such payment and cure by Borrower, this Mortgage find the obligations secured hereby shall remain in full force and effect as if no acceleration had Occurred. 19. Assi~tment of Rents;'Appoinnnent of Receiver. 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 retaiu such rents as they become due and payable. Upon acceleration under Paragraph 17 hereof or abandomnent 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 tXpon, take possession of and manage the Property and to collect the rents of the PropertY including those past due. All rents collected by the receiver shall be applied first to payxnent of the costs of management of the Property an& collection of rents, including, but not lixnited 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 0nly for those rents actually received. 20. Release. Upon payme}nt of all stuns 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 Homestead. Borrower hereby waives all right of homestead exemption in the Property. 22. Lost, Stolen, Destroyed or Mutilated Security Instrument and Other Documents. In the event of the loss, theft or destruction of the No;e. any other notes secured by this Security h~strument, the Security Instrument or any other documents or instruments executed in com~ection with the Security Instrument, Note or notes (collectively, the "Loan Documents")! upon Borrower's receipt of an indenmification executed in favor of Borrower by Lender, or, in the event of the nmtilation of any of the Loan Documents, upon Lender's surrender to Borrower of the mutilated Loan Document, Borrower shall execute and deliver to Lender a Loan Docmnent in form and content identical to, and to serve as a replacement Of, the lost, stolen, destroyed, or mutilated Documents, aod may be treated for all purposes as the original copy of such Loan Docmnent. 23. Riders to this Securityilnstmment. If one or more riders are executed by Borrower and recorded together with this Security Instrum.~nt, the covenants and agreements of each such' rider shall be incorporated into and shall amend and supplement the. covenants and agreements of this Security Instrument as if file rider(s) were a part of this Security Instrument.. [Check applicable box(es)] [] Adjustable Rate Rider [] No Prepayment Penalty Option Rider [] Other(s) (specify) WYOMING- SECOND MORTGAGE Page 4 of 5 [] Condonfi~fium Rider [] Plam~ed Unit Development Rider [] 1-4 Fanfily Rider [] Occupancy Rider Loan Number: 321018782 Servicing Number: 0 013 4116 9 - 9 Date: 05/18/04 REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender reqaest the holder of any mortgage, deed of trust or other'encumbrance wifl~ a lien which has priority over fids Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any default under fl~e superior encumbrance and of any sale or other foreclosure action. IN WITNESS WHEREOF, Borrower has executed this Mortgage. G W I LLIAMSON -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Sign Original Only) STATE OF WYOMING, Te t on County ss: The foregoing instrument was acknowledged before me this 18th day of May, 2004 by My Conmfission Expires: Guy L. Williamson 9-15-07 Nota~ WYOMING - SECOND MORTGAGE Page 5 of 5 WYSIIvI21 .wp (04-18-03)