HomeMy WebLinkAbout899618729
RECEIVED
LINCOLN COUNTY CLERK
RETURN TO:
ATTN:
8996!8
GMAC Mortga9e Corp.
100 Witmer Road
Horsham, PA 19044-0963
Records Management
LOAN NO: 563299502
State of Wyoming
[Space Above This Lh]e For Recording Data]
MORTGAGE
IFHA Case Number
591-095234-3-703
MIN 1000375-0563299502-6
THIS MORTGAGE ('"Security Instrument") is given on May
Cornelia L. Bennet, A single woman
whose address is PO Box 1332,
Thayne, WY 83127-1332
24, 2004
· The Mortgagor is
("Borrower"). This Security Instnlment is given to Mortgage Electronic Registration Systems, Inc. ("MERS"), (solely as
nominee for Lender, as bereinafter defined, and Lender's successors and assigns), as beneficiary. MERS is organized and
existing under the laws of Delaware, and has an address and telephone number of P. O. Box 2026, Flint, MI 48501-2026, tel.
(888)679-MERS.
GMAC Mortgage CorpQration
("Lender") is organized and existing tinder the laws of Pennsylvania ,
· . ,andhasan
address of 100 Wirmer Road, P 0 Box 963, Horsham, PA 19044
Borrower owes Lender the principal sum of
One Hundred Eighteen Thousand Nine Hundred Thirty Seven and 00/100
Dollars (U.S. $ 118,937.00 ).
This debt is evidenced by Borrower's note dated the same date as this Secnrity Instrument ("Note"), which provides for monthly
payments, widt the frill debt, if not paid earlier, due and payable on June ]_, 20 34
· 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 [o protect the
security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Securtty
Instrument and the Note. For this purpose, Borrower does hereby mortgage, graut and convey to MERS (solely as nolmnee for
Lender and Lender's successors and assigns) ~nd to the successors and assigns of MERS, with power of sale, the following
described property located in Lincoln
Lot 4 .of Block 3 to the Townsite of Fa' ' County, Wyoming:
,d?_s_cr,lbed~ on. Instrument No 6996a7 fia~l~rV~l~eW,_L_incoln County, Wyoming as
~:,co-n ~ounny Clerk. - ~ x~u marcn ~, 1989 of the records of
which has the address of 17 1St West
Wyoming 83119
[Zip Code]
FHA WYOMING MORTGAGE. 10195
GMACM -FMS.O285.WY (0010)
Page ] o~ 7 250247391
("Property Address");
Imdals: ~___~_~ 808
Fairview
[Street. City],
7 ,0
TOGETHER WITH all the l[nprovements now or hereafter erected on the property, and all easements,
appurtenances, and fixtures now or '*hereafter a part of the property. All replacements and additions shall also be
covered by this Security Instrument. Ail of the foregoing is referred to ill this Security Instrument as the "Property."
Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this
Security Instrument; but, if uecess;rv to comply with law or custom, MERS, (as nominee for Lender and Lender's
successors and assigns), has the right: to exercise any or all of those interests, including, but not limited to, the right
to foreclose and sell the Property; and to take any 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 right to
mortgage, grant and convey the Property and that the Property is unencumbered, except for encmnbrances of record.
Borrower warrants mid will defend generally the title to the Property against all claims and delnands, subject to any
encumbrances of record.
THIS SECURITY INSTRUivlENT 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, Interest 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, Insurance, and Other Charges. Borrower shall include in each monthly
payment, together with the principa and interest as set forth ill the Note and any late charges, 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) prenuums for insurance required under Paragraph 4 In any year in which the Lender nmst pay a
mortgage insurance pren-num to the Secretary of Housing and Urban Development ("Secretary"), or in any year in
which such prenfimn would have been required if Lender still held the Security Instrument, each monthly payment
shall also include either: (i) a stun for the annual mortgage insurance premimn to be paid by Lender to the Secretary,
or (ii) a monthly charge instead of a mortgage insurance premium if this Security lnstrmnent is held by the Secretary,
in a reasonable 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 amounts for Escrow Items in an aggregate an'~ount not to exceed the
maxnnum 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 see. 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 befure 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 permitted 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 the shortage as permitted 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 guch sums, Borrower's account shall be credited with the balance
remaining for all installment items (a), (b), and (c) and any mortgage insurance prenuum 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 1 aud 2 shall be applied by Lender as follows:
.First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge
by the Secretary instead of the monthly mortgage ~nsurance premium;
Second, to m~y taxes, special assessments, leasehold payments or ground rents, and fire, flood and other
hazard insurance premiums, as required;
Third, to interest due unde- the Note;
.Fourth, to amortization of the principal of the Note; and
Fifth, to late charges due under the Note.
GNIACM -FMS.O285.Wy {0010) Page 2of 7 Initials:
If Borrower fails to make these payments or the payments required by Paragraph 2, or fails to perform ,'my other
covenants ,'md agreements contained iu this Security Instrument, or there is a legal proceeding that may significandy
affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or
regulations), then Lender may do ml, d pay whatever is necessary to protect the value of the Property and Lender's
rights in the Property, including ph/cment of taxes, hazard insurance and other items mentioned in Paragraph 2. '
Any amounts disbursed by L~¢oder under this Paragraph shall become an additional debt of Borrower and be
secured by this Security Instnnnen!i'. Tl~ese amounts shall bear interest from the date of disbursement at the Note rate,
and at the option of Lender shall b): immediately due and payable.
Borrower. . . shall promptly discharge~, rely lien which bas priority over this Security Instrument unless Borrower: (a)
agrees m wrmng to the payment ol 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 eni'orcement of the lien; or (c) secures fi-om tile holder of lhe lien an agree,neat
satisfactory to Lender subordinating the lien to this Security [ustrumeut. If Lender deternfines that any part of the
Property is subject to a lien which may attain priority over this Security Instrument, Leuder may give Borrower a
notice 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. Leuder may collect fees and charges authorized by the Secretary.
9. Grmmds for Accelm'-ati6n of Debt.
GMACM-FMS.0285.WY (00101
(a) Default. Lender may, except as limited by regulations isstled by the Secretary in the case of payment
defaults, require ilnmediate payment in full of all sums secured by this Security Instrument if:
(i) Borrower defaults by t'ailing to pay in full any monthly payment required by this Security Instrument
p!'ior to or on the due date of the next monthly payment, or
(ii) Borrower defaultslby failing' for a period of thirty'days, to perform any other obligations contained
in this Security Instmn:ient. · .
(b) Sale Without Credit ApProval.. Lender shall, if permitted by applicable law (inchtding 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 inm~ediate payment in full of all slims secured by this Security
Instrument if:
(i) All or part of the Property, or a beneficial interest itl a trust oWning all or part of the Property, is
sold or otberwise tr,'msferred (other than by devise or descent), and
(ii) The Property is ~:.ot:i occupied by tbe purchaser or grantee as his oi- her Principal residence, or the
pm'chaser or grantee does so occupy the Property, but his or her credit has not beeu approved in
accordance with the r,~quirements of tile Secretary.
(c) No Waiver. If circumsthnces occur that would permit Lender to require.immediate payment iu full. but
Leuder does not require Suc!~ payments, Lender does not waive its rights with respect to subsequent events.
(d) Regulations of IIUD Secretary: In many circumstauces regulations issued by the Secretary will linfit
Lender's rights, iu the Caseof payment defaults, to require i,mnediate payment in full rind foreclose if not
paid. This Security Instrun~eut does not authorize acceleration or fo,-eclosure if not permitted by
regulations of tbe Secret;ary.
(e) Mortgage Not Insured. BorroWer agrees that if this Security Instrument m~d the Note are not
determined to be eligil~le for insurance tinder the National Housing Act within sixty (60) days fi-Om 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 fi'om the date hereof, declining to insure this Seem'try lnstmnlent and the Note, shall be deemed
conclusive proof of such'ineligibility. Notwithstanding the fi)regoing, this option may not be exercised by
Lender when the unavailability of insurance is solely due to Leuder's failm'e to remit a mortgage insurance .
preminm to the Secretary,.
Pa0o 4 of 7 Initials:
LOAN NO: 563299502
4. Fire, Flood and Other Hazard Insurance. Borrower shall insure ali improvements on the Property,
whether now in existence or sub'$equently erected, against any hazards, casualties, and contingencies, including fire,
for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that
Lender requires. Borrower sha~l! also insure all improvements on the Property, whether now in existence or
subsequently erected, against lois by floods to the extent required by the Secretary. All insurance shall be carried
with companies approved by L~ader. 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 the event of loss, Borrower shall give Lender inunediate 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 Lenden instead of to Borrower and to Lender jointly. All or any part of the insurance
proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and
this Security Instrument, first to any delinquent amounts applied in the order in Paragraph 3, and then to prepayment
of principal, or (b) to the restei'ation or repmr of the damaged Property. Any application of the proceeds to the
principal shall 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 in 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 exectition 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 requireznent will cause undue hardship for Borrower, or unless
extenuating circumstances exis~ which are beyond Borrower's control. Borrower shall notify Lender of any
extenuating circumstances. Borrower shall not commit waste or destroy, damage or subslantially 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 in 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 the 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 shah not be merged unless Lender agrees to the merger in writing.
6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection
with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are
hereby asstgned and shall be paid to Lender to the extent of the full amount 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 Instrument, first to any delinquent amounts applied in the order provided tn
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 anmunt 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 in the Property. Borrower shall pay all
governmental or municipal charges, flues and impositions that are not included in 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, upou Lender's request Borrower shall promptly furnish to Lender receipts
evidencing these payments.
GN1ACM - FN1S.028fi.WY (0010) : Page 3 o~ 7 Initials:
?33
Borrower shall promptly give Lender written notice of any investtgation, claim, demand, lawsuit or other action
by any govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or
Enviromnental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental
or regulatory authority, that any 'removal or other remediation of any Hazardous Substances affecting the Property is
necessary, Borrower shall promptly, take all necessary remedial actions ~n accordance with Envirorm~ental Law.
As used in this Paragraph 16, "Hazardous Substances", are those substances defined as toxic or hazardous
substances by Enviromnental Law and the following substances: gasoline, kerosene, other flarmnabie or toxic
petrolemn products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde,
and radioactive ~naterials. As u~ed 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 in 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 an absolute assignment 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 sums secured by the Security Instrument; (b) Lender shall be
entitled to collect and receive alt 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 demand 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 ~;:o 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 m~y 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 innnediate payment in full under paragraph 9, Lender may
invoke the power of sale and any other remedies pernfitted by applicable law. Lender shall be entitled to collect all
expenses incurred in pursuing the'remedies provided in this paragraph 18, including, 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 mhd to the
person in possession of the Prope[ty, if different, in accordance with applicable law. Lender shall give notice of the
sale to Borrower in the manner 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 limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; mhd (c) any excess to
the person or persons legally entitled to it.
If the Lender's interest in tl'fi! Security Instrument is held by the Secretary and the Secretary requires immediate
payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single
Fanfily Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting a foreclosure
conmaissioner designated under ihe 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.
GMACM - FMS.0285.WY 10010l
Page 6 of 7
734
LOAN NO: 563299502
10. Reinstatement. Borrower has a right to be reinstated if Lender has required inunediate payment in full
because of Borrower's failure [o'~pay an amount due under the Note or this Security Instrument. This right applies
even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a
lump sum all amounts required t~J bring Borrower's account current including, to the extent they are obligations of
Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorney's fees and expenses
properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and
the_ obligations that it secures shall remain in effect as if Lender had not required immediate payment in full.
However, Lender is not required to pennit reinstatement if: (i) Lender has accepted reinstatement after the
commencement of foreclosure prgceedings 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 affecl:.the Priority of the lien created by this Security Instrument.'
11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension ~f the time of payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
interest of Borrower shall not operate to release the 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 otherwise 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 agreements 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, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b)
is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any
other Borrower may agree to extend, modify, forbear or make any accommodations 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 Borrower 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; Seveyability. 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 Instrument
or the Note conflicts with applica,ble law, such conflict shall not affect other provisions of this Security Instrument or
the Note which can be given effect without the conflicting provision. To this end the provisions of this Security
Instrument and the 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, br 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 nc.r. mal residential uses and to maintenance of the Property.
GMACM-FMS.0285.Wy (0010) Page 5of 7 initials:· CA
.... 7 3 5
LOAN NO: 563299502
19. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument
without charge to Borrower. Borrower shall pay any recordation costs.
20. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy
and dower in the Property.
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)]
[--]Condonfinium Rider ~]Adjustable Rate Rider [--]Growing Equity Rider
[--q Planned Unit Development Rider [---]Graduated Payment Rider ~]Other(s) [specifyl
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. ~
Cornelia L Bennet
-Borrower
(Seal)
-Borrower
(Seal) (Seal)
-Borrower -Borrower
STATE OF WYOMING,
The foregoing instrument was acknowledged before me this
Cornelia L. Benner, A single woman
by BC~NNIE ~tAR~0N - NOTARY PUB[I~ "
My Co~~
May 24,
County
2004
(date)
(person acknowledging)
Notar5 Poblic
GMACM- FMS.0285.WY (0010) Page 7 of 7