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Home My WebLink About900369~- ~'~ 30~26 (['4) ~// ~ 9OO3'6 RECEIVED LIN'CC~I [',l Crl ¢,,i'Ty CLERI< After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV'?9 DOCUMENT PROCESSING P.O.Box 10-'123 Van Nuys, CA 91410-0423 Prepared By: MAX T. ALLEN [Space Above This lane For Recording l)ata] HOFF [Escrow/Closing Ii/] 00005674519806004 [Doc ID ~1 MORTGAGE (Line of Credi0 THIS MORTGAGE. dated JUNE '._5, 200~1 , is between ROBERT T HOFF, AN UNMARi?,IED MAN, AND PAMELA J MOORE, AN UNMARRIED WOMAN residing at 300 BARNHILL RD., WILSO"~, WY 83014 tile person or persons signing tls "I~r~r(,rtgagor(s)'' below and hereinafter referred to as "we" or "us" and AMERICA'S WHOLESALE LENDER with an address at 4500 Park Granada, Cala.,}asas, CA 91302 and hereinafter referred to as "you:' or the "Mortgagee." MORTGAGED PREMISES: hi consideration of the loan hereinafter described, we hereby mortgage, grant and convey to you tile premises leto.ed at: 247 WEST COTTAGE LANE Sa-ecl ALP INE LINCOLN Municipality Cou aty WY 83128 State ZIP (the "?rcmises"). and ~rtherdescdbedas: THE EAST ONE-HALF OF LO.r FIFTEEN (15) IN LEON LIVINGSTON SUBDIVISION IN TOWNSHIP 37 NORTH, RANGE 118 WEST 6TH P.M., LINCOLN COUNTY, WYOMING. This is a 2nd Real Estate Mortgage recording with a First Real Estate Mortgage dated 6/15/2004 in favor of America's Wholesale Lender in the original amount of $92,000.00. ~ ® HELOC- WY Modgago 2C620-WY (02/03)(d) ~ Page 1 of 4 ' 2 3 9 9 I * '0587451 98000002C620 ' 077 DOC ID ~: 00005674519806004 The Premises iucludes all buildings and other improvements now or m the future on tile Premises and all rights and interests which derive from om' ownership, use or possession of the Premises and all appurtenances thereto. LOAN: The Mortgage will secure 5'our loan in the principal amount of $ 1 ?, 250.00 or so much thereof as may be advanced and readvanced fi'om time to time to ROBERT T. HOOF PAMELA J. MOORE , aud the Borrower(s) under the Home i!q,lity Credit Line Agreement and Disclosure Statement (the "Note") dated JUNE 15, 2004 ,~ plus interest ami costs, late charges and all othercharges related to the loan, all of which sums are repayable acco!'ding to the Note. This Mortgage will ,'dso secure the performance of all of the promises and agreements made by us and each Borrower and Co-Signer in the Note, all of our promises and agreements in this Mortgage, any extensions, renewals, amendments, supplements and other modifications of the Note, and any amounts advanced by you under the terms of the section of Iris Mortgage entitled "Oar Authority To You." Loans under the Note mt~y oe made, repaid and remade from time to time in accordance with the terms of the Note and subject to the Credit Limit sec forth in the Note. OWNERSHIP: We are tile sole ow~le~ ts) of the Premises. We have the legal right to mortgage tile Premises to you. BORROWER'S 1M ORTANT OB.~ItJATIONS: (a) TAXES: We will pay al! real estate taxes, ,'tssessmems, water charges and sewer rents relaling to tile Premises when they become due. Wc will not claim any credit on, or make deduction from, the loan under the Note because we pay these taxes ard ch~ges We will provide you with proof of payment upon request. (b) MAINTENANCE: We v,il! maiutain tile building(s) on the Premises in good condition. We will not make majorchanges in the building(s) except for normal repairs. We will not tear down any of die building(s) on the Premises without first getting 7our consent. We will not use the Premises illegally. If this Mortgage is on a unit in a condominium or a planned unil development, we shall perform all of our obligauons under the declaration or coven:mrs creaking or governing the condominium or planned unit development, the by-laws and regulations of tile condominium or phmned unit development and constituent documen ts. (c) INSURANCE: We will l.:ecp the building(s) on the Premises insured at all times against loss by fire, flood and any other hazards you may specify. We may choose the insurance company, but oar choice is subject to your reasonable approval. The politics must be for at least the amounts and the time periods that you specify. We will deliver to you upon your requ,:st the policies or other proof of the insurance. The policies must name you as "mortgagee" and "loss-payee" so that you will receive payment on all insurance claims, to tile extent of your interest under this Mortgage, before we do. The insurance policies omst also provide that you be given no~ less than 10 days prior written notice c'f any cancellation or reduction in coverage, for any reason Upon request, we shall deliver the policies, certificat'ss or other evidence of insurance to you. In the event of loss or damage to the Premises, we will immediately notifyyou in writing and file a proof of loss with the insurer. You may file a proof of loss on our behalf if we fail or r~efiise to do so. You may also sign our name Io any check, draft or other order for tile Payment of insurance procee, ds in tile event of loss or damage to the Premises. If you receive payment of a claim, you will have the right to choose to use the money either to repair the Premises or to reduce the mnount owing on the Note. (d) CONDEMNATION: We. assign to you the proceeds of any award or claim for damages, direct or consequential, in connection with,, any condemnation or other taking of tile Premises, or part thereof, or for conveyance in lieu of condemnatio ~:~, all of which shall be paid to you, subject to the terms of any Prior Mortgage (e) SECURITY INTEREST: We will join with you in signing and filing documents and, at our expense, in doing whatever you believe is nece SS~Lry to perfect and continue the perfection of your lien and security interest iu the Premises. (f) O[JR AUTHORITY TO ifOu: If we fail to perform our obligations under this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses. You will add the tmmnnts you advance to the sums owing on the Note, on which you will charge interest at tile interest rate set forth in the Note. If, for example we fifil to honor om. promises to maintain insurance in effect, or to pay filing fees~ taxes or tile costs necessary to keep the Prenfises in :,,obd condition and repair or to perform ,'my of our other agreements with 'you, you may, if you choose, advance any sums to satisfy any of our agreements with you and charge us interest on such advances at the inte,'est rate set forth in the Note. This Mortgage secures all such advances. Your payments on our behalf will not cm'e our failur'z to perform our promises in this Mortgage. Any replacement insurance that you obtain to cover lOss or damages to the Premises may be limited lo tile amount owing on the Note plus the amount of any Prior Mortgages, ® HELOC - WY Modgage 2C620~WY (02/03} Page 2 of 4 DOC ID #: 00005674519806004 (g) PRIOR MORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage date J: 06 / 15 / 2004 and given by us to AMERICAS WHOLESALE LENDE::i}! as mortgagee, in the original amour t'of $ 92, 000.00 (the "Prior Mortgage"). We shall not increase, mnend or modify the PriCrlMortgage without your prior written consent and shall upon receipt of any written notice from the holder of th ~ :Prior Mortgage promptly deliver a copy of such notice to you. We shall pity and perform all of our obligations ~imder the Prior Mortgage as ami when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCEs: We shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Snbstand~; :on or in the Prenfises. We shall not do, nor allow anyone else to do, anything affecting the Premises that is in violation of any Environlnental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Premises of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Premises. As used in this paragraph, "Hazardous Substance~''~ are those substances defined its toxic or hazardous substances by Environmental Law and the folld~,ing snbstances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in tiffs paragraph, "Environmental Law" me:ms federal laws and laws of the jurisdiction where the Premises are }ocated that relate to health, safety or environmental protection. (i) SALE OF PREMISES: ~¢'e' will not sell, tr,'msfer ownership of, mortgage or otherwise dispose of our interest in the Premises, in whole drin part, or permit any other lien or claim against the Premises without your prior written consent. ~' (j) INSPECTION: We will pe_.'mit you to inspect the Premises itt any reasonable time. NO LOSS OF RiGHTS: The Note aad this Mortgage may be negotiated or assigned by you without releasing us or the Premises. You may add or televise any person or property Obligated under the Note and this Mortgage without losing your rights in the Premises.. · DEFAULT: Except as may be prohibited by applicable law, and subject to any advance notice and care period if required by applicable law, if any event or condition described in Paragraph 12.A. of the Note occurs, you may foreclose upon this Mortgage. This meaus that you may arrange for the Premises to be sold by advertisement and sale or by judicial foreclosure, at yo ~l.¢ option, as provided by law, in order to pay off what we owe on the Note and nnder this Mortgage. If the money you receive from the sale is not enough to pay off what we owe you, we will still owe yon the difference which }ou may seek to collect from us in accordance with applicable law. In addition, you may, in accordance with applic:fl?le law, (i) enter on and take possession of the Premises; (ii) collect the rental payments, including over-due rental payments, directly from tenants after simply notifying them first class mail to make rental payments to you; (iii) n;rmage the Premises; and (iv) sign, cancel and change leases. We agree that the interest rate set forth itt the Note w!l! continue before and after a default, entry of a judgment and foreclosure. In addition, you shall be entitled to c,)l]ect all reasonable fees and costs actually incurred by you in proceeding to foreclosure, including, but not limited to, reasonable attorneys fees and costs of documentary evidence, abstracts and title reports. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the Premises. You or a receiver aI~pointed by the courts shall be entitled to enter upon, take possession of trod manage the Premises and collecrtlm ;~ents of the Premises including those past due afler simply notifying them by first class mail to make rental payments to you. WAIVERS: To the extent permitted by applicable law, we w,'five and release any error or defects in proceedings to enforce this Mortgage and hereby waive the benefit of any present or furore laws providing for stay of execution, extension of time, exemption from r.,tlachment, levy and sale and homestead exemptiou. BINDING EFFECT: Each of tls shall be fully responsible for ifil of the promises and agreements in this Mortgage. Until the Note has been paid in in'l and your obligation to make further advtmces under the Note has been terminated, the provisions of this Mortgage will be binding on us, our legal representatives, our heirs and all fire, re owners of the Premises. This Mortgage is for your benefit mtd for the benefit of anyone 'to whom you may assign it. Upon payment iii ilfil of all armunts owing to you under the Note and this Mortgage, and provided any obligation to make further advance~ ,~mtler the Note has terminated, this Mortgage and your rights in the Premises shall end. · HELOC - WY Mortgage 2C620-WY (02/03) 0:9003G DOC ID #: 00005674519806004 NOTICE: Except for any notice required under applicable law [o be given in mmther manner, (a) any notice to 'tls provided for in this Mortgage shall oe given by delivering it or by mailing such notice by regular first class mail addressed to tls at the last address ~ppearing in your records or at such other address as we may designate by notice to you as provided herein, and (b) any notice to you shall be given by certified mail, return receipt requested, to your address itt ANERICA'S WHOLESALE LENDI;R 4500 Park Granada, Calabasas, CA 91302 or to such other address as you may designate by notice to us. Any notice provided for in this Mortgage shall be deemed to have been given to tls or ~'ou when gwen in the manner designated herein. RELEASE: Upon payment of all srms secured by this Mortgage and provided your obligation to make fllrther adwmces under the Note has terminat~::d, you shall discharge tMs Mortgage without charge to us, except that we shall pay any fees for recording of a satisfaction of this Mortgage. GENERAL: You cml waive or delay qnfo.rcing any of your rights under this Mortgage without losing them. Any waiver by yon of any provisions of !his Mortgage will not be a waiver of that or any other provision on any other occasion. TItlS MORTGAGE has been signed by each of us 'under seal on the date first above written. WITNESS: ROBERT T. HOFF Morl gagor: PAMELA Jf MOOR~/ Mortgagor: (SEAL) (SEAL) Mortgagor: (SEAL) Mortgagor: (SEAL) STATE OF WYOMING, The foregoing instrument was ackno ~v]~edged before me this My Comnfission Expires Lincoln ~'~-a/'D J County ss: .C ! tT(o ~erson acknowledging) Notary Public ~ · HELOC - WY Mortgage 2C620-WY (02103) Page 4 ol 4