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HomeMy WebLinkAbout900498WHEN RECORDED M~IL TO: GMAC Mortgage Cor?. 100 witmer Road Horsham, PA 190,t,t'-10963 ATTN: Records Mac~agement Closed End Loan No.: [Space Above This Line For Recording Data] 569139207 CLOSED END MORTGAGE THIS MORTGAGE is made this 22nd day of June, mnong the Mortgagor, Shawn Robertson ard Allison Iobst 2004 whose address is PO Box 12993, Jack]son, WY 83002 (herein "Borrower" or "Mortgagor"), and the Mortgagee GMAC Mortgage Cor-3oration as agent for the District of Columbia Housing Finance Agency acting as nominee for the District of Columbia Aflbrdable Housing Finance Trust (herein after, including its assigns, called "Mortgagee" or Lender and any future Holder or ltolders. WHEREAS, B:5..rrower is indebted to Lender in the principal sum of U.S. $'4,969.00 (the "Loan") wlfich indebtedness is evidenced by Borrower's Note dated June 22, 2 0.04 and extensions and renewals thereof (herein "Note") if not sooner paid, due and paycble on July 1, 2014 · TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment of all other stuns, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the performance of the covenants and agreements of Borrower i~rein contained, Borrower does hereby mortgage, grant and convey to Lender, with power of :sale, the following described property located in the County of Lincoln , State of Wyoming: FItA t3,ai'OMING -- AHFr (Page 1 of 9) hfitials: ",~) ~ 808 GMACM-FMS.I303.WY (07~8) 254550~ B!::::.:-'.:.' ::, '-;Pt '::t4:;!h;:,:,¢,.. See Attached Schedule A which has the address of: 50 Aspen Way, Tha~.ne, WY 83127 ~Street) (City) (State) (Zip Code) (herein "Property Address" or "Residence"); TOGETHER wi(~ all the improvements now or hereafter erected on the Property, and all easements, rights, appqrtenances and rems, 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" or "Residence". Borrower covena-~ts thai Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, aud that the Property is unencumbered 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 follows: 1. Payment of Principal,' Borrower shall promptly pay when due the priucipal indebtedness evidenced by the Note. 2. Application Of Payme:ats. Unless. applicable law provides otherwise, all payments received by Lender under the Note and paragraph 1 hereof shall be applied by Lender to the principal of the Note. 3. Prior Mortgages andi Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations under any znortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower's covenants to make payznents when due. Borrower shall pay.or cause to be paid all taxes, assessments and other charges, fines and impositions attributable :0 the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. 4. Hazard Insurance. l~orrower shall keep the improvements now existing or hereafter erected on the Property insurec against loss by fire, hazards included within the term "extended coverage", and snch other hazards as Lender may require and in such amounts and for such periods as Lender may recuire. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; pr.~vided, that such approval shall not be unreasonably withheld. All iusurance policies and re~.i~wals thereof shall be in a/'om~ acceptable to Lender and shall include a standard mortgage clacse 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 LOih~Xl NO: 569139207 FHA WY'OB'lING ^liFT Mortgaf~ 2/01 GMACM - FMS.1303.WY (07d)8) (Page 2 of 9) hfitials:' ', 90'7 trust, or other security agt'eement with a lien which has priority over this Mortgage. Itl 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 insnrance benefits, Lender is authorized to collect and al)ply tile insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mo~.tgage. 5. Preservation and M~:intenance of Property; Leaseholds; Condominiums; Planned Unit Developments, Borrowei 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 ,~n 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 creattng or governing the condominiuln or plmmed unit development, the by-laws and regulatit,as of the condominium or plmmcd unit development, and constituent documents. 6. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortga~,e, or if any 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 snch sums, including reasonable attorneys' fees, and take such act~)n as is necessary lo protect Lender's interest. If Lender required mortgage insurance as a c.)ndition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such ins',.rance terminates in accordance with Borrower's and Lender's written agreement or applicable la:w. To the extent per:mitred by applicable law, any amounts disbursed by Lender pursuma to this paragraph 6, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by lhis Mortgage. Unless Borrower and Lender agree to other terms payment, such an-~ounts .;hall 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 hereuuder. 7i Inspection. Lender m~y make or cause to be made reasonable entries upon ,'md inspections of the Property, provided tlc. at Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefore related to Lender's interest in the Property. 8. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any copdemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condenmation, are hereby assigned and shall be paid to Lender, subjecl to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. LO/:~q' NO: 56913920'? FIIA WYOMING ^ltgr uon~a~., 2/0~ GMACM - FMS.1303.WY (0168) 9. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension of the time for (Page3 of 9) 9O8, payment or modification of amortization of the sums secured by this Mortgage grouted by Lender to any successor ~,x: interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors m interest Lender shall not be required to commence proceeding against such successor or refuse to extend time for paymeut or otherwise modify ainortizr, tion of the sums secured hy lhis 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 10. Successors and Assigas 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 pi'ovtsions of paragraph 14 hereof, All covemmts :md 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 ,of personally liable on the Note or tinder this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, tbrbear, or make any other accommodation.,, with regard to the terms of this Mortgage or the Note withom that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that Borrower's interest in the !)roperty. 11, Notice. Except for an¢ notice required under applicable law to be given in another manner, (a) any notice to Borrow'er provided for in this Mortgage shall be given by delivering it or by mailing such notice by oatified mail addressed to Borrower at the Property Address or at such' other address as Borrowc~ may designate by notice to Lender as provided herein, and (b) any notice to Lender shall by. 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 gtven to Borrower or Lender when given in the mm~ner desigr ated herein. 12, Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of the jurisdicti,.m in which the Property is located. The foregoing sentence shall not limit [he applicability of ~'.ederal law to this Mortgage In the event that any provision or clause of this Mortgage or the '~ote conflicts with applicable law, such conflict shall not affect other provisions of this Mortl;tvge or the Note which can be g~ven effect without the conflicting provision, and to this ei~d the provisions of this Mortgage and the Note are declared to be severable. As used herein, "costs", "expenses" and "attorneys' tees" include all sums to the extent not prohibited 'by applicable law or limited herein. 13. Borrower's Copy...,Borrower shall be furnished a conformed copy of thc Note and of this Mortgage at the time of execution or after recordation hereof'. 14. 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 Borrcv,er is not a natural persou) without Lender's prior written consent, LOAN NO: 56913920~: FHA WYOMING ^ltF'r Morlgag~. 2/01 GMACM - FMS.1303.WY (010.8) (Page 4 of 9) hfitials: D~ Of JO04 5 909 Lender may, at its option} after giving any grace period, ,'ighl to cure, and/or reinstatement right required by applicable l?w, reqmre inm~ediate payment in full of all sums secured by this Mortgage. However, thii~ option shall not be exercised by Lender if exercise is prohibited by Federal law as of the da'.' of this Mortgage. If Borrower tails to pay these sums prior to the expiration of this period,: Lender may invoke any remedies permitted by this Mortgage without further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant ,and agree as follows: 15. Acceleration; Remedies. Except as provided in paragraph 14 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall give ~ otice to Borrower as provided in paragraph 11 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days h'om the date the notice is mailed to Borrower, by which such breach nmst be cured; and (4) that faihn'e to cure sucb breach on or before the date specified in the notice may result in acceleration of the sram secured by this Mortgage and sale of tbe Property. Tim notice shall further inform BorroWer of tbe right to reinstate after acceleration and the rigbt to bring a court action t'~. assert the nonexistence of a default or any other defense of Borrower to accelerati'0n and sale. If the breach is not cured on or before tbe date specified in the notice, Lender, nt Lender's option, may declare ali of the sums secm'ed by rids Mortgage to be immediately due and payable without further demand and may invoice the power of sale aud any o';act remedies permitted by applicable law. Lender sball be entitled to collect in such proc;~eding all expenses of foreclosure, including, hut not li~nited to, reasonable attorneys' fees. The parties to this docmnent are suhject to the provision for Arbitration as set forth in the Closed End Note which is incorporated by reference as if set forth at length herein. If Lender inv01;es the power of sale, Lender shall give notice of intent to foreclose to Borrower and to th~ 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 par'~graph 11 hereof. Lender shall publish the notice of sale and the Property shall be sold % the manner prescribed by applicable law. Lender or Lender's designee may purchase.:l~e Property at any sale. Tbe proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonab,a 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. 16. Borrower's Right to.Reinstate. Notwithstanding Lender's acceleration of the stuns secured by this Mortgage due o Borrower's breach, Borrower shall have the' right to have any proceedings begun by L?der to enforce this Mortgage discominued at ~y time prior to tbe earlier to occur of (i) th': fifll~ day before sale of the Property pursuant to the power of sale contained in this Mortgag~ or (ii) entry of a judgment enlbrcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (bf. Borrower cures all breaches of any other covenants or agreements of LO~ NO: 56913920'~ FHA ~OMING AHFT Mo,tgag¢': 2/0 ~ GMACM - FMS.1303.WY (01 ~8) Cage 5 of 9) hfitials: '", 910 Borrower contained in th!s Mortgage; (c) Borrower pays all reasonable expenses iucurred by Lender in enforcing the covenants 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 requtre to assure that the ,1 en 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 Bor':~wer, this Mortgage and the obligation secured hereby shall remain in full force and effect as if no acceleration h ad occurred. 17. Assignment of Ren~!s; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borro,ver hereby assigns to Lender tile rents of the Property, provided that Borrower shMl, prior to :'cceleration under paragraph 1S hereof or abandonment of the Property, have the right to collect ahd retain such rents as they become due and payable. Upon acceleraticn under paragraph 15 hereof or abandonment of tile Property, Lender, in person, by agent or l)y 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 pay of the costs of management of the Property and collection of rents, iacludiug, but not linfited to, receiver's fees, premiums on receiv,?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 recordatiou, if any. 19. Waiver of Homestea4. Borrower hereby waives all right of homestead exemption in the Property. 20. This mortgage is giyen to secure tile payment of the Loan, according to the terms of a certain Down Payment aod Closing Cost Assistance Program Note of even date herewith (the "Loan Closing Date"), si'gned by the Mortgagor, the payment hereon being due on or before the Maturity Date, as provided by the Note. The Note secureJ by this mortgage has a maturity of ten years, but will be forgiven to the extent of twenty (20%1 of the original principal amount on the fifth anniversary of the Loan Closing Date; an additional twenty percent (20%) of the original principal amount on the sixth anniversary of the Loan (Losing 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 a Lfiversary of the Loan Closiug Date. This mortgage will be fully forgiven on the tenth (10!1') amfiversary 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 Progran~ in the optnion cf the Servicer (described in the Note) of the Lo,'m [o assmne such obligations, the Note and this mortgage securing the Property will be accelerated at the then principal balance if the Mortgagor sells thc Residence or voluntarily refinances or prepays more than 20% of the origina principal balance of the first mortgage note within ten years of the Loan Closing Date. LOAN NO: 56913920'7 FHA WYOMING ^,,FT GMACM - FMS. 1303.WY (0168) (Page 6 of 9) hfitials: ,-95_1 In the event the Mortgagor defaults in the prepayment of said indebtedness, or fails to perform the other covenar ts m~d agreements hereof, the Mortgagee may foreclose this mortgage as provided by law; and a., 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 mnount due as attorneys' fees, in a&;ition to the other sums due, which shall he a further lien secured hereby. Upon tbe due p:t¢lnent of said indebtedness and the performance of the covenants and agreements hereof by the'Mortgagor, this nmrtgage shall become null and void. This mortgage i; m~d shall be automatically subordinate to any existing first lien real estate mortgage on the Pwperty. The parties bere-;0 acknowledge and agree that this mortgage is subject and subordinate in all respects to the lien:':, terms, covenants, and conditions of the first lief real estate mortgage on the Property enct,mbcred by this second lien real estate mortgage and to all advances heretofore made or whiC:'kmay hereafter be made pursum~t to the first lien real estate mortgage including all stuns advan::cd for tlie purpose of (a) protecting or further securing the lien of tbe first lien real estate mortgage, (b) curing defaults by the Mortgagor under the first lien real estate ~nortgage,. (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 parmnount m~d controlling, and they SUlfe.rsede any other temps and provisions hereof in conflict therewith. In the event of a foreclosure or deed in lieu of foreclosure of the first lien real estate mortgage, and provisions herein or any provisions in any other collateral agreement restricting tile use of the Property to 'low or mod(.:ate income households or otberwise rearicting 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 succ,cssors or assigns (other th;m the Mortgagor or a related person or entity of the Mortgagor), receh:'ing title to the Property through a tbreclosure or deed in lieu of foreclosure of the first lien real estate mortgage shall receive title to tile Property free and clear of such restrictions. Further, if the t cilder of the first lien real estate mortgage (the "Senior Lien Itolder") acquires title to the Propeyty pursuant to a deed in lieu of tbreclosure, the lien of the first lien real estate mortgage shaL automatically terminate upon the Senior Lien Holder's acquisition of title provided that (i) Mortgagee has been given written notice of a defanlt under the first lien real estate mortgage and ,iii) Mortgagee has not cured tile default (which cure option may be exercised in Mortgagee's 'sole discretion under the first lien real estate mortgage or diligently pursued cnring the defatJ~ as determined by the Senior Lien Holder within the 60 day period provided in st, ch 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 t. his Mortgage, of any default under the superior encmnbrance and of any sale or other forecl0su~re action. T,OAN NO: 5691392( FIIA WYOMING ^m:T Mo.ga~e GMACM - FMS.1303.WY (07 (Page 7 of 9) hfitials: ~ IN WITNESS WHEREOF, Borrower has executed this Mortgage. Borrower (Maker): Sh~.wn Robert son Allison Iobst (Seat) -Borfowca' (Seal) -Borrower (Seal) -Borrower Witnesses: LO/X2,l NO: 569139207 FIIA WYOMING AIIFT Mortgag~ GMACM - FMS.1303.WY (0,051) (Page 8 of 9) 91° INDIVIDUAL ACF~qOWLEDGMENT STATE OF WYOMIN6"-, COUNTY OF ~7~'7'~'~ } SS The foregoing instrumenl was acknowledged before me this ,June 22, by Shawn Robertson a:.d Allison Iobst 2004 (date) WITNESS my hand and o,fticial seal. (mortgagor) My Commission Expires ~ -TT;~;::}~-- ~ ,Wyoming { My Cornmlsslon Explres,l'ane 2, 2007 Notary Public LO.n2,1 NO: 569139207 FHA WYOMING ^liFT GMACM - FMS.1303.WY (0~ 1~8) (Page 9 o.[9) Initials: '. Schedule A Wyoming Mortgage Given By: Shawn Robercson and Allison Iobs~ Page 1 Lot 101 of Star Va.lley Ranch Plat 3, Lincoln County, Wyoming as described on the official plat thereof.