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HomeMy WebLinkAbout900503RETURN TO: ATTN: LOAN NO: 566480505 State of Wyoming (]MAC Mortgage CorE'. BOOK 5 67~9~iDA(]~ .... 0 0 6 100 Witmer Road Horsham, PA 19044-0963 Records Management (Space Above This Lb~e For Recordi.g Data] MORTGAGE IFHA Case Nmnber 591-095482-7-703 MIN 1000375-0566480505-1 THIS MORTGAGE("Securitylnstmntent")isgtvenon June 25, 2004 Wendy D. Maxson and James L. Maxson, Wife and Husband · The Mortgagor is whose address is P.O. Box 1564, Afuon, WY 83110 ("Borrower"). This Security Instrument L, given to Mortgage Electronic Registration Systems, Inc. CMERS"), (solely as nominee for Lender. as hereinafter definer,, ' and Lender's successors and assigns), as beneficiary. MERS is organized and existing under the laws of Delaware, and hvs. an address and telephone number of P. O. Box 2026, Flint MI 48501-2026, tel. (888)679-MERS. ' GMAC Mortgage Corporation ("Lender") is organized and existing under t'.m laws of Pennsylvania , and has an address of 100 Witmer Road, P.O. Box 963, Horsham, PA 19044 Borrower owes Lender the principal sum of One Hundred Twenty Two Thousand Nine Hundred Two and 00/100 Dollars (U.S. $ 122,902.00 ). This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earl e~r, due and payable on July 1, 2034 · This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extenstons and modifications of the Note; (b) the payr:em of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (~) the performance of Borrower's covenants and agreements under this Securt[y Instrument and the Note. For this purpose, 8~orrower does hereby mortgage, grant and convey to MERS (solely as nominee tut Lender and Lender's successors and assigm)'and to the successors and assigus of MERS, with power of sale, the following described property located in Lincoln County, Wyoining: Lot 5 of Block 6 of the Tpwnsite of Fairview~ Lincoln ~ounty, Wvomln~ as described on the of[icial p?.at thereof. which has the address of 3219 N Spring Creek CR 144 Wyoming 83119 ("Property Address'); [Zip Code] FHA WYOMING MORTGAGE- 10/95 GMACM-FMS.0285.WY (0010) :~_ ff/l~ji~ Page 1 of 7 254857531 , Initials _ 808 Fairview [Street, City], O:DOOaOLt ..... 007 TOGETHER WITH all tile. improvements now or hereafter erected on the property, and all easements appurtenances, and fixtures n0w.0r hereafter a part of the property. All replacements and additions shall also be covered by this Security Instmme>'xi:. All of the foregoing is referred to iu this Secm-ity 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 necessary to comply with law or custom, MERS, (as nominee for Lender and Lender's successors and assigns), has the r'.ght: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; :md'to take any action required of Lender including, but not limited to, releasing or canceling this Se6urity Instrument. BORROWER COVENANT;'; that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Froperty and that the Property is nnencumbered, except for encumbrances of record. Borrower warrants and will defe~ci generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRU~5'IENT combines uniform covenams for nat;offal use and uon-nnifonn covenants with limited variations by jurisdicti:on to 'constitute a unifbrm 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 tile princiPal of, and interest °n, the debt evidenced by the Note and late charges due under the Note. 2. Monthly Payment of Tnxes, Insurance, and Other Charges. Borrower shall include in eacl~ monthly Payment, together With the pTincipal and interest as set forth in 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 ou the Property, and (c) premiums for insurance required under Parag,'aph 4. Ill any year in which the Lender must pay a mortgage insurance premium to the Secretary of Housing and Urbau Development ("Secretary"), or in any year in which sffch premium would have been required if Lender still held the Security Instrument, each monthly payment shall also include either: (i) a star. fbr the annual mortgage insurance premiun~ to. be paid by Lender to the Secretary, or (ii) a monthly charge instead of'a mortgage insurance premium it' this Security Instmmeut is held by the Secretary, in a reasonable amount to be dete:nfined 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, ci,llect and hold an~ounts for Escrow Items in an aggregate amount not to exceed the maximum anmunt that may b'e required for BorroWer's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. ~ 2601 p_( se0. m~d 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 l::el'ore the Borrower's payments are available in the account may not be based on amounts due for the mortgage inst,.~ance premiuin. If the amounts held by Lender for Escrow Itenu exceed the amounts permitted to be held by RESPA, Lender shall account to Borrower for the excess funds as required by RESPA. If the mnounts of fimds held by Lender'at any time are not sufficient to pay the Fscrow Items when due, Lender may notify the Borrower and require Borrower to make up ttie shortage as pernfitted by RESPA. The Escrow Funds are pledged as additional security for all sums secured bY this Security Inslrument. If Borrower tenders to Lender the ft 1! payment of all such sums, Borrower's account shall be credited with the balance remaining for all instalhneut items (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to .the Secretary, and Lender shall promptly refund any excess funds to Borrower. hnmediately 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 instalhnents for items (a), (b), and (c). 3. Application of PaymentlS. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows: First, to the mortgage inmrtmce premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead c f the monthly mortgage insur~mce premium; Second, to any taxes, special assessments, leasehold payments or ground rents, and fire. flood and other h,'Lzard insurance premim~:;, as required; Third, to interest due un~ er the Note; Fourth, to ,'unortization of:the principal of the Note; and Fifth, to late charges due under the Note. GMACM-FMS.0285.WY {0010) Page 2 of 7 0 00, 03 008 LOAN NO: 566480505 4. Fire, Flood and Other }lazard Insurance. Borrower shall insure all improvements on tile Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender reqmres insuraa[e. This insurance shall be maintained in the' amounts and for the periods that Lender requires. Borrower shall also insure all inlprovements on the Property, whether now in existence or subsequently erected, against loss [)y floods to the extent required by thc Secretary. All insurance shall be carried with companies approved by Le:,d:er. The insurance policies and any renewals shall be held by Lender mid shall include loss payable clauses in l:'avo,-; of, and in a form acceptable to. keuder. In the event of loss, Borrower.shall give Lender immediate notice by mail. Lender may make proof of loss it' not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, ihstead of to Borrower and lo Lender jointly. All or m~y part of the insurance proceeds may be applied by Lender, at its option, either (a) to thc reduction of the indebtedness under the Note and this Security Instrument, first to a~l, delinquent amounts applied itl the order in Paragraph 3, and then to prepayment of principal, or (b) to the restoratiou or repair of the damaged Property. Any application of the proceeds to the pnncipal shall not extend or postpone the due {late of the monthly payments which are referred to in Paragraph 2, or change the amount of such paymens. Any excess ~nsurance proceeds over an amount required to pay all outstanding indebtedness under the Note aud thi; Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure o': this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title 'md interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occul)ancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and usc the Property as Borrower's principal residence within sixty days after the executi, m of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to.occ~tpy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless the Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deterimate, 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 thc loan application process, gave materially false or inaccurate information or statements to Lender (or tidied to provide Leuder with any material information) in co~mection 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 shal: :~comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The pr0;eeds of any award or claim for dmnages, direct or consequential, in connection with any condemnation or other t;,king of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid tO Lender to the extent of the fidl amount of the indebtedness that remains unpaid under the Note and this Security Irstrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to m~y delinquent amounts applied in the order provided in Paragraph 3, and then to prepaymcm of principal. Any application of the proceeds to [he principal shall not extend or postpone the due date of the month'y payments, which are referred to in Paragraph 2,' or change the amount of such payments. Any excess 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. 7. Charges to Borrower mrd ProtectiOn of Lender's Rights in the Property. Borrower shall pay all governmental or municipal chargcs~ fines and impositions that arc not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the paytnent. If failure to pay would adversely affect Lender's interest in the Proper[;, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments: GMACM.- FMS.0285~WY 100101 Paoe 3 of 7 Initials".' If Borrower fails to make thsse payments or the payments required by Paragraph 2, or fails to perform any other covenants and agreements contair,.ed in this Security Instrmnent, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, tbr condemnation or to enforce laws or regulations), then Lender ]nay do and Pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other iten~ mentioned in Paragraph 2. Any amounts disbursed by ;Lender under this Paragraph shall become an additional debt of Borrower and be secured by this Security InStrumect. These amounts shall bear interest from the date of disbursement at the Note rate, and at the option of Lender shall ',~ immediately due and payable. Borrower shall promptly disv. harge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment ::.,f the obligation secured by the lien in,a mariner acceptable to Lender; (b) contests in good faith the lien by, or deft~nds against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the'~illtforce~nent of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinat~i~g the lien to this Security Instrument. If Lender determines that any part of the PrOperty is Subject to a lien whi :h may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrnwer 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. Lender may colldt t fees and charges authorized by the Secretary. 9. Grounds for Accelera)~ion of Debt. (a) Default. Lender m'~y, except as limited by regulations issued by the Secretary iu the case of payment defaults, require inm~ec, li. ate payment in full of all sums secured by this Security Instrument if: (i) Borrower det'aults:by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligatious contained in this Security Instrument. (b) Sale Without Credit APproval'. Lender shall, if permitted by applicable law (including section 341(d) of the Gain-St GennaiL Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the SecrCtxry, require immediate payment in full of all sums secured by this Security Instrmnent if: ': (i) All or part of thee Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property i~ 'not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property, bnt his or her credit has not been approved in accordance with the requirements of the Secretary. {c) No Waiver. If circ(mstances occur that would permit Lender to require innnediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations 01' }IUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the ~case of payment defanlts, to require innnediate payment in full and foreclose if not paid. This Security [v, strument does not anthorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not In3ured. Borrower· agrees that if this Security Instrument and the Note are not deternfined to be eligiSle for insurance under the National }lousing Act within sixty (60) days from the date hereof, Lender mqy, at its option require immediate payment in full 'of all stuns secured by tbis Security Instrument. Aq, ritten statement of any authorized agent of the Secretary dated subsequent to sixty (60) days froln the dat~ ihereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of sucli ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. GMACM-FMS.O285.WY (00!0) Page 4 of 7 0..[ 0 LO.nlq NO: 566480505 10. Reinstatement. Borrower has a right to be reinstated it' Lender has required immediate payment in full because of Borrower's failm'e to 0ay an amount due under the Note or riffs Security lnstn, ment This right applies even after foreclosure proceedings.are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required tc bring Borrower's account curreln 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 sLall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to pernfit reinstatement if: (i) Lender has accepted reiustatement arier the conm~encement of foreclosure pre:ceedings within two years imanediately preceding the commencenient of a current foreclosure proceeding, (ii) rein~:t~tement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect, the priority of the lien created by this Security lnstrmnent. 11. Borrower Not Release~l; Forbem'ance By Lender Not a Waiver. Extension of 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 ope:ate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be requ;.rxd to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise mcdify anmrtization of the sums secured by this Security Instrument by reason of any demand marie by the original Borro~ver or Borrower's successors in interest. An), forbearance by Lender in exercising any right or remedy shall not be a v"aiver of or preclude the exercise of any right or remedy. 12. Successors and Assign.; 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). Bc.r,'ower'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 Instru~nent; (b) is not personally obligated to pay the sums secured by tiffs Security Instrument; and (c) agrees that Lender and any other Borrower may agree to exten.::l, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note w!thout 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 mdess applicable law requires use of auother 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 Secarity Instrument shall be deemed to have beeu given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Seve~ability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In tbe event that any provision or clause of this Security Instrument or the Note conflicts with applicable, law, such conflict shall not ai'fect other provisions of this Security Instrument or the Note which can be given efl~xt widmut the conflicting provision. To this end the provisions of this Security Instrument and the Note are declare I to be severable. 15. Borrower's Copy. Bor:?wer shall be given one conformed copy of the Note m~d this Security Instrument. 16. Hazardous Substances. t .Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances on ~)~'. 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 llazardous Substances that are generally recognized to be appropriate to no.m~al residential uses and to mainteuance of the Property. GMACM - FMS.0285.WY {0010) Page fi Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory' agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borr0,wer has actual knowledge. If Borrower learns, or is notified by any govermnental or regulatory authority, that any re'rhoval or other remediation of any Hazardous Substances affecting the Property ~s necessary, Borrower shall promptly :take all necessary remedial actions in accordance with Environmental Law. As used in this Paragraph 16, "Hazardous Substances", are those substm~ces defiued as toxic or hazardous Substances by Enviromnentai Lau:;' and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticide~ and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As user[ in the Paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is lt~cated that relate to health, safety or environment al protectmn. NON-UNIFORM COVENANTS..~orrower and Lender further covenant and agree as follows: 17. Assigmnent of Rents, Borrower unconditionally assigns and transfers to Lendel: all the rents and revenues of the Property. Borrower authori2es Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pa2 the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of ~ny covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of tb~ Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assigm'pent and not an assignmem for additional security only. If Lender gives notice of bre, ch to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, ro be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect mid receive all or-.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 [o 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 t:ghts under this Paragraph 17. Lender shall not be required tO' enter upon, take control of or maintain the Property before or alter giving notice of breach to Borrower. However, Liander or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not t'.ure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property thall terminate when the debt secured by the Security Instrument is paid iu full. 18. Foreclosure Procedure.·'If Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any c-ther remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the :'emedies provided in this paragraph 18, including, but not limited to, reasonable attorneys' tees and costs of title evi}lence. 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 Propert?., if different, in accordance wit!~ applicable law. 'Lender shall give notice of the sale to Borrower in the mmmer provided in paragraph 13, Lender shall publish the notice of sale, ,'md the Property shall be sold in tbe manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale'shai:l be applied iu 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; and (C) any excess to the person or persons legally entitlet to it. If thc Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires inunediate payment in full under Paragraph 9,1the Secretary may inw)ke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure A~.: of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under tht~ .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.O285.WY (0010) Page O OL 5OLt ,:, 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 a'l rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. Riders to this Security Instrumem. 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 m~d agreements of this Security Instrumcnt as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] [--]Condominium Rider [--~Adjustable Rate Rider ~]Growing Eqnity Rider ~--]Plamled Unit Development Rid 2r [---]Graduated Payment Rider ~-]Other(s) [specify] BY SIGNING BELOW. Borrower accepts and agrees to the terms contained in this Security Instrmnent and In any rider(s) executed by Borrower and recorded with -Borrower / (Seal) -Borrower (Seal) -Borrower STATE OF WYOMING, ounty ss: The foregoing instrument was acl~bwledged before me this June 2 S, 2004 Wendy D. Maxson and Jame~ 'h. Maxson, Wife and Husband (date) by (person acknowledging) My Conm-dssion Expires.' //~~ '~i~/,~;~ ~ Notary Public ) ~ TE OF ~-~~~WYOMING GMACM-FMS.O285.WY IOOlOl Page 7 of 7 O~OOaOLi "(.)' 013 Schedule A Wyoming Mortgage Given By: Wendy D. Ma×son and James L. Maxson, Jr Page 1 Lot 5 of Block 6 of the Townsite of Fairview, Lincoln County, Wyomin{~ as described on the official plat thereof.