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HomeMy WebLinkAbout900504WHEN RECORDED MAIL TO: GMAC Mortgage CorD. 100 Witmer Road Horsham, PA 19044-0963 ATTN: Records Management i - [Space Above 'Fids Lh~e For Rect~rding Data] Closed End Loan No.: 566480505 CLOSED END MORTGAGE THIS MORTGAGE is made this 25 t2 h day o f June, 2004 among the Mortgagor, Wendy D. Maxson a¥~d James L. Maxson, Wife and Husband whose address is P.O. Box 1564, Afton, WY 83110 (herein "Borrower" or "Mortgagor"), and the Mortgagee GMAC Mortgage Coz,~'oration as agent for the District t)t: Columbia Housing Finance Agency acting as nominee for the District of Columbia Affordabh: Housing Finance Trust (herein aNer, including its assigns, called "Mortgagee" or "Lender '~ and any future Holder or Holders. WHEREAS, Eorrower is indebted to Lender in the principal sum of U.S. $ 4, 916.00 (the "Loan") wlfich indebtedness is evidenced by Borrower's Note dated June 25, 2004 mid extensions and renewals thereof (herein "Note") if not sooner paid, due and payaole on July 1, 2014 · TO SECURE ti Lender the repayment of the indebtedness evidenced by the Note, with ~nteres[ thereon; the payment of all other sums, with interest thereon, advanced m accordance herewith to protect the security of this Mortgage; and thc performance of the covenants and agreements of Borrower herein contained, Borrower docs hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in the County of Lincoln , State of Wyoming: FHA WYOMING - AIIFT Mortgage 2/0! ~, GMACM - FMS.1303.WY (0108). 25~857532 sos See Attached Schedule A ~: wl]ich has the address of: ¢~ 32t9 N Spring Creek/CR 144, Fairview, WY 83119 (St(eeo (City) (State) (Zip Code) (herein "Property Address" or "Residence"): TOGETHER with',all the improvements now or hereafter erected on the Property, and all easements, rights, appm~[enances and rents, all of which shall be deemed to be and re~nain a part of the Property covered by this Mortgage; and all of the lbregoiug, togetber with said Property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as the "Property" or "Residence". Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, g~.iant and convey the Property, and that the Property is unencmnbered except for encumbrances of :ecord. 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 prolnptly pay when due the principal indebtedness evidenced by the Note. 2. Application 0f payment!:;. Unless applicable law provides otherwise, all payinents received ' by Lender under the Note aud paragraph i hereof shall be applied by Lender to the principal of the Note. 3. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations und['.: any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower's covenants to make payments when due. Borrower shall pay ox cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgagel and leasehold payments or ground rents, if any. 4. Hazard Insurance. Bor:ower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other 'hazards as Lender may require and in such amounts and for such periods as Lender may requ. 'e. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; prov'~..ded, that such approval shall not be unreasonably withheld. All insurance policies and rene¥,:als thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause :n'favor of and in a form acceptable to Lender. Lender shall have the right to hold the policie:: and renewals thereof, subject to the terms of any mortgage, deed of LOAN NO: 566480505 GMACM - FMS.1303,Vv'¥ (0108, i (Page 2 of 9) hdtials.~, ~ trust, or other security ag 'cement with a lien which has priority over this Mortgage, In the event of ~i~ss, Borrower shall give promp~ notice to the insurance carrier and Lender. Lender may m'~'d proof of loss if not made promptly by Borrower. If the Property i.s abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the :late notice is mailed by Lender to Borrower that the insurance carrier offers to settle a clai~n for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the stuns secured by this Mortgage. 5. Preservation and MMateuance of Property; Leaseholds; Condominiums; Planned Unit Developments, Borrower shall keep the Property in good repair and shall not conmfit waste or permit impairment or det.:rioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. It' this Mortgage is on a unit in a condorninium or a planned unit developmem, Borrower sh',dl perform all of Borrower's obligations tinder tile declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulaticr, s of the condominium or planned unit development, and constituent documents. 6. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding ts cormnenced which materially affects Lender's interest in the Property, the Lender, tit Lender's option, upon notice to Borrower, tnay make such appearances, disburse such sums, including reasonable attorneys' fees, and take such actio~ as is necessary to protect Lender's interest. If Lender required mortgage insurance as a c.c ndition of making the loan secured by this Mortgage, Borrower shall pay the premiums reqm.~ed to maintain such insurance in effect until such time as tile requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. To the extent permitted by applicable law, any amounts disbursed by Lender pursuant to this paragraph 6, with ,haerest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by :his Mortgage. Unless Borrower and Lender agree to other terms of payment, 'such an~ounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 6 shall require Lender to incur expense or take any actioh hereunder. 7. Inspection. Lender m3y make or cause to be made reasonable entries upon and inspections of the Property, provided taat Lender shall give Borrower notice prior to auy such inspection specifying reasonable cause therefore related to Lender's interest in tile Property. 8. Condemnation. The l,,~oceeds of any award or claim for damages, direct or consequential, in connection with any coi~c'.enmation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgagel 9. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension of the time for LO/kN NO: 56648050B' FIIA WYOMING AIIFT Mor~gag, 5401 GMACM - FMS.1303.WY (0108) (Page 3 of 9) hfitial payment or modificatio~;';of amortization of the sums secured by this Mortgage granted by Lender to any successor :~n interest of Borrower shall not operate to release, itt any manner, the liability of the ortginal B'.orrower m~d Borrower's successors in interest. Lender shall not be required to commence pr0.~eeding against such successor or refuse to extend time for payment or otherwise modify mnortiz[~ttiOn of the sums secured by this Mortgage by reason of any demand made by the original Bo?rower and Borrower's successors m interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of o': preclude the exercise of any such right or remedy. 10. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements herein t;~)ntained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 14 hereof. All covenants and agreements of Borrower shall be joint and several. Any Borrower who co-signs this Mortga?e, but does not execute the Note, (a) is co-signing this Mortgage only to mortgage, grant and ccnvey that Borrower's interest in the Property to Lienor under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other acconmqodations with regard to the terms of this Mortgage or the Note without 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 any notice required under applicable law [o be given in another manner, (a) any notice to Borrowe: provided for in this Mortgage shall be given by delivering it or by mailing such notice by ce:rtified mail addressed to Borrower at the Property Address or at such other address as Borrowe'~ may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender :nay designate by notice to Borrower as provided herein. Any nonce provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the rammer desigr~ated herein. 12. Governing Law; SevSrability. The state and local laws applicable to this Mortgage shall be the laws of the jurisdictic~n in which the Property is located. The foregoing sentence shall not liner the applicability of }:~deral law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this e~.d the provisions of this Mortgage and the Note are declared to be severable. As used.here3n, "costs", "expenses" and "attorneys' fees" ilmlude all sums to the extent not prohibited by a;oplicable law or limited herein. 13. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of exScution or afler recordation hereof. 14. Transfer of the Property or a Beneficial hrterest in Borrower. If all or any part of the Property or any interest i;l it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, (Page 4 of 9) LO/R/ NO: 566480505::' FIIA WYOMING A}IFr GMACM - FMS.1303.WY O!° Lender may, at its optior.,~ after giving any grace period, right to cure, and/or reinstatement right required by applicable aw, require immediate payment in full of all sums secured by this Mortgage. However, tt'/~,s option shall not be exercised by Lender if exercise is prohibited by Federal law as of the dz't,: of this Mortgage. If Borrower fails to pay these sums prior to the expiration of this periodi ~Lender may invoke any remedies permitted by this Mortgage without further notice or demandon Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 15. Acceleration; Rem~'~iies. Except ns provided in parngraph 14 hereof, npon Borrower's breach of any covenaet or agreement of Borrowe,' in this Mortgage, inelnding the covenants to pay when due any st,nm secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in pnragrnph 11 hereof specifying: {1) the breach; (2) the ection required to care such hreach; (3) a date, not l~s than 10 days from the date the notice is mailed to Borrower, by which such breach nmst be cured; nnd (4) that failure to cure saeh breach on or before tile date specified in tile notice ,nay r~ult in aceelerntion of the sums secured by this Mortgage and sale of the Property. The notice shall further inform Bm'rower of the righl to reinstate after acceleration nnd the right to bring a court action t~o assert the nonexistence of n defanlt or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified ill the notice, Lender, at Lender's option, may declare all of the sums secured by this Mortgage to lie immedia:tely due and payable without further demand nnd may invoke the power of sale and any ether remedies permitted by applicable law. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not linfited to, reasonable attorneys' fees. The parties to this document are subject to the provision for Arbitration as set l'orth in the Closed End Note which is iueorporated by reference as if set forth at length herein. ' Ir Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower nnd to the:person.in possession of the Property, if different, in accordnnee with applicable law. i cadet shall mail n copy of a notice of tile sale to Borrower in the manner provided in pai-agraph 11 hereof. Lender shall publish tile notice of sale nnd the Property shall be sold :.i}l tile manner prescribed by applicable law. Lender or Lender's designee may purchase tlhe Property at any sale. The proceeds of tile sale shall be applied in the following order: Ca) to all reasonable costs and expenses of the sale, including, but · not limited to, reasonable attorneys' fees, and costs of title evidence; (b) to all stuns secured by this Mortgage; and (e) the excess, if any, to the Person or persons legally entitled thereto. 16. Borrower's Right t(. ·Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due tO Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) tl-e fifth day before sale of the Property pursuant to the power of sale contained in this Mortgffo,_~ or (ii) entry of a judg~nent enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (h) , Borrower cares all breaches of auy other covenants or agreements of LOAN NO: 56648050'5 I?HA WYOMING A"FT ~°"ga'"e 2'0' ~. GMACM - FMS.1303.WY (0 [08) (Page 5 of 9) Initial,: ..... Olg Borrower contained itt this' Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the coYt,n,'mts and agreemems of Borrower contained in this Mortgage, and in enforcing Lender's reme]'ies as provided in paragraph 15 bereof, including, but not limited to, reasonable attorneys' fe6s; and (d) Borrower takes such action as Lender may reasonably require to assure that the lieh 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 Borrower, this Mortgage and the obligation secured hereby shall remain in full force and effect as if no ~cceleration had occurred. 17. Assignment of Rents; ~ppointment of Receiver; Lender in Possession. As additional security hereunder, Borrowe: hereby assigns to Lender the rents of tile Property, provided that Borrower shall, prior to acceleration under paragraph 15 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration 'ruder paragraph 15 hereof or abandomnent of the Property, Lender, in person, by agent or by jhdicially 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 managemem of tile Propm'ty and collection of rents, inclnding, but not linfited to, receiver's fees, pre,mums on receiver's bonds and reasonable attorneys' fees, and then to tile sums secured by this Mortgage. Lender aad tile 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 recordation, if any. 19. Waiver of Ho~nestead,, Borrower hereby waives all right of homestead exemption in the Property. 20. This mortgage is given to secure the payment of the Loan, according to the terms of a certain Down Payment and Closing Cost Assistance Program Note of even date herewith (the "Lotto Closing Date"), signed by the Mortgagor, the payment hereon being due on or before the Maturity Date, as provided by the Note. The Note secured [Ty this mortgage has a maturity of ten years, but will be forgiven to the extent of twenty (20%))~' the original principal amount on the fifth mmtversary of the Loan Closing Date; an additional twenty percent (20%) of the original principal anaount on the sixth anniversary of the Loan Clo.~ing Date; twenty percent (20%) of the original principal amount on the seventh amfiversary of tl,t Loan Closing Date; twenty percent (20%) of the original principal anaount on the eighth anniversary of the Loan Closing Date. This mortgage will be fully forgiven on the tenth (10th) anniversary of the Loan Closing Date. Unless the obligations under the Note mad this mortgage zre assumed by the transferee of the Residence qualified under the Program in the opinion of the Servicer (described in the Note) of the Loan to assmne snch obligations, the Note mad th~s mortgage securing the Property will be accelerated at the then principal balance if the Mot 4;agor sells the Residence or voluntarily refinances or prepays ~nore than 20% of the original p:incipal balance of the first mortgage note within ten years of the Loan Closing Date. LOAN NO: 566480505 Fl'IA WYOIX'HNG A~,Fr M~ngag~ 2/}, ~j~ GMACM - FMS.1303.WY (0108) (Page 6 of 9) hfitials: 05O In the event the M~rtgagor defaults iu the prepayment of said indebtedness, or fails to perform the other covenants ,..nd agreements hereof, the Mortgagee may foreclose this mortgage as provided by law; and as cben 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 amount due as attorneys' fees, in additicn to the other sums due, which shall be a further lien secured hereby. Upon the due payn'.~ent of said indebtedness and the perlbrmance of the covenrmts and agreements hereof by the Mdrtgagor, this mortgage shall become null and void. This mortgage is a~d shall be automatically subordinate to any existing first lien real estate mortgage on the Prop(,:r;y. The parties hereto ~cknowledge and agree that this mortgage is subject and subordinate in all respects to the liens, tcm~s, covenants, and conditions of the first lien real estate mortgage on the Property encumbere6 by this second lien real estate mortgage and to all advances heretofore made or which may hereafter be made pursuant to the first lien real estate mortgage including all sums advmmed for the purpose of (a) protecting or further securmg the lien of the first lien real estate mortgage., (b) curing defaults by the Mortgagor under the first lien real estate mortgage, (c) for ary other pm-pose expressly permitted by the first lien real estate mortgage, or (d) constructin}, renovating, repairing, fi~rnishing, fixturing, or equipping the Property. The terms and previsions of the first lien real estate mortgage are paramount and controlling, and they supersede any other terms and provisions hereof in conflict therewith. In the event of a foreclosure or"cieed in lieu of foreclosure of the first lien real estate mortgage, and provisions herein or any pr,~,ismns in any other collateral agreement restricting the use of the Property to low or moderate income households or otherwise restrictiug the Mortgagor's ability to sell the Property shall hace 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 successc, rs or assigns (other than the Mortgagor or a related person or entity of the Mortgagor), receiving title to the Property through a foreclosure or deed in lieu of foreclosure of the first lien real estate mortgage shall receive title to the Property free and clear of such restrictions. Further, if the holde; of the first lien real estate mortgage (the "Senior Lien Holder") acquires title to the Property, pursuant to a deed in lieu of foreclosure, the lien of the first lien real estate mortgage shall at.tomatically ternfinate upon the Senior Lien Holder's acquisition of title provided that (i) Mortgagee has been given written notice of a default under the first lien real estate mortgage and 0it Mortgagee has not cured the default (which cure option may be exercised in Mortgagee's sclc discretion under the first lien real estate mortgage or diligently pursued curing the default ,X~s determined by the Senior Lien Holder within the 60-day period provided in such notice sent*tt, Mortgagee). REQUEST FOR NOTICE OF DEFAULT AND FORECLOSUILE 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 bas priorily over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of thi; Mortgage, oF any default under tile supertor encumbrance and of any sale or other foreclosure'action. LOAN NO: 566480505 FI',A WYOMING AllFl' Mortgage 2/0; %~¥~ [~l/~ GMACM - FMS.1303.W¥ (0108) (Page 7 of 9) Initial . . 021 IN WITNESS W!-!EREOF, Borrower has executed this Mortgage. Borrower (Maker): ~~'.S L. M~on, Jr . t (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Witnesses: LOAN NO: 566480505 FHA WYOMING AnFT Ivlarigag¢ 'l'01 GMACM - FMS.1303.WY (0108) (Page 8 of g) INDIVIDUAL ACKNOWLEDGMENT STATE OF WYOMING, COUNTY OF ~ SS The foregoing instrument was acknowledged before me tiffs June 25, 2004 (date) by Wendy D. Maxson ar.ct James L. Maxson, Wife and Husband ([nortgagor) WITNESS my hand and official seal. My Commission Expires: ~);N-l,l~/t~q.- NOi~UBLIG ~ Notary Public cou~ o~ ~ S~ATE OF ~OLINCOLN ~ -_~ LOAN NO: 566480505 FIIA WYOMING AIIFT Mortgage. 2/01 GMACM - FMS.1303.WY (Page 9of9) Schedule A Wyoming Mortgage Given By: Wendy D. Maxscn and James L. Maxson, Jr Page 1 Lot 5 of Block 6 of thq Townsite of Fairview, Lincoln County, Wyoming as described on the official plat thereof.