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HomeMy WebLinkAbout900721After Recording Return To: MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: DONNA MCKENZIE 9O0721 THIS MORTGAGE is made this 30th CHRISTY G POWELL, A SINGLE WOMAN [Space Above This Line For Recording Dalai I i MORTGAGE (lay of JUNE, 2004 0006620092906004 [Doc ID ]1 , between the Mortgagor, (herein "Borrower"), and the Mortgagee, AMERICA'S WHOLESALE LENDER A CORPORATION the laws of NEW YORK 4500 Park Granada, Calabasas, (herein "Lender"). CA , whose address is 91302 organized and existing under WHEREAS, Bon'ower is indebted io Lender in the principa] snm of U.S. $ 41,800.00 , which indebtedness is is evidenced byBorrower's note dated JUNE 30, 2004 and exteosmns and renewals thereof {herein "Note"), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on GULY 0i, 2019 , TO SECURE to Lender the repayment of the indebtedness evidenced by fl~e Note, with interest thereon; the payment of all other sums, with interest fliereon, advanced in accordance herewith to p,'otecl the security of this Mortgage; and the perlbrmance of the covenants and agreemems of Bon-ower herein contained, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the ibllowing described prot;erty located in tim County of LINCOLN State of Wyoming: LOT 185 IN NORDIC RJUXlCHES DIVISION NO. 13, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. wlfich has the address of 31 GALLUP CIRCLE , [Streetl ETNA , Wyoming 83118 (hereto "Property Address"); [City] [Zip Code] TOGETHER with all the improvements now or hereafter erected on the p,'operty, and all easements, rights, appmtenances and rents, 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 tbe leasehold estate if this Mortgage is on a leasehold) are hereinafter refmxed~ to as the "Property." Borrower covenants that Bon'ower 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. BolTower covenants that wYOMING - SECOND MORTGAGE - 1~80 - FNMA/FHLMC UNIFORM INSTRUMENT Page 1 ol 4 :VMP MORTGAGE FORMS - (000)521-7291 {~®-76(WY) (0208) CHL (09/02)(d) *23991 * Form 3851 InJtials:r_4~ ' 0 6 6 2 0 0 9 2 9 0 00 0 02 0 76 - ' O 300, L 640 DOC ID #: 0006620092906004 Borrower warralYts and will defend generally thz title to the Prop6rtyagainst all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and lnteresL Borrower shall' promptly pay wheu dne lbe principal and interest indebtedness evidenced by the Note and ]ate charges as proviited in tile Note. 2. Funds for Taxes and Insurnne~.x Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and i'nlerest are payable under tile Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the y~.arly taxes and assessments (including condominium and plalmed 'nnit development assessments, if any) which may attain priority 3vet this Mortgage and grouud rents ou the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and fi'om tinre to time by Lender on tile basis of assessments and bills and reasonable estimates thereof: Borrower.shall not be 3bi:gated to make such paylnents of Ft, nds to Lender to the extent that Borrower makes such payments to. the holder of a prior mc rtgage or deed of trust if such holdel is an institutional lender. If Borrower pays Funds to' Lender, the Funds shall be held in all institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an mstitt,tion). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and grouud rents. Lender may not charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of tiffs Mortgage that interest on the Funds .~hall be paid to Borrower, and unless such agreement is made or applicable law requires such interest lo be paid, Lender shall notebe required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an ammal acc)unting of the Funds showing credits and debits to the Funds and the purpose lbr which each debit to the Funds was made. The Ftmds ar;~ pledged as additional security for the stuns secured by this Mortgage. If the amount of the Funds held by J~ender, roger[er wifl~ the future monddy installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and grouud rents, shall exceed the amount required to pay said taxes, assessmeuts, insurance premiums and ground r~nts as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Bm-row ~r on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as alley fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may reqmre. Upon payment in fidl of all snms szcured!by this Mortgage, Lender shall plomptly refund to Borrower any Funds held by Lender. l'f under paragraph 17 hereof the: Propei~y is sold or the Property is otbe,-wise acquired by Lender, Lender shall apply, no later than ilnmediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender al the time of application as a credit against the sunrs secured by this Mortgage. 3. Application of Payments. Unless applicable law provides othenvise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be, applied by Lender first in payment of amonnts payable to Lender by Borrower under paragraph 2 hereol; then to interest payable on the Note, and then to the plincipal of the Note. 4, Prior Mortgages and Deeds or. Trust; Charges; Liens. Borrower shall perfor,n all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower's covenants to nmke payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines aud impositions attributable to the Property which Ir. ay attain a priority over this Mortgage, and leasehold payments Ol ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on file Property insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and m such amounts and for such periods as Lender mi, y require. The insurance carrier providing tht insurance shall be chosen by Bon'ower subject to approval by Lender; provided, tbat such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a fom~ acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, st~bject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. in 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 BonZoweL or if Borrower fails to respond to Leuder within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply fl~e insurance proceeds at Lender's option either to restoration ol repair of the Property or to the stuns secured by this Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Coudondniums; Planned Unit Developments. Borrower shall keep fl~e Property in good repair and shall not commit waste or permit impairmem or deterioration' of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage ~s on a unit In a condolninium or a planned unit development, Borrower sh:'ll perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents.' 7. Protection of Lender's Security: lfBcrrower fails to perform the covenants aud agreements contained in this Mortgage, or if any action or proceeding is comme:iced which materially affects Lender's interest in the Properly, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintaiu such insurance in effect until such time as the requirement for such insurance temfinates ill accordance with Borrower's and Lende,"s written agreement or applicable law. Any amounts disbursed by Lender pursdant to this paragrapll 7, with inleresl tbe,'eon, at the Note rate, shall become additional indebtedness of Borrower sec.ured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon n4tice fl-om Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. (~®-76(WY) (o208) CHL (09/02) Page 2 of 4 Initials:~ DOC ID ~: 0006620092906004 8. Inspection. Lender may make or cause ito be made reasonable entries npou and inspections of the Property, provided that Lender shall give Borrower notice prior to any Such inspection specifying reasonable cause fl~erefor related to Lender's interest in the Property. ~ 9. Condemnation. The proceeds ~ of any, award or claim for damages, direct or consequential, in connection with any condemnation 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, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. : 10. Borrower Not Released; Forbearance By Lender Not a Waivor. Extension of tile time for payment or modification of amortization of the sums secured by tlhis Mmtgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time fur payment or otherwise modify amortization of tim sums secured by this Mortgage by reasm~ 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 tire exercise of any such r~ght m' remedy. il. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements herein contained shall bind, and the rights he-:et,nde[ shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Any Borrower who co-signs this Mortgage, lx~t 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 Lender under tile terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees qmt Lender and any other Borrower hercnnder may agree to extend, modify, forbear, or make any other acconnnodations with :egard if the temps of tiffs Mortgage or the Note without that Borrower's consent and without releasing that Borrower or modir'ying this Mortgage as to that Borrower's interest iu the Property. 12. Notice. Except for any notice required under applicable law to be given in anolber manner, (a) any notice to Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower at tile Property Address or at such other address ,as Borrower 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 may designate by notice to Borrower as provi:ded herein. Any notice provided lbrin dfis Mortgage shall be deemed to have been given to Borrower or Lender when given in thc manner designated herein. 13. Governing Law; Severabilit)~. The slate and local laws applicable to this Mortgage shall be tim laws of tile jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this Mortgage. In tile event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conllict shall not affect other provisions of this Mortgage or the Note which can be given effect withot~t the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used hereto, "costs," "expenses" and "attorneys' fees" inclnde all sums to the extent not prohibited by app?icable law or linfited herein. 14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof: 15. Rehabilitation Loan Agreement. Bon'ower shall fulfill all of Borrower's obligations under any bmne rehabilitation, improvement, repair, or other loan agre&nent which Bo~xower enters into with Leuder. Lender, at Lender's oplion, may require Borrower to execute and deliver to Lender, in a~ form acceptable to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements made to tim Property. 16. Transfer of tile Property or a Benelicial Inlerest 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 Bon:ower is sold or tx-ansfcn'ed and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fidl of all sums secured by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. If Lender exercises fids option, Leader shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the nc. rice is .delivered Or mailed within which Borrower must pay all stuns secured by this Mortgage. If Borrower fails to pay these sums Frior to the exPiration of tiffs period, Lender may invoke any remedies permitted by this Mortgage without further notice or c~emand~on BorrOwer. NON-UNIFORM COVENANTS. Borrower and Lender lhrfl~er covenant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, npon Borrower's breach of any covenant or agreement of Borrower in this Mortt~age, iucluding the covenants to pa), ~hen due any sums seem'ed by this Mortgage, Lender prior to acceleration shall give notice, to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach nmst be cured; and (4) that failure to cure such breach oil or before the date specified in the notice may result in acceleration of the sum~, secured by this Mortgage. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to b;ring a court action to assert the nonexistence of a defaolt or any other defense of Borrower to acceleration and sale. If tbebreacb is not cured on or before the date specilled in the notice, Lemler, at Lender's option, may declare all of fha sums secured by this Mortgage to be immediately due ami payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fl.,es. 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 Property, if differen :, in accordance with applicable law. Lemler shall mail a copy of a notice of the sale to Borrower in the manner provided ia paragraph 12 hereof. Lender shall publish the notice of sale and the Property shall be sold in the manner prescribed by :~pplicaole law. Lender or Lender's designee m:ly purchase the Property at any sale. The 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, reasonable 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. ! For~.~ i[~®-76(WY) (0208) CHL (09/02) Page 3 of 4 iniiiala:~,,~_..c..~ i'64o DOC ID #: 0006620092906004 18. Borrower's Right to Reinsta'i'e. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have tixe right to have any proceedings begun by Lender to enforce this Mortgage discontim}ed at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale contained it] this Mortgage or (ii) entry of a judg~nent mfforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occun:ed; (b) Borrower cures all breaches of auy other covenants or agreements of Bon'ower contained in this Mortg~xge; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereot; includh~g, but not !.[mited t,:, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall cfintinue ummpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in loll force and effect as if no acceleration had occmxed. 19. Assignment of Rents; Appoi~?tment of Receiver; Lender in Possession. As additional security hereunder, Borrower hereby assxgns to Lender the rents of the Properry, provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration of any period of redemption following judicial aale, Leuder, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the reuts of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds aud reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and the re. ceiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. Borrower hereb/waives all right of homestead exemption in the Property. REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPEIHOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any xnortgage, deed of trust or olher encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at I,ender's address set lbrth on page one of this Mortgage, of any default under the superior encumbrance and of any sale or pther foreclosure action 1N WITNESS WHER~EOF, Borrower has executed this Mortgage. (Seal) - Borrower (Seal) Bon'ower (Seal) - Borrower (Seal) - Borrower '(Sign Original Only) STATE OF WYOMING, The foregoing instalment was acknowledgeclJpe~ore me this /,/ My Conmfission Expires: // Notary Public / / County ss: (date) 1~®-76(WY) (0208) CHL (09/02) Page 4 of 4 Form 385i STATE OF IDAHO COUNTY OF ) ) $$. 643 On June 30, 2004, befme me, the undersigned, personally appeared Christy G. Powell, knOwn or identified to me to be the person whose name is subscribed to the within instrument, and acknowledged to me,fiat she execute~e same. .~OTITARY FOI['Tt-I~gTA'fE OF IDAHO Commission Expires: 7-/- ~