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HomeMy WebLinkAbout900971· BOOK __ 6i2 THIS MORTGAGE is made this DAVID J b'IEC~, A MARRIED MAN, 900971 RECEIVED L NCOLN COUNTY CLERK 04 J J!,~ 13 A!i 9: t,, l~ MORTGAGEI 8th day of July 2004 SOLE AND SEPARATE , between the Morlgagor, IZiHlVlANBR~BANK, FSB, AFEDERALSAV]ZEgS BANK. (herein "Borrower"), and the Morlgagee, existing under the laws of THE UNTTED STATES OF AIVlERICA 1250 ROUI~ 28, BRANCHBURG, NJ 08876 WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ 26,000.00 indebtedness is evidenced by Borrower's hole dated July 8, 2004 thereof (herein "Note"), providing for monfldy installments of principal and interest, with the balance of indebtedness, if .or sooner paid, due and payable on August 1, 2019 ; TO SECURE to Lender the repayment of the indebtedness evidenced by the Note with interest thereon: lhe paymem of all other sums, with interest thereon advanced i. accordance herewith to protect the security of this Mortgage; and file performance of tbe covenants and agreements of Borrower herein contained. Burrower does bereby mortgage, gram and convey to Lender, with power of sale, the following described property located in the County of LINCOLN Stale of Wyoming: PER EXHIBIT "A" ASTACHED corporation orga,fized and , wt, ose address is (herein "Lender,). , which and extensions and renewals which has tile address of 354 ivIEADO~ LANE ~ RD 403 lSueed, GROVER [Cityl, Wyoming 83122 Izip Codel (herein "Property Address"); TOGETHER with all the improvemems now or hereafter erected on tile property, and all easements, rights, appurtenances and rents, ali of whicb sball 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 Morlgage is on a leasehold) are hereinafter referred to as the "Property." Borrower covenants that Borrower is lawflflly seised of the estate hereby conveyed and has ibe right to mm'tgage, grant and convey the Property, and that file Property is unencumbered, except for encumbrances of recm'd. Borrower covenants that Borrower warrants and will defend generally the title to the Property againsl all claims and demands, subject Io encumbrances of record. UNIFORM COVENANTS Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall prmuptly pay wben due rise principal and interest indebtedness evidenced by the Note and late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender~ Borrower shall pay m Lender on the day monthly paymems of principal and interest are payable under the Note, until the Note is paid in full, a suni (herein "Funds") equal to one-lwelflh of the yearly loxes and assessments (including condominium and planned unit development assessments, if any) which may attain priority over this Mortgage and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one twefftb of yearly premium installments for mortgage insurance, if any, all as reasonably estitnaled initially and fi'om time to lime by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent tbat Borrower makes such payments to the holder of a prior mortgage or deed of trust if such bolder is an institutional lender. MEC/44400679221 4400679221 WYOMING - SECOND MORTGAGE - 1/80 - FNMA/FHLMC UNIFORM INSTRUMENT I 1~-76(WY) (0300) MW 08101 Pa~e 1 of 4 VMP Mc~l[gage Solutions (800)521-7291 0 .~/851 6i3 If Borrower pays Funds to Lender. the Funds shall be held in an instilulion the deposits or accounls of which are insured or guaranteed by a federal or state agency (including Lemler if Lender is such an institution). Lender shall apply tbe Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying lbe 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 this Mortgage that interest on tile Funds shall be paid to Borrower, and unless such agreemem is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earniugs on the Funds. Lender shall give to Borrower, without charge, an annual accounling of the Funds showing credits and debits to the Funds and the purpose for which each debit'to file Funds was made. The Fuuds are pledged as additional security for time sums secured by this Mortgage. If the amoun! of the Funds held by Lender, togefl~er with the future monthly instalbnents of Funds payable prior to lbe due dates of taxes, assessments, insurance premimns and ground rents, shall exceed the amount required Io pay said taxes, assessments, immsul'ance premiums and ground rents as they fall due, such excess shall be at Borrower's option, either prmnptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amnount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay m Lender any amount necessary to make up lbe deficiency in one or more payments as Lender may require. Upon paymem in full of all stuns secured by !Ills Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender If under paragraph 17 berenf the Property is sold or the Property is otberwise acquired by Lender, Lender shall apply, no later than immnediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the lime of application as a credit againsl the sums secured by fids Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note m~d paragraphs I and 2 hereof shall be applied by Lender first in paymem of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on file Note and then to the princxpal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mm'tgage, including Borrower's covenants to make paymnents when due. Borrower shall pay or cause to be paid all taxes, assessments and other d~arges, lines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gronnd rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insm'ed against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may reqmre and in such amounts and for such periods as Lender may require. The insurance carrie{' providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasouably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in ravin' of and in a form acceptable to Lender. Lender shall have the right to hold the policies and renewals tbereof, subject to the terms of any mortgage, deed of trust or other security agreement wilb 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 nm made promptly by Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from lime date notice is mailed by Lender to Borrower tha! the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Leuder's option either to restoration or repair of the Property or to the sums secured by ttds Mnrtgage. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower 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 on a leasehohl. If this Mortgage is ou a unit iu a condmninium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenanls creating or governing the condmninium or planned unit development, the by-laws and regulations of the condominium or planned nnit development, ami constituent documents. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced wldch materially affecls Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable Ultra'heys' fees, and take such action as is necessary to protecl Lender's interest. If Lender required mortgage insm'ance as a condition 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 insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to 'this paragraph 7, wilh interest tbereon, at the Note rate, shall becmne additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to oiher terms of payment, such amounts shall be payable upon notice fi'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. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to aoy such iuspecfion specifying reasonable Cause therefor related to Lender's interest in tile Property: 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection witb any commdemnation or other taking of the Property, or part thereof, or fro' conveyance iu 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 Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time tbr payment or modiBcation of amortization of the sums secured by this Mortgage granted by Lender to any successor iu interesl of Borrower shall not operate to release, in any manner, the liability of lbe original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify axnortization of the sums secured by this Mortgage by reason of any demand lnade by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise aflbrded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. MECK4400679221 4400679221 -7§(WY) (o3oa) I'~ ~ o~ ,I 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The 'covenants and agree~nents herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 16 hereof. Ali covenants nod 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 tiffs Mortgage only lo mortgage, grant and convey that Borrower's interest in the Property to Lender under tbe 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, modi~, forbear, or make any other accommoda~ons with regard to the terms of this Mortgage or the Note without lhat Borrower's consent and without releasing that Borrower or modi~ing this Mortgage as to that Borrower's interest in the ProPerty. 12. Notice. Except for any notice required under applicable law to be given in another 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 the Property Address or at such other address as Borrower may designate by notice m Lender as provided herein, and (b) any notice to Lender shall be given by certified niail 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 iu ibis Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this Mortgage. In the event tbat any provision or clause of this Mortgage or fl~e 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 9revision, and this end the provisions of this Mortgage and the Note are declared lo be severable. As used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Borrower shall be thrnisbed a conformed copy of tbe Note and of this Mortgage at the time of execution or after recordation hereof. 15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any Imme rehabilitation, improvelnenl, repair, or other loan agreement which Borrower enlers into with Lender. Lender, at Lender's option, may require . Borrower to execute and deliver to Lender, in a form acceptable Io Lender, an assignment 0f any righls, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvemenls made io ibc Property. 16. Transfer bf the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any iuterest in is sold or transferred (or if a beneficial interest in Borrower is sold or transferred aud Borrower is not a nalural person) without Lender's prior written consent, Lender may, at ifs option, require immediate payment in full of all sums secured by ibis Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Moltgage. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Morlgage. If Borrower fails to pay these sums prior to fl~e expiration of Ibis period, Lender may invoke any remedies permilted by this Mortgage wilhoul further notice or demaud on BorrOwer. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or a~eement of Borrower ~ this Mortgage, indud~g the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as Provided in paragraph 12 hereof specify~g: (1) thebreach; (2) the action requked to cure such breach; (3) a date, not less than 10 days ~om the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result ~ acceleration of the sums secured by this Mortgage. The notice shall further ~form Borrower of the right to reinstate after acceleration and the right to br~g a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums secured by this Mortgage to be immediately due and payable without ~rther demand and may ~voke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred ~ pursuing the remedies provided in this paragraph 17, inelud~g, but not l~lited to, reasonable attorneys' fees. 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 different, ~ accordance with applicable law. Lender shall mail a copy of a notice of the sale to Borrower ~ the manner provided in para~aph 12 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 the Property at any sale. The proceeds of the sale shall be applied ~ the follow~g order: (a) to all reasonable costs and expenses of the sale, includ~g, but not l~ited to, reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (e) the excess, if any, to the person or persons legally entitled thereto. 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secnred by Ihis Mortgage due lo Borrower's breach, Borrower shall have the right lo have any proceedings begun by Lender to enfm'ce Ibis Mortgage discontinued al any time prior to the earlier to occur of (i) the fifth day bet~re sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Morlgage if: (a) Borrower pays Lender ali sums which would be lhen due under this Mortgage and lhe Note had no acceleration occurred; (b) Borrower cures all breaches of any other coven~ls or agreements of Borrower contained in ~is Morlgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower conlained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not li~niled Io, reasonable aUorneys' fees; and (d) Borrower takes such aclion as Lender may reasonably require Io assure that fl~e lien of lhis Mortgage, Lender's inleresl in the Property and Borrower's obligation to pay the sums secured by this Morlgage shall continue mfimpaired. Upon such payment and cure by. Borrower, Mortgage and the obligalions secured hereby shall remain in full force and effect as if no acceleration had occurred. 19. Assignment of Rents; Appo~tment of Receiver; Lender ~ Possession. As additional security hereunder, Borrower hereby assigns 1o Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandonment of the ProperS, have the right to collect and retain such renls as Ihey become due and payable. MECK4400679221 -76(WY) lo,os) 4400679221 Page 3 of 4 Upon acceleration nnder paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage tile Property and to collect the rents of tile 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 and reasonable attorneys' feesl and then to the sums secured by this Mortgage. Lender and the receiver shall be liable to account only for those rents actually received. :20. Release. Upon paymem of all sums secured by this Mortgage, Lender shall release Ibis Mo,'tgage withoul charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. Borrower hereby waives all right of homestead exe mption in the Property. 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 this Mortgage, of any default under the superior encumbrance and of any sale or other foreclosure action. ~IN WITNES~REOF Borrower has ? D~VID J M~-~K / executed this Mortgage. (Seal) (Seal) -Borrower -Bon'ower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower Borrower (Seal) (Seal) -Borrower -Borrower STATE OF WYOMING, The foregoing instrument was acknowledged before me this by DAVTD J MECK My Commission Expires: (~.d~e_z' /~)/ ~W~ ~ 8th [Sign Original Only] County day of July, 200fi Notary Public MECK4400679221 -76(WY) 1o3o8~ 4400679221 Page 4 of 4 0 Form 3851 -..: !i- . :;' ' ;'!' "'' ":' , ¢', 7,!;¢ ' ' .'.;;;;;'.,.: ' ' -?:' :::-".' 6..i. 6 EXHIBIT A Part of Section 1, T32N R119W of the 6th P.M., Lincoln County, Wyoming more particularlY described as follows: BEGINNING at a point on the South boundary line of said Section 1 that is 20 rods West of the Southeast corner of the SW ¼ SE ¼ of said Section 1; thence West 20 rods, along South boundary line; thence North 8 rods; thence East 20 rods, more or less, on a line parallel to said South boundary line, to the West boundary line of the Ronald Tolman tract, recorded in Book 111PR on page 242 of records of Lincoln County Clerk; thence South 8 rods, more or less, along said west boundary line to the POINT OF BEGINNING. . SECOND HOME RIDER THIS SECOND HOME RIDER is made this 8th day of July 2004 and is incorporated into and shall be deemed to amend and supplement the Morlgage. Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower" whether there are one or more persons undersigned} to secure Borrower's Note to ~ BR~ BJX2qK, FSB, A FEDERD~ .~h.VIi'qGS BJ~xlK (the "Lender") of the same date and covering the Property described in the Secority Instrumem (the "Property"), which is located at: 354 ~ Lg. NE COUI~Y RD 403,GROVER, B/Y 83122 [Property Address] In addition to the covenants and agreements made in the Secnrity Instrument, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy. Borrower shall occupy, and shall only use, the Property as Borrower's second home. Borrower shall keep the Property available for Borrower's exclusive use and enjoymenl at all times, and shall not subject the Property to any timesharing or other shared ownership arrangemeut or to any rental pool or agreement that reqmres Borrower either lo rent the Property or give a managemem firm or any other person any coutrol over the occupancy or use of the Property 8. Borrower's Loan Application. Borrower shall be in defaull if, during the Loan application process, Borrower or any persons or entities acting al ibe direction of Bm'rower or with Borrower's knowledge or consent gave materially false, misleadiug, or iuaccurate informatiou or stalements to Lender (or failed to provide Lender with material information) m connecfioo with the Loan. Material representations include, but are not limited lo, represenlations concerning Borrower's occupancy of the Property as Borrower's second borne. MECK4400679221 4400679223_ MULTISTATE SECOND HOME RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page I of 2 ~-365R (0011) Mw u/oo VMP MORTGAGE FORMS - (800)521-7291 3890 0 1/01 ~LOW, Borrower accepts and agrees to the le,'ms and provisions conlained in ,this (Seal) - Borrower (Seal) (Seal) - Borrower - Borrower (Seal) (Seal) - Borrower - Borrower (Seal) (Seal) - Borrower - Borrower MECK4400679221 (~-365 R (0011 ) 4400679221 0 Page 2 of 2 Form 3890 1101