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HomeMy WebLinkAbout901176booK__ REOEIVED LINCOLN cOLII",ITY CLERK Acc°unt N°': 9217332 'k w q¢* 901 Branch No.: 398 Loan Product: Flex 80/20 HELOC Piggyback 1-/6 .Il.IL 19 ?il 14: 1'I, MORTGAGE T}HS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES THIS MORTGAGE, as amended and extended (this "Mortgage") is signed to secure advances under a GMAC Holne Equity Line of Credit agreement (the ",~greement"); it is dated as of July 16, 2004, and is made by Thomas E. Starcevich_ who reside(s) at 1 I0 Star West Drive, Alton, Wyoming 83110, as mortgagor(s), in favor of GMAC Mortgage Corporation, a Pennsylvania Corporatiou, 100 Witmer Road, Horsham, PA 19044-0963 (herein "GMAC") and the Mortgage Electronic Registration Systems, Inc., P.O. Box 2026, Flint, MI 48501-2026 ("MERS") acting solely as nonfinee for GMAC and GMAC's successors and assigns under this Mortgage, as mortgagee. 7H~roughout this Mortgage, "we", "us" and "our" refer to mortgagor(s). "GMAC" refers to GMAC Mortgage Corporation or its assigns. The "Account" refers to the Home Equity Line of Credit account established by GMAC under the Agreement. "Borrower" refers to each person who signs the Agreement as bon'0wer. The Agreement and this Mortgage, taken together, are called the "Credit Documents." "Signer" refers to any person (other than GMAC) who has signeda Credit Document. DESCRIPTION OF SECURITY By signing this Mortgage, we mortgage to MERS acting solely as a nominee for GMAC, subject to the terms of this Mortgage, (a) the real estate located at 110 Star West Drive, Afion, Connty of Lincoin, State of Wyoming 83110, more fully described in Schedule A; (b) all buildings and other structures on the property; (c) all rights we may have in any road, alley, easement or license regarding the property or in any mineral, oil, gas or water ~vhich is pall of the property; (d) all rents and royalties from the property; (e) all proceeds of any insurance on the property and all refimds of premmms on such insurance; (0 all proceeds of any taking (or threatened taking) of the property by any governmental authority ("condemnation'9; and (g) all fixtures on the property at any time (collectively, the "ProperO,'). The Property includes all rights and interests which xve now have or which we may acquire in the future. For example, if the security mortgaged under tiffs Mortgage is a leasehold estate and we subsequently acquire fee title to the PropelW, the rights and interests granted to MERS acting solely as a nominee for GMAC by this Mortgage will include the fee title that we acquire. This Mortgage is also a Security Agreement under the Wyoming Uniform Commercial Code and we hereby grant MERS acting solely as a nominee for GMAC a security interest in the personal propell'y described in (d) through (f) above. SECURED OBLIGATIONS THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES. We have signed this Mortgage to secure payment to GMAC of up to $35,800.00, plus FINANCE CHARGES and any other amounts due GMAC under the Agreenrent (the "Total Balance Outstanding") and to secure performance by Borrower under the Agreement and our performance of the covenants of this Mortgage (collectively, the "Secured Obligations'). PRIORITY OF ADVANCES The lien of this Mortgage will atlach on the date this Mortgage is recorded, with priority over subsequently recorded mortgages. The indebtedness evidenced by the Credit Documents is a revolving indebtech~ess. The Credit Documents provide that amounts may be advanced, repaid and readvanced from time to time in accordance with the temps and provisions of the Agreement. Accordingly, the aggregate advances during the tem~ of the Credit Documents may exceed the Credit Limit However, the Total Balance Outstanding less FINANCE CHARGES and certain special charges at any time (the "Earning Balance Outstanding") shall never exceed the Credit Limit, except for advances made to protect the lien of this Mortgage. We agree that the lien and security title of this Mortgage shall not be deemed released or extinguished by operation of law or implied intent of the parties if the Total Balance Outstanding is zero as of the date of tlfis Mortgage or is from time to tinge reduced to zero by payments made to GMAC. GMAC-WY REPRESENTATIONS AND DUTIES We promise that, except for Permitted Liens: (a) we own the Property; (b) we have the right to mortgage the Property to GMAC; and (c) there are no outstanding claims or charges against the Property. The term 'Permitted Lien" means (x) any mortgage, deed to secure debt or deed of n'ust ("security instr.~nent') disclosed to GMAC by any Signer in applying for the Account, to the extent that the amount secured by such security instrument does not exceed the amount disclosed on such application; and (y) any liens, clahns and restrictions of record that do not individually or collectively have a material adverse impact upon GMAC's secnriry, the value of the Property or the Property's current use. Each of us gives a general wmxanty of title to GMAC. This means that each of us will be fidly responsible for any losses which GMAC suffers because someone has rights in the Property other than Permitted Liens. We promise that we will defend our ownership of the Propmxy against an y claims of such right. We will neither take nor permit any action to partition, subdivide or change the condition of title to all or any part of the Property. We will not amend any Pernfitted Lien withont GMAC's prior written consent. CERTAIN PROVISIONS OF THE AGREE1V[ENT We understand that GMAC may, under certain circumstances set forth in the Agree~nent, cancel its obligation to make future advances and/or require repayxnent at once of the Total Balance Outstanding. Under the Agreement, FINANCE CItARGES are based on the "prime rate" published in The Wall Street Journal or in certain ch'cumstances the "prince rate" published in The New York Ti;nes or a sim/lar index selected by GMAC. The rate of FINANCE CHARGES changes on a daily basis as the index or the amount outstanding under the Agreement increases or decreases. We understand that Borrower will nol receive advance notice of such changes. PROMISES AND AGREEMENTS We agree with GMAC as follows: 1. TIMELY PAYMENT. Except as limited by paragraph 10 below, Bon'ower shall pay when due all sums owed GMAC under the Credit Documents. 2. APPLICATION OF PAYMENTS. All payments shall be applied by GMAC as set forth in the Agreement. 3. MORTGAGES AND DEEDS OF TRUST; CHARGES; LIENS. We shall make payments when due and perform all our obligations under any mortgage, deed of trust or other security agreement on the Property. We shall pay or cause to be paid when due all loans, taxes, assessments, charges, frees, iinpositions and rents of any kh~d relating to the Property ("Assessments"). Receipts evidencing such payments shall be . delivered to GMAC upon its request. Except for Pe~xnitted Liens, we shall not allow any encnmbrance, charge or lien on the Property to become prior to this Mortgage. 4. HAZARD INSURakNCE; CONDEMNATION. (a) We Shall, at our cost, keep all improvements on the Property insm'ed against loss caused by hazards included in the tenn "extended coverage" Or by other hazards GMAC may reasonably specify. Hazard insurance shall be in an amount equal to the lesser of (i) the fidl replacement cost of the building that is part of the Properly or (ii) the amount of this Mortgage plus the total amount of all Permitted Liens; but never less than the amount necessary to satisfy any coinsurm~ce requirement contained ill the insurance policy. We may choose the insurance company, subject to approval by GIVLAC which may not be unreasonably withheld. All insurance policies and renewals must be in fornt acceptable to GMAC and must include a standard mortgagee clause in favor of GMAC. GMAC shall have the right to hold the policies and renewals, subject to the terms of any Permitted Liens. If we pay the prenfiums directly, we shall provide GMAC with all renewal notices and, if requested by GMAC, all receipts for premimns. If policies and renewals are held by any other person, we shall supply copies of them to GMAC within ten calendar days after they are issued. h~ the event of loss, we shall give prompt notice to the insurance company and GMAC. GMAC may file a proof of loss if we fail to do so promptly. (b) The proceeds of any condenmation of the Property shall be paid to GMAC, subject to any Pennitted Liens. We shall give GMAC notice of any threatened condenmation and sign all documents required to carry out this paragraph 4. No condemnation settlement may be made without GMAC's prior written approval which shall not be unreasonably witltheld. -2- (c) Subject to the te,ms of any Permitted Lien, GMAC may elect that the proceeds of any mstirance or condemnation (after payment of all reasonable costs, expe. uses and anomeys' fees paid or h~cttrred by GMAC and us) shall be applied to pay the Secured Obligatmns, ro repair or reconstruct die Property, and/or pay us for our loss. In the event that such proceeds are not used entirely for repair and reconstruction, we shall provide GMAC with a new appraisal or valuation of the Property, ctmducted by a person or enmy and in a form reasonably acceptable to GMAC, unless GMAC waives this requiren~ent m writing. The receipt of proceeds shall not cure or waive any default or nonce of dethult under this Mo~lg~ge m invalidate any act done pursttant to such nonce. if the Property is abandoned by tls, or if we fail to respond ~o GMAC in writmg within 30 calendar days fi'om the date notice of a proposed insurance or condemnation setllemem is given to us, GMAC may seltle the claim, collect the proceeds and apply them as set forth above. If the Property is acquired by GMAC, all of our right, title and interest in and m any insm-ance or condemnation proceeds shall become the property of GMAC [o lhe extent of the sums secured by lhis Mortgage. 5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONDOMINIUMS; PLANNED LrNIT DEVELOPMENTS. We Shall: use, unprove and maintain the Property in compliance with law, keep the Property m good repair and pay when due all repair costs; prevent waste, impamnmlt and/or deterioration of file Propmxy; and comply with the provisions of any lease of the Property. If the Property is part 6'f a condommlum project or a planned tm,t t cvelopment we shall promptly perform all of our obligations under the governing documents of the project or development, 6. PROTECTION OF GiVL4~C SECURITY. We shall appear m and defend any action or proceeding which may affect the security of GM_AC under this Mortgage or result m a violation of paragraph 3 above. If such an action is filed, we violate this Mortgage or Bon'owers violalc the Agreement, then GMAC may disburse filnds and do whatever it believes necessary, to protect the security t~f this Mm~gage. In doing so, GMAC shall give us notice but it need not make demand or release tls from any obligation. Any anronnrs paid by GMAC under this paragraph 6, with FINANCE CHARGES at the variable rate in effect under fl~e Agreement, shall be paid by tls upon demand. Until paid by lis, such amounts are secured by this Motxgage. GMAC is not requh'ed to mcnr any expense or take any action under this Mortgage aud no achon taken shall release tls from any duty. 7. INSPECTION. Representatives of GMAC may respect the Property from time to time. Except in an emergency, GMAC mast first give notice specifying reasonable cause lbr the inspection. 8. FINANCE CHARGES AIrFER END OF ACCOUNT AND/OR ~FUDGNIENT. To the extent permitted by law, we agree that FINANCE CHARGES after the end of the Account and/or afler a judgment is entered shall continue to accrue at the rates and in the manner specified in the Agreement. 9. OUR CONTINUING DUTIES AND GMAC'S RIGIITS; WAIVERS. No waiver of any GMAC fight under the Credit Docunrents shall release or linxit our liability, Borrower's liability, or lbat of our successors or Bon-ower's successors, nor shall any waiver affect the lien ot priority of this Mortgage. GiVLAC shall not be required to start proceedings against any successor o~ modify payment terms by reason of any demand made by us or any successor. No GIVIAC act or failure to act shall waive any right under this Mortgage. All waivers must be in writing and signed by GMAC; they shall apply only to the extent and with respecl to the event specified in the writing. Obtaining insurance, or paying taxes, other liens or charges shall nt~t be a waiver of GMAC% right Io demand payment at once of the sums secured by this Mortgage in the event of a dcfimlt lmder the Credit Documents. 10. SUCCESSORS AND ASSIGNS; JOINT AND SEVEILkL LIABILITY; CO-SIGNERS. This Mortgage shall bind tls and our respective successors and permitted assigns for the benefit of GMAC aud its successors and assigms. All agreements made by us or any successor are joint and several and may be ~nforced against each of us or any successor. Any Signer who does not execute the Agreenrent (a) is co signing only to encumber that person's interest in fl~e Property and ~o release all homestead and/or dower rights, (b) is not personally liable under the Credit Documents, and (c) agrees that GMAC and any Signer may modify either Credit Document, withoot consent and without modifying the interests of the rest of us undex this Mortgage. -3- ~ . CES. All notices shall be in whting. Except where applicable law requires othe~wvise: (a) GMAC notices shall be hand delivered or mailed by first class, registered or certified mail to the address of the Property or to such other address specified by the addressee in a written notice given to GMAC. Any GMAC notice shall be considered given on the day it is deposited in the U.S. mail or is hand-delivered. (b) Our notices shall be mailed to GMAC by first class, registered or certified mail to the address for such notices specified on our most recent monthly statement under the Agreement or to such other address specified by GMAC in a written notice given to us. Any such notice shall be considered given on the day it is received by GMAC. 12. GOVERNING LAW. This Mortgage will be governed by federal and Wyoming law. If auy provision is invalid, illegal, or unenforceable, this Mortgage shall be interpreted as if such provision had never been included. 13. COPIES. We shall receive copies of the Credit Documents at the time they are signed or after this Mortgage is recorded. 14. EXERCISING REMEDIES. GMAC may exercise all of the rights and remedies provided by the Credit Documents or law, and any of these rights and remedies may be exercised individually or jointly, once or a number of times. The parties to this document are subject to thc provision for Arbitration as set forth in the Agreement which is incorporated by reference as if set forth at length herein. 15. EVENTS OF DEFAULT. (a) The events set forth m paragraph 15(b) are Events of Default if and when GMAC gives any Signer notice of default. We agree to notify GMAC promptly upon the happening of any event that would be an Event of Default under either Credit Document upon the giving of notice by GMAC. (b) After giving notice of default, GMAC may end the Account anWor demand repayment at once of the Total Balance Outstanding in any of the following events: (i) There has been fraud or material nusrepresentation by any Signer in connection with the Account; (ii) Borrowers have failed to meet the repayment lenns of the Agreement for any amount outstanding; or (iii) Any action or inaction by any Signer has adversely affected the Prope~y or any right of GMAC in the Property; to the extent pmmitted by law, this will include, bnt uot be lhmted to, any Signer (or any legal representative or successor of any Signer) agreeing to sell, transfer or assigu or selling, transferring or assigning any interest in the Property, without the prior wriuen consent of GMAC. (c) Notwithstanding any language in this Mortgage to the contrary, GMAC will not give notice of default unless permitted by applicable law and GMAC will give us any grace period, right to cure and/or reinstalement right requked by applicable law. This paragraph 15 is intended to give GMAC all rights pemfitted by applicable law. 16, REMEDIES. IF BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OUTSTANDING WHEN DUE, GMAC MAY EXERCISE ANY REMEDY AVAILABLE TO IT UNDER APPLICABLE LAW, INCLUDING FORECLOSe. 17. FORECLOSURE BY ADVERTISEMENT. We hereby grant GMAC npon an Event of Default power to sell or cause the sale of the Property by advertisement and sale at public auction or vendue and to convey the Property to the purchaser in the manner provided by law. 18. APPOINTMENT OF RECEIVER. Upon an Event of a Default or our failure to pay taxes assessed against the Property and/or insurance premiums on the Prope~Vj (which we agree shall constitute waste), GMAC shall be entitled to the appointment of a receiver if pennitled by la~v. 19. SATISFACTION OF MORTGAGE. Upon paymem and discharge of all sums secured by this Mortgage and termination of the Account, this Mortgage shall be void and GMAC shall satisfy this Mortgage, file a discharge or release and pay any recording costs. 20. REQUEST FOR NOTICES. GMAC requests that copies of notices of default, sale and foreclosure fi'om the holder of any lien which has priority over this Mortgage be sent to GMAC at 100 Witmer Rogd, Horsham, PA 19044. -4- 21. EXHllIITS, SCHEDULES AND R1DEI~, ETC. Thc terms of any Exhibit, Schedule or Rider a~ached to this Mortgage m' executed and recorded with this Mortgage shall be n'eated as if fully set forth in tiffs Mortgage All of the temps oftbe Agreement are made part of this Mortgage 22. TIME OF ESSENCE. Time is of the essence m this Mo~3gage. 23. ACTUAL KNOWLEDGE. For purposes of file Credit Documents, GMAC shall not be deemed to have actual knowledge of any fact until it actually receives notice as set forth in paragraph 11 or until it receives written notice thereof from a source GMAC reasonably believes to be reliable. The date of receipt shall be determined by reference to the "Received" date stamped on such wriuen notice by GMAC or its agent. 24. RELEASE. To the extent permitted by law, for ourselves and our successors and assigns, we hereby release and waive all rights under and by vume of fl~e homestead exemption laws of the State of Wyoming. 25. EXPENSES OF LITIGATION. In any proceeding to enforce any remedy of GMAC under the Credit Documents there shall be allowed and included, to the extent pemmled by law, as additional indebtedness in the judgment or decree, any court costs and reasonable expenses which may be paid or mcun-ed by GMAC for attorneys; appraisers; documentary and expert evidence; stenographers; publication; surveys; abstracts of title; title searches; title insurance policies; Torrens certificates; and sunilat items which GMAC reasonably considers necessary in such proceeding or to evidence to bidders at any sale the true condition of file title lo or value of the Property. Such expenses may be estimated to the extent they will be incm-red after entry of the decree. In any foreclosure by advertisement, all expenses permitted by statute that GMAC incurs in protecting the Property, maintaining the lien of this Mortgage and foreclosing this Mortgage shall be included in the redemption price and in the calculation of any deficiency. 26. CAPTIONS; GENDER; ETC. The headings in this Mortgage ate not to be used to interpret or define its promsions. In this Mortgage, the masculine gender includes the fenmfine and/or neuter, singular numbers include the pluralS, and plurals include the singular. 27. MERS. Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Mortgage, but, if necessary to comply xvith local law or custom MERS (as nominee for GMAC and GMAC's successors and assigns) has the right: to exercme auy or all of these interests, including, but nor limited to, the right to foreclose and sell the property; and to take any action reqnired of Lender including but not limited to, releasing and canceling this Mortgage. (This space left blank i~tte~itionall)9 By signing ~h~s Mortgage, we agree ~o aH o£the above. VqITNESSES: By: Thomas E. Starcevich MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR STATE OF WY,,~OMING coUNTy QF ~/t.~/e'- ss. S On th~day~°'f/~' -~-~'O , ~ , before n~e personally came Thoma_s E: tarcevich to me ~o~ to be t~e individual(s) described m and who xgct ted the forego~g insmm~ent and ac~owledged fl~at he/she/they executed fl~e same. ~~ ~ ' ...... otary Public ~ ~- NOr~Y ~ ~C~ ~ Count, Wyo~ng MyCom~.Exp~es: D ~ ~ Schedule A Lot 2 of Star West Subdivision, Lincoln County, Wyoming as described on the official plat thereof. Tax ID Number: 12-3219-28-1-01-011 Known as: 110 Star West Drive, Afton, Wyoming 831 I0 MORTGAGE Title No_ THIS INSTR'UhiENT PREPARED BY Melinda Chandler GMAC Mortgage Corporation 4 Walnut Grove Drive Horsham, PA 19044 TO Recorded At Request of GMAC Mortgage Corporation RETURN BY 51AI/TO: GMAC Mo~qgage Corporation Home Equity Ftmdmg 4 Wahmt Grove Drive Horsham, PA 19044-0963 RESERVE THIS SPACE FOR USE OF RECORDING OFFICE