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HomeMy WebLinkAbout901361RECEIVED ~ i LINCOLN COLINTY CLERK P.O.166: _ 013 1"'"' Irvine, CA 92623-6637 ,1!::- ~' ,~ ~,-i[~2~'~, , ~ ~? :,i'm, ~"~'~ MORTGAGE ] MIN 100052300404337247 THIS MORTGAGEis ~nadethis 22nd day of JULY 2004 , between the Mortgagor, SBAWN L. YOUNGLOVE AND ANDREA G. YOUNGLOVE, HUSBAND AND WIFE (herein "Borrower"), and the Mortgagee, Mortgage Electronic RegistrationSystems, Inc. ("MERS"), (solely as nominee for Lender, as hereinafterdefincd, and Lender's successors and assigns). MERS is organized and existing under the laws of Delaware, and has an address and telephonenn',nber of P.O. Box 2026, Flint, M1 48501-2026, tel. (888) 679-MERS. Finance ~nerica, LLC ehstingunderthelawsof Delaware 16802 Aston Street Irvine, CA 92606 , ("Lender ") is organized and , and has an address of WHEREAS,Borrower is indebted to Lender in the principal suni of U.S. $ 38,600.00" , which indebtedness is evidenced by Borrower's note dated JULY 22, 2004 and extensions and renewals thereof (herein"Note"), providing for monthly instalhnents of principal and interest, with the balance of hidebtedness, if not sooner paid, due and payable on AUGUST 01, 2019 ; TO SECUREto Lender the repayment of the indebtednessevidenccd by the Note, with interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the performanceof the covenants and agreementsof Borrower herein contained, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS[ with power of sale, the following described property located in the County of LINCOIZI , State of Wyoming: LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF which has the address of 32 GALLUP CIRCLE [Street[ ETNA [City], Wyoming 83118 [Zip Code] (herein"Property Address"); 3 GALL P C RCLE T~A, WY 83118 TOGETHERwith all the improvemen~snow o?t~ere~tererec~n the property, and all easements, rights, appurtenances and rents, all of Which shall be deemed to be and remain a p, art ot thc property covered by this Mortgage; and all of the foregoing, together with saidproperty (or the leasehold estate ff this Mortgage is on a leasehold)are heremaherreferrcd to as the "Property." Borrower understandsand agrees that MERS holds only legal title to the interests granted by Borrower in this Mortgage; but, if necessary to comply with law or custom, MERS, (as nominee for Lender and Lender's s,ccessors and '_assigms), has.the right: to exercise any or alt of those interests, including, but not limited to, the right to foreclose and sell thc Property; and to take any action required of Lender including, but not hmited to, releasing or cm~celing this Mortgage. Borrower covenants that Borroweris lawfiflly seised of the estatehcrcby conveyed and has the right to mortgage, grant and convey the Property, and that the Property is unencumbered, except for encuinbrancesof record. Borrower covenants that Borrowerwarrants and will defend generally the title to the Property against all claims and demands, subject to encnmbranccsof record. UNIFORMCOVENANTS. Borrower and Lender covenant and a~ree as follows: 1. Paymeut of Principal and Interest. Borrower shall prompt]'), pay when due the 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 to Lender on the day monthly payments of principal and interest are payable under the Note, until lhe Note is paid in full, a sum WYOMING - SECOND MORTGAGE - 1/80 ~ FNMA/FHLMC UNIFORM INSTRUMENT WITH MERS P,,~ge 1 of 4 (~®-76N(WY)~ Io2o81 VMP MORTGAGE FORMS (800J521-7291 tni[ials~[ Form 3851 (.) (.) Amended 2/01 LOAN oso a , L ' "'032 (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and plauned 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-twelfth of yearly premimn instalhnents for mortgage insurance, if any, all as reasonably estimated:initially and from time to time by Lender on the basis of assessmentsand bills and reasonable estimates thereof. Borrower shall not be Obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a Prior mortgage or deed of trust if such holder is an institutional lender. If Borrower pays Funds to Lender, the Funds shall be heldin an institution the deposits or accounts of which are insured or guaranteedby a federal or state agency (includh~g Lender if Lender is such an institution). Lender shall apply the Funds pay said t~es, assesslnents, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzNg said account or verifying and compilNg said assessmcuts and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lendermay agree h~ writing at the time of execution of this Mortgage that interest.on the Funds shall be paid to Borrower, and unless such agremnent is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shah give to Borrower, without charge, an annual accounting of the Funds Showing credits and debits to the Funds and the purpose for which each de'bit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the ~nds held by Lender, togetherwith the future monthly installments of Funds payable prior to the due dates of t~es, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said t~es, assessments, insurance premiums and ~ound rents as they fall due, such excess shah be, at Borrower's option, eilher p~omptly repaid to Borrower or credited to Borrower on monthly installments o1' Funds. If the amount of the Fonds held by Lender shall notbe sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Uponpayment N full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. if under paragraphl7 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately 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 sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and para~aphs 1 and 2 hereof shall 'be applied by Lender first in payinent of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal 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 a~eementwith a lien which has priority over this Mortgage, including BorroweFs covenants to make payments when due. Borrower shall pay or cause to be paid all t~es, assessments and other charges, lines and impositions attributableto the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Properly insured against loss by fire, hazardsincluded within the term "e~ended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may requke. The Nsurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a fi)rm acceptable to Lender and shall include a standardmortgage clause in favor of and in a form acceptableto Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other security agreementwith a hen 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 madepromptly by Borrower, If the Propertyis abandonedby Borrower, or if Borrower fails to respond to Lender within 30 days front the date notice is mailed by Lender to Borrower that the insurance c~rier offers to settle a claim 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 sums secured by this Mortgage. 6. Prese~ation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Bo,'rower shall keep the Property N good repai} and shall not commit waste or permit impairment or deterioration of the Property and shall comply Mth the provisions of any lease if this Mortgageis on a leasehold. If this Mortgage is on a unit in a condominium or a pla~ed unit development, Borrower shall 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 condominimn or planned unit development, and 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 commencedwhich materially al'fects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such stuns, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condMon of making the loan secured by this Mortgage, Borrower shall pay the premimns required to maintain such insurance in eft'eot until such time as the requirementfor such Nsurance terminates in accordance with Borrower's and Lender's written agreementor applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nolhing contained in this para~aph 7 shall requke Lender to incur any expense or take any aclion herem~der. 8. Inspection. Lender may make or cause to be made reasonableentries upon and Nspections of the Property, provided that Lender sha~ ~ve Borrower notice prior to any such inspeclion specifying reasonable cause therefor related to Lender's interest N the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnationor other taking Of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assi~md and shag be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreementwith a lien which has prioriW over tiffs Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a ~5dver. Extension of the time for payment or modification of amortization of the sums secured by fids Mortgage granted by Lender to any successor in interest of Borrower shall not operateto release, N any manner, the liability of the ori~nal Borrower and Borrower's successors in interest. Lender shM1 not be required to commence proceedings against such successor or refuse to exgend time for paytnent or otherwise modify amortization of the sums secured by this Mortgage by reason 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 the exercise of any such right or remedy. Initials:~-~ (~}~76N(WY) 102081 Page 2 of 4 ~._~ (;j{{~ Form 38,51 MGFQ I'.OAI~I ID: 004043372Z, il. Successors and Assigns Bound; Joint attd Several Liability; Co-signers. The covenants and agreements 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. All covenants and 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 this lVlortgage only to mortgage, grant and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, (b) is not personally liable on the Note or under tiffs Mortgage, and (c) agrees that Lender and any other Borrower hereundermay agree to extend, modify, forbear, or make any other accommodations with regard to the terms of ibis 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 Property. 1.2. Notice. Except for any notice requiredunder applicable law to be given in anothermanner, (a) any notice to Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressedto Borrower at the PropertyAddress or at such other address as Borrowermay designateby 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 provided herein. Any notice provided fo,' in riffs 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 that any provision or clause of this Mortgage or the Note conllicts 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 end the provisions of ,Ms Mortgage and the Note are declared to be severable. As used herein, "costs," "expenses" aud "attorneys' fees" include all sums to the extent not prohibited by applicaMe law or limited 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. Borrower shall fulfdl all of Borrower's obligations under any home rehabilitation, improvement, repair, or other loan agreementwhich Borrower enters into with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defenses which Borrowermay have against parties who supply labor, materials or services in connection with isnprovementsmade to the Property. 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interestin it is sold or transferred(or if a beneficial interest in Borrower is sold or t,'ansferredand Borrower is not a naturalperson)without Lender's prior written consent, Lender may, at its option, require im~nediate 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 lag, as of the date of this Mortgage. If Lender exercises this option, Lender shall give Borrowernotice 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 Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remediespermitted by this Mortgage without further notice or demand on Borrower. NON-UNIFORMCOVENANTS. Borrower and Lender fl~rther covenant and agree as follows: 17. Acceleration; Re~nedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including tile covenants to pay when due any sums secured by this Mm',gage, Lender prior to acceleration shall give notice to Borrower as provided ia paragraph 12 hereof specil)'ing: (1) the breach; (2) tile action required to cure such breach; (3) a date, not less than 10 days l¥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 specilied in ,be notice may result in acceleration of tile stuns secured by this Mortgage. The notice shall further inform Bm'rower of the right to reinstate alter acceleration and the right to bring a court action to assert the no,existence of a default or other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specilied 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 further demand and may invoke tile power of sale aud any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred i, lnn'suing tile remedies provided in this paragraph .17, including, but not limited 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, in accordance with applicable law. Lender shall mail a copy of a ,otice of the sale to Borrower in tile manner provided in paragraph 12 hereof. Lender shall publish tile notice of sale and tile l'roperty shall be sold in 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 in the following order: (a) to all reasonable costs and expenses of the sale, including, but not li~nited to, reasonable attorneys' tees 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. 18. Borrower's Right to 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 kender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before gale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occmred; (b) Borrower cures all breaches of any other covenants or agreementsof Borrower contained in this Mortgage; (c) Borrower pays all reasonablcexpcnscs incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in e~fforcing Lender's remedies as provided in paragraphl7 hereof, including, but not limited to, reasonableattorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's in,crest in the Property and Borrower's obligation to pay the sums securedby this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obhgations secured hereby shall remain in full force and effect as if no acceleration had occmred. 19. Assigmnent of Rents; Appointment of Receiver; Lender in Possession. As additionalsecurity hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 1.7 hereof or abandomnent of the Property, have the right to collect and retain such rents as they become due and payable. ~®-76N(WY) 10208) P~, 3 o[ 4 CI~c~ ' Form 3851 LOAN _ ,:,; :~i~0/~33724 Upon accelerationunder paragraph 17 hereof or abandonmentof 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 m~d manage the Proper~ and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be appHed first to payment of the costs of managcmentof the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and thc receiver shall be fiable to account tuffy for those ren{s actually received. 20. Release. Upon payment of all sums secured by this Mortgage, Lender shMl release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. Borrowerherebywaives all right of homcsteadexemptionin 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 WITNESS WHEREOF,Borrowerhas executed this Mortgage. SHAWN L YOUN -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) ~Borrower (Seal) -Borrower (Seal) -Borrower by STATE OF WYOMING, / The foregoing instrument was acknowledjged/before me this / / / / / / / / / My Commission Expires: / / / ? Notary Public Count)' ss: [Sign Original Only/ ~®-76N(WY) (o2os) Page 4 of 4 Fo~m 3851 LOAN ID: 0040433724 0901..3,,1L STATE OF IDAHO SS. COUNTY OF On July 22, 2004, before me, the undersigned, personally appeared Shawn L. Younglove and Andrea G. Younglove, known or identified to me to be lhe person(s) whose name(s) are subscribed to the within ~rum~nt, and acknowledged to me that ~OTARY FOR Commi~io. nxpi~: 7~/~ ~ -~.' .. ~... o~t t.to ...' ~ ~:.. ........ -:,o~ ~-'.-:030 Exhibit "A" Lot 183 of Nordic Ranches Division No. 13, Lincoln Cotmty, Wyoming as described on the official plat thereof RECORDING REQUESTED BY, AND WHEN RECORDED MAlL TO: Finance America, LLC 16802 Aston Street Irvine, CA 92606 Attn: Collateral Management (Space above this line for Recorder's use) PREPAYMENT R1 DER MIN 100052300404337247 DATE: 07/22/2004 FOR VALUE RECEIVED,the undersigned ("Borrower") agree(s) that the following provisions shall be incorporated into that certah~ Mortgage, Deed of Trust or Security Deed of even date herewith (the "Security Instrument")executed by Borrower, as trustor, in favor of Finance America, LLC ("Lender), as beneficiary, and also into that certain promissory note (thc "Note ) of even date herewith executed by Borrower in favor of Lender To the extent that the provisions of this Prepayment Rider are inconsistent with the provisions of the Deed of Trust and/orthe Note, the provisions of this Prepayment Rider shall prevail over and shall supersede any such inconsistent provisions of the Security Instrmnent and/or the Note. Section 6 of the Note is amended to read in its entixcty :ts follows: Second Mortgage 11 961 66(o2o31 Page ~ of 2 VMP MORTGAGE FORMS - [800)521-7291 ULT 1 STATE (Rev. I 1/17/97) " 6 . BORROWER'S PREPAYMENTS BEFORE THEY ARE DUE I have the right to make payments of principal at any time before they are due, together with accrned interest. When I make a prepayment, I will tell the Note Holdcrin writing that I am doing so. If I make a partial prepayment, there will be no changes in the due date or in the amotmt of my monthly payment unless the Note Holder agrees in writing to those changes. 11' within 'tWO ( 2 ) years from the date of execution of the Security lnstrument I make a full prepayment or partial prepayment(s), 1 will at the same thne pay to the Note Holder a prepayment charge. An amount not exceeding twenty percent (20%) of the original principal amount may be lnepaid in any twelve-month period without penalty. A prepayment charge will be imposed on any amount prepaid in any twelve-month period in excess of twenty percent (20%) of the original principal amotm! of the loan which charge shall not exceed an amount equal to the payment of six months' advance inlerest on the amount prepaid in excess o1' twenty percent (20%) of the original principal amount. IN WITNESS WHEREOF, the Borrower has executed this Prepayment Rider on the day of B SHAW~ ~/ YOUNGLOVEt Bott.wet ~DR~A ~. YOUNGLOVE Borrower Borrower Second Mortgage 11 96166(o2o3) Page 2 of 2 IV1 ULTISTATE (Rev. 11/17/97) ARGI