HomeMy WebLinkAbout901367Loan No: 100800
Borrc.wer: MICHAEL R. KOTRABA
t?EOEIVED Data ID: 238
LI~.,~...OL.d COUNTY CLERK
Return to:
9013G'7
When recorded mail to:
Homecolni ngs Fi nancial
100 Lakeside Drive, Horsham, PA 19tk14
:rig Data]
'MORTGAGE
MIN: 100105504010080086
THIS MORTGAGE is made this 16th day of July, 2004, between the Mortgagor, MICHAEL R. KOTRABA
AND JULIE L. KOTRABA , HUSBAND AND WIFE, TENANTS BY THE ENTIRETY
(herein "Borrower"), and
HOMECOMINGS FINANCIAL NETWORK, iNC., A CORPORATION, organized and existing under the laws of the
State of DELAWARE, whose address is 27tl NORTH }LASKELL AVENUE, SUITE 1000, 'DALLAS, TEXAS ?5204
(herein 'Lender").
WHEREAS, this Security Instrument is given to MORTGAGE ELECTRONIC REGISTRATION SYSTEMS,
INC. ("MERS"). MERS is a separate corporation that is acting solely as nominee for Lender (as hereinabovc defined)
and Lender's successors and assigns. MEltS is the mortgagee trader this Security lnstrmnent. MERS is organized
and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI
48501-2026, tel. (888) 679-MERS.
WHEREAS, Borrower is indebted to Lender in the principal sum of TWENTY-EIGItT T}IOUSAND FIVE
HUNDRED and NO/100 ..... Dollars (U.S. $ 28,500.00), which .indebtedness is evidenced by Borrower's note dated July
16, 2004 and extensions and renewals thereof (herein "Note"), providing for ntonthly installmenis of principal and
interest, with the balance of indebtedness, if not sooner paid, due and payable on August 1, 2019;
TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest lhcreon; the
payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security el this Mortgage;
and the performance of the covenants and agreements of 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 thc successors and
assigns of MERS, with power of sale, the followmg described property located in the County of LINCOLN, State of
Wyoming:
ALL THAT PARCEL OF LAND IN COUNTY OF LINCOLN, STATE OF WYOMING AS MORE
FULLY DESCRIBED IN BOOK 494 AT PAGE 632 AND BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS: THAT PART OF LOT 2 OF BLOCK 3. OF THE ORIGINAL
TOWNSiTE OF AFFON, LINCOLN COUNTY, WYOMING, BEING PART OF THAT TRAC¢ITM OF
RECORD IN THE OFFICE OF THE CLERK OF L1NCOLN COUNTY IN BOOK 396PR ON
PAGE 54, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE NORTH LINE OF
SAID LOT 2, N. 88 DEGREES 1.7 MINUTES 31 SECONDS W. 47.22 FEET, FROM THE
NORTHEAST CORNER OF SAID LOT 2; THENCE N. 88 DEGREES 17 MINUTES 21
SECONDS W. 118.10 FEET, ALONG SAID NORTH LINE, 'FO THE NORTHEAST REBAR OF
SAID TRACT; THENCE S. 01 DEGREES 47 MINUTES 30 SECONDS W. 185.13 FEET, ALONG
THE WEST LINE OF SAID TRAC'I; TO A SOUTHWEST POINT OF SAID TRACT; THENCE
S. 88 DEGREES 17 MINUTES 21 SECONDS E. 118.10 FEET, ALONG A SOUTH LINE OF SAID
TRACT TO A POINT; THENCE N, 01 DEGREES 47 MINUTES 30 SECONDS E. 185.13 FEET,
ALONG A LINE PARALLEL WITIt SAID WEST LINE, TO THE POINT OF BEGINNING. APN:
12-3218 -30-2-04 - 124.00
which has t.he address of 240 EAST 1ST AVENUE, AFFON,
[Street] , [City]
Wyom(ng 83110 ' (herein "Property Address");
[Zip Code]
TOGETHER with all the improvements now or hereafter erected on the property, and all ease~ncnts, rights,
appurtenances and rents, all of which shall be deemed to be and remain a part of the property covered by this Morlgage;
and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are
hereinafter referred to as the "Property." Borrower understands and agrees that MERS holds only legal title to thc
interests granted by Borrower in this Security Instrument; but, it' necessary to comply with law or custom, Iv1EI?,S (tis
nominee for Lender and Lender's successors and assigns) has thc righi: to exercise any or all of those interests, inchtding,
but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including~ but
not limited to, releasing and canceling this Security instrument.
Borrower covenants that Borrower is lawfully seised of thc estate hereby conveyed and has the right to mortgage,
grant and convey the Property, and that the Property is unencumbered, except for encumbrances of record. Borrower
covenants that Borrower warrants and will defend generally the title to the Property against all claims and demands,
subject to encumbrances of record.
WYOMING - SECOND MORTGAGE - 1/80 - FNMA/FHLMC UNIFORM INSTRUMENT
OOOO100800
Form 3851 (Page I of 4 Pages)
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Pay~nent of Principal and Interest. Borrower shall promptly 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 lnsm'ance. Subject to applicable law or a written waiver by Lender, Borrower shall
pay to Lender on the day monthly payments of principal and in,crest are payable under the Note, until the Note is paid
m full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes 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 one4wclfth of yearly premium
installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time 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 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 held in an institution the deposits or accounts of which
are insured or guaranteed by a federal or state agency (including Lender if Lender is such an insHtution). Lender shall
apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so
holding and applying the Funds, analyzing said account or veri~,ing and co~npiling said assessments and bills, unless Lender
pays Borrower interest on the Funds and applicable law permits l.cndcr to inake such a charge. Borrower and Lender
may agree in writing at the time of execution of this Mortgage that interest on thc Funds shall be paid to Borrower, and
unless such agreement 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 shall give lo Borrower, without charge, an annual accounting
of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The
Funds are pledged as additional security for the sums secured by this Mortgage.
If the amount of the Funds held by Lender, together with thc Iulure monthly installments of Funds payable prior
to the due dates of taxes, assessments, insurance premiums and grnund rents, shall exceed the amount required lo pay
said taxes, assessments, insurance 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 instalhnents of Funds. [f the amount 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 to Lender any amount necessary to make up the deficiency in one or more payments as Lender
may require.
Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refuml to Borrower any Funds
held by Lender. If under paragraph 17 hereof the Property is sold or lh¢ 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 at the time of application as a credit against thc sums secured by this Mortgage.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
the Note and paragraphs 1 and 2 hereof shall be applied by Lendcr first in payment 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 TrusB Chargesi Liens. Borrower shall perform all of Borrower's obligations
under any mortgage, dccd of trust or other security agreement with a lien which has priority over this Mortgage, including
Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and
other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and
leasehold payments or ground rents, if any.
$. Hazard Insurance. Borrower shall keep the improvemenls now existing or hereafter erected on the Property
insured against loss by fire, hazards included within the term "extended coverage," and'such other' hazards as Lender may
require and in such amounts and for such periods as Lender may require.
The insurance 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 form
acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender.
Lender shall have the right to hold the policies and renewals thereof, subject to thc terms of any mortgage, deed of trust
or other security agreement with a lien which has priority over this iVlortgage.
In the event of loss, Borrower shall give prompt notice to thc insurance carrier and Lender. Lender may make
proof of loss if not made promptly by Borrower.
If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from thc date
notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim lbr 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. Preservation and Maintenance of Property; Leasehohls; Cnndominiums; Planned Unit Developments.
Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of thc
Property and shall comply with the provisions of any lease if this Morlgage is on a leasehold. If this Mortgage is on a
unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under tile
declaration or covenants creating or governing thc condominium or ph'mncd unit development, tile by-laws and regulations
of the condominium or planned unit development, and constituent documents.
7. Protection of Lender's Security. If Borrower fails to perlbrm the covenants and agreements contained in
this Mortgage, or if any action or procceding is commenced which materially affects Lender's in,crest in the Property, 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
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, with interest thereon, at the Note rate, shall
become additional indebtedness of Borrower secured by this Mortgaec. Unless Borrower and Lender agree to other terms
of payment, such amounts shall be payable upon notice from Lend~-r 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 thc Property,
provided that Lender shall give Borrower notice prior to any such inspection specil:ying reasonable cause thcretbr related
to Lender's interest in thc 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 condemnation, are
hcreb~ 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 IVlortgage.
Form 3851 1/80 (Page 2 of 4 Pages)
Loan No: 100fi00 Data ID: 238
10, Borrower Not Releasedi Forbearance By Lender Nat a Waiver, Extension of the time for payment or
modification of amortization of the sutns secured by this Mortgage 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 for
payment or othenvise modil~, amortization of tile sums secured by this Mortgage by reason of any demand made by lhe
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.
11. Successors and Assigns Bom}d; Joint and Several Li.'dfility; Co-signers, The covenants and agreements
herein contained shall bind, and the rights hereunder shall inure to, thc respective successors and assigns of Lender and
Borrower, subject to the provisions of paragraph 16 hereof. All covenanls 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 Mortgage only
to mortgage, grant and convey that Borrower's interest in the Property to Lender under thc terms of this Morlgage, (b)
is not personally liable on the Note or nnder this Mortgage, and (c) agrees that Lender and any other Borrower hereunder
may agree to extend, modify, forbear, or make any other accommodalions with regard to tile terms of this lVlortgage 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.
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 Morlgage shall be given by delivering it or by mailing such nolice by certified mail
addressed to Borrower at the 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 hereto or Io
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided t:or in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated hereto.
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 file Note conflicts with applicable law,
such conflict shall not affect other provisions of this Mortgage or tile Note which can be given effect without the
conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used
herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or lmfited
herein.
14. Borrower's Copy, Borrower shall be furnished a conformed copy of the Note and of this Mortgage at thc
time Of execution or after recordation hereof.
15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home
rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's
option, may require Borrower to execute and deliver to Lender, in a lbrm acceptable to Lender, an assignment of any
rights, claims or defenses which Borrower may have against parties who supply labor, materials or services m connection
with improvements made to the Property.
16. Transfer of the Property or a Beneficial Interest in llorrower. If all or any part of the Property or any
interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a
riatural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of
all sums secured by this Mortgage. ttowever, this option shall nut be exercised by Lender ii' exercise is prohibited by
federal law as of the date of this Mortgage.
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 Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke
any remedies permitted by this Mortgage without lktrther notice or demand on Borr6wer.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant' and agree as follows:
17. Acceleration; Remedies. Except as provided in paragraph 16 hereol; upon llorrower's bre:~ch of any
covenant or agreement of Borrower iu this Mortgage, inclnding the cuvenants 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
specifying: (1) the breach; (2) the action required to cure snch breach; (3) a date, not less than 10 days Ii'om the
date the notice is mailed to Borrower, by which snch breach must be cured; and (4) that t':dhn'e to cure such breach
on or before the date specified in the notice may resnlt in acceleration of the stuns secured by this Murtgage. 'File
notice shall hn'ther infilrm Borrower of the right to reinstate after acceleration and the right to bring a conrt action
to assert the nonexistence of a default or any other defense of Borruwer to attceleration ,'md sale. Il' the hreach is
not cared on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums
scented by this Mortgage to be immediately dne attd payable without further demand and may invoke the power
of sale and any other remedies permitted by applicable law. Lender shall lie entitled to collect all reasonahle costs
and expenses incnrred in pnrsuing the remedies provided in this paragraph 17, including, but not limited ti},
reasonahle attorneys' lees. '
If Lender invokes the power of sale, Lender shall give notice of intent to lbreclose to Borrower and to the
person in possession of the Property, if differeut, itt accordance with applicable law. Lender shall mail a copy of a
notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender sh.'dl publish the notice of
sale and the Property shall he sold in the manner prescribed by applicable law. Lender or Lender's designee may
purcliase the Property at any sale. The proceeds of the sale shall be' applied in the following order: (:0 to all
reasonable costs and expenses of the sale, inch}ding, bat not limited tu, reasonable attorneys' fees and costs of title
evideuce; (b) to all sams secnred by this Mortg'4ge; and (c) the excess, il' any, to the person or persons legally
entitled thereto.
1.8. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage
due ':o Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce tilts
Morlgage discontinued 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 in this Mortgage or (ii) entry of a judgment enforcing this M'orlgage if: (a) Borrower pays
Lender all sums which would be ihen due under this Mortgage and the Note had no acceleration occurred; (b) Borrower
cures all breaches of any Other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all
reasonable expenses recurred by Lender in enforcing the covcnauts and agreemenls of Borrower contained in this
Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable'
attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that thc lieu of this
Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall
continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall
remain in fllll force and effect as if no acceleration had occurred.
Form 3851 1/80 (Page 3 Of 4 Pages)
19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder,
Borrower hereby assigns to Lender the rents of the Property, 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 sale, Lender, in person, by agent or by judicially appointed
receiver, shall be entitled to enter upon, take possession of and mauagc the Property and to collect the rents of the
Property including those past due. All rents collected by Lender or thc 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' fees, and then to the sums secured by this lVlortgagc. Lender and the receiver
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, it' any.
21. Waiver of Ilomestead. Borrower hereby waives all right of homestead exemption in the Property. I
REQUEST FOR NOTICE OF I)EFAULT
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, Borrower has executed this Mortgage.
....... :~ .~..v ........... ~..~w:7...~.....~....~.. ................................... (Seal)
M1CHAEL R. KOTRABA Borrower
State of tO ~fo-~,,~ ~ §
County of /--i ~trO[i,k §
The foregoing instrument was acknowledged before me this
MICHEL R. KOTRABA AND JULIE L KOTa~A ~'X'L~y()[
dayof ~}yM,[ ~
[Sign Original Only]
,20 ¢qt/_, by
Witness _my hand and official seal.
t
My commissionexpires:- --fYQSu-~'{ ~
7
Notary Public
(Printed Name)
Form 3851 1/80 (Page 4 of 4 Pages)