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HomeMy WebLinkAbout901663NEW CENTURY NORTGAGE CORPORATION 18400 VON KARNAN, SUITE 1000 IRVINE, CA 92612 BOOK 901663 MORTGAGE RECEIVED LINCOLN COUHTY CLERK Tills MORTGAGE is made tiffs 2nd day of August 2004 JENNIFER HOOPES, A NARRIEfl ~/ONAH Ag HER SOLE AND SEPERATE PROPERTY , between the Mortgagor, (herein "Borrower"), and the Mortgagee, NEW CENTURY NORTGAGE CORPORATION exisung under the laws of CA L I FO R N I A 18400 VON KARHAN, SUITE 1000 IRVINE, CA 92612 WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ indebtedness is evidenced by Borrower's note dated August 2, 2004 · a coq)oration organized and , whose address (herein "Lender"). 32,000. O0 , which and extensions and renewals thereof (herein "Note"), providing for monthly insudlments of principM anti interest, with the balance of indebtedness, il: not sooner paid, due and payable on September 1, 2024 ; TO SECURE to Lender the repayment of the indebtedness evidenced by tile Note, with interest thereon; file payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the perfommnce of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in the County of k I NCO LN State of Wyoming: SEE LEGAL DESCRIPTION ATTACHED HERETO AND HADE A PART HEREOF. THIS DEED OF TRUST IS SECOND AND SUBORDINATE TO AN EXISTING FIRST TRUST DEED LOAN NOW OF RECORD. A.P.N.: 1232192110104500 which hastheaddressof 3fil HI LLVIEW DRIVE , AFTON [S,reetl, [City], Wyoming 8 31 1 0 [Zip Code] (herein "Property Address"); TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as die "Property." Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has die right to mortgage, grant and convey the Property, and that die Property is unencmnbered, except for encumbrances of record. Borrower coveuants that Borrower warrants and will defend generally the tide [o the Property against all claims and demm~ds, subject to encumbrances of record. UNIFORM COVENANTS. Borrower arid Lender covenant and agree as follows: 1, Payment of Principal and Interest. Borrower shall prompdy pay when due the principM and interest indebtedness evidenced by the Note ,'md late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a wrmcn waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes ,'md assessments (inch~ding condominium and planned unit development assessments, if any) which may attain priority over this Mortgage and ground rents on the Property, il' any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly 1)remium installments for mortgage insurance il: any, all as reasonably estimated initially ,'md from time to time by Lender on the basis of assessments and bills and reasonhble est,nates 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. WYOMING - SECOND MORTGAGE - 1/80 - FNMA/FHLMC UNIFORM INSTRUMENT ] -76(WY) (o3o8) Page t o! 4 VMP Mortgage Solutions (800)521-7291 0001741461 Form 3851 nilial~: ~ 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 .'m institution). 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 verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Fuuds 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 the 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 to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the pm-pose 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 file future mouthly installments of Funds payable prior to tile due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either pro,uptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If lhe 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 mnount 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 refund to Borrower any Funds held by Lender. If under paragraph 17 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 at file time of application as a credit ag~finst the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Nole and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of ;m~ouuts payable to Lender by Borrower under paragral)h 2 hereof, then to interest payable on the Note, and then to the principal of thc Note. 4. Prior Mortgages and Deeds of Trost; Charges; Liens. Borrower shall perform all of Borrower's ohligalions under any mortgage, deed of trust or other security agreement with a lien. which has priority over this Mortgage, includiug Borrower's covenants to make payments when due. Borrower shall pay or ~ause to be paid all taxes, assessments and oilier charges, fines and impositions attributable to the Property which ~nay attain a priority over this Mortgage, and leaselmld pay~nents or ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereaher erected on file Property lust,red against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and itl such amounts and for such periods as Lender may require. The insurmlce carrier providing file insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. Alt insurance policies and renewals thereof shall be in a form acceptable to Leuder 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 the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days fi'om the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is aulhorized Io collect ,'md apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to file sums secured by this Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Condmniniums; 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 leasehold. Il' this Mortgage is on a unit in a condomiuium or a planned 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 condominium or planued unit development, and constituent documents. 7. Protection of Lender's Security. If Borrower fails to perform thc covenants and agreements contaiued in this Mortgage, or if any action or proceeding is commenced which materially affects 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 attorneys' fees, mid take such action as is necessary to protect Leuder's interest. If Lender required mortgage insurance as a condition of makiug the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect undl 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 addilional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Leuder agree to other terms of paymenl, such amounts shall be payable upon nonce from Lender to Borrower requesting payment ~hereof. Nothing contained in this paragraph 7 shall requke 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 any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conve3 ance itl lieu of condemnation, m'e hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of [rust or other security agreemeut with a lieu which has priority over this Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums 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 file 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 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 hereto/der, or otherwise afforded by applicable law, shall not t)e a waiver of or preclude Lhe exercise of any such right or remedy. 0001741461 I~-76(WY) (0308) Page 2 o! 4 Form 3851 11. Successors aud Assigns Bound; Joint and Several Liability; Co-signers. Tile 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 Mortgage 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 ou the Note or nnder this Mortgage, ,'md (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this 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 thc Property. 12. Notice. Except for any notice required under applicable law to be given in another m~ner, (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 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 stlch other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this 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 thc 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 thig Mortgage or the 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 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 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 fulfill all of Borrower's obligations tinder 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 form acceptabl~ to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements made to the Property. 16. Transfer of the Property or a Beneficial Interest in Borrower. It' 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 nataral person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. If Lender exercises 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, Leuder may invoke any remedies pemlitted by this Mortgage without further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further coveuant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 bereot', upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall give notice lo Borrower as provided in paragraph 12 hereof specifying: (1) the breacb; (2) the action required to cure such breach; (3) a date, not less than 10 days h'om the date the notice is mailed to Burrower, by which sucb breach must be cured; and (4) that failure to cure snch hreacb ou or before the date specil'ied in the notice may result in acceleration of the sums secured by this Mortgage. The nntice shall further iuform Borrower of the right tu reinstate after acceleration and the right to bring a court action to assert the nonexistence lit' a default or any other derense of Borrower to acceleration and sale. If the breach is not cured on or herore the date specified in the notitze, Lender, at Lender's option, may declare all of the sums secured by this Mortgage to be immediately due and payable wilhonl I'm'tiler demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall lie entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided iu this paragraph 17, including, but not limited to, reasonable attorneys' fees. If Lender invokes the power of sale, Lender shall give notice ol' intent to foreclose to Borrower and to tile person in possessiou of the Property, if different, in accordance with applicable law. Lender shall mail a copy ot' a notice of ihe sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property 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 reasouable costs and expenses or the sale, including, but not limited to, reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or persons legally entitled thereto. 18. Borrower's Right to Reinstate. Notwiths~ding Lender's acceleration of the sums secured by this Mortgage due to Borrowtr's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior tO the earlier to occur of ri) the fifth day before sale of the Property pursuant to the power of sale comaiued 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 occurred; (b) Borrower cures all breaches of any oilier covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enl'orcmg the covenants ,'md agreements 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 rd) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligattons secured hereby shall re~nain in full force and effect as if no acceleration had occurred. 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 abandomnent of the Property, have the right to collect and retain such rents as they become due and payable. 00O1741461 (~)~-76(WY) (030a) Page 3 ol 4 Form 3851 ,n,,,a, Upon acceleration under paragraph 17 hereof or abandonment of tile Property, anti at any time prior to the expiratiou of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, rake possession of and manage the Property and to collect the rents of file Property including those past due. All rents collected by Lender or the recetver shall be applied first to payment of the costs of management of file Property and colleclion of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to tile sums secured by this Mortgage. Lender and tile receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all su[ns secured by Otis Mortgage, Lender shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21, Waiver of Homestead. Borrower hereby waives 'all right of homestead exemption in file Property. REQUEST FOR NOTICE O14' 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, o£ any defindt trader file superior encumbrance and of any sale or other foreclosure action. IN WITNESS WItEREOF, Borrower has executed this Mortgage. -Borrower -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) lSigt~ Original Only/ STATE OF VfYOMING, by Tile foregoing instrumCt was acknowledged before me this County ss: ~,~v-~-'~ l~-76(WY) to3o~) Page 4 el 4 0001741461 Form 3851 ~0'o ~UIOI LEGAL DESCRIPTION Lot 19 of Star View Estates Subdivision, Lincoln County, Wyoming as described on the official plat thereof. ~d/¢~ ~ (j'