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HomeMy WebLinkAbout901765Account No.: 9180878 -k ~-* q~ 9 0 Branch No.: 996 Loan Product: BR 90% CLTV Standalone 1765 RECEIVED LINCOLN OOUWFY OLERK THIS MORTGAGE SECURES OBLIGATORY FUT[FRE ADVANCES THIS MORTGAGE, as amended and extended (this "Mortgage") is signed to secure advances under a GMAC Home Equity Line of Credit agreement (the "Agreement"d; it is dated as of June 23,200~4, and is made by Ke~meth L. Stewart And Marl Hegge-Stewart, Husband And Wife who reside(s) at 112111 Hwy 89 , Alpme,-'~-~yoming 83128, as mortgagor(s), in favor of GMAC MmYtgage Corporation, a Pennsylvalfia Corporation, 100 Witmer Road, Horsham, PA 19044-096~MAC") and the Mortgage Electronic Registration Systems, Inc., P.O. Box 2026, Flint, MI 48501-2026 ("iVIERS") acting solely as nominee for GMAC and GMAC's successors and assigns under this Mortgage, as mortgagee. Throughout this Mortgage, "we", "tis" and "our" refer to mortgagor(s). "GMAC" refers to GMAC Mortgage Corporation or its assigns. 'II~e "Account" refers to the iqome Equity Line of' Credit account established by GMAC under the Agreement. "Borrower" refers to each person who signs the Agreement as borrower. The Agreement and this Mortgage, taken together, are called the "Credit Documents." "Signer" refers to any person (other thml GMAC) who has signed a Credit Document. DESCRIPTION OF SECURITY By signing this Mortgage, we mortgage to MERS acting solely as a nonfinee for GMAC, subject to tile terms of this Mortgage, (a) file real estate located at 112111 U.S. It ighway 89, Ema, Connty of iLincoln, State of Wyoxmng 83118, 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 which is part' of the Property; (d) all rents and royalties fi'om the property; (e) all pr6ceeds of auy insurance ~on the property and all refunds of premiums on such insurance; (O all proceeds of any taking(Or threatened taking) of file property by any govenm~ental authority ("condemmttion'9; and (g) all fixtures on the property at any tinae (collectivel); the "Property"). The Property includes all fights and interests which we now have or which we may acquire in the For example, if the security mortgaged under this Mortgage is a leasehold estate and we subsequently acquire fee title to the Property, the fights 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 Unifmm Conmaercial Code and we hereby ¢!'ant MERS acting solely as a nominee for GMAC a securitY interest in the personal property described itl (d') [in'ough (0 above. SECURED OBLIGATIONS THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES. We have signed this Mortgage to secure payment to GMAC of up to $142,000.00, plus FINANCE CHARGES and any other amounts due GMAC under the Agreement (the "Total Bahmce Outstanding") and to secure perfurmance by Borrower under the Agreement and our pe,'lbmlance of the covenants of this Mortgage (collectively, the "Secured Obligations"). The lien of this M6rtgage will attach on the date this Mortgage is recorded, with priority over subsequently recorded mortgages. The indebtedness evidenced by the Credit Documents is a revolving indebtedness. The Credit Documents provide that amounts may be advanced, repaid and readvanced from time to time in accordance with the terms and provisions of the Agreement. Accordingly, the aggregate advances during the term 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 Outstamling") shall never exceed the Credit Limit, except for advances made to protect the lieu 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 thc date of this Mortgage or is flora time to thne reduced to zero by payments made to GMAC. GMAC-WY RETURN TO: SMl/Wesley }less / Job t/530_2301 P O. Box 540817 STEWART, KENNETIt I Iouston, TX 77254-0817 WY/LINCOLN 9 I 8 ~ B 7 8 REI['RESENTATIONS AND DUTIES We promise that, except for Permitted Liens: (a) ;ve own the Property; (b) we have the right to mortgage the Property to GMAC; and (c) there are no outstanding clahns or charges against the Property. Tire term "Permitted Lien" means (x) any mortgage, deed to secure debt or deed of trust ("security instrument") disclosed to GMAC by any Signer in applyiug for tile Account, to the extent that the amount secured by such security instrument does not exceed the amouut disclosed on such application; and (y) any liens, claims and reskictions of record that do not individually or collectively have a material adverse impact upon GMAC's security, the value of the Property or the Property's current use. Each of us gives a general warranly o flitlc to GMAC. This means that each of tls ~vill 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 Property against any claims of such right. We W, i31 neither take nor pemfit any action to, partition, subdivide or change the condition of title to all or auy part of the Property. We will not amend any Pefinitted Lien without GMAC's prior written consent. CERTAIN PROVISIONS OF THE AGREEMENT We nndcrstaud that GMAC may, trader certain circumstances set forth in the Agreement, cancel its obligation to make fi~ture advances and/or require repayment at once of the Total Balance Outstanding. Under the Agreement, FINANCE CI IARGES are based on the "prime'rate" published in The Wall Street ~p. ur~ka_l or in certain circumstauces the "pr/nm rate" published in ~II~e New York Times or a shnilar index setecled by GMAC. The rate of FINANCE CHARGES changes ou a daily basis as the index or the amount outstanding under the Agreement increases or decreases. We understand that Borrower will not receive advauce notice of such ~hanges. PROMISES AND AGREEMENTS We agree with GMAC as follows: 1. TIMELY PAYMENT. Except as limite4 by paragraph I0 below, Borrower shall pay when due all sums owed GMAC under tile Credit Documents. ~ 2. APPLICATION OF P r ' AYI;IENqS. All payments shall be applied by GMAc' as set forth in the Agrecment. 3. MORTGAGES AND DEEI)S OF TRUST; CHARGES; LIENS. We shall make payments when due aud 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 lOaus, .taxes, assessments, charges, 17roes, impositions and rents of any kind relating to the Properly ("Assessments"). Receipts evidencing such payments shall be delivered Io GMAC upon its request. Except for Permitted Liens, we shall not allow any encumbrance, charge or lien on the Property to become prior to this Mortgage. 4. HAZARD INSURANCE; CONDEMNATION. (a) We shall, at our cost, keep all improvements on the Prope~%, insured against loss caused by hazards inclnded in the term "extended coverage" or by other hazards GMAC may reasonably specify. Hazard insurauce shall be in an amount equal to tile lesser of (i) the fidl replacement cost of the building that is part of the Property or (ii) the amount of this Mortgage plus the total amount of all Pemfitted Lieus; but never less than the amount necessary to satisfy any coinsurance reqrfircment contained in the insurance policy. We may choose the insurance company, subject to approval by GMAC which may not be unreasonably withheld. All insurance policies and rcncwals must be in form acceptable to GMAC and must include a slandard mortgagee clause in favor of GMAC. GMAC shall have the right to hold the policies and renewals, sul~ject to the terms of any Pm'milled Liens. If we pay the premiums directly, we shall provide GMAC with all rcuewal nolices and, if requested by GMAC, all receipts for premiums. If policies and renewals are held by any other persou, we shall supply copies of them Io GMAC within ten ~alendar days after they are issued. In thc 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 auy condemnation of the Property shall be paid to GMAC, subject to any Permitted Liens. We shall give GMAC nolicc of any threateued condenmation and sign all documents requked ~o carry out this paragraph 4. No condemnation settlement may be made without GMAC's prior Written approval which shall not be um'easonably withheld. -2- (c) Subject to the temps of any Permitted Lien, GMAC may elect that the proceeds of any insurance or condemnation (after payment of all reasonable cosls, expenses and attorneys' fees paid or incurred by GMAC and ns) shall be applied to pay the Secured Obliganons, ti) repair or reconstruct the Property, and/or pay us for our loss. In the event that such proceeds are not used entn ely lbr repair and reconstruction, we shall provide GMAC with a new appraisal or valuation of the Property, conducted by a person or entity and in a form reasonably acceptable to GMAC, unless GMAC waives this reqmrcment in writing. The receipt of proceeds shall not cure or waive any default or notice of default under this Mot-tgage or invalidate any act done pursuant to such notice. If the Property is abandoned by tis, or if we fail to respond to GMAC in writing within 30 calendar days fi'om the date notice of a proposed insurance or condenmation settlement is g~ven to us, GMAC may settle the claim, collect the proceeds arid apply them as set forth above. If the Property is acquke~l by GMAC, all of our right, title and interest in and to any insurance or condemnation proceeds shall become the property of GMAC to the extent of the sun)s secured by this Mox~tgage. 5. MAINTENANCE OF THE PROPERTY; LEASEIIOI,DS; CONDOMINIUMS; PLANNED UNIT DEVELOPM~'~NTS. We shall: use, improve and maintain the Property in compliance with law; keel) the Property in good repair and pay when due all repair costs; prevent waste, impairment and/or deterioration of the Property; and comply with file provisions of any lease of the Prt~pcrty. If the Property is part of.a Condomininm project or a planned milt development, we shall promptly perlbrm all of our obligations tinder the governing documents of the project or development. 6. PROTECTION OF GMAC SECURITY. We shall al)pear in and defend any action or proceeding which may affect the security of GMAC under this Mortgage or result iii a violation of paragraph 3 above. If such an action is filed, we violate this Mortgage or Borrowers violate the Agreement, then GMAC may disbm-se fitnds and do whatever it believes necessary to protect the security of this Mortgage. In doing so, GMAC shall give tis notice but it need not make demand or release tis fi-om any obligation. Any amounts paid by GMAC under this paragraph 6, with FINANCE CHARGES at the variable rate iii effect under the Agreement, shall be paid by us upon demand. Until paid by us, .such amounts are secured by this Mortgage. GMAC is not required to incur any expeqse or take any action under this Mortgage and no actinn taken shall release us fi'om any duty. 7. INSPECTION. Representatives of GMAC may inspect the Property fi'om time to time. Except in an emergency, GMAC must first give notice specifying reasonable cause for the inspect'iou. 8. FINANCE CItARGES At~TER END OF ACCOUNT AND/OR JI;DGMENT. To the extent permitted by law, we agree that F1NANCE CHARGES after the eild o£ the Account and/or after a judgment is entered shall continue to accrue at the rates and in the manner specificd itt the Agreement. 9. OUR CONTINUING DUTIES AND GMAC'S RIGHTS; WAIVERS. No waiver of any GMAC right under the Credit Documents shall release or limit our liability, Borrower's liability, or lhat of our successors or Borrower's successors, nor shall any waiver affect the lien or priority of this Mortgage. GMAC shall not be required to start proceedings against any successor or modify payment terms hy reason of any demand made by us or any successor. No GMAC 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 respect to the event specified in the writing. Obtaining insurance, or paying taxes, other liens or charges shall not be a waiver Of GMAC's right to demand payment at once Of the sums ~e'cured by this Mortgage in the event of a default under the Credit Documents. 10. SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY; CO-SIGNERS. This Mortgage shall bind us and our respective successors and permitted assigns tbr the benefit of GMAC attd its successors and assigns. All agreements made by us or any successor are joint and several and may be enforced against each of us or any successor. Any Signer who does not exgcute the Agreement (a) is co-signing only to encumber that person's interest in the Property and to release all homestead and/or dower rights, (b) is not personally liable under the Credit Documents, attd (c) agrees that GMAC and any Signer may modify either Credit Docmnent, without consent and without modifying the interests of the rest of us tinder this Mortgage. 1 I. NOTICES. All notices shall be in writing. Except where applicable law requires otherwise: (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) Onr notices shall be mailed to GMAC by first class, registered or certified mail to the address for such nolices 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 Wyonfing law. If any 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 ll~e Credit Documents at the t/me 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 patties to this document are subject to the 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 in 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 Dchull under either Credit Document upon the giving of notice by GMAC. (b) After giving r~otice of default, GMAC may end the Account and/or demand repayment at once of the Total 13alance Outstanding in any of the following events: (i) There has been fi'and or material misrepresentation by any Signer in co~mection with the Account; (ii) Borrowers have failed to meet the repayment terms of the Agreement for any amount outstanding; or (iii) Any action or inaclion by any Signer has adversely affected the Properly or any right of GMAC m the Property; to the extent pcmfittcd by law, this will include, but not be linfited to, any Sig~er (or any legal representative or successor of any Signer) agreeing to sell, transfer or assign or selling, transferring or assigning any interest in the Property, without the prior written consent of GMAC. (c) Notwithstanding any language iu tiffs Mortgage to the contrary, GMAC will not give notice of default nnless permitted by applicable law and GMAC will give us any grace period, right to cure and/or reinstatement righ! requited by applicable law. This paragraph 15 is intended to give GMAC all rights pemtitted by applicable law. 16. REMEDIES. IF BORI~,OWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OUTSTAINI)ING WItEN DUE, GMAC MAY EXERCISE ANY REMEDY AVAILABLE TO IT UI'qDER APPLICABLE LAW, INCLUDING FORECLOSURE. 17. FORECI,OSURE BY ADVERTISElXiENT. We hereby grant GMAC upon an Event of Default power lo sell or cause the sale of the Property by advertisement and sale at public auction or vendue and to convcy the Property to the purchaser in thc manner provided by law. 18. APPOINT1VIENT OF RECEIVER. Upon an Event of a Default or our failure to pay taxes assessed against the Property and/or insurance premiums on the Property (which we agree shall constitute waste), GMAC shall be entitled to the appointmcnl of a receiver ifpernfitted by law. 19. SATISFACTION OF MORTGAGE. Upon payment and discharge of all sums secured by this Mortgage and termination ol5 the Account, ihis 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 thc holder of any lien which has priority over tiffs Mm~gage be sent to GMAC at 100 Witmer Road, Horsham, PA 19044. By signing this Mortgage, we agree to all of the above. WITNESSES: By: By: Kenneth L. Stewart MORTGAGOR Mari Hegge-Stewan MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR STATE OF wY~gMINGJ COUNTY OFFS) On the~day of~, .~:9 D ~/' before me personally came Kenaefl~ L. Stewart And Mari Heg~St~art, Itusband And~ife to me known to be Ihe individual(s) described m and who qxecuted the foregoing fl~s~ument, and achmwledged that he/she/th~executed the same. l___ ~VCom~ssmt~es~~ f MyComm Expnes ~ 21. EXHIBITS, SCttEDULES AND RIDERS, ETC. The terms of any Exhibit, Schedule or Rider attached to this Mortgage or executed and recorded with this Mortgage shall be treated as ff fully set forth in this Mortgage. All of the terms of the Agreement are made part of this Mortgage. 22. TIME OF ESSENCE. Ti~ne is of the essence fl~ this Mortgage. 23. ACTUAL IGNOWLEDGE. For purposes of the 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 writlen notice thereof fi'om a source GMAC reasonably believes to be reliable. The date of receipt shall be delermined by reference to the "Received" date stamped On such written 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 uuder and by virtue of the homestead exemption laws of the State of Wyoming. 25..EXPENSEs OF LIT'IGATION. In auy proceeding to enforce any remedy of GMA~ under the Credit Documents there shall be allowed and included, to the extent permitted by law, as additional indebtedness in the judgment or decree, any court costs and reason/~ble expenses which may be paid or incurred by GMAC for attorneys; appraisers; documentary aud expert evidence; stenographers; publication; surveys; abstracts of title; title searches; litle insurance policies; Torrens certificates; and sin~ilar items which GMAC reasonably considers necessmy in such proceeding or to evidence to bidders at any sale the true condition of the title to or value of the Property. Such expenses may be estimated to the extent they will be incurred after entry of the decree. In any foreclosure by advmtisemcnt, all expenses pem~itted by statute that GMAC incurs in protecting the Property, maiutaiuing the lien of this Mortgage and foreclosh~g this Mortgage shall be included fl~ the redemption price and in the calculation of any deficiency. 26. CAPTIONS; GENDER; ETC. The headings in this Mortgage are not to be used to interpret or define its provisions. In this Mortgage, the masculine gender includes the fe~rfinine and/or neuter, singular numbers include the plmals, and plurals include thc singular. 27. MERS. Borrower understands aud agrees that MERS holds only legal title to the interests granted by Borrower in this Mortgage, but, if necessary to comply with local law or custom MERS (as nominee For GMAC and GMAC's successors and assigns) bas the right: to exercise any or all of these interests, including, but not limited to, the right to foreclose and sell the property; and to take any action required of Lender including but no~ limited to, releasing aud canceling this Mortgage. (This space left blank bttentionalIj9 Schedule A A portion of the SE1/4NW1/4 of Section 22, T36N, R119W, 6th P.M., Lincoln County, Wyoming, being more particularly described as follows: Beghming at an h'on pipe set near a comer fence postin the curved Westerly Right of Way line U.S. 89 concave to the E and having a radius of 1959.859 fl, said pipe being locate~d S55 deg 44'59"W, 3550.649 ft fi-om the NE comer of said Section 22; thence running S88 deg 02'55"W, 494.49 fl; thence S2 deg 5 I'10"E, 60.51 fl; thence S86 degrees 8'7"W, 98.90 ft; thence N1 degree 39'23"W, 79.99 fl; theuce $ 86 degrees 49'47"W, 134.23 ft; thence N1 deg 22'45"W, 84.10 fi' thence N84Deg 48'28"E, 690.44 ft to said curved Westerly Right of Way line, a radial line to said point bearing S75 deg 19' 59"W. thence Southerly, along said Right of Way line, radial line to said point bearing S75 deg 19'59" W, thenc eSoutherly, along said Right of Way line through a central angle of 4 deg 07'36" and an arc distance of 70.609 fi to the point of beginning. Tax ID Number: 3619222000300 ~.,~~ "~ Known as: 112111 U.S. Highway 89, Etna, Wyomh~g 83118 MO RTGAGE Title No. THIS INSTRUMENT PILEPARED BY Valerie Blair GMAC Mortgage Corporation 4 Wahmt Grove Drive Horsham, PA 19044 TO Recorded At Request of GMAC Mortgage Corporation RETURN BY MAIL TO: GMAC Mortgage Corporation Home Equity Funding 4 Wahmt Grove Drive Horsham, PA 19044-0963 RESERVE TI IlS SPACE FOR USE OF RECORDING OFFICE