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HomeMy WebLinkAbout901900Account No.: 9171000 Branch No.: 996 9 0 Loan Product: 100% CLTV Standalone 1900 MORTGAGE RECEIVED LINCOLN COUN-FY CLERK THIS MORTGAGE SECUILES OBLIGATORy FUTURE ADVANCES THIS MORTGAGE, as amended and extended (this, "g4ortg(~ge") is signed to secure advances under a G~C Home Equi~ L~e of Credit agreement the ~ t .... · · by Albert G. Tense who resides at 448 ~a;ff~ ,~_r~.~eme~ )' '~ ~,s dated as of June 18 2004 d ( ) M ....... ~wnue AhoN ~v ...... ;.,, o,, ,~- an is made of GMAC Mortgage-Corporation, a Pennsylvania Co~poratmn, 100 Witmer Road, Horsham, PA 19044-0963 , .' , -2 ....... s o~ ~u, as mortgagor(s) in lhvor (herein "G~C") and the Mortgage Elec~-onic Registration Systems, Inc., P.O. Box 2026, Flint, MI 48501- 2026 ("MERS") acting solely as nominee for GMAC and GMAC's successors and assigns under this Mortgage, as mo~gagee. ~ ~n'onghout this Moflgage, "we", "us" and "our" refer 1o mortgagor(s). "GMAC" refers 1o GMAC Mortgage Corporation or its assigns. The "Account" refers to the Home Equi~ Line of Credit acconnt established by G~C under the Agreement. "Bon'ower" ret~rs ~o each person who signs the Agreemem as bon'ower. ~e Agreement and this Mo~1gage, taken together, are called the "Credit Documents .... ' .. refers to any person (other than GMAC) who has signed h Credit Document. - S~gner DESC~PTION OF SEC~Ty By signing this Mortgage, we mortgage to MERS acting solely as a nominee for GMAC, subject to the terms of this Mortgage, (a) the real estate located at 448 , ', Wyoming 83110, more fully described in Schedul · Ma all ~,~:so~) Ave ,. Afion, County of Lincoln , , e A, (b) all braidings and other s~'uctur .......... , State o~ ~4ghts we may have m any road, alley, easement or license regarding the property or in any mioeral, oil, gas . ~o ,, ,ne property; (c) or water which is part of the propmw; (d) all rents and royalties flora the prope~; (e) all proceeds or' any insm'ance on the property and all refunds of pre,urns on such h~surance; (0 all proceeds of any taking (or ll~eatened taking) of the prope~ by any govenm~ental authority ("comlem~ation'). and (g) all fixtures on the propmv at any trine &ollective& the" ,, ?r°l)erty 9. ~ae Prope~ ~cludes all rights and interests which we now have or which we may acquire m the future. For example, if the secmiW mortgaged under this Mortgage is a leasehokt eslate and we subsequendy acquire fee title tu the Pro~e~ the r~hts and h~terests granted to MERS acting solely as a nomh~ee Gr Gb/MC by ibis Mortgage will h~clude the fee title that we acqufl-e: This Mortgage is also a Security Agreement under the Wyon~g Uniform Commercial Code and we hereby grant MERS acting solely as a nominee for GMAC a securiW interest in the personal property described ~ (d) tln'ough (I) above. SECURED OBLIGATIONS THIS MORTGAGE SECURES OBLIGATORY FUTURE AI)VANCES. We have signed this Mortgage to secure payment to G/vlAC of up to $10,5.00.00, phis FINANCE CHARGES and any other amounts due GMAC under the Agreement (ire "7btal Balance Outstanding") and to secure perfom~ance by Bon'ower under the Agreement and our pertYrmance of the covenants of this Mortgage (collectively, the "Secured Obhgattons 9. PRIORITY OF ADVANCES The lien of this Mortgage 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. ~Ihe Credit Documents provide that amounts may be advanced, repaid and readvanced fi'om thne to trine 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 L' '. - - FINANCE CHAR . . rout Itoweve~, the Total Balance Outstandin les GES and certain special charges at any time (the "Earm)tg Balance Outstanding") shall gn exceed the Credit L/mit, except tbr advances made to protect the lien of dfis Mortgage. We agree that the lien and security title of this eve~ 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 lhe dale o£ this Mortgage or is Ii'om trine to time reduced to zero by payments made to GMAC. GMAC-WY RETURN TO: SMI/Wesley Hess / Job//530_2301 P.O. Box 540817 TF~MME, ALBERT Houston, TX 77254-0817 WY/LINCOLN REPRESENTATIONS AND DUTIES We promise that, except for Permitted Liens: (a) we own tire Propen'y; (b) we have the right to mortgage the Property to OMAC; and (c) there are uo outstanding claims or chargcs against the Property. The term ( secur~0 instrument") disclosed "Pemfitted Lien" means (x) any mortgage, dccd Io secure debt or deed of trust" ' J to GMAC by any Signer in applying for the Account, to the extent that the amount secured by such security instrument does not exceed the amonnt disclosed on such application; and (y) any liens, claims and restrictions of record that do not individually or collectively have a material adverse impact upon GMAC's security, the value of the Properly or the Property's current use. Each of us gives a general walTauty oF title to GMAC. This means that each of us will be fidly responsible For any losses which GMAC suffers because someone has rights in the Property oilier than permitted Liens. We promise that we will defend onr o;vnership of thc Property against any claims of such right. We will neither take nor pemfit any aclion to partition, subdivide or change the condition 6f title to all or any part of the Property. We will not amend any Permitted Lien without GMAC's prior written consent. CERTAIN PROVISIONS OF TH E,AGR EEM ENT We nndcrstand tlrat GMAC may, under certain circnmstauces set forth in the Agreement, cancel its obligation to make filture advances and/or require repayment at once of the Total Balance Outstanding. Under thc Agreement, FINANCE CIIARGES are based on the "prime rate" published in The Wall Street Journal or in certain circumstances thc "prime rate" published in The Ne~v York Thnes or a similar index selected by GMAC. The rate of FINANCF~ CttARGES changes on a daily basis as the index or the amount outStanding under the Agreement increases or decreases. We understand that Borrower will not receive advance notice of such changes. PROMISES AND AGllEEMENTS We agree with GMAC as follows: 1. TI[MELY PAYMENT. Except as limited by paragraph 10 below, Borrower shall pay when due all sums owed GMAC under the Credit Documents. 2. APPLICATION OF PAS¢IENTS. All payments shall be applied by GMAC as set forth in the A greemenl. 3. ]MORTGAGES AND DEEDS OF TRUST; CttARGES; L1ENS. We shall make payments ';vhen due and perform all our obligations under any mortgage; deed of trust or other security agreement on the Property. We shall pay or cause to be paid when due all loans, taxes, assessments, charges, fines, impositions and rents of any kind relating to the Property ("Assessments"). Receipts evidencing such payments shall be delivered to 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. IIAZARD INSURANCE; CON1)EMNATION. (a) We shall, at our cost, kccp all improvements on the Property insured against loss caused by hazards included in the term "extended coverage" or by other hazards GMAC may reasonably specify. Hazard insurance shall be itl an amount cqnal to thc lesser of (i) the full replacement cost of the building that is part of the Properly or (ii) the amount of this Mortgage plus the total amount of all Pemritted Liens; but never less than the amount necessmy lo satisfy any coinsnrance rcqdirement 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 renewals nmst be in fom~ acceplable to GMAC and nmst inclnde a standard mortgagee clause in favor of GMAC. GMAC shall have the right to hold the policies and renewals, subject to the terms of any Permitted Liens. If we pay the premiums directly, we shall provide GMAC with all renexval notices and, if requested by GMAC, all receipts for premiums. If policies and renewals are held by any other person, we shall supply copies of them to GMAC within ten calendar days after they are issued. In lhe event of loss, we shall give prompt notice to the insurance company and GMAC. GMAC may file a proof of loss if we tail to do so promplly. (b) Tile proceeds of any condemnation of the Property shall be paid to GMAC, subject to any Perm Ired Liens. We shall give GMAC notice of any threatened condenmation and sign all documents required to can3' out this paragraph 4. No condemnation settlement may be made without GMAC's prior written approval which shall not be unreasonably withheld. (c) Subject to the terms of any Permitted Lien, GMAC may elect that tile proceeds of any insm'ance or condemnation {after payment of all reasonable costs, expenses and attorneys' fees paid or incurred by GMAC and us) shall be applied to pay the Secured Obligations, to repair or reconstruct the Property, and/or pay us for our loss'. In the event that such proceeds are not used emirely for repair and reconstruction, we shall provide GMAC with a new appraisal or valuation of the PropmXy, conducted by a person or entity and in a lbrm reasonably acceptable to GMAC, unless GMAC waives this reqmrement in writh~g. The receipt of proceeds shall not cure or waive any default or notice of default under this Mortgage or invalidate any act done pmsuant to such notice. If the PropmXy is abandoned by us, or if we fail to respond to GMAC in writing within 30 calendar days fi'om the date notice of a proposed insurance or condemnation settlement is given to tls, GMAC may settle the claim, collect the proceeds and apply them as set fm~h aboye. , If the Properly is acquh'ed by GMAC, all of our right, title and iuterest in and to any insurance or condemnation proceeds shall become the property of GMAC to the extent of the sums secured by this Mortgage. 5. MAINTENANCE OF THE PROPERTY; LEASEHOIA)S; CONDOMINIUMS; PLANNEI) UNIT DEVELOPMENTS. We shalh use, improve and maintain the Propmty in compliance with law; keep the Propel~y in good repair and pay when due all repair costs; prevent waste, impamnent and/or deterioration of the Property; and comply with the provisions of any lease of the Property. If the Property is part of a condominium project or a plamted unit development, we shall promptly pertbnn all of our obligations under the governing documents of the project or development. 6. PROTECTION OF GMAC SECURITY. We shall appear in and defend any action or proceeding wtfich may affect the security of GMAC under this Mortgage or rest|It m a violation of paragraph 3 above. If such an actmn is filed, we violate this Mortgage or Borrowers viol ate the Agreement, then GMAC may disburse fi~nds and do whatever it believes necessary to protect the security of this Mortgage. In doing so, GMAC shall give us notice but it need not make demand or release us fi-om any obligatiou. Any amounts paid by GMAC under this paragraph 6, with FINANCE CHARGES at the variable rate in effect under the Agreement, shall be paid by us upon demand Until paid by tis, such amounts are secured by this Mortgage. GMAC is slot required to incur any expense or take any actiou nnder this Mortgage and no action taken shall release us fi'om any duty. 7. INSPECTION. Representatives of'GMAC may inspect the Property fi'om time to thne Except itl au emergency, GMAC must fn'st give notice specifying reasonable cause for the inspection. 8. FINANCE CHARGES AFTER END OF ACCOUNT ANI)/OR JUDGMENT. To the extent pernfitted by law, we agree that FINANCE CItARGES after the end of the Accolmt and/or after a judgmeot Is entered sball continue to accrue at the rates and in the maturer specified in the Agreement. 9. OUR CONTINUING DUTIES AND GMAC'S RIGHTS; WAIVERS. No wmver of any GMAC right under the Credit Documents shall release or linfit our liabilily, Borrower's liability, or that of our successors or Borrower's successors, nor shall any waiver affect the lien or priority of this Mortgage. GMAC shall uot be required to stal,r proceedings against any successor or modify payment terms by reason of any demand made by tls 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 m the writing. Obtaining insurance, or paying taxes, other liens or charges shall not be a waive[ of GMAC's right to demand payment at once of the sums secured by this Mortgage in the event ora default under the Credit Documeuts. 10. SUCCESSORS AND ASSIGNS; JOINT AND SE'VERAI~ LIABILITY; CO-SIGNERS. Mortgage shall bind tls and our respective successors and permitted assigns for the benefi~ of GlVlAC and its successors and assigns. All agreements made by us or any successor are joint and several and may be enforced against each of sis or any successor. Any Signer who does not execute the Agreement (a) is co-signing on] y to encumber that person's interest in the Propmxy and to release all homestead and/or dower rights, (b) is not personally liable under the Credit Documents, and (c) agrees that GMAC and any Signer may modify either Credit Docmnent, without coosent and without modifying the interests of the rest of us under this Mortgage. -3- Il. NOTICES. All notices shall be in xvriting. Except where applicable law requkes other~vise: (a) GMAC notices shall be hand delivered or mailed by first class, registered or certified mail to the address of the Prnperty or to such other address specified by the addressee in a written notice given to GMAC. Any GMAC notice shall be considered given on Ihe day it is deposited in the U.S. mail or is hand-delivered. (b) Our notices shall be mailed to GMAC by first class, registered or certified mail to the address for such nolices specified on our most recent n~oHthly statement under the Agreement or to such other address specified by GMAC iua written notice given to us. Any such notice shall be considered given on the day it is received by GMAC. 12.. GOVERNING.~. . LAW. This Mortgage will be governed by federal and Wyoming law. If any provision is mvahd, illegal, or nnenforceable, this Mortgage shal} be interpreted as if such provision had neyer been mcludedl ...... 13. COPIES. We shall receive copies of the Credit Documents at the time they are signed or after this Mortgage is recorded. 14. EXERCISING REMEDIES. GMAC may exercise all of the rights and remedies provided by the Credit Documents or law, and ally of these rights and remedies may be exercised individually or jointly, once or a number of times. The pal-lies to this document are subject to the provision for Arbitration as set forth ill the Agreement ~vhich 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 tlre happening of any event that would be au Event of Default under either Credit Document upon tile giving of notice by GMAC. (b) After giving notice of defauH, GMAC may end the Account and/or dernand repayment at once of the Total Balance Outstanding in any of thc Following events: (i) 71~ere has been fi'and or material nfisrepreseutatJon by any Signer in cormectiou with the Account; (ii) Bon-owers have failed to meet the repayment terms of thc Agreement for any amount outslandJng; or (/ii) Any action or inacfon by any Signer has adversely affected the Property or any right of GMAC in the Property; to the extent permiHed by law, this will include, but not be linfited to, any Signer (or any legal representative or successor of ally Signer) agreeing to sell, transfer or assign or sellh~g, transferring or assigning any interest in lhe Property, wilhout the prior written consent of GMAC. (c) Notwithstanding any language in this Mortgage to the contrary, GMAC will not give notice of default Unless pernfitled by applicable law and GMAC will give us any grace period, right.to cure and/or reinstatement r/ght requited by applicable law. This paragraph 15 is iHtended to give GMAC all fights pemlitted by applicable law. 16. REMEDIES. IF BORROWERS DO NOT REPAY AT ONCE TItE TOTAL BALANCE OUTSTANDING WHEN DUE, GMAC MAY EXERCISE ANY REMEDY AVAILABLE TO IT UNDER APPLICABLE LAW, INCLUDING FORF~CLOSURE. 17. FORECLOSURE BY ADVERTISEMENT. We hereby grant GMAC upon an Event of Default power to sell or cause the sale of the Properly by advertisenrent and sale at public auction or vendue and to coHvey the Property to tlie purchaser in lhe manner provided by law. 18. APPOINTMENT OF RECEIVER. Upon an Event of a Defanlt or our failure to pay taxes assessed agaiHst tile Property and/or insurance premiums on the Property (which we agree shall constitute waste), GMAC shall be entitled to tile appointment of a receiver ifpeHnitted by laxv. 19. SATISFACTION OF MORTGAGE. Upon payment and discharge of all sums secured by tiffs Mortgage and tern:dnation of tile Accounl, this Mortgage shall be void and GMAC shall satisfy this Mortgage, file a discharge or release and pay any recording costs. 20. REQUEST FOR NOTICES. GMAC requests that copies of notices of default, sale and foreclosure from the holder of any lien which has priority over tlfis Mortgage be sent to GMAC at 100 Wi]met Road, tlorsham, PA 19044. -4- g~7 21. EXHIBITS, SCHEDULES AND RIDERS, ETC. The temps of any Exhibit, Schedule or Rider attached to this Mortgage or executed and recorded with this Mortgage shall be treated as iffidly set fbrth m this Mortgage. All of the temps of the Agreement are made part of this Mortgage. 22. TIME OF ESSENCE. Time is of the essence/n this Mortgage. 23. ACTUAL IGNOYVIr~EDGE. For ptnposes of the Credit Docmnents, GMAC shall not be deemed to have actual knowledge of any fact until it actually receives notice as scl forth iu paragraph 11 or until it receives wr/tten notice thereof fi'om a source GMAC reasonably believes to be reliable. The date of receipt shall be determined by refe,'ence to the" ' ,, Recmved date stamped on such written notice by GMAC or its agent. 24. RELEASE. To the extent pernfitted by law, for ourselves and our successors and assigns, we hereby releasd find waive all rights under and by virtue of the homestead exe~ npnon laws ut' the Slate of Wyonfing. 25. EXPENSES OF LITIGATION. In any proceeding to enforce aay remedy of GMAC 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 reasonable expenses which may be paid or h~curred by GMAC for attorneys; appraisers; documentary and expert evidence; stenographers; publication; surveys; abstracts of title; title searches; title h~surance policies; Torrens certificates; and similar ~tems which GM_AC reasonably cousiders necessary in such proceeding or to evidence to bidders at any sale the I,'tte condition of the title lo or value of the Prope~xy. Such expenses may be estimated to the extent they will be recurred after entry of the decree. In any forec Iosm'e by advertisement, all expenses permitted by.statute that GMAC recurs in protecting the Property, maintaining the lien of this Mortgage aud foreclosing this Mortgage shall be mci uded m the redemption price and in the calculation of any deficiency. 26. CAPTIONS; GENDER; ETC. The headh~gs in this Mmxgage are not to be used to mtmpret or define its provismns. In this Mortgage, the masculine gender includes the £eminme and/or nente,- singular numbers include the plurals, and plurals include the singular. , 27. hirERS. Borrower understands and 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 ctmtom MERS (as nominee for GMAC and GMAC's successors and assigns) has the right: to exercise any or all of these interest-s, including, but not limited to, the right to foreclose and sell the property; and to take any action required of Leuder including but not linfited to, releasing and canceling this Mortgage. (This space left bht;tk btte, tio,,,iO9 '6O By signing lhis Mortgage, xve agrcc to all office above. ~VITN ESSES: By: Albert G. Temme MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: MORTGAGOR By: By: MORTGAGOR MORTGAGOR By: MORTGAGOR PATRICIA L KEISER - NO IAl~ ~ ~-~ .... County of ~ State of Teton ~ Wyoming My ComrnlssI n_ pi_ ~ _2, 200_7_ STATE OF W~fOMING COUNTY OF ss. On the 17 day of _'~7~_"g_ ~ , ~00~ , before me personally came Albert G. Tenune to n~e k aown to ~e the individual(s) describecl in and who executed the foregoNg fl~sm~ment, and achmwledged ii, at he/she/they executcd il~e same. Nota~ Publi~ ~-t ~ ITL ~ ', County, Wyoming My Comm. Expires: Schedule A Tax ID Number: 12-3218-3 0-3-10-148. Known as: 448 Madison Ave, Afion, Wyoming 83110 ,r~ 555,.9 15110 RTGAGE Title No. THIS INSTRUMENT PREPARED BY Charita ttall GMAC Mortgage Corporation 4 Wal.nut Grove Drive Horsham, PA 19044 TO Recorded 7~t Request of GMAC Mortgage Co~poration RETURN BY MAIL TO: GMAC Mortgage Corporation Home Equity Funding 4 Walnut Grove Drive Horsham, PA 19044-0963 RESERVE TillS SPACE FOR USE OF RECORDING OFFICE 3'UN--':14-2004 ' i7 :'~ ........ SOLI'I'HI,~EST TITLE CO ........... 877 ';.:J~02 P. 06 SCHEDULE C andTbe ialanddeacribedreferredast°follows:in thit~ guarantee is situated in th~ State of Wyoming, County of Lincoln. Part of Lot 1 of Block 22 to the Town of Afhon, Lincoln County, Wyom/n9 being more Particularly described as follows: BEGIN-MING at the southeast of said Lot 1 and running thence North 110 feet; thence West lO rods; thencm South 110 fee~; thence East 10 rods to the POINT OP BEGINNING.