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HomeMy WebLinkAbout901928901928 RECEIVED _INCOLN COUNTY CLERK When recorded return to: Custom Title Solutions 2550 N. Redhill Ave. Santa Ana, CA 92705 (800)756-3524 ext. 5913 Prepared By: ANNA LOTT o 0717 BOOK o 'lg P,-'()E [Space Above This Lh, e For Recordh, g Dalai 0006563382407004 [Doc fD II MIN 1001337-3000148724-1 MORTGAGE (Line of Credit) TH/S MORTGAGE, dated JULY 13, 2004 VANESSA BOURANDAS, A SINGLE WOb{AN , is between residing at 353 RIVER VIEW DRIVE, ALPINE, WY 83128 . the person or persons signing as "Mortgagor(s)" below and hereinafter refen'ed to as "we," "our," or "us" and MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., ("MERS") a Delaware corporation, with an address of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. MERS is the "Mortgagee" under this Mortgage and is acting solely as nominee for Countrywide Bank, a Division of Treasury Bank, N.A. ("Lender" or "you") and its successors and assigns. MORTGAGED PREMISES: In consideration of the loan hereinafter described, we 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, the premises located at: 353 RIVER VIEW DRIVE ALPINE Municipality wy. 83128 State Zm (the"Premises"). Street LINCOLN County THIS DOCUMEN'I' IS FILED FOR RECORD BY FIDELITY NATIONAL TITLE INS., CO. AS AN ACCOMMODATION ONLY. IT HAS NO'[ BEEN EXAMINED AS TO ITS EXECUTION OR AS TO ITS EFFECT UPON '[ HE TITLE. · MERS HELOC - WY Mortgage 2EO37-WY (02_JO4)(d) "2399 I" Page 1 of 5 Initials: ~,J~l // * 065633824 000002E037' and further described as: SEE EXHIBIT "A" ATTACHED DOC ID #: 0006563382407004 HERETO AND MADE A PART HEREOF. The Premises includes all buildings and other improvements now or in the future on the Premises and all rights and interests which derive from our ownership} use or possession of the Premises and 'Al appurtenances thereto. WE UNDERSTAND and agree that MERS is a separate corporation acting solely as nominee for Lender and Lender's successors and assigns, and holds only legal title to the interests granted by us in this Mortgage, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property, and to take any action required of Lender including, but not linfited to, releasing or canceling this Mortgage. LOAN: This Mortgage will secure your loan to us in the principal amount of $ 65,900.00 much thereof as may be advanced and readvanced from time to time to VANES SA BOURANDAS or so and the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated JULY 13, 2004 , plus interest and costs, late charges and all othercharges related to the loan, all of which sums are repayable according to the Note. This Mortgage will also secure the performance of all of the promises and agreements made by us and each Borrower and Co-Signer in the Note, all of our promises anti agreements in this Mortgage, any extensions, renewals, amendments, supl)lements and other modificatious of the Note, and any amounts advanced by you under the terms Of the section of this Mortgage entitled "Our Authority To You." Loans under the Note may be made, repaid and remade from time to time in accordance with the terms of the Note and subject to the Credit Limit set forfl~ in the Note. OWNERSHIP: We are the sole owner(s) of the Premises. We have the legal right to mortgage the Premises to you. OUR IMPORTANT OBLIGATIONS: (a) TAKES: We will pay all real estate taxes, assessments, water charges and sewer rents relating to the Premises when they become due. We will not claim any credit on, or make deduction from, the loan under the Note because we pay these taxes and charges. We will provide you with proof of payment upon request. (b) MAINTENANCE: We will maintain the building(s) on the Premises in good condition. We will not make major changes in the building(s) except for normal repairs. We will not tear down any of the building(s) on the Premises without first getting your consent. We will not use the Premises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, we shall perform all of our obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development and constituent documents. (c) INSURANCE: We will keep the building(s) on the Premises insured at all times against loss by tim, flood and any other hazards you may specify. We may choose the insurance company, but our choice is subject to your reasonable approval. The policies must be for at least the amonnts ami the time periods that you specify. We will deliver to you upon your request the policies or other proof of the insurance. The policies must name you as "mortgagee" and "loss-payee" so that you .will receive payment on all insurance claims, to the extent of your interest under this Mortgage, before we do. The insurance policies must also provide that you be given not less than 10 days prior written notice of any cancellation or reduction in coverage, for any reason. Upon request, we shall deliver the policies, certificates or other evidence of insurance to you. In the event of loss or damage to the Premises, we will immediately notify you in Writing and file a proof of loss with the insurer. You may file a proof of loss on our behalf if we fail or refuse to do so. You may 'Aso sign our name to any check, draft or other order for the payment of insurance proceeds in the event of loss or damage to the Premises. If you receive payment of a claim, you will have the right to choose to use the money either to repair the Premises or to reduce the amount owing on the Note. · MERS HELOC - WY Mortgage 2E037-WY (02/04) Page 2 of 5 Initials:_~ DOC ID #: 0006563382407004 (d) CONDEMNATION: We assign to you the proceeds of any award o,' claim for damages, direct or consequential, in connection with any condemnation or other taking of the Premises, or part thereof, or lbr conveyance in lieu of condemnation, all of which shall be paid to you, subject to the terms of any Prior Mortgage. (el SECURITY INTEREST: We will join with you in signing and filing documents and, at our expense, in doing whatever you believe is necessary to perfect and continue the perfection of your lien and secun[y interest in the Premises. It is agreed that the Lender shall be subrogated to the claims and liens of all parties whose claims or liens are discharged or [)aid with the proceeds of the Agreement secured hereby. (fl OUR AUTHORITY TO YOU: If we fail to perform our obligations under this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses. You will add the amounts you advance to the sums owing on the Note, on which you will charge interest at the interest rate set forth in the Note. If, for example, we fail to honor our promises to maintmn insurance in effect, or to pay filing fees, taxes or the costs necessary to keep the Premises in good condition and repair or to perform any of our other agreements with you, you may, if you choose, advance any sums to satisfy any of our agreements with you and charge us interest on such advances at the interest rate set forth in the Note. This Mortgage secures all such advances. Your payments on our behalf will not cure our failure to perform our promises in this Mortgage. Any replacement insurance that you obtain to cover loss or damages to the Premises may be limited to the amount owing on the Note plus the amount of any Prior Mortgages. (gl PRIOR MORTGAGE: If the provimons of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage dated 02 / 13 / 2002 and given by us to COUNTRYWIDE HOME LOANS INC as mortgagee, in the original amount of $ 119,900.00 0he "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior written consent and shall upon receipt of any written notice from the holder of the Prior Mortgage promptly deliver a copy of such notice to you We shall pay and perform all of our obligations under the Prior Mortgage as and when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Premises. We shall not do, nor allow anyone else to do, anything affecting the Premises that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Premises of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Premises As used in this paragraph, "Hazm-dous Substances" are [hose substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containiug asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "Environmental Law" means federal laws and laws of the jurisdiction where the Premises are located that relate to health, safety or enviro,unental protection. (il SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest in the Premises, in whole or in part, or permit any other lien or clairn against the Premises without your prior written consent. (j) INSPECTION: We will permit you to inspect the Premises at any reasonable tithe. NO LOSS OF RIGHTS: The Note and this Mortgage may be negotiated or assigned by you without releasing us or the Premises. You may add or release any person or property obligated umler the Note and this Mortgage without losing your rights in the Premises. DEFAULT: Except as may be prohibited by applicable law, and subject to m~y advance notice and cure period if required by applicable law, if any event or condition of d~fault as described in [tie Note occurs, you may foreclose upon this Mortgage. This means that you may arrange for the Premises to be sohl by advertisement and sale or by judicial foreclosure, at your opnon, as provided by law, in order to pay off what we owe on the Note and trader this Mortgage. If the money you receive from the sale is not enough to pay off what we owe you, we will still owe you the difference which you may seek to collect from us in accordance with applicable law. In addition, you may, in accordance with applicable law, (il enter on and take possession of the Premises; (ii) collect the rental payments, including over-due rental payments, directly from tenants after simply notifying them first class mail to make rental payments to you; (iii) manage the Premises; and (iv) sign, cancel and change leases. We agree that the interest rate set forth in the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonable fees and costs actually incurred by you in proceeding to foreclosure, including, but not limited to, reasonable attorneys fees and costs of documentary evidence, abstracts ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts shall be entitled to enter upon, take possession of and manage the Premises and collect the rents of the Premises iucluding those past due after simply notifying them by first class mail to make rental payments to you. ® MERS HELOC - WY Mortgage 2EO37-WY (02/04) Page 3 of 5 Initials:~ DOC ID #: 0006563382-'107004 WAIVERS: To the extent permitted by applicable law, we waive and release any error or defects in proceediugs to enforce this Mortgage and hereby waive the benefit of any present or future laws providing for stay of execution, extension of time, exemption from attachment, levy and sale and homestead exe,nl)tion. BINDING EFFECT: Each of us shall be fully responsible for all of the promises and agreements in this Mortgage. Until the Note has been paid in full and your obligation to make further advances under the Note has been tei-ininated, the provisions of this Mortgage will be binding on us, our legal representatives, our heirs and all future ownem of the Premises. This Mortgage is for your benefit and for the benefit of anyone to whom you may assign it. Upon payment in full of all amounts owing to you under the Note anti this Mortgage, and provided any obligation to make further advances under the Note has terminated, this Mortgage and your rights in the Premises shall end. NOTICE: Except for any notice required under applicable law to be given m another manner, (a) any notice to us provided for in this Mortgage shall be given by delivering it or by mailing such notice by regular first class mail addressed to us at the last address appearing in your records or at such od~er address as we may designate by notice to you as provided herein, and (b) any notice to you shall be given by certified mail, return receipt requested, to your address at For MERS: P.O. Box 2026, Flint, MI 48501-2026 For Lender: 1199 North Fairfax St. Ste.500, Alexandria, VA 22314 or to such other address as you may designate by notice to us. Any not,ce provided for in this Mortgage shall be deemed to have been given to us or you when given in the manner designated herein. RELEASE: Upon payment of all sums secured by this Mortgage and provitled your obligation to make further advances under the Note has terminated, you shall discharge this Mortgage without charge to us, except that we shall pay any fees for recording of a satisfaction of this Mortgage. GENERAL: You can waive or delay enforcing any of your rights under this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not be a waiver of that or any other provision on any other occasion. THIS MORTGAGE has been signed by each of us under seal on the date firsl above written. WITNESS: Mortgagor: Mortgagor: (SEAL) Mortgagor: (SEAL) Mortgagor: (SEAL) ® MERS HELOC - WY Modgage 2EO37-WY (02J'04) Page 4 of 5 0 7 5 i STATE OF WYOMING, The foregoing instrument was acknowledged before me this DOC ID #: 000656338240.7004 c,,,,,,,~ ss: 2EO37-WY (02./04) Page 5 of 5 Prepared by: ANNA LOTT Countrywide Bank, a Division of Treasury Bank, N.A. DATE: 07/13/2004 CASE#: DOCID#: 0006563382407004 BORROWER: VANESSA BOURANDAS PROPERTY ADDRESS: 353 RIVER VIBN DRIVE ALPINE, NY 83128 Branch #: 0000876 5898 CONDOR DRIVE MP-180 MOORPARK, CA 93021-2601 Phone: (888)600-7531 Br Fax No,: (888)600-7527 LEGAL DESCRIPTION EXItlBIT A The following described tract of land in Lincoln County, State of Wyoming Lot 17, River View Meadows Addition to the Town of Alpine within the SE1/4 of Section 30, T37N R118W, according to that plat filed July 2, 1993 as Instrument No. 767416. FHNVNCONV Legal Description Exhibit A 2C404-XX (04/03)(d) * 2 3 9 9 1 * * 065633824000002E037'