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HomeMy WebLinkAbout902126After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prepped By: MICHELLE CROWDER '~ document ts ,bring m~ord~l~ blt SouthWest Title Company as a courtesy only. .902126 '~CJEIVED ._INCO!..N COUr,,!TY CLE. RI< [Space Above This Lhle For Recording Data] 129616 [Escrow/Closing ~] MORTGAGE] THIS MORTGAGE is made this 13th EUGENE HOLAHAN, AND PATRICIA HOLAHAN dayof AUGUST, 2004 0006784953208004 [Doc ID ~1 , between the Mortgagor, (herein "Borrower"), and the Mortgagee, Countrywide Bank, a Division of A NATL. ASSN. thelawsof THE UNITED STATES 1199 North Fairfax St. Ste.500, (h~ein "Lender"). Treasury Bank, N.A. , orgmlized and existing nnder , whose address is Alexandria, VA 22314 WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ 30,000. O0 , which indebtedness is is evidenced by Borrower's note dated AUGUST 13, 2004 and extensions and renewals thereof (herein "Note"), providing for monthly installments of principal and interest, with the bahmce of indebtedness, if not sooner paid, due and payable on SEPTEMBER 01, 2019 ; TO SECURE to Lender the repayment of the indebtedness evidenced lay lhe Note, with interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; m~d the perlbrmance of the covenants mid agreements of Borrower herein contained, Borrower does hereby mortgage, grmtt and convey to Lender, with power of sale, the following described property located in the County of LINCOLN State of Wyoming: LOT 119 OF NORDIC RANCHES DIVISION NO.9, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED OCTOBER 4, 2000 AS INSTRUMENT NO. 868754 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. which has the address of 289 BRIDAL 'iTtAIL DRIVE , lStrc~.~t] ETNA , Wyoming 83118 {herein "Property Address"); [City] [Zip Code] TOGETHER with all the improvements now or hereafter erected on the pruperty, and all easements, ,-ights, appnrtenances 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 the "Property." Borrower covenants that Borrower is lawfiflly seised of the estate hereby couveyed 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 IWYOMING - SECOND MORTGAGE - l/aO - FNMA/FHLMC UNIFORM INSTRUMENT Form 3851 (~®-7§(WY) (0208) CHL (09t02}(d) VMP MORTGAGE FORMS - (800)521-7291 Initials: .... Illlllll IIIIIIIl'lllll 23991 DOC ID ~: 000678't9532~8~0~4 Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree its lidlows: 1. Payment of Principal and Interest. Borrower shall promptly pay wheu due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Bon'ower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in fidl, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (includiug condominium and planned nnit development assessments, if any) which may attain priority over this Mortgage and gr¢)tmd rents on the Property, if any, plus one-twelflh of yearly premium installments for hazard insurance, plus one-twelfth of yem'ly prenfinm installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender t)n 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 hohlcr is au institutional lender. If Borrower pays Funds to Lender, the Funds shall be held in an i,lstitutiou the deposits or accounts of which m'e insu,'ed or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge tbr so holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge, Borrower and Lender may agree in writing at the time of exccutiou of this Mortgage that interest on the Funds shall be paid to Borrower, mid unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower auy into'est 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 t)urpose 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 the future mouthly installments of Funds l)ayable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed tile 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 promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. Il' the amount of the Funds held by Lender shall uot be sufficient to pay taxes, assessments, insurance premiums and grouud rems tis they fall due, Borrower shall pay to Lender ally 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 refund to Borrower any Fnnds 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 the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Leuder uuder the Note and paragraphs 1 and 2 hereof shall be applied by Lender flint in payment of amounts payable to Lender by Ben:ewer 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 Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over diis 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 Mt)rtgage, and leasehold payments or ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or t,ereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as Leuder may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Bom)wet subject to approwd by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be iu a form acceptable to Lender and shall include a standard mortgage clause in favor of mid 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 wilh a lieu which has priority over this Mortgage, In the event of loss, Borrower shall give prompt notice to the insurance cm'rier 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 tile date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to resloratiun or repair of the Property or to the sums secured by this Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Cnndnminimns; Planned Unit Develupnients, Borrower shall keep the Property in good repair and shall not com~nit waste or pemfit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If' this Mortgage is on a uuit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligatious under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or l)lanned unit development, and constituent docmnents. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements COnlained 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 Bon'ower, may make such appearances, disburse such sums, including reasonable anomeys' 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 premimns required to nntiut~du such insurance in effect until such time as the requirement for such insurance ternfinates 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 Bon'ower secured by this Mortgage. Unless Borrower and Lender agree to other re,ms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting l)ayment thereof. Nothing contained itl this paragraph 7 shall require Lender to iucur any expense or take any action hereunder. (~®-76(WY) (0208) CH L (09/02) Page 2 of 4 DOC ID #: 0006784953208004 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of tile Property, provided that Lender shall give Borrower notice prior to any such inspection specifying rcasoual)le cause therefor related to Lender's interest in the Property. 9. Conde~nnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of tile Property, or part thereof, or for conveyance iu lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement wilh a lien which has priority over this Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a Waive,'. Exteusiou of the time fi)r payment or modificatioi~ of amortization of the sums secured by this Mortgage granted by Lender lo any successor itl interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender stndl 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 origm,,tl Borrower and B01Tower's Successors il'~ interest. Any forbeat'ance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercisd of any such right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants aud agreements herein contained shall bind, and tile 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-sig,fing this Mortgage only to mortgage, graut and convey that Borrower's interest in tile Property to Lender under the terms of Illin Mortgage, (b) is not persorlally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder ~nay agree to extend, modil~/, forbear, or make any other accommodations with regard to the terms of this Morlgage or tile 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 he given in another manner, (a) any oolite to Bon'ower provided for in this Mortgage shall be given by delivering it or by mailing sl~ch notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may design;itc by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address staled hereiu or to such other address as Lemler 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. Gover~fing 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 fo.regoing sentence shall not limit the applicability of federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts wilh applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without tile conllictiug 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 lhis Mortgage at the 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 optiou, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defeuses which Borrower may have against pat'ties 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. Il' all or troy part of tile Property or any interest in it is sold or transferred (or if a beneficiM interest in Borrower is sold or transferred and Borrower is not a natural person) wilhoul Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sores 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 :~cceleration. 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 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 further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant aad agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Burruwer's breach nf any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when dlle any sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in p:~ragrapb 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach gu or before the date specified in the notice may result in acceleration of the stuns secured by this Mortgage. The ,mtice shall further infor~n Borrower of the right reinstate after acceleration and the right to bring a court action to assert lhe ,nmexistence o1' a delhnlt or any other defense of Borrower to acceleration and sale. If the breach is not cured on ur before the date specified in the notice, Lender, at Lender's option, may declare all o1' the sums secured by this Mortgage to be immediately due and payable withont further demand and may invoke the power of sale and any other remedies permilted liy applicable law. Lender shall lie entitled collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fees. It' Lender invokes the power of sale, Lender shall give notice of inlent lo foreclose to Borrower and to the person in possession of the Property, if' different, in accordance Mth applicable law. I~ender shall mail a copy gl' a notice of Ire sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall pul)lish the notice of sale and the Pruperty 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 reasonable costs and expenses of the sale, including, but not limited to, reasonable attorneys' fees and costs of lille evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to fl~e person or persons legally enlilled theceto. (~)®-76(WY) (0208) CHL (09/02) Page a of 4 DOC ID ~: 0006784953208004 18. Borrower's Right to Reinstate. Notwithstanding Lender's accelcr:~ion of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontiimed at any time prior to the earlier to occur of (i) the fifth day before sale of the P,'operty pursuant to tile power of sale contained 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) Bom)wet cures all breaches of any other covenanls or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enlbrcing the covenants and 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; a.d (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest i, 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 full force and effect as if no acceleration had occurred. 19. Assignment of Rents; Appointment of Receiver; Lender in Possessiml. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, l)rior to acceleration under paragraph 17 hereof or abmldonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration tinder paragraph 17 hereof or abandonment of the Prol)crty, mid at any time prior to the expiration of any period of redelnption following judicial sate, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the re.ts of the Property including those past due. All rents collected by Lender or the 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 stuns secured by this Mortgage. Lender and the receiver shall be liable to accotmt only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage, [.eader shall release this Mortgage wilhout chou'ge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of' Homestead. Borrower hereby waives all right'of homestead exemption in the Property. REQUEST FOR NOTICE OF I)EI?A ULT AND FOKECLOSURE UNDER StJI'I~I{IOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of trust or ()tile,' 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 u.der the superior encumbrance and of ~y sale or other foreclosure action. IN WIT~SS W~OF, Borrower has executed this Mortgage. PATRICIA HOLAHAN - Borrower (Seal) - Borrower (Seal) - Borrower (Sisn Origimd Only) STATE OF WYOMING, Lincoln County ss: The foregoing instrument was acknowledged before me this ~-d4-~r'~/-~t A ~, ~O,<9r9 / ,...-- e..,, U ' / ~3'Y~t~ /t'9 F~/ Not~y ~lic / (~}c~-76(WY) (0208) CHL (09~02) Page 4 of 4 Form 3851