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HomeMy WebLinkAbout903094:~ ~5 (02) AfterReco~ingRemmTo: MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: KIMBERLY MONTEZ 90309b, RECEIVED LINCOLN COUNTY CLERK [Space Above This Line For Ret.trinE Data] I THIS MORTGAGE is made this 17th ALISON A ROBERTS, A SINGLE WOMAN ROBERTS [Escrow/Closinu MORTGAGE] day of SEPTEMBER, 0008335276809004 [Doc ID #] 2 0 04, between the Mortgagor, (herein "Borrower"), and the Mortgagee, A/qERICA'S WHOLESALE LENDER A CORPORATION the laws of NEW YORK 4500 Park Granada, Calabasas, (herein "Lender"). , whose address is CA 91302 organized and existing under WHEREAS, Borrower is indebted to Lender in the principal sum of [ I.S. $ 27, 800.00 * , which indebtedness is is evidenced by Borrower's note dated SEPTEMBER 17, 2004 and cxlensions and renewals thereof (herein "Note"), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on OCTOBER 0l, 2019 ; TO SECURE to Lender the repayment of the indebtedness evidenced I~y the Note, with interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith to protcct thc security of this Mortgage; and the performance of the covenants and agreements of Borrower herein contained, Borrower docs hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in the County of L I NCOLN , State of Wyoming: Lot Forty-Two (42) in Star Valley Ranch Plat Twelve (12) as platted and recorded in the official records of Lincoln County, Wyoming. which has the address of 137 SOLITUDE LANE , THAYNE , Wyoming 83112 Gcrein "Property Address"); [City] [Zip Code] TOGETI{ER with all the improvements now or hereafter erected on Irc property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and remain a part of the properly 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 lawfully seised of the estate hereby conveyed 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 WYOMING - SECOND MORTGAGE - 1/80 - FNMA/FHLMC UNIFORM INSTRUMENT Form 3851 Page 1 of 4 __(~)®'76(WY) (0208) CHL (09/02)(d) VMP MORTGAGE FORMS- (8001-';21--/291 Initials: '23991' *This and subject ONLY to favor of America's * 083352768000002076 - * Real Estate Mortgage is second a First Real Estate Mortgage recording concurrently herewith in Wholesale Lender dated September 17, 2004 irt the original amount 0903094 ':.,. ,- 0 7 DOC TD #: 0008335276009004 Borrower warrants and will defend generally the title to the Property agai~lsl ;dl chtims and demands, subject to encumbrances of record. UNIFO~ COVI~NAdqTS. Borrower and Lender covenant and agree ~s follows: 1. Payment of Principal and Interest. Borrower shall promptly p:ly when due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note. 2. l~unds for Taxes and Insurance. Subject to applicable law or a writte~ waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable under tile Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (incl~Ming condominium and planned unit development assessments, if any) which may attain priority over this Mortgage and gl't~l~llt] rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender t~n ihe basis of assessments and bills and rea~sonable estimates thereof. Borrower shall not be obligated to make such payments tff 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 an institutional lender. 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 an institution). Lender shall apply the Funds to pay said taxes, ~ssessments, insurance premiums and ground rents. Lender m~y 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 Funds 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 u~flcss such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any imerest 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 purpose 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 th~ future m~nthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, slmll exceed the amount required to pay said taxes, assessments, insurance prenfiums 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' ~l~e amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rems as they fall due, Borrower shall pay to Lender any 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 glmll promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property i~ odlerwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition hy 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 Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of ~rnounts payable to Lender by Borrower 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 ail of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which h;~s priority over this Mortgage, including Borrower's covenants to make payments when due. Borrower shall pay or cause to be l~litl all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over dfis ~,.lor~gage, and leasehold payments or ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," ~md such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by B~rrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies ;lml renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a ft~rm acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortg~lge, 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 from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a chdm for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoralion or repair of thc Property or to the sums secured by this Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Cm~d~mi~fiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or pemfit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehtfld. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's oblig~tions under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws ~l~tl regulations of the condominium or planned unit development, and constituent documents. 7. Protection of Lender's Security. If Borrower fails to perform tile covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lemlcr'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, and take such action as is necessary to protect Lender's interest. If Lender required m~rtgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to m~fintain soeh insurance in effect until 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 imcrest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Unless lgorrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hcrc.'~mler. (~I~®-76(WY) (0208) CHL (09/02) Page2of4 Initials: F~51 DOC; LD ~: UUU~213bZ'/6~UgUUz] 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 conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust (u' other security agreement with a lien 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 t~) any successor in interest of Borrower shall not operate to release, in any manner, the liability of the 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 origimd Borrower and Borrower's successors in'interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; (;o-signers. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respcdive 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 o1' this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereonder 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 the Property. 12. Notice. Except for any notice required under applicable law to bc given in another manner, (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 slated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided fi~r 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 applicalqc to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit thc 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 the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used herci~, "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 B~m'ower's obligations under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters int{~ with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable 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. If 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 natural 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 [~f 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 petfod, Lender may invoke any remedies permitted by this Mortgage without further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants lo pay when due any sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than ll) days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such hreach on or before the date specilied in the notice may result in acceleration of the sums secured by this Mortgage. The ntdice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on m' her(}re the date specified in the notice, Lender, at Lender's option, may declare all of the sinus secured by this Mortgage to he i~nmediately due and payable without further demand and may invoke the power of sale and any other remedies pm'milled hy applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fees. If Lender invokes the power of sale, Lender shall give notice or inlent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a notice of the 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 reasonable costs and expenses of the sale, including, but not limited to, reasonable attorneys' fees and cosls (~1' litle evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or persons legally en lit led thereto. (~®-76(WY) (0208) CHL I09/02) Page 3 of 4 Initials: "0173 090,3094 DOC ID #: 0008335276809004 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration 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 discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of thc Property pumuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if,' (a) B.m)wer 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 other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies a.s provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in lhe Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment arid 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 l'.ssessinn. 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 abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 17 hereof or abandonment of thc Property, and at any time prior to the expiration of any period of redemption following judicial sale, 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 thc rents o£ the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the ct)sis 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 sums secured by this Mortgage. Lender and the receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage, l.cnder 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 the Property. REQUEST FOR NOTICE OF IH~FAULT AND FORECLOSURE UNDER S U I'ER1OR 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, of any default under the superior encumbrance and of any sale or other foreclosure action. IN WITNESS WHEREOF, Borrower has executed this Mortgage. ALISON A. ROBERTS (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower (Xign Original Only) STATE OF WYOMING, Teton County ss: The foregoing instrument wa~s acknowledged before me this by Al±son A. Roberts My Commission Expires: 9-15-07 17th day of September, 2004 (date) Notary Public County of ~h State of { (~®-76(WY) (02OS) CHL (09/02) Page 4 of 4 Form 3851 013030 4 ,. t 0174 [Space Above This Lh~e For Rec.rdi.g Data] PLANNED UNIT DEVELOPMENT RIDER RemmTo: COUNTRYWIDE HOME LOANSt INC. MS SV-?9 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prep~edBy: KIMBERLY MONTEZ ROBERTS [Escrow/Closing #] 0008335276809004 [Doc ID #1 TI[IS PLANNED UNIT DEVELOPMENT RIDER is made this SEVENTEENTH day of SEPTEMBER, 2'004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Inst '. nent ') of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to AMERICA'S WHOLESALE LENDER (the~nder")~fthesamedateandc~veringthePr~per~describcdintheSecurity~nstmmentand~catedat: 137 SOLITUDE LANE THAYNE, WY 83112 [~opeay Address] MULTISTATE PUD RIDER - Single Family/Second Mortgage Page 1 of 3 ~®-207R (0003) CHL (04/O0)(d) VMP MORTGAGE FORMS (800)521 Initials: 3/99 *23991* * 083352 768000002207R* DOC ID #: 0008335276809004 TheProp~tyincludes,~tisnotlimitedto, aparceloflandimprovcdwithadwelling, togeth~ withothersuch parcelsandc~taincommonareasandhcilities, asdescdbedin THE COVENANTS, CONDITIONS, AND RESTRICTIONS FILED OF RECORD THAT AFFECT THE PROPERTY (the"Declaration").ThePropertyisapartofaplannedunitdevehqm~cntknownas STAR VALLEY i~NCH [Name of Planned Unit Develolm,Cml (the "PUD"). The Property also includes Borrower's interest in thc homeowners association or equivalent entity owning or managing the common areas and facilities of the PUl') (tl,e "Owners' Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the: (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Associatitm; and (iii) any by-laws or other roles or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfimtory to Lender and which provides insurance coverage in the mounts (including deductible levels), I'c)r the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, ,hca: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required ct)vcrage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage provided by the master or blanket policy. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condo,naa,ion, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to thc sums secured by the Security Instrument as provided in Uniform Covenant 9. E. Lender's Prior Consent. Borrower shall not, except al'ter notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain: (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination Initials: (~-207R (0003) CHL (04/00) Page 2 of 3 3/99 0 030 4 0!76 DOC ID #: 0008335276809004 of professional management and assumption of self-management of tile Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lende F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these mounts shall bear interest from the date of disbursement at the Note rate and shall bc payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. · (Seal) ALISON A. ROBERTS -norrower (Seal) - Borrower (Seal) - Borrower · (Seal) - Borrower (~)~-207R (0003) CHL (04/00) Page 3 of 3 3/99