HomeMy WebLinkAbout904011 RECEIVED
LINCOLN COUNTY OLERK
OWNIT MORTGAGE SOLUTIONS, INC.
21800 BURBANK BOULEVARD, SUITE #200 ~t~,A~,IN~ ~/~G~
WOODLAND HILLS, CALIFORNIA 91367 :,-~',~{~[~.~ ~ ....
Loan Number: 4452439 ~ "~ ..... · ~,~f"-)f~"~,- ~fN~ ~
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[Space Above This Line For Recording Data]
M ORTGA GE
MIN: 100224620000355969
THIS MORTGAGE is made this 2 1st day of OCTOBER 2 0 0 4 , between the
Mortgagor, JAMES HILL AND RENEE HILL, Husband and Wife
, (herein "Borrower"),
and the Mortgagee, Mortgage Electronic Registration Systems, Inc. ("M ERS"), (solely as nominee for Lender, as
hereinafter defined, and Lender's successors and assigns). MERS is organized and existing under the laws of
Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) §?9-MERS.
OWNI? MORTGAGE SOLUTIONS, INC.
is organized and existing under the laws of CALI FORNIA and has an address of
21800 BURBANK BOULEVARD, SUITE #200, WOODLAND HILLS, CALIFORNIA
91367
(herein "Lender").
WHEREAS, Borrower is indebted to Lender in the Principal su,n of U.S. $ 6 5, 8 0 0.0 0 , which
indebtedness is evidenced by Borrower's note dated OCTOBER 2 1, 2 0 0 4 and extensions and
renewals thereof (herein "Note"), providing for monthly installmenls of principal and interest, with the balance of
the indebtedness, if not sooner paid, due and payable on NOVEMBER 1, 2 0 3 4
TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the
payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this
Mortgage; and the performance of the covenants and agreements of Borrower herein contained, Borrower does 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, with power of sale, the following described property located in the County of
LINCOLN , State of Wyoming:
THE NORTHEASTERLY 235 FEET OF LOT 25 ALPINE VILLAGE SUBDIVISION
NO. 1, PLAT 2, AMENDED, ACCORDING TO THAT PLAT OF RECORD IN THE
OFFICE OF THE LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOMING.
A.P.N. #: 37181910300600
THIS SECURITY INSTRUMENT IS SUBORDINATE TO AN EXISTING FIRST
LIEN(S) OF RECORD.
WYOMING - SECOND MORTGAGE - 1/80
3851 - AS AMENDED FOR MERS
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which has the address of 740 ALPINE LOOP
[S~reetl
ALPINE, Wyoming 8 312 8
[City] [Zip Codel
(herein "Propeay Address"):
TOGETHER with all the Improvements now or hereafter erected on Ihe property, and all easements, rights.
appurtenances and rents, all of which shall be deemed to be and re.mm a part of the property covered by this
Mortgage; and all of the foregoing, together with said property (or tile leasehold estate if this Mortgage is on a
leasehold) are hereinafter referred to as the "Property." Borrower understands and agrees that MERS holds only legal
title to the interests granted by Borrower in this Mortgage; but, if necessary lo 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 lo take any action required of Lender
including, but not limited to, releasing or cancelling this Mortgage.
BORROWER COVENANTS that Borrower is lawfully seised of tile eslale 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 Borrower warrants and will defend §enerally the title to the Property against all
claims and demands, subject to encumbrances of record.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest. Borrower shall promptly pay when 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, Borrower shall
pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid
in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and
planned unit development assessments, if any) which may attain priority over this Mortgage and ground 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 on 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 ora prior mortgage
or deed of trust if such holder is an institutional lender.
If Borrower pays Funds to Lender, the Funds shall be held in an i.stituliou 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, assessments, insurance premiums and ground rents. Lender may not charge
for so holding and applying the Funds, analyzing said account or verifyi.g 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 unless such agreement is made or applicable law requires such interest to be paid, Lender
shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without
charge, an annual accounting of the Funds showing credits and debits lo fl~e Funds and the purpose for which each
debit to the Funds was made. The Funds are pledged as additional securily for the sums secured by this Mortgage.
If the amount of the Funds held by Lender, together with the future mouddy installments of Funds payable prior
to the due dates of taxes, assessments, insurance premiums and ground ren~s, shall exceed the 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 moulhly installments of Funds. If the amount
of the Funds held by Lender shall not be sufficient io pay taxes, assessments, insurance premiums and ground rents
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 shall promptly refund to Borrower any Funds
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.
WYOMING - SECOND MORTGAGE - 1/80
3851 - AS AMENDED FOR MERS
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3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender
under the Note and paragraphs I and 2 hereof shall be applied by Lemler first in payment of amounts payable
to Lender by Borrower under paragraph 2 hereof, then to interest payahle (m 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 wid~ a lien which has priority over this
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, lo Ihe Property which may attain a priority
over this Mortgage, and leasehold payments or ground rents, if any.
5. Hazard Insurance. Borrower shall keep the improvemems now existing or hereafter erected on the
Property insured against loss by fire, hazards included within the term "exlended coverage", and 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 Borrower subject to approval by Lender;
provided, that such approval shall not be unreasonably withheld. All i~lsurance policies and renewals thereof shall
be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable
to Lender. Lender shall have the right to hold the policies and renewals Ihereof, subject to the terms of any mortgage,
deed of trust or other security agreement with a lien which has priorily 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 claim for insurance benefits,
Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of
the Property or to the sums secured by this Mortgage.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments.
Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration
of the Property and shall comply with the provisions of any lease if this Morlgage is on a leasehold. If this Mortgage
is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's 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 cot~sdtuent documents.
7. Protection of Lender's Security. If Borrower fails to perform ll,e covenants and agreements contained 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 Borrower, may make such appearances, disburse such sums, including
reasonable attorneys' fees, and take such action as is necessary to proleci Lender's interest. If Lender required
mortgage insurance as a condition of making the loan secured by this Morlgage, Borrower shall pay the premiums
required to mainlain such 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, wilh interest thereon, at the Note rate, shall
become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other
terms of payment, such amounts shall be payable upon notice from Lender Io Borrower requesting payment thereof.
Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder.
8. Inspection. Lender may make or cause to be made reasonable enh'ies upon and inspections of the Property,
provided that Lender shall give Borrower notice prior to any such inspeclion 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 Prop6rty, or part thereof, or for conveyance in lieu of condemnation,
are hereby assigned and shall be paid to Lender, subject to the terms of a~y mortgage, deed of trust or 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 granled by Lender to any successor in interest of
Borrower shall not operate to release, in any manner, the liability of tile origi,al Borrower and Borrower's successors
in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time
WYOMING - SECOND MORTGAGE - 1/80
3851 - AS AMENDED FOR MERS
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for paYment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made
by the original Borrower and Borrower's successors in interest: Any forl~cara,~ce 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; Co-signers. The covenants and agreements
herein contained shall bind, and the rights hereunder shall inure to, tile respective successors and assigns of Lender
and Borrower, subject to the provisions of paragraph 16 hereof. All covenanls 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 i. tile Property to Lender under the terms of
this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any
other Borrower hereunder 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 conscal 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 be 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 stated herein or
to such other address as Lender may designate by notice to Borrower a~ provided herein. Any notice provided for
in this Mortgage shall be deemed to have been given to Borrower or Lc.der when given in the manner designated
herein.
13. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of
thejurisdiction in which the Property is located. The foregoing sentence shall not lilnit the applicability of Federal
law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with 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 herein, "costs", "expenses" and "attorneys' fees" include all sums ~o the extent not prohibited by applicable
law or limited herein.
14. Borrower's Copy. Borrower shall be furnished a conformed copy of tile Note and of this 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 curers into with Lender. Lender, at
Lender's option, may require Borrower to execute and deliver to Lc.der, 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 of 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 lo 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 and agree as follows:
17. Acceleration; Remedies. Except as provided in paragraph 1~ hereof, upon Borrower's breach of any
covenant or agreement of Borrower in this Mortgage, including the covc.anls to 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 10 days from the date
the notice is mailed to Borrower. by which such breach must be cured; a.d (.1) that failure to cure such breach on or
before the date specified in the notice may result in acceleration of the s.ms secured by this Mortgage. The notice
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WYOMING - SECOND MORTGAGE - 1/80
3851 - AS AMENDED FOR MERS
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shall further Inform Borrower of the right to reinstate after accel'eratio~ ~md Ihe righl to bring a court action to assert
the nonexistence of a default or any other defense of Borrower to accele~ alhm and sale. If the breach is not cured on
or before the date specified in/he notice. Lender at Lender's opttot~ may declare all of the sums secured by this
Mot[gage to be Immediately due and payable without further d6mand ami may invoke the power of sale and any other
remedies permitted by applicable law. Lender shall be entitled to colh, cl all reasonable costs and expenses incurred
in pursuing the remedies provided in this paragraph 17, including, bu! m~l limiled ~o, reasonable attorneys' fees.
If Lender invokes the power of sale, Lender shall give notice of iule. I m foreclose to Borrower and to the person
in possession of the Properly, if different, In accordance with applicable h~w. Lender shall mail a copy of a notice
of the sale to Borrower in lhe manner provided in paragraph 12 hereof. 1.t.,der shall publish the notice of sale and
the Properly shall be sold in the manner prescribed by applicable law. I.~.ndt, r or Lender's designee may purchase
/he Properly at any sale. The proceeds of the sale shall be applied in lin, following order: (a) to all reasonable costs
and expenses of the sale, including, but not limited to, reasonable attorm,y~' fees and costs of title evidence; (b) to
all sums secured by this Mortgage; and (c) the excess, if any, to the per~.n or persons legally entitled thereto.
18. Borrower's Right to Reinstate. Notwithstanding Lender's accHeration of the sums secured by this
Mortgage due to Borrower's breach, Borrower shall have the right m have any proceedings' begun by Lender to
enforce this Mortgage discontinued at any time prior to the earlier to occur ~£ (i) the fifth day before the sale of the
Property pursuant to the power of sale contained in this Mortgage or (ii) enh'y of a judgment enforcing this Mortgage
if: (a) Borrower pays Lender all sums which would be then due under this M~rtgage 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 .Leud~,r i. ~'~fforcing the covenants, and agreements
of Borrower contained in this Mortgage, and in enforcing Lender's retm,dit,s as provided in paragraph 17 hereof,
including, but not limited to, reasonable attorneys' fees; and (d) Borrowt, r rakes such action as Lender may reasonably
require to assure that the lien of this Mortgage, Lender's interest in the l'mperly and Borrower's obligation to pay
the sums secured by this Mortgage shall continue unimpaired, Upon sudl payment and cure by Borrower, this
Mortgage and the obligations secured hereby shall remain in full force and t'ffect as if no acceleration had occurred.
19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder,
Borrower hereby assigns to Lender the~rents of the Properly, provided fl~at Bum~wer shall, prior to acceleration under
paragraph 17 hereof or abandonment of the Property, have the right to c.lh, ct a~,d retain such rents as they become
due and payable.
Upon acceleration under paragraph 17 hereof or abandonment of Ihe Properly, and at any time prior to the
expiration of any period of redemption followiugjudicial sale, Lender, iu pt'rson, by agent or by judicially appointed
receiver, shall be entitled to enter upon, take possession of and manage H~e l'roperly and to collect the rents of the
Property including those past due. All rents collected by Lender or the recviver shall be applied first to payment of
the costs of management of the Property and collection of rents, iud,din§, but not limited to, receiver's fees,
premiums on receiver's bonds and reasonable attorneys' fees, and then m H~e ~t.us secured by this Mortgage. Lender
and the receiver shall be liable to account only for those rents actually ri'ct, ired.
20. Release. Upon payment of all sums secured by this Mortgage, I ('nder 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 h~m~estead exemption in the Properly.
22. The following Riders are to be executed by Borrower [check b.× as applicable]:
[] Adjustable Rate Rider [] Condominium Rider [] Second Home Rider
[] Balloon Rider [] Planned Unit Development Ridt, r [] Other(s) [specify]
~ [] 1-4 Family Rider [] Biweekly. Payment Rider .......
WYOMING - SECOND MORTGAGE - 1/80
3851 - AS AMENDED FOR MERS
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0~040:I.:1.
REQUEST FOR NOTICE OF DEFAULT
AND FORECLOSURE UNDER SUPERIOR
MORTGAGES OR DF'Fr')S OF TRUST
Borrower and Lender request the holder of any mortgage, deed of h'us( 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 encumbran ce and of any sale or other foreclosure action.
IN WITNESS WHEREOF, Borrower has executed this Mortgage.
/MEs H L~L~
(Seal) ~, )/t .(]t~ ~'./ (Seal)
-Borrower RENEE HIL~ ~ ~ "~ -Borrower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
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STATE OF WYOMING.
Teton
Coun[y SSi
O~0401:l
This foregoing instrument was acknowledged before me thi~
by JAMES HILL, RENEE HILL
10/21/2004
[dalel
WITNESS my hand and official seal.
[person acknowledging]
My Commission expires:
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