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HomeMy WebLinkAbout904122After Recording Return To: MS SV-79 DOCENT PROCESSING P.O.BOx 10423 Van Nuys, CA 91410-0423 Prepared By: NIKITA GH~ RECEIVED t_i[,!COLf'4 COU?'F[Y CLERK [Space Above This Line For Recording Data] 0006617395010004 [Doc ID J] THIS MORTGAGE, dated OCTOBER RICH3kPJ) D HANSEN, AND SHERRI MIN 1000157-0004212949-0 MORTGAGE (Line of Credit) 2004 , is between HANSEN residing at 168 AD~LMS STREET, AFTON, WY 83110 the person or persons signi,g as "Mortgagor(s)" below and hcr¢ina£[er referred to ss "we," "our," or "us" and MORTGAGE ELECTRONIC REGISTRATION SYSTHA~S, iNC., CMERS") a Delaware corpormion, wi~ 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 Capital One F.S.B. CLcnder'' or "you") and its successors and assigns. MORTGAGED PREMISES: In consideration of the loan hereinafter described, we hereby mortgage, grant and convey to ME_RS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, the premiss locmcd at: WY 168 ADAMS ST Street AFTON LINCOLN Mu~cip~ty C~n~ 83110 State ZIP (the "Premiss"). 2EO37-WY (OWO4)(d) Page 1 of 5 Initials: *23991 * * 066 1 73950000002E037' SEE EXHIBIT "A" ATTACHED HERETO AND MADE DOC ID HEREOF. ,082! #: 0006617395010004 The Premises includes ali buildings and other improvements now or in the future on the Premises and all rights and interests which derive from our ownership, use or possessio, of thc Premises and all appurtenances thereto. WE UNDERSTAND and agree that ME_RS is a separate c~)rl-)oration acting solely as nominee for Lender and Lender's successors and assigns, and holds only legal tide lo the interests granted by us in this Mortgage, but, if necessary to comply with law or custom, MERS (as nominee for l~cnder and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, Im~ m~t li~nited to, the right to foreclose and sell the Property, and to take any action required of Lender including, bt~t not limited to, releasing or canceling this Mortgage. LOAN: This Mortgage will secure your loan to us in thc principal amount of $ 48,000.00 orso much thereof as may be advanced and readvaneed from time to time to RICHARD D. HANSEN SHERRI T. HANSEN , and the Borrower(s) under the Home Equity Credit Line Agrecmcnt and Disclosure Statement (the "Note") dated OCTOBER 12, 2004 , plus interest and costs, kilo charges and ail othercharges related to the loan, ail 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 m,d (?{,-Signer in the Note, all of our promises and agreements in this Mortgage, any extensions, renewals, amemhncms, supplements and other modifications of the Note, and any mounts advanced by you under the terms of thc section of this Mortgage entitled "Our Authority To You." Loans under the Note may be made, repaid and ren,adc frown time to time in accordance with the terms of the Note and subject to the Credit Limit set forth in the Ntnc. OWNERSHIP: We are the sole owner(s) of the Premises. Wc have the legal right to mortgage the Premises to you. OUR IMPORTANT OBLIGATIONS: (a) TAXES: 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 crcdil 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 buildingl:~) 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 usc tl~e Pre~nises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, wc shall perform all of our obligations under the declaration or covenants creating or governing the condominlmn or planned unit development, the by-laws and regulations of the condominium or planned unit development ;md cm~stituent documents. (c) INSURANCE: We will keep the building(s) on thc Premises insured at all times against loss by fire, flood and any other hazards you may specify. We may choose mc insurance company, but our choice is subject to your reasonable approval. The policies must be for at least thc amounts and 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 paymem on all insurance claims, to the extent of your interest under this Mortgage, before we do. The insurance p()lk'ics must aiso provide that you be given not less than 10 days prior written notice of any cancellation or reduvtion in coverage, for any reason. Upon request, we shall deliver the policies, certificates or other evidence of insm'ance to you. In the event of loss or damage to the Premises, we will immediately notify you in writing and filc ~ 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 aist~ 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 cithcr to rcpair the Premises or to reduce the amount owing on the Note. · MERS HELOC- WY Mortgage P~ 2 ors Inmals: ~ 2E037-WY (02/04) ~ DOC ID #: 0006617395010004 (d) COND~A4NAT/ON: We assign to you [he proceetk ~}l' any award or e]alm for damages, direct or consequential, in connection with any condemnation or other laking of the Premises, or par[ thereof, or for conveyance in lieu of condemnation, all of which shall be paid ltd you, subject to the terms of any Prior Mortgage. (e) SECURITY INTEREST: We will join with you in sieninL, and filing documents and, at our expense, in doing whatever you believe is necessary to perfect and continue ~t~c perfection of your lien and security 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 paid with the proceeds of the Agrecment ~;ccurcd hereby. (f) OUR AUTHORITY T° 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 thc interest rate set forth in the Note. If, for example, we fail to honor our promises to maintain 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 ()tlr 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 securcs till such advances. Your payments on our behalf will not cure our failure to perform our promises in this Mortga.e¢. Auy replacement insurance that you obtain to cover loss or damages to the Premises may be limited to thc am,~,,t owing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this paraga,ph are completed, this Mortgage is subject and subordinate to a prior mortgage dated 12 / 0 9 / 2 0 0 4. and given by us to WELLS FARGO HOME MO · as mortgagee, in the original amount of $ 6 9, 8 5 0.0 0 (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prit)r written consent and shall upon receipt of any written notice from the holder of the Prior Mortgage promptly &liver a copy of such notice to you. We shall pay and perform all of our obligations under the Prior Mortgage as m~d when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause ~,' permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Premises. Wc shall not do, nor allow anyone else to do, anything affecting the Premises that is in violation of any Environmental l:aw. The preceding two sentences shall not apply to the presence, use, or storage on the Premises of small qua~mics of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and m maintenance of the Premises. As used in this paragraph, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kcroscue, other flammable or toxic petroleum products, toxic peslicides and herbicides, volatile solvents, mmcrials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph, 'Environmc ~t ti Law" means federal laws and laws of the jurisdiction where the Premises are located that relate to health, safety or environmental protection. (i) SAI.~ OF PREMISES: We will not sell, transfer ow,crship of, mortgage or otherwise dispose of our interest in the Premises, in whole or in part, or permit any other lien or claim against the Premises without your prior written consent. O) INSPECTION: We will permit you to inspect the Premises al any reamnable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be nc~2otiated or assigned by you without releasing us or the Premises. You may add or release any person or property ~l,li.eatcd under the Note and this Mortgage without losing your rights in the Premises. DEFAULT: Except as may be prohibited by applicable law, and subject to any advance notice and cure period if required by applicable law, if any event or condition of default as described in the Note occurs, you may foreclose upon this Mortgage. This means that you may arrange for thc t'rcmiscs to be ,sold by advertisement and sale or by judicial foreclosure, at your option, as provided by law, in order to pay off what we owe on the Note and under this Mortgage. If the money you receive from the sale is not enough ,~ pay off what we owe you, we will still owe you the difference which you may seek to collect from us in acconhmcc with applicable law. In addition, you may, in accordance with applicable law, (i) enter on and take possessi~m of the Premises; (ii) collect the rental payments, including over-due rental payments, directly from tenants alicr simply notifying them fu'st 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 afler 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 rets and costs of documentary evidence, abstracts ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: Ax additional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts shall be enlitled to enter upon, take possession of and manage the Premises and collect the rents of the Premises inclmtmg those past due after simply notifying them by first class mall to make rental payments to you. · MERS HELOC - WY Mortgage ,,~ 2EO37-WY (02/04) Page 3 of 5 InifiaJs: DOC ID #: 0006617395010004 WAIVERS: To the extent permitted by applicable law, we waive and release any error or defects in proceedings to enforce this Mortgage and hereby waive the benefit of any prescm or furore laws providing for stay of execution, extension of time, exemption from attachment, levy and sale and homestead exemption. BINDING EFFECT: Each of us shall be fully responsible for all ~f thc 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 terminated, the provisions of this Mortgage will be binding on us, ~mr legal representatives, our heirs and all future owners of the Premises. This Mortgage is for your benefit and 10r tl~e benefit of anyone to whom you may assign it. Upon payment in full of all.amounts owing to you under tt~c Note and 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 bc given in another mariner, (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 oc :a such other address as we may designate by notice to you as provided herein, and (b) any notice to you ~hall be given by certified mail, return receipt requested, to your address at For MERS: P.O. Box 2026, Flint, MI 48501-2026 For Lender: 1680 Capital One Drive, McLean, VA 22102 or to such other address as you may designate by notice to us. ,~ny notice provided for in this Mortgage shall be deemed to have been given to us or you when given in the manner d~signated herein. RELEASE: Upon payment of all sums secured by this Mortgage and provided 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 ora satisfaction of this Mortgagc. 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 waivct- of that or any other provision on any other occasion. THIS MORTGAGE has been signed by each of us under seal on the date first above written. RICHARD D. H:qllSEN Mortgagor: SHERRI T. HA[JSEN Mt~tgagor:. (SEAL) (SEAL) Mortgagor: (SEAL) Mortgagor:. (SEAL) · MERS HELOC - WY Mortgage 2EO37-WY (02/04) Page 4 of 5 '. ,:. 082 4 foregoing instrument was acknowledged before me this by My Commission Expires: (per~n ad[nowlcd~ m~ I :";, ,~ut->, Public DOC ID #: County ss: / (date) 0006617395010004 · MERS HELOC - WY Mortgage 2E037-WY (02/04) Page 5 of 5 EXHIBIT A ALL THaT CERTAIN L~u'~D SITUATED IN T}I~~] S?ATE OF WYMONING, COUNTY OF LINCOLN MD IS DESCRIBED ~: F©LLOWS: LOT S OF SCHWAB ADDITION TO THE TOW!i F AFTON, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE ~.'I~ICIAL PLAT THEREOF. ADDRESS: 168 ADAMS ST.; AFTON, WY ~-~!]© TAX MAP OR PARCEL ID NO.: 12-3218-30-2-02-022.~