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HomeMy WebLinkAbout904751Afl.er Recording Return To: COUNTRTfWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: GAIL L. MCMICH/LEL RECEIVED 11/22/2004 at 2:29 PM RECEIVING # 904751 BOOK: 573 PAGE: 262 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER. WY [Space Almv~, I'his Line For Recordi. ~, Dalai 0008304191310004 [Doc ID #] THIS MORTGAGE, dated OCTOBER 15, WILLIAM L DAY, AND CONNIE W DAY ~AIN 1000157-0004262078-7 M O RTGAGE l.ine of Credit) 2 0 o4 , is between residing at 812 STATE HIGHWAY 241, AFTON, WY ~3110-9769 the person or persons signing as "Mortgagor(s)" below and hereinafk:r rcferred to as "we," "our," or "us" an3 MORTGAGE ELECTRONIC REGISTRATION g YSTEMS, INC.. I "M t'~R S"} a Delaware corporation, with an address of P.O. Box 2026, Flint, MI 48501-202o. tel (888) 679-M i(R~';. MERS is the "Mortgagee" under this Mortgage and is acting solely as nominee ['or COUNTRYWIDE HOME LOANS, INC. ("Lender" or "you") and its successors and assigns. MORTGAGED PREMISES: In considerafim~ of the loan hereinuf~er 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: 812 STATE HIGHWAY 241 Street AFTON LINCOLN Municipality County WY 83110-9769 State ZIP (the "Premises"). · MERS HELOC - WY Mortgage 2E037-WY (02/04)(d) Page 1 of 5 * 2 3 9 9 I * * 083041913000002E037' TRI-SOURCE TITLE AGENCY, INC The Edward Building 8400 E, P'o,,~tice Avenue, S~}lte 1100 Greenwood Village, CO rko111 TEL (720) 206-1150 FAX (720).206:.11 and further described as: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PAt' 0008304191310004 Township 31, Range 118, Section 30, Southwest corner of the Northwest co of the The Premises includes all buildings and other improvements now ,~, and interests which derive from our ownership, use or possession of hc Ihlure on the Premises and all rights ~.m~scs and all appurtenances thereto. WE UNDERSTAND and agree that MERS is a separate corpo~ :~'m~g solely as nominee for Lender and Lender's successors and assigns, and holds only legal title to the im - g~anled by us in this Mortgage, but, if necessary to comply with law or custom, bIERS (as nominee for Lc~,,i. ~ ;md [.cnder's successors and assigns) has the right: to exercise any or all of those interests, including, but no~ I .... ~cd m, the right to foreclose and sell the Property, and to take any action required of Lender including, bt~ hmil~'d to, releasing or canceling this Mortgage. LOAN: This Mortgage will secure your loan to us in the princ~I ,m~mnt of $ 24,000.00 or so much thereof as may be advanced and readvanced from time to time WILLIAM L. DAY CONNIE W. DAY , and the Borrower(s) under the Home Equity Credit Line Agreement [,~,~ I),sch~sure Statement (the "Note") dated OCTOBER 15, 2004 , plus interest and costs, late ch~ :md all othercharges related to the loan, all of which sums are repayable according to the Note. This Mortg:,/ ,11 also secure the performance of all of the promises and agreements made by us and each Borrower and C, ,~..:,c, m the Note, all of our promises and agreements in this Mortgage, any extensions, renewals, amendmem,, .~,,~lcmcnts and other modifications of the Note, and any amounts advanced by you under the terms of the sec~,, ,I this Mortgage entitled "Our Authority To You." Loans under the Note may be made, repaid and remade fi~, ,,~- h> ltme in accordance with the terms of the Note and subject to the Credit Limit set forth in the Note. OWNERSHIP: We are the sole owner(s) of the Premises. We have OUR IMPORTANT OBLIGATIONS: ;,I r~ght to mortgage the Premises to you. (a) TAXES: We will pay all real estate taxes, assessments, Premises when they become due. We will not claim any credit on. Note because we pay these taxes and charges. We will provide you .ha~gcs and sewer rents relating to the ,tl, c deduction from. the loan under the ~,~ eof of payment upon request. (b) MAINTENANCE: We will maintain the building(s) on Ih. l',~,miscs in good condition. We will not make major changes in the building(s) except for normal repairs. Wc ~, ~I1 ,~ tear down any of the building(s) on the Premises without first getting your consent. We will not use thc !'~,.~tscs illegally. If this Mortgage is on a unit in a condominium or a planned unit development, we shall i,,~lb~m all of our obligations under the declaration or covenants creating or governing the condominium o~ l,l,m~cd unit development, the by-laws and regulations of the condominium or planned unit development and co~ ~ ~[~ct~t documents. (c) INSURANCE: We will keep the building(s) on the Premi~ h,,mrcd at all times against loss by fire, flood and any other hazards you may specify. We may choose the in:,~ .,~,.t: company, but our choice is subject to your reasonable approval. The policies must be for at least the amou./[~d thc time periods that you specify. We will deliver to you upon your request the policies or other proof of lh ;~, ,m ~mcc. The policies must name you as "mortgagee" and "loss-payee" so that you will receive payment m, :;!1 m.,ur:ltlce claims, to the extent of your interest under this Mortgage, before we do. The insurance policies ~,,, .~ ;rise provide that you be given not less than 10 days prior written notice of any cancellation or reduction in .... .~ ~,gc, lbr any reason. Upon request, we shall deliver the policies, certificates or other evidence of insurance i~. ,.,,~ 1, the event of loss or damage to the Premises, we will immediately notify you in writing and file a proof, ,~ I,, ~.; with the insurer. You may file a proof of loss on our behalf if we fail or refuse to do so. You may also sig~ .... ~ mmic to any check, draft or other order for the payment of insurance proceeds in the event of loss or damage ~,; ~h~. P~cmises. If you receive payment of a claim, you will have the right to choose to use the money either to ~, ~ ,,~ ~hc Premises or to reduce the amount owing on the Note. · MERS HELOC - WY Mortgage Page 2 of 5 2EO37-WY (02104) [>~C ID #: 0008304191310004 (d) CONDEMNATION: We assign to you the proceeds of :,~. '.~ard or claim for damages, direct or consequential, in connection with any condemnation or other tal:i,~, ~,t iht Premises, or part thereof, or for conveyance in lieu of condenmation, all of which shall be paid to y(m ~i qc~-t 10 the terms of any Prior Mortgage. (e) SECURITY INTEREST: We will join with you in signin~ .... ! iilmg documents and, at our expense, in doing whatever you believe is necessary to perfect and continue thc t'~ ~' ,'~m of your lien and security interest in the Premises. It is agreed that the Lender shall be subrogated to thc ..I. ~-: and liens of all parties whose claims or liens are discharged or paid with the proceeds of the Agreement secu,,, i };c~ cby. (f) OUR AUTHORITY TO YOU: If we fail to perform our obh.. ~,~,,~,; trader this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses. \ .~, ','.ill add the amounts you advance to the sums owing on the Note, on which you will charge interest at the im~; ~ ~tc set lbrth in the Note. If, for example, we fail to honor our promises to maintain insurance in effect, or to p.,. i~ling fees, taxes or the costs necessary to keep the Premises in good condition and repair or to perform any ~}i ,,~,~ ,dhcr agreements with you, you may, if you choose, advance any sums to satisfy any of our agreements with ,,~ ;md charge us interest on such advances at the interest rate set forth in the Note. This Mortgage secures all :~:: i, :~dvanccs. Your payments on our behalf will not cure our failure to perform our promises in this Mortgage..'~, ~c. p laccment insurance that you obtain to cover loss or damages to the Premises may be limited to the amoum ,.,., mg on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this paragraph ..... ',~mpleted, this Mortgage is subject and subordinate to a prior mortgage dated 01 / 10 / 2003 : ,,. I .:, ix'ch I~y us to COUNTRYWIDE HOME LOANS, INC. as mortgagee, in the original amount of $ 93,0 o o. 00 lire "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior v. :~.~.~ consent and shall upon receipt of any written notice from the holder of the Prior Mortgage promptly delix ..... ~,p.~ of such notice to you. We shall pay ,and perform all of our obligations under the Prior Mortgage as m, i ,., hen required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or I~, ~,~ Irc presence, use, disposal, storage, or release of any Hazardous Substances on or in the Premises. We shall ~, :.. d< m~r allow anyone else to do, anything affecting the Premises that is in violation of any Environmental Lax~ !!~. preceding two sentences shall not apply to the presence, use, or storage on the Premises of small quantitic, .., lh~/ardous Substances that are generally recognized to be appropriate to normal residential uses and to nt:,;~:,, ~:mcc of the Premises. As used in this paragraph, "Hazardous Substances" are those substances defim.l :,~ tr~xic or hazardous substances by Environmental Law and the following substances: gasoline, km~. ..... {~d~cr flarmnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materkd ntaining asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "Environmental ! ,~.,." means federal laws and laws of the jurisdiction where the Premises are located that relate to health, safc~x ,x i~mmental protection. (i) SALE OF PREMISES: We will not sell, transfer ownersh~i ,,I, m~mgage or otherwise dispose of our interest in the Premises, in whole or in part, or permit any other lit-t~ ,~ ,l:mn against the Premises without your prior written consent. (j) INSPECTION: We will permit you to inspect the Premises :,t ,,,, ~casonable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be negotiat ,,~ :~ss~gned by you without releasing us or the Premises. You may add or release any person or property obligai~. ~;~Mcr d~c Note and this Mortgage without losing your rights in the Premises. DEFAULT: Except as may be prohibited by applicable law, and sult~,,,, ,,~ zmy advance notice and cure period if required by applicable law, if any event or condition of default as dc .... !,cd in thc Note occurs, you may foreclose upon this Mortgage. This means that you may arrange for the Premi::, ,,, I,c sold by advertisement and sale or by judicial foreclosure, at your option, as provided by law, in order to p:~,. ~ii x~hat we owe on the Note and under this Mortgage. If the money you receive from the sale is not enough to P:~i. ~,~ x~ha~ we owe you, we will still owe you the difference which you may seek to collect from us in accordance ~h ~l~plicable law. In addition, you may, in accordance with applicable law, (0 enter on and take possession of th I'tcH~iSCS; (ii) collect the rental payments, including over-due rental payments, directly from tenants after simi., ~,,tifying them first class mail to make rental payments to you; (iii) manage the Premises; and (iv) sign, ,~, ,:t ami change leases. We agree that the interest rate set forth in the Note will continue before and after a d cl~,, !~ ,:t~lry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonable fees and co,,, :~. ~ally incurred by you in proceeding to foreclosure, including, but not limited to, reasonable attorneys fees :,, ~. i ,,,~;~,; of documentary evidence, abstracts ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As a, !: '~ i~}~al security, we assign to you the rents of the Premises. You or a receiver appointed by the courts shall be t ~ I,.d to enter upon, take possession of and manage the Premises and collect the rents of the Premises including d.~ .... - pa s~ due after simply notifying them by first class mail to make rental payments to you. · MERS HELOC - WY Mortgage 2E037-WY (02/04) Page 3 of 5 .x~C ID ~: 0008304191310004 WA1VERS: To the extent permitted by applicable law, we waive anti, ,~-,u any error or defects in proceedings to enforce this Mortgage and hereby waive the benefit of any present (~, ,. ~. ~c la ws providing for stay of execution, extension of time, exemption from attachment, levy and sale and hon..t exemption. BINDING EFFECT: Each of us shall be fully responsible for all of fl, , .,,,ui scs and agreements in this Mortgage. Until the Note has been paid in full and your obligation to make ~ .... t,u~ advances under the Note has been terminated, the provisions of this Mortgage will be binding on us, out , q~rcsentatives, our heirs and all future owners of the Premises. This Mortgage is for your benefit and for th_ ,ulh o1' anyone to whom you may assign it. Upon payment in full of all amounts owing to you under the i',, :md this Mortgage, and provided any obligation to make further advances under the Note has terminated, ti ~. h,t tgage and your rights in the Premises shall end. NOTICE: Except for any notice required under applicable law to be r, , u another manner, (a) any notice to us provided for in this Mortgage shall be given by delivering it or by m ., ,tach notice by regular first class mail addressed to us at the last address appearing in your records or at .... qhc~ address as we may designate by notice to you as provided herein, and (b) any notice to you shall ~cn by certified mail, return receipt requested, to your address at For MERS: P.O. Box 2026, Flint, MI 48501-2026 For Lender: 4500 Park Granada, Calabasas, CA 91302-1613 or to such other address as you may designate by notice to us. Any ,. mwidcd for in this Mortgage shall be deemed to have been given to us or you when given in the manner dc,, n,,,., ,.u h crc~n. RELEASE: Upon payment of all sums secured by this Mortgage advances under the Note has terminated, you shall discharge this shall pay any fees for recording of a satisfaction of this Mortgage. )'our obligation to make further xx Hhotit charge to us, except that we GENERAL: You can waive or delay enforcing any of your rights I.ll-ld waiver by you of any provisions of this Mortgage will not be a waiv,-, occasion. Mortgage without losing them, Any or any other provision on any other THIS MORTGAGE has been signed by each of us under seal on the ti:, .~ ahove written. WITNESS: CONNIE W. DAY Mortgagor: (SEAL) Moagagor: (SEAL) Mortgagor: (SEAL) · MERS HELOC - WY Mortgage 2E037-WY (02/04) Page 4 of 5 STATE OF WYOMING, The foregoing instrument was acknowledged before me this [ ~' (persoa acknowledging) My Commission ~.xp~es: /~- -//-0 3 · MERS HELOC - VVY Mortgage 2E037-WY (02/04) Page 5 of 5