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HomeMy WebLinkAbout904783WHEN RECORDED MAIL TO Nationwide Title Clearing, Inc. ATTN: Dusti Woodbury - CIT Unit 2100 Alt 19 North Palm Harbor, FL 34683 MIN: 100263195006459828 RECEIVED 11/23/2004 at 4:14 PM RECEIVING It 904783 BOOK: 573 PAGE: 353 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SPACE A I IO\1, 11 IlS LINE FOR RFCDRDF, R~ I IgF, MORTGAGE Lendci '1 he CIT Group/Consuraer Finance Inc. (a I)ctaware Corporation) Name atilt 2030 E. FLAMINGO ROAD Adch'c.,:; SUITE 260 I,AS VEGAS, NV 89119 ("Lender") MIqRS i I'.(). Box 2026' Flint, MI 48501-2026 FINAL PAYMENT DATE I 12101134 BORgOVO~(S) Name(s) and Address(es) ANTHONY J MIGNANO 2000 PANAMINT DRIVE LOS ANGELES, CA 90065 LOANNUMBER DATE 9500645982 11/18/04 TRUSTEI~S NAME AND ADDRESS ("Borrower"~ Mortgagee Name a~(t Adda-c:,,~ PRINCIPAL BALANCE $55,000.00 MERS refers to Mortgage Electronic Registration Systems, l~c. N IERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Mortgage. MERS is organized and existing under the laws of Dcl;~xvar¢, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, Tel. (888) 679-MERS. Borrower owes Lender the principal sum shown in the Princip:d [lahmce box above. This debt is evidenced by Borrower's note dated the same date as this Mortgage ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on the Final Paymem I)atc shown above. This Mortgage secures to Lender: (a) the repayment of the debt evidenced by the Now, with interest and adjustments thereto, and all renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced under paragraph 2 to protect the security of this Mortgage; and (c) the performance (d' Borrower's covenants and agreements under this Mortgage and the Note. For this purpose, Borrower irrcv,~cably grants and conveys to MERS and its successors and assigns (solely as nominee for Lender and Lender'~ ~ucccssors and assigns), in trust, with power of sale, the following described property located in County, Wyoming: SEE ATTACHED LEGAL DESC R II"I'ION 'EXHIBIT A' which has the address of 1750 CROW CREEK ROAD (Street) AI~ON Wyoming 831 ! 0 ("Property Address"); (City) Zip Code) Borrower understands and agrees that MERS holds only ieg:d l i tlc to the interests granted by Borrower in this Mortgage, but, if necessary to comply with law or custom, MER5 (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 Premises; .and to take any action required ~d' Lender including, but not limited to, releasing and canceling this Mortgage. Together with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and pro fi l~, water rights and stock and all fixtures now or hereafter a part of the property. All replacements and additions sh:ttl also be covered by this Mortgage. All of the foregoing is referred to in this Mortgage as the "Property." Borrower covenants that Borrower is lawfully seized of the c~httc hereby conveyed and has the right to grant and convey the Property. Borrower warrants that the lien created b7 this Mortgage is a valid and enforceable lien subordinate only to easements, liens and restrictions of record as of thc date of this Mortgage, and that during the entire term of the indebtedness secured by this Mortgage I/orrowcr will not permit this lien to become subordinate to anything else. Borrower warrants and will defend Ifc titl~ to the Property against all claims and demands except such easements, liens and restrictions of record as o1' ~l~c date of this Mortgage. SEE PAGES 2, 3, AND 4 FOR ADDITION. \ I~ 1 ,X 1PORTANT TERMS 11/17,/04 17.'09 1794411 Initial(v)X//[] 2-2784/1(4/04) I~orning Mortgage Page I of 4 0354 Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and l.:~e Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Nolo and any prepayment and late charges due under the Note. 2 Taxes-Liens-Insurance-Maintenance. Borrower will pay, x~hcn they are due and payable, all taxes, liens or security titles (legal claims), assessments, obligations, water ,-:~lc~ and any other charges against the Property, whether superior or inferior to the lien or security title of thi~ Nlortgage, including paying Lender any costs, including outside attorney's fees incurred by Lender in defending any lawsuit by prior or later lienholders or security title holders on the Property, maintain hazard insurance on thc Property in Lender's favor in a form and amount satisfactory to Lender and maintain and keep the Property in good repair at all times during the term of this Mortgage pursuant to paragraph 4 below. If Borrower fails to m:mmdn the Property in good repair, Lender may enter the Property and make those, repairs necessary to maintain thc Property in good repair. Lender may pay any such tax, lien or s~curity title, assessment, obligation, water ratc~ premium or other charge necessary to maintain the Property in good repair, or any amounts required to purchase ~uch in.~urance in Lender's own name, if Borrower fails to do so. The amount Lender pays will be due and payable t,) l~cndcr on demand, will bear an interest charge at the interest rate set forth in the Note secured by this Mortgage il' pcmfitted by law, or, if not, at the highest lawful interest rate, will be an additional lien or security title on the P~,)pcrty and may be enforced and collected in the same manner as the other obligations secured by this Mortgage. [lie insurance carrier providing the insurance referred to above will be chosen by Borrower subject to Lcmtcr's approval which will not be unreasonably withheld. All insurance policies and renewals must be acceptable Io I.cnder and must include a standard mortgagee clause. Lender will have the right to hold the policies and renew',ds, if Lender requires, Borrower will promptly give to Lender all receipts of paid premiums and renewal notices, l~ thc event of a loss, Borrower will give prompt notice to the insurance carrier and Lender. Lender ma~/ file a t~rool' of loss if not made promptly by Borrower. Insurance proceeds will be applied to the restoration or repair of thc l'roperty damaged or, at Lender's option, the insurance proceeds will be applied to the sums secured by this Nh,~ tgage, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not :m~wc,' within ten (10) days, a notice from Lender that the insurance carrier has offered [o ~cttle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or rc~lo~'c thc Property or to pay sums secured by this Mortgage, whether or not then due. The ten (10)-day period will bcgm when the notice is given. 3. Application of Payments. Unless applicable law providc~ olhcrwise, payments shall be first applied to any prepayment charges, then to any costs and expenses incurred uml,'r this Mortgage, then to interest then due and then to principal. 4. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deterior:t~ c ,,r co m mit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of tl!c lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender :~?:.rccs to the merger in writing. 5. Mortgage Insurance. If Lender required mortgage insur'.~cc as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maim',fin the insurance in effect until such time as the requirement for the insurance terminates in accordance with Ik~,rower's and Lender's written agreement or applicable law. 6. Inspection. Lender or its agent may make reasonable em~ic~ upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspectic~ ~pccifyil~g reasonable cause for the inspection. 7. Condemnation. The proceeds of any award or claim fi)r damages, direct or consequential, in connection with any condemnation or other taking of any part of the Propel ty~ or l~)r conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds; shall be applied to the sums secured by this Mortgage, whether or not then due, with any excess paid to B,,m,wcr. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writi~q_,~ Ibc sums secured by this Mortgage shall be reduced by the amount of the proceeds multiplied by the following fi'action: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair m',a kct value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by I.cnder to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails lo rc~pond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply thc proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Mortgage, whether or not then due. Unless Lender and Borrower otherwise agree in writing, ~my application of proceeds to principal shall not extend or postpone the due date of the payments referred to in pan~.,~ apb 1 or change the amount of such payments. 8. 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 Mortg;q~c gnmted by Lender to any successor in interest of Borrower shall not operate to release the liability of the origin:d Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any ~uccessor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by thi~ Mortgage by reason of any demand made by the original Borrower or Borrower's successors in interest. A~y forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any ~i~ht or remedy. SEE PAGES 1, 3, AND 4 FOR ADDITION:\ L I NI PORTANT TERMS ANTHONT MIGlgANO 11/16/04 16:44 1794411 2-2784B Page 2 of 4 9. Successors and Assigns Bound; Joint and Several I.iability; Co-signers. The covenants and agreements of this Mortgage shall bind and benefit the successot'~ :md assigns of Lender, Borrower and MERS, subject to the provisions of paragraph 15. Borrower's covenants mtd agreements shall be joint and several. Any Borrower who co-signs this Mortgage but does not execute thc Note: (a) is co-signing this Mortgage only to mortgage, grant and convey that Borrower's interest' in the Properly trader the terms of this Mortgage; (b) is not personally obligated to pay the sums secured by this Mortgage; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodati,m~ with regard to the terms of this Mortgage or the Note without that Borrower's consent. 10. Loan Charges. If the loan secured by this Mortgage i~ subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or ,,thcr loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) :my such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (1~) any sums already collected fi.om Borrower which exceeded permitted limits will be refunded to Borrower. l_cndcr may choose to make this refund by reducing the principal owed under the Note or by making a dil'cCl payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment withoul any prepayment charge under the Note. 11. Legislation Affecting Lender's Rights. If enactment ,,t' expiration of applicable laws has the effect of rendering any provision of the Note or this Mortgage unenforce;tblc according to its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Mortgage and may invoke any remedies permitted by paragraph 17. 12. Notices. Any notice to Borrower provided for in thi~ \hmgage shall be given by delivering it or by mailing it by first class mail unless applicable law requkes use of ;mothcr method. Borrower requests that copies of any notices of default and sale be sent to Borrower's addres$ which i:, thc Property Address unless otherwise indicated on the front page of this Mortgage. Any notice to Lender shall be gix'cn by lirst class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given a,, p~ovidcd in this paragraph. 13. Governing Law; Severability. This Mortgage shall bc governed by Wyoming and applicable federal law. In the event that any provision or clause of this Mortgage or Ibc Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or thc Note which can be given effect without the conflicting provision. To this end the provisions of this Mortgage ;md thc Note are declared to be severable. 14. Borrower's Copy. Borrower shall be given one confi~ mod copy of the Note and of this Mortgage. 15. Transfer of the Property or a Beneficial Interest itl Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in B,m'ower 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 optk~ ~hall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. 16. Borrower's Right to Reinstate. If Borrower meets cot l:tin conditions, Borrower shall have the right to have enforcement of this Mortgage discontinued at any time prio~ tt~ thc earlier off (a) such period as applicable law may specify for reinstatement before sale of the Property lntr~tl;lnt to any power of sale contained in this Mortgage; or (b) entry of a judgment enforcing this Mortgage. Thc~c conditions are that Borrower: (a) pays Lender all sums which then would be due under this Mortgage and the N,~tc had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expense, i~currcd in enforcing this Mortgage, including, but not limited to, reasonable attorneys' fees; and (d) takes such act i, ,n ;ts Lender may reasonably require to assure that the lien or security title of this Mortgage, Lender's rights in thc Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unchanged. Upon rcinq;tlcmcnt by Borrower, this Mortgage and the obligations secured hereby shall remain fully effective as if no ac,:,'Icration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraph 15. 17. Default. If Borrower defaults in paying any part of thc indebtedness secured by this Mortgage or if Borrower defaults in any other way, the entire unpaid principal :md any accrued and unpaid interest thereon and any other amounts Borrower then owes under the loan secured I~y Ibis Mortgage will become due, if Lender desires. Lender may execute and record, in the Office of the Recordc~' of each county in which the Property or some part is located, a written notice of the default and Lender's electk,t~ l,~ .~cll the Property secured by this Mortgage. Lender may rescind the notice before the Lender's sale by execuli~g and recording a notice of rescission, which will cancel any prior notice of default and of any acceleration of thc maturity of the indebtedness affected by any prior notice of default. Lender's rescission of a notice of default w ill m~t waive any existing or subsequent default nor impair Lender's right to execute any notice of default and election to cause the Property to be sold nor otherwise affect any of Lender's rights under this Mortgage. After the time required by law following the recording of thc tloli¢;2 of default has elapsed, the Lender may give notice of sale as then required by law and, without demand o~, Borrower, sell the real estate at the time and place fixed in the notice of sale either as a whole or in separate parccl~ in whatever order the Lender determines, at public auction to the highest bidder for cash. The Lender may pt,~tponc the sale from time to time by making a public announcement at the original or previously postponed time ;md place of sale, and without further notice, the Lender may make such sale at the time to which the sale may be st, p~,>tponed. SEE PAGES 1, 2, AND 4 FOR ADDITION:\ I, I 51PORTANT TERMS ANTHONY MIGNANO 11/16/'04 16:44 1794411 2-2784C rage 3 o.['4 The Lender will deliver to the purchaser a deed conveying thc real estate sold, but without any covenant of warranty, express or implied. Any person, including Lender or B,,~ roxv er, may bid at the sale and purchase the real estate. The proceeds of the sale will be applied by the Lender tirol ~o the payment of all fees and expenses of the Lender and of this Mortgage; second to all sums expended by Lc,der under the terms of this Mortgage which have not been repaid, with accrued interest at the amount allowed h~ law; third to all other sums secured by this Mortgage; and any remainder to the persons legally entitled to it. 18. Lender in Possession. Upon acceleration under paragraph 7 or abandonment of the Property, Lender (in person, by agent or by judicially appointed receiver) shall be entillcd to enter upon, take possession of and manage the Property and to collect the rents of the Property including th,',~c past due. Any rents collected by Lender or the receiver shall be applied first to payment of the costs of man:]~2<mcnt of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver% bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. 19. Reconveyance. Upon payment of all sums secured by tl,~ Mortgage, Lender shall request the Lender to reconvey the Property and shall surrender this Mortgage and all m~cs evidencing debt secured by this Mortgage to the Lender. Lender shall reconvey the Property without warfare. The Leuder may charge a fee for services rendered in connection with the preparation, execution or rcc~>rdation of a reconveyance, or request for a reconveyance, to the extent allowed by law. Such person or per.~,,.~ ~hall pay any recordation costs. 20. Riders to this Mortgage. If one or more riders are executed by Borrower and recorded together with this Mortgage, the covenants and agreements of each rider shall be i,c,, porated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider(s) wcrc a part of this Mortgage. [Check applicable box(s)l. [~ Adjustable Rate Rider [~] Graduated Payment Rider [--] Request for Copy of Notice of Default [--] Cfndominiu. P, ider · ~ Planned Lift it l)cv¢lopment Rider ~ Other(s) [si)cci fYI [--] 1-4 Family Rider 21. Transfer of Servicing. If the servicing of this Mortgage :md ih¢ indebtedness by which it secures is ever transferred from one servicing agent to another servicing agora, each such servicing agent shall inform the Borrower of the transfer prior to the creation of any obligation on tl~c par~ of the Borrower to pay the new servicing agent. By signing below, Borrower accepts and agrees to the terms :,~d covenants contained in this Mortgage and in any rider(s) executed by Borrower and recorded with it. The undersigned(s) hereby release and waive all rights under and by virtue of the homestead exemption laws of this state. SEE PAGES 1, 2, AND 3 FOR ADDITION.\ 1.1M PORTANT TERMS Witness Aix~t'~H¢)N ', .I M IG~ANO-~ Borrower Witness Borrower COUNTY OF 3Vi/X ~L~ ~ Xma~' Name and Title) a Nom~ Public in and for the State of~, personally appeared ANT~ l ~NAN~ ... e~~ is/a~- subscribed to (or p;o~d t~ ~ on the basis of satishcto~ evidence) to be the pcr~,mt~ whose nam the within inst~ment and ac~owledged to me that he/s~ey executed the same in his/~ authorized capaciW(i~), andJhat by his~ signa~e(~ on the instrun~cm thc person(~ or the entiW upon behalf of w~ch the person) acted, executed the instrument. Signa~re 11/16/04 16:44 1794411 2-2784D Page 4 of 4 0357 EXHIBIT A Parcel 1 The property, as referred to in the Deed recorded in lltl~k 360PR on page 155 and a portion of the property as referred to in the Deed recorded in B~I~I, 452PR on Page 94, with the Office of the Clerk of Lincoln County, Wyoming, within the SI:, '4 NW l/~, NE~fiSW~A and NW~fiSE¼ of Section 4, T31N Rll9W of the 6th P.M., Lincoln C{ntmy, Wyoming, the metes and bounds being more particularly described as follows: Beginning at the B.L.M. type monument marking the Nlarlowe A. Scherbel PLS 5368, 1991 for the location for the Southwest comer of the SW¼NI! H of said Section 4; thence N 89°08'01'' E, along the south line of said S\VIANE~,4, 84.78 feet to the iron pipe marking the northwest corner of the Borden pr{q~crty, as referred to in the Deed recorded in Book 301PR on page 3, with said Office; thence Southerly, along the west line of said Borden property the following: S 22°47'17'' E, 135.22 to an iron pipe, S 9026'39'' E, 96.44 fcc~ to an iron pipe, S 0053'48'' W, 266.21 feet to an iron pipe marking the southwest corner of said Borden property; thence N 89o14'35.' W, 30.00 feet to an aluminum c:~p on iron pipe; thence N 77o48'39.' W, 357.57 feet to an aluminum cap on iron pipe; N 7o29'29'' W, 60.28 feet to an iron pipe; S 79o52'34'' E, 266.49 feet to an iron pipe; S 87o33'23.' E, 50.86 feet to an aluminum cap ~m iron pipe marking a point in the west line of said SW~ANE¼, said point also being thc south corner of the Borden property as referred to in the Deed recorded in Book 4031'R on page 780 with said office; S 1 °33'04" W, along said west line, 140.38 l'cct, to the point of beginning. thence thence thence thence Parcel 2 The right of access as provided for in instrument rec(n'dcd September 10, 1991 in Book 301PR on page 3 of the records of the Lincoln County Clerk.