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HomeMy WebLinkAbout905080: 0""58-. COUNTRYW~E HOME LOANS, INC. Va~ N~s, CA 91410-0423 Prep~ By: JENNrFER POPE RECEIVED 12/8/2004 at 1:31 PM RECEIVING # 905080 BOOK: 574 PAGE: 258 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Lh~e For Recto'ding Data] 04NL42604 0006795097910004 [Escrow/.Closirw H [Doc ID ~] TItlS MORTGAGE, dated OCTOBER 6, TOM J ROBY, AND FROSTI D ROBY, AIiN 1001337-0000299277-7 MORTGAGE (Line of Credit) 2004 , is bctwccn HUSBAND AND W~FE residing at PO BOX 3205, JACKSON, WY 83001-3205 the person or persons signing as "Mortgagor(s)" below and hex'ch after referred to as "we," "our," or "us" and MORTGAGE ELECTRONIC REGIS~TION SYSTEMS, IN('., ("MERS") a Delaware corporation, with an address of P.O. Box 2026, Flint, Nil 48501-2026, tel. (888) 679-MI!RS. MERS is the "Mortgagee" under this Mortgage and is acting solely as nominee for Countrywide Bank, a Division of Treasury Bank, H.A. ("Lender" or "you") and its successors and assigns. MORTGAGED PREMISES: In consideration of the loan hcrci,mfler 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: 292 GREEN CANYON Street THAYNE L I NCOLN Municipality County WY 83127 State ZIP (the "Premises"). RETURN TO. Nations Len,'l;~ ~ ' ,.~ervlce8 5370 W 95th Shawnee Mi~:.:,,;~-~, KS 66207 (913) 341-27< ~!-i · MERS HELOC - WY Mortgage 2E037-WY (02/04)(d) Page 1 of 5 *23991 * * 067950979000002E037' DOC ID #: 0006795097910004 and ~rtherdescdbedas: LOT 51 STAR VALLEY RANCH PALT 9, AS PLATTED /diD RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING. The Premises includes all buildings and other improvements nox~ or in the future on the Premises and all rights and interests which derive from our ownership, use or possession ,ff Iht Premises and all appurtenances thereto. WE UNDERSTAND and agree that MERS is a separate corpt ~,'nt,on acting solely as nominee for Lender and Lender's successors and assigns, and holds only legal title to thc ~ntcrcsts granted by us in this Mortgage, but, if necessary to comply with law or custom, MERS (as nominee fi>r I.~'~ der and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but m~] hmitcd to, the right to foreclose and sell the Property, and to take any action required of Lender including, bul m)t limited to, releasing or canceling this Mortgage. .. LOAN: This Mortgage will secure your loan to us in the principal amount of $ 74, 000.00 much thereof as may be advanced and readvanced from time to time to TOM J. ROBY FROSTI D. ROBY or so , and the Borrower(s) under the Home Equity Credit Line Agreemcnt nmi Disclosure Statement (the "Note") dated OCTOBER 6, 2 0 0 4 , plus interest and costs, late chargcs and all othereharges related to the loan, all of which sums are repayable according to the Note. This Mung~tgc will also secure the performance of all of the promises and agreements made by us and each Borrower and ('ti-Signer in the Note, all of our promises and agreemen[s in this Mortgage, any extensions, renewals, amendmc, nts, supplements and other modifications of the Note, and any amounts advanced by you under the terms of thc sccmm o£ this Mortgage entitled "Our Authority To You." Loans under the Note may be made, repaid and remade h'on~ time to time 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 ~l~c 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 credit ~n or make deduction from, the loan under the Note because we pay these taxes and charges. We will provide ytm with proof of payment upon request. (b) MAINTENANCE: We will maintain the building(s) ~,~ thc Premises in good condition. We will not make major changes in the building(s) except for normal repairs. \Vt will not tear down any of the building(s) on the Premises without first getting your consent. We will not usc Ibc Premises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, we shall perform all of our obligations under the declaration or covenants creating or governing the condominiun, ~),- planned unit development, the by-laws and regulations of the condominium or planned unit development and ctmstituent documents. (c) INSURANCE: We will keep the building(s) on the Premises insured at all times against loss by fire, flood and any other ha~:ards you may specify. We may choose thc ins~n'ance company, but our choice is subject to your reasonable approval. The policies must be for at least the amoullls and the time periods that you specify. We will deliver to you upon your request the policies or other proof uf thc insurance. The policies must name you as "mortgagee" and "loss-payee" so that you will receive payment ~m all insurance claims, to the extent of your interest under this Mortgage, before we do. The insurance policies must also provide that you be given not less than 10 days prior written notice of any cancellation or reduction in coverage, for any reason. Upon request, we shall deliver the policies, certificates or other evidence of insurance to you. In the event of loss or damage to the Premises, we will immediately notify you in writing and file a pn~tfl' 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 als{) ..;~gn our name to any check, draft or other order for the payment of insurance proceeds in the event of loss or dam:tgc to thc Premises. If you receive payment of a claim, you will have the right to choose to use the money either to rcpair the Premises or to reduce the amount owing on the Note. · MERS HELOC - WY Mortgage 2EO37-WY (02/04) Page 2 of 5 lnttlala:-"~ //2 DOC ID #: 0006795097910004 (d) CONDEMNATION: We assign to you the proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Premises, or part thereof, or for conveyance in lieu of condemnation, all of which shall be paid to you, subject to the terms of any Prior Mortgage. (e) SECURITY INTEREST: We will join with you in signing ami filing documents and, at our expense, in doing whatever you believe is necessary to perfect and continue thc pcrFoction 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 Agreement secured hereby. (f) OUR AUTHORITY TO 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, h'tm will add the amounts you advance to the sums owing on the Note, on which you will charge interest at the inlcrest 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 costa necessary to keep the Premises in good condition and repair or to perform any t~f our 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 secures all such advances. Your payments on our behalf will not cure our failure to perform our promises in this Mortgage. Any replacement insurance that you obtain to cover loss or damages to the Premises may be limited to the amount t}wing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this paragrapl arc completed, this Mortgage is subject and subordinate to a prior mortgage dated 0 6 / 0 7 / 2 0 0 2 and g iveu by us to COUNTRYWIDE HOME LOANS as mortgagee, in the original amount of $ 13 0, 0 0 0.0 0 (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior wretch consent and shall upon receipt of any written notice from the holder of the Prior Mortgage promptly deliver a copy of such notice to you. We shall pay and perform all of our obligations under the Prior Mortgage as :md when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Premises. We shall m)t do, nor allow anyone else to do, anything affecting the Premises that is in violation of any Environmental Law. Th c preceding two sentences shall not apply to the presence, use, or storage on the Premises of small quantities o1' Hazm'dous Substances that are generally recognized to be appropriate to normal residential uses and to 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, kerosene other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials co~taining asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "Environmental l.aw" means federal laws and laws of the jurisdiction where the Premises are located that relate to health, safety or cnvironmental protection. (i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest in the Premises, in whole or in part, or permit any other 1i¢~ or claim against the Premises without your prior written consent. (j) INSPECTION: We will permit you to inspect the Premises at any reasonable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be negotialcd {~r assigned by you without releasing us or the Premises. You may add or release any person or property obligaled under the Note and this Mortgage without losing your fights in the Premises. DEFAULT: Except as may be prohibited by applicable law, and subject [o 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 the Premises 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 to pay off what we owe you, we will still owe you the difference which you may seek to collect from us in accordance with applicable law. In addition, you may, in accordance with applicable law, (i) enter on and take possession of thc Premises; (ii) collect the rental payments, including over-due rental payments, directly from tenants after sin~ply notifying them first class mail to make rental paymenm to you; (iii) manage the Premises; and (iv) sign, cat~cel and change leases. We agree that the interest rate set forth in the Note will continue before and after a d¢l'ault, 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 fees and costs of documentary evidence, abstracts ASSIGNMENT OF RENTS; APPOINTMENT OF RECEWER: As additional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts shall be entitled to enter upon, take possession of and manage the Premises and collect the rents of the Premises including Ih~sc past due after simply notifying them by first class mail to make rental payments to you. 0 05050 DOC ID #: -' 0 .61 0006795097910004 WAIVERS: To the extent permitted by applicable law, we waive ami release any error or defects in proceedings to enforce this Mortgage and hereby waive the benefit of any prescm ~)r/'uture laws providing for stay of execution, extension of time, exemption from attachment, levy and sale and lit m~estcad exemption. BINDING EFFECT: Each of us shall be fully responsible for all of linc 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 for thc benefit of anyone to whom you may assign it. Upon payment in full of all amounts owing to you under thc Note mid 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 lie given m another manner, (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 or :d such other address as we may designate by notice to you as provided herein, and (b) any notice to you shall be given by certified mail, return receipt requested, to your address at For MERS: P.O. Box 2026, Flint, MI 48501-2026 For Lender: 1199 North Fairfax St. Ste.500, Alexandria, VA 22314 or to such other address as you may designate by notice to.us. Any ,~otice provided for in this Mortgage shall be deemed to have been given to us or you when given in the manner dcsi,,dnatcd herein. RELEASE: Upon payment of all sums secured by this Mortgage ~t,~d provided your obligation to make further advances under the Note has terminated, you shall discharge this M~rtgag¢ without charge to us, except that we shall pay any fees for recording of a satisfaction of this Mortgage. GENERAL: You can waive or delay enforcing any of your rights tmtlcr this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not be a waiver 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. WITNESS: TOM J. ROBY / Mortgagor: / / Mortgagor: (SEAL) Mortgagor: (SEAL) Mortgagor: (SE, U,) · MERS HELOC - WY Modgage 2EO37-WY [02/04) Page 4 of 5 09050S0 -- '~ 026~ o STATE OF WYOMING, The foregoing instrument was acknowledged before me this (person acknowledging) My Commission Expires: /~ - //- ~ DOC ID ~: 0006795097910004 County ss: .'?:.)----0£ LYNDA M. HEALEY NOlte, Public Uncc~n ¢ourW· ~¥ c,,.,.,~~~ -_ _--._ ,_ _ ~"_:'.?_ · MERS HELOC - WY Mortgage 2EO37-WY (02/04) Page 5 of 5 Initials: