HomeMy WebLinkAbout905182Account No.: 9375312 q~ ~c ~ q~
Branch No.: 996
Loan Product: BR 95% CLTV Standalone
RECEIVED 12/13/2004 at 10:53 AM
RECEIVING # 905182
BOOK: 574 PAGE: 514
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
MIN 1(11){1697-8250937531-6
MORTGAGE
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I
THIS MORTGAGE SECURES OBLIGATORY FUTURE ADVANCES
THIS MORTGAGE, as amended and extended (this "Af~r(~r~ge") is signed to secure advances under a
GMAC Home Equity Line of Credit agreement (the "Agreeme~t') il is dated as of November 1, 2004, and is
made by Jerry A. Hodson And Anna C. Hodson who reside(s) z~t ()~ Cedar Dr., Thayne, Wyoming 83127, as
mortgagor(s), in favor of GMAC Mortgage Corporation, a l'ctmsyh, ania Corporation, I00 Witmer Road,
Horsham, PA ~)044-0963 (herein "GMAC") and the Mortgage I';Icctronic Registration Systems, Inc., P.O.
Box 2026, Flint, MI 48501-2026 ("MERS") acting solely as mmm~ce for GMAC and GMAC's successors
and assigns under this Mortgage, as mortgagee.
Throughout this Mortgage, "we", "us" and "our" refer to mortgagor(s). "GMAC" refers to GMAC
Mortgage Corporation or its assigns. The "Account" refers tt~ thc Itome Equity Line of Credit account
established by GMAC under the Agreement. "Borrower" refer.~ ~ each person who signs the Agreement as
borrower. The Agreement and this Mortgage, taken together. ~,c called the "Credit Documents." "Signer"
refers to any person (other than GMAC) who has signed a Credil I¢{~cmnent.
DESCRIPTION OF SECURITY
By signing this Mortgage, we mortgage to MERS acting s~lcl>, as a nominee for GMAC, subject to the
terms of this Mortgage, (a) the real estate loc,/ted at 108 Cedar I)r. , Thayne, County of Lincoln, State of
Wyoming 83127, more fully described in Schedule A; (b) all buildings and other structures on the property; (c)
all rights we may have in any road, alley, easement or license reCd.'ding the property or in any mineral, oil, gas
or water which is part of the property; (d) all rents and royal(ic~ I'rom the property; (e) all proceeds of any
insurance on the property and all refunds of premiums on such msm'ance; (0 all proceeds of any taking (or
threatened taking) of the property by any governmental authority · "~'(mdemnation"); and (g) all fixtures on the
property at any time (collectively, the "Property").
The Property includes all rights and interests which we noxx h~vc or which we may acquire in the future.
For example, if the security mortgaged under this Mortgage is ,, leasehold estate and we subsequently acquire
fee rifle to the Property, the rights and interests granted to MERS ~clmg solely as a norninee for GMAC by this
Mortgage will include the fee title that we acquire. This Mortgage is also a Security Agreement under the
Wyoming Uniform Commercial Code and we hereby grant MId,'.~ acting solely as a nominee for GMAC a
security interest in the personal property descnabed in (d) through (1) ztbove.
SECURED OBLIGATIONS
THIS MORTGAGE SECURES OBLIGATORY FUTURE A I) VANCES.
We have signed this Mortgage to secure payment to G.\I.\(' of tip to $130,100.00, plus F1NANCE
CHARGES and any other amounts due GMAC under the Agreement ~the "Total Balance Outstanding") and to
secure performance by Borrower under the Agreement and our pc~ lbrmance of the covenants of this Mortgage
(collectively, the "Secured Obligations'').
PRIORITY OF ADVANCES
The lien of this Mortgage will attach on the date this Mortgage is recorded, with priority over subsequently
recorded mortgages; The indebtedness evidenced by the Credit I),,cuments is a revolving indebtedness. The
Credit Documents provide that amounts may be advanced, repaid and readvanced from time to time in
accordance with the terms and provisions of the Agreement. Acc,,rdingly, the aggregate advances during the
term of the Credit Documents may exceed the Credit Limit. lh,wcver, the Total Balance Outstanding less
FINANCE CHARGES and certain special charges at any time (dtc "E~tr, iag Balance Outstanding") shall never
exceed the Credit Limit, except for advances made to protect thc hen ol' this Mortgage. We agree that the lien
and security rifle of this Mortgage shall not be deemed released ~, extinguished by operation of law or implied
intent of the parties if the Total Balance Outstanding is zero as ,f thc date of this Mortgage or is from time to
time reduced to zero by payments made to GMAC.
GMAC-WY
RETURN TO: SMI/Wesley Hess / Job//530_2301
P.O. Box 540817 HODSON, JERRY
Houston, TX 77254-0817 WY/LINCOLN
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REPRESENTATIONS AND D UTI ES
We promise that, except for Pm'mitred l.icns: (a) we own the Property; (b) we have the right to mortgage
the Property to GMAC; and (c) there arc nn outstanding claims or charges against the Property. The term
"Permitted Lien" means (x) any mortgage, dccd to secure debt or deed of trust ("security instrument") disclosed
to GMAC by any Signer in applying tm- Ifc ..Xccount, to the extent that the amount secured by such security
instrument does not exceed the amounl dixch,scd on such application; and (y) any liens, claims and restrictions
of record that do not individually or collcclivcly have a material adverse impact upon GMAC's security, the
value of the Properly or the Property's cur~ cm ,se.
Each of us gives a general warranty ol' hi lc to GMAC. This means that each of us will be fully responsible
for any losses which GMAC suffers because ,~m~eone has rights in the Property other than Permitted Liens. We
promise that we will defend our ownership hi' the Property against any claims of such right.
We will neither take nor permit any acl,m to partition, subdivide or change the condition of title to all or
any part of th'e Prbperty. We will not amc,d any Permitted Lien without GMAC's prior written conseat.
CERTAIN PROVISIONS OF THE A(; I,t E EMENT
We understand that GMAC may, umlcr certain circumstances set forth in the Agreement, cancel its
obligation to make future advances and&, ~cquire repayment at once of the Total Balance Outstanding.
Under the Agreement, FINANCE C I IA I((;ES are based on the "prune rate" published in The Wall Street
Journal or in certain circumstances thc "p~Hne rate" published in The New York Times or a similar index
selected by GMAC. The rate of FINAN( '1.i CHARGES changes on a daily basis as the index or the amount
outstanding under the Agreement increases m' decreases. We understand that Borrower will not receive
advance notice of such changes.
PROMISES AND AGREEMENTS
We agree with GMAC as follows:
1. TIMELY PAYMENT. Except as limited by paragraph 10 below, Borrower shall pay when due all
sums owed GMAC under the Credit Documcllts.
2. APPLICATION OF PAYMENTS. All payments shall be applied by GMAC as set forth in the
Agreement.
3. MORTGAGES AND DEEDS O I: q'l,t [ TST; CHARGES; LIENS. We shall make payments when due
and perform all our obligations under any mnrlgage, deed of trust or other security agreement on the Property.
We shall pay or cause to be paid uhcu ,IHe all loans, taxes, assessments, charges, fmC, impositions and
rents of any kind relating to the Propc%' , ';4ssessments''). Receipts evidencing such ~ayments shall be
delivered to GMAC upon its request. EXCCl,~ Iht Permitted Liens, we shall not allow any encumbrance, charge
or lien on the Property to become prior n~ lhi'~ ~lortgage.
4. HAZARD INSURANCE; CON I)I,;,X I NATION.
(a) We shall, at our cost. keep ;~11 improvements on the Property insured against loss caused by
hazards included in the term "extended cm cr;~ge" or by other hazards GMAC may reasonably specify. Hazard
insurance shall be in an amount equal tn thc lesser of (i) the full replacement cost of the building that is part of
the Property or (ii) the amount of this Mortgngc plus the total amount of all Permitted Liens; but never less than
the amount necessary to satisi~y any coinsur;mcc require, ment contained in the insurance policy.
We may choose the insurance company, subject to approval by GMAC which may not be unreasonably
withheld. All insurance policies and rcm. w;~ls must be in form acceptable to GMAC and must include a
standard mortgagee clause in hvor of G,Xl,.\( '. GMAC shall have the right to hold the policies and renewals,
subject to the terms of any Permitted Liens. If we pay the premiums directly, we shall provide GMAC with all
renewal notices and, if requested by GM A ('. all receipts for premiums. If policies and renewals are held by any
other person, we shall supply copies o l' lh c m n, (3MAC within ten calendar days after they are issued:
In the event of loss, we shall give promt~l notice to the insurance company and GMAC. GMAC may file a
proof of loss if we fail to do so promptly.
(b) The proceeds of any condemnation of the Property shall be paid to GMAC, subject to any
Permitted Liens. We shall give GMAC nonce or any threatened condemnation and s~gn all documents required
to carry out this paragraph 4. No condemnation settlement may be made without GMAC's prior written
approval which shall not be unreasonabl3 u ilhheld.
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(c) Subject to the terms of any Permitted Lien, (;NIAC may elect that the proceeds of any
insurance or condemnation (after payment of all reasonable costs, expenses and attorneys' fees paid or recurred
by GMAC and us) shall be applied to pay the Secured Obligations Itl repair or reconstruct the Property, and/or
pay us for our loss. In the event that such proce&l's are not used c,,tircly for repair and reconstruction, we shall
provide GMXC with a new appraisal or valuation of the Property, c~ n~ducted by a persoa or entity and in a form
reasonably ficceptable to GMAC, unless GMAC waives this re~ttmcment in writing. The receipt of proceeds
shall not cure or waive any default or notice of default under this ~h,,'tgage or invalidate any act done pursuant
to such notice.
If the Property is abandoned by us, or if we fail to respond m t ;MAC in writing within 30 calendar days
from the date notice of a proposed insurance or condemnation sc ttlcx,wnt is given to us, GMAC may settle the
claim, collect the proceeds and apply them as set forth above.
.. If the..Propertg, is..acquired,by GMAC, all of our fight, litlc and interest in and tq~..any insurance or
condemnation proceeds shall become the property of GMAC ~o the extent of the sums-, secured by this
Mortgage.
5. MAINTENANCE OF THE PROPERTY; LEASEII()IA)S; CONDOMINIUMS; PLANNED
UNIT DEVELOPMENTS. We shall: use, improve and maint.,m thc Property in compliance with law; keep
the Property in good repair and pay when due all repair costs; prevent waste, impairment and/or deterioration of
the Property; and comply with the provisions of any lease of the l'r,,pcrty.
If the Property is part of a condominium project or a: planned unit development, we shall promptly perform
all of:our obligations under the governing documents of the project ,~ dcvelopmenfi
6. PROTECTION OF GMAC SECURITY. We shall appear m and defend any action or proceeding
which may affect the security of GMAC under this Mortgage or result in a violation of paragraph 3 above. If
such an action is filed, we violate this Mortgage or Borrowers violate thc Agreement, then GMAC may disburse
funds and do whatever it believes necessary to protect the security tit' this Mortgage. In doing so, GMAC shall
give us notice but it need not make demand or release its from any ,.~bligation.
Any amounts paid by GMAC under this paragraph 6, with FINANCE CHARGES at the variable rate in
effect under the Agreement, shall be paid by us upon demand, l*mil paid by us, such amounts are secured by
this Mortgage. GMAC is not required to incur any expense or take any acnon under this Mortgage and no
action taken shall release us fi.om any duty.
7, INSPECTION.' Representatives of GMAC may inspect thc Property from time to time. Except in an
emergency, GMAC must first give notice specifying reasonable cat,sc fin' the inspection.
8. FINANCE CHARGES AFTER END OF ACCOUNT AND/OR JUDGMENT. To the extent
permitted by laTM, we agree that FINANCE CHARGES after thc cml of the Account and/or after a judgment is
entered shall continue to accrue at the rates and in the manner specified m the Agreement.
9. OUR CONTINUING DUTIES AND GMAC'S RIGIITS; WAIVERS. No waiver of any GMAC
right under the Credit Documents shall release or limit our liability, Borrower's liability, or that of our
successors or Borrower's successors, nor shall any waiver affect thc lien or priority of this Mortgage. GMAC
shall not be required to start proceedings agamst any successor t~l' modify payment terms by reason of any
demand made by us or any successor. :
No GMAC act or failure to act shall waive any right under this Mortgage. All waivers must be in whting
and signed by GM_AC; they shall apply only to the extent and with respect to the event specified in the writing.
Obtaining insurance, or paying taxes, other liens or charges shall ,lo~ be a waiver of GMAC's right to demand
payment at once of the sums secured by this Mortgage in the event oI' a dethult under the Credit Documents.
10. SUCCESSORS AND ASSIGNS; JOINT AND SE\'I~iIC~,L IAABILITY; CO-SIGNERS. This
Mortgage shall bind us and our respective successors and pem~it~cd assigns for the benefit of GMAC and its
successors and assigns. All agreements made by us or any succcss,n' arc joint and several and may be enforced
against'each"6fiis dr-£ny stic6esgOt. ' ' '
Any Signer who does not execute the Agreement (a) is co-signing only to encumber that person's interest in
the Property and to release all homestead and/or dower rights, (1~) ts not personally liable under the Credit
Documents, and (c) agrees that GMAC and any Signer may mod ilS, either Credit Document, without consent
and without modifying the interests of the rest of us under this
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11. NOTICES. All notices shall bc in w~iting. Except where applicable law requires otherwise:
(a) GMAC notices shall be hand delix'crcd or mailed by first class, registered or certified mail to the address
of the Property or to such other address specified by the addressee in a written notice g~ven to GMAC. Any
GMAC notice shall be considered given tm thc day it is deposited in the U.S. mail or is hand-delivered.
(b) Our notices shall be mailed to G.XlAt ' by first class, registered or certified mail to the address for such
notices specified on our most recent mcmthl, statement under the Agreement or to such other address specified
by GMAC in a written notice given to us Any such notice shall be considered given on the day it is received
by GMAC.
12. GOVERNING LAW. This Nh,'~gage will be governed by federal and Wyoming law. If any
provision is invalid, illegal, or unenforceable, this Mortgage shall be interpreted as if such provision had never
been included.
13. COPIES. We shall receive copies ,d' the Credit Documents at the time they are s~gned or after this
Mortgage is recorded.
14. EXERCISING REMEDIES. (;~IAC may exercise all of the fights and remedies provided by the
Credit Documents or law, and any of these r~ghts and remedies may be exercised individually or jointly, once or
a number of times. The parties to this dt~c,ment are subject to the provision for Arbitration as set forth in the
Agreement which is incorporated by reference as if set forth at length herein.
15. EVENTS OF DEFAULT.
(a) The events set forth in paragraph 15(b) are Events of Default if and when GMAC gives any Signer
notice of default. We agree to notify GM,.\(' promptly upon the happening of any event that would be an Event
of Default under either Credit Documem ~ p,m the giving of notice by GMAC.
(b) After giving notice of default, G~ I~\C may end the Account and/or demand repayment at once of the
Total Balance Outstanding in any of the fi,Ih,x\ lng events:
ti) There has been fi'aud (,' material misrepresentation by any Signer in connection with the
Account;
(ii) Borrowers have failed ,,, meet the repayment terms of the Agreement for any amount
outstanding; or
(iii) Any action or inactkm bx any Signer has adversely affected the Property or any right of
GMAC in the Property; to the extent pclmiIIcd by law, this will include, but not be limited to, any Signer (or
any legal representative or successor o1' an\ ,qigner) agreeing to sell, transfer or assign or selling, transferring or
assigning any interest in the Property, wilh~mt Ire prior written consent of GMAC.
(c) Notwithstanding any language .~ ~h is Mortgage to the contrary, GMAC will not give notice of default
unless permitted by applicable law and (; ~I. \ C will give us any grace period, fight to cure and/or reinstatement
right required by applicable law. This p,~agraph 15 is intended to give GMAC all rights permitted by
applicable law.
16. REMEDIES. IF BORRO'~VF.I/S DO NOT REpAy AT ONCE THE TOTAL BALANCE
OUTSTANDING WHEN DUE, GM..\(: MAY EXERCISE ANY RE1VIEDY AVAILABLE TO IT
UNDER APPLICABLE LAW, INCLI IDi Nt; FORECLOSURE.
17. FORECLOSURE BY ADVERTISESIENT. We hereby grant GMAC upon an Event of Default
power to sell or cause the sale of the lheq,c~ ly by advertisement and sale at public auction or vendue and to
convey the Property to the purchaser in thc. ~, nner provided by law.
18. APPOINTMENT OF RECEIVI.~R. Upon an Event of a Default or our failure to pay taxes assessed
against the Property andy'or insurance premiums on the Property (which .we agree shall constitute waste),
GMAC shall be entitled to the appointmcn! ~,V a receiver if permitted by law.
19. SATISFACTION OF MORT(;..\(;E. Upon payment and discharge of all sums secured by this
Mortgage and termination of the Account, this Mortgage shall be void and GMAC shall satisfy this Mortgage,
file a discharge or release and pay any recording costs.
20. REQUEST FOR NOTICES. (.;.k k\C requests that copies of notices of default, sale and foreclosure
from the holder of any lien which has t,'i,,'ity over this Mortgage be sent to GMAC at 100 Witmer Road,
Horsham, PA 19044.
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WITNESSES:
By:
By:
By signing this Mortgage, we agree to all of the above
AnnaC. lh,dsm~ " -- ~ .... '"~
MORTG.\ ( ;( )R
By:
MORTG \( ;()R
By:
MORTG:\t ;( )R
By:
MORTG.\(
By:
MORTGA( ;( )R
By:
MORTG,\ ( ;( )R
STATE OF WYOMING
COUNTY OF ss.
On the ~__ day of ~ , r~ tO0~ . bctbre me personally came Jerry A.
Hodson And Anna C. H'odson to me known t~ be the individual~ ~, described in and who executed the foregoing
instrument, and acknowledged that he/she/they executed the same
-~'. '"'~ County, Wyoming
,/
My Comm. Exp,,c~ ~ ~ ~Q f' c~ ~/'.~
21. EXHIBITS, SCHEDULES AND RIDERS, ETC. The terms of any Exhibit, Schedule or Rider
attached to this Mortgage or executed and rcc~, dod with this Mortgage shall be treated as if fully set forth in this
Mortgage. All of the terms of the Agreemcm a~'c made part of this Mortgage.
22. TIME OF ESSENCE. Time is o~' Ibc .ssence in this Mortgage.
23. ACTUAL KNOWLEDGE. For pmpt~ses of the Credit Documents, GMAC shall not be deemed to
have actual knowledge of any fact until it actu:llly receives notice as set forth in paragraph 11 or until it receives
written notice thereof from a source GMAC reasonably believes to be reliable. The date of receipt shall be
determined by reference to the "Received" dalt' stumped on such written notice by GMAC or its agent.
24. RELEASE. To the extent pem~illcd bx. law, for ourselves and our successors and assigns, we hereby
release and waive all rights under and by v.mc ~1' the homestead exemption laws of the State of Wyoming.
25. EXPENSES OF LITIGATIOtN. In ~,,y proceeding to enforce any remedy of GM_AC under the Credit
Documents there shall be allowed and inclmlc{ t, to the extent permitted by law, as additional indebtedness in the
judgment or decree, any court costs and rcas~mable expenses which may be paid or incurred by GMAC for
attorneys; appraisers; documentary and cxpc~I evidence; stenographers; publication; surveys; abstracts of title;
title searches; title insurance policies; Torrens certificates; and similar items which GMAC reasonably considers
necessary in such proceeding or to evidence t{~ bidders at any sale the tree condition of the title to or value of the
Property. Such expenses may be esthnated ~. lh¢ extent they will be incurred after entry of the decree. In any
foreclosure by advertisement, all expenses pc~ mitted by statute that GMAC recurs in protecting the Property,
maintaining the lien of this Mortgage and fi, cclosing this Mortgage shall be included in the redemption price
and in the calculation of any deficiency.
26. CAPTIONS; GENDER; ETC. Thc headings in this Mortgage are not to be used to interpret or define
its provisions, In this Mortgage, the masc.li,c gender includes the feminine and/or neuter, singular numbers
include the plurals, and plurals include the sing.lar.
27. MERS. Borrower understands and ,grees that MERS holds only legal title to the interests granted
by Borrower ~n this Mortgage, but, if neccss~.'~' to comply with local law or custom MERS (as nominee for
GMAC and GMAC's successors and ass i gn s) h a s the right: to exercise any or all of these interests, including,
but not limited to, the right to foreclose a.d sell the property; and to take any action required of Lender
including but not limited to, releasing and c~mccling this Mortgage.
(This ,~l,ace left blank bttentionally)
MORTGAGE
Title No.
THIS INSTI{UhlENT PREPARED BY
Charita t t all
GMAC M,,-tgage Corporation
4 Walnut ( h't}\.c Drive
Horsham. P.,\ 19044
TO
Recorded \1 Request of..
GMAC/Xlt~lgage Corporation
RETURN BY ,MALL TO:
GMAC lXlt~ lgage Corporation
Home Eq,il5 Funding
4 Walnut (i~ m'c Drive
Horsham. 1':\ 19044-0963
R~. SERVE THIS SPACE FOR USE OF R I:( '( )R DING OFFICE
Schedule A
Lot 1 of Star Valley Ranch Plat 7, Lincoln County, Wyoming as described on the official plat thereof
Tax ID Number: 1235183040607000
Known as: 108 Cedar Dr., Thayne, \Vy{mm~g 83127