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HomeMy WebLinkAbout90531031323 (01) ('60123 Loan No.: 40500140 MIN Number: 100030200405001403 RECEIVED 12/16/2004 at 12:11 PM RECEIVING # 905310 BOOK: 575 PAGE: 123 JEANNE WAGNER LINCOLN COUNTY Ct ERK, KEMMERER, WY [Space Above This Line For Rec.,'di,}g l)ata] WYOMING HOME EQUITY LINE OF CREI)IT MORTGAGE (Securing Future Ath';ult. Cs) THIS MORTGAGE is made on DECEMBER 14, 2004 Thc mortgagor is JAMES D. TAYLOR, A SINGLE MAN and CHRISTOPHER M. TAYLOR, A SINGLE .MAN. This Mortgage is given to CHERRY CREEK MORTGAG I,~ ( ()NIl'ANY, INC., whose address is 7600 E. ORCHARD RD., SUITE 250-N, GREENWOOD VILLAGI<. {'()I.ORADO 80111 ("Lender"). In this Mortgage, the terms "you," "your" and "yours" refer to thc mortgagor(s). The terms "we," "us" and "our" refer to the Lender. "MERS" is Mortgage Electronic Registration Systems, I.c. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's succc~s~)rs and assigns. MERSis the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. Pursuant to a Home Equity Line of Credit Agreemcm dated the same date as this Mortgage ("Agreement"), you may incur maximum unpaid loan indd)lcdncss (exclusive of interest thereon)in amounts fluctuating from time to time up to the maximtm~ principal sum outstanding at any time of TWENTY-EIGHT THOUSAND NINE HUNDRED FIFTY ANI) 00/100ths Dollars (U.S. $28,950.00). The Agreement provides for a final scheduled installment due and pa5 .,thio not later than on DECEMBER 14, 2019 . You agree that this Mortgage shall continue to secure all sums now or hereafter advanced under the terms of the Agreement including, without limitation, such sums Ihz~t arc advanced by us whether or not at the time the sums are advanced there is any principal sum ot.q:mding under the Agreement. The parties hereto intend that this Mortgage shall secure unpaid balances, and all other amounts due to us hereunder and under the Agreement. This Mortgage secures to us: (a) the repayment of thc debt evidenced by the Agreement, with interest, and all refinancings, renewals, extensions and motl ifi~'ations of the Agreement; (b) the payment of all other sums, with interest, advanced under this Mom,',,~c to protect the security of this Mortgage; and (c) the performance of your covenants and agreements tl~Mcr this Mortgage and the Agreement. For this purpose and in consideration of the debt, you do hereby m{,'~gagc, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) ;,nd FO th~ successors and assigns of MERS, with power of sale, the following described property located in I I N('OLN County. Wyoming: lira rower lnitia~v HC//38886 - WY (12/03) -1- LOT SEVENTY-TWO (72) 1N STAR VALLEY RANCH PLA'I .... z I/t i~Lg E (12) AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINC{ )I.N COUNTY, WYOMING. which has the address of 587 ALPINE WAY TItAYNE , Wyoming 83127 .... ("Property Address"); TOGETHER WITH all the improvements now or hercaftc~ erected on the property, and all easements, rights, appurtenances, and fixtures now or hereafter a part of thc ln't~l)crty. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is l'cl'crrcd to in this Mortgage as the "Property." Borrower understands and agrees that MERS holds only legal aitlc to the iuterests granted by Borrower in this Security Instrument, but, if necessary to comply with law ~,~' custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but n0t limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. YOU COVENANT that you are lawfully seized of th,' estate hereby conveyed and have the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. You warrant and will defend generally the title to the P~l~crty agaiust all claims and demands, subject to any encumbrances of record. YOU AND WE covenant and agree as follows: 1. Payment of Principal, Interest and Other Charges. You shall pay when due the principal of and interest owing under the Agreement and all other charges due hcr~tmdcr and due under the Agreement. 2. Application of Payments. Unless applicable law intex'ides otherwise, all payments received by us under the Agreement and Section 1 shall be applied by us as provi&.d in the Agreement. 3. Prior Mortgages; Charges; Liens. You shall perf~na all of your obligations under any mortgage, deed of trust or other security instruments with a lien which has priority over this Mortgage, including your covenants to make payments when due. You shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over thi~ .M{n'tgage, and leasehold payments or ground rents, if any. Upon our request, you shall promptly furnish to us all notices of amounts to be paid under this paragraph and receipts evidencing any such payments you make directly. You shall promptly discharge any lien (other than a lien disclosed to us in your application or in atx3 title report we obtained) which has priority over this Mortgage. We specifically reserve to ourself and our successors and assig~s Ibc unilateral right to require, upon notice, that you pay to us on the day monthly payments are due an att~{,tmt equal to one-twelfth (1/12) of the yearly taxes, and assessments (including condominium and planned unil dcvcM)ment assessments, if any) which may attain priority over this Mortgage and ground rents on the Pn,l}crly, il' tiny, plus one-twelfth (1/12) of yearly premium installments for hazard and mortgage insurance, all as x~ c reasonably estimate initially and from time to time, as allowed by and in accordance with applicable law. Borrov.'er Initial~ HC# 38886 - WY (12103) -2- 4. Hazard Insurance. You shall keep the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including lloods or flooding, for which we require insurance. This insurance shall be maintained in the amounts :tim for the periods that we require. You may choose any insurer reasonably acceptable to us. Insurance policic~ and renewals shall be acceptable to us and shall include a standard mortgagee clause. If we require, 3,tm shall promptly give us all receipts of paid premiums and renewal notices. If you fail to maintain coverage :t~ required in this section, you authorize us to obtain such coverage as we in our sole discretion determine apprt,l~ria~c to protect our interest in the Property in accordance with the provisions in Section 6. You understand :md agree that any coverage we purchase may cover only our interest in the Property and may not cover your imc'~cst in the Property or any personal property therein. You also understand and agree that the premium f{~r :my such insurance may be higher than the premium you would pay for such insurance. You shall proml~tly ntaify the insurer and us of any loss. We may make proof of loss if you do not promptly do so. We may also, at our option and on your behalf, adjust and COmlmmaise any claims under the insurance, give releases or acquittances to the insurance company in connection w i th thc settlement of any claim and collect and receive insurance proceeds. You appoint us as your attornuy in-fact to do all of the foregoing, which appointment you understand and agree is irrevocable, coupled x~ ith an interest with full power of substitution and shall not be affected by your subsequent disability or incompdcnce. Insurance proceeds shall be applied to restore or repair thc I'r,~perty damaged, if restoration or repair is economically feasible and our security would not be lessened. ()lhcrwise, insurance proceeds shall be applied to sums secured by this Mortgage, whether or not then due, with any excess paid to you. If you abandon the Property, or do not answer within 30 days our notice to you that tl~c. insurer has offered to settle a claim, then we may collect and use the proceeds to repair or restore the Prol)C~ ~) or to pay sums secured by this Mortgage, whether or not then due. The 30-day period will begin when nt~icc is given. Any application of proceeds to principal shall not require us to extend or postpone the due date ~,l' m, mthly payments or change the amount of monthly payments. If we acquire the Property at a forced sale following your default, your right to any insurance proceeds resulting from damage to the Property prior I,~ tl~c acquisition shall pass to us to the extent of the sums secured by this Mortgage immediately prior to the acqttisition. You shall not permit any condition to exist on the Property which would, in any way, invalidate the insurance coverage on the Property. 5. Preservation, Maintenance and Protection of the I'rol)e,'ty; Borrower's Loan Application; Leaseholds. You shall not destroy, damage or substantially change the Property, allow the Property to deteriorate, or commit waste. You shall be in default if any f~rl'citurc action or proceeding, whether civil or criminal, is begun that in our good faith judgment could rcsttlt in forfeiture of the Property or otherwise materially impair the lien created by this Mortgage or our security inlcrcst. You may cure such a default, as provided in Section 17, by causing the action or proceeding to be. di~misst:d with a ruling that, in our good faith determination, precludes forfeiture of your interest in the Pr{,pcr~y or other material impairment of the lien created by this Mortgage or our security interest. You shall ,l~t~ be in default if you, during the loan application process, gave materially false or inaccurate informati,m or statements to us (or failed to provide us with any material information) in connection with the loan e\ idcnccd by the Agreement, including, but not limited to, representations concerning your occupancy of thc Pr{~l)crty as a principal residence. If this Mortgage is on a leasehold, you shall comply with the lease If you acquire fee title to the Property, the leasehold and fee title shall not merge unless we agree to the merger i}~ writing. HC# 38886 - WY (12/03) -3- Borrower Initi~/~ 6. Protection of Our Rights in the Property; Mortg.gc Insurance. If you fail to performthe covenants and agreements contained in this Mortgage, or thuru ~,~ zt legal proceeding that may significantly affect our rights in the Property (such as a proceeding in bankrt,l~luy, probate, for condemnation or forfeiture or to enforce laws or regulations), then we may do. and pay for, an3 tiling necessary to protect the Property's value and our rights in the Property. Our actions may include payin:¢ :mx sums secured by a lien which has priority over this Mortgage or any advance under the Agreement or ll~i~ Mortgage, appearing in court, paying reasonable attorney's fees, paying any sums which you are requirud t,~ pay under this Mortgage and entering on the Property to make repairs. We do not have to take any action ~, c a,~c permitted to take under this paragraph. Any amounts we pay under this paragraph shall become adcli~i,,n',tl debts you owe us and shall be secured by this Mortgage. These amounts shall bear interest from the dishur~cmcnk date at the rate established under the Agreement and shall be payable, with interest, upon our rcquu~t. If we required mortgage insurance as a condition of making the loan secured by this Mortgage, you sh:tl pay tile premiums for such insurance until such time as the requirement for the insurance terminates, o notice. Inspection. We may enter and inspect the Propert) :~l lilly reasonable time and upon reasonable 8. Condenmation. The proceeds of any award for dan~a,_,cs, direct or consequential, in connection with any condemnation or other taking of any part of the Property, ,,~ fin' conveyance in lieu of condemnation, are hereby assigned and shall be paid to us. If the Property is abaml,mud, or if, after notice by us to you that the condemnor offers to make an award or settle a claim for damages, 3'uu Fail to respond to us within 30 days after the date the notice is given, we are authorized to collect am ,pply tile proceeds, at our option, either to restoration or repair of the Property or to the sums secured by d~i- Mortgage, whether or not then due. Unless we and you otherwise agree in writing, any application of proceeds n) principal shall not extend or postpone the due date of the monthly payments payable under the Agreemcm and Section 1 or change the amount of such payments. 9. You Are Not Released; Forbearance by Us Not . Waiver. Extension of time for payment or modification of amortization of the sums secured by this Mortg',?c granted by us to any of your successors in interest shall not operate to release your liability or the liability ,q' 3 t}tll' successors in interest, We shall not be required to commence proceedings against any successor in imcrcst, refuse to extend time for payment or otherwise modify amortization of the sums secured by this MortT,gc hy reason of any demand made by you or your successors in interest, Our forbearance in exercising m~y ri.~,ht or remedy shall not waive or preclude the exercise of any right or remedy. 10. Successors and Assigns Bound; Joint and Several IAahility; Co-signers. The covenants and agreements of this Mortgage shall bind and benefit your successurs and permitted assigns. Your covenants and agreements shall be joint and several. Anyone who co-signs this Nh,rtgage but does not execute the Agreement: (a) is co-signing this Mortgage only to mortgage, grant and conx cx ,~uch person's interest in the Property; (b) is not personally obligated to pay the Agreement, but is ohli:u,cd to pay all other sums secured by this Mortgage; and (c) agrees that we and anyone else who sign~ his Mortgage may agree to extend, modify, forbear or make any accommodations regarding the terms Ol Ibis Mortgage or the Agreement without such person's consent. 11. Loan Charges. If the loan secured by this Mortgage is suhject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or uH;cr loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) :tn3 such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit: and (b)any sums already collected from you which exceed permitted limits will be refunded to you. We m', > choose to make this refund by reducing the principal owed under the Agreement or by making a direct payn~unl to you. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prcp.,t5 n ~cnt charge under the Agreement. HC# 38886 - WY (12/03) -4- 12. Notices. Unless otherwise required by law, any no~cc to you provided for in this Mortgage shall be delivered or mailed by first class mail to the Property Addrcs~ ,,' any other address you designate by notice to us. Unless otherwise required by law, any notice to us shall bc ?~vcn by first class mail to our address stated above or any other address we designate by notice to you. Any m)~ice provided for in this Mortgage shall be deemed to have been given to you or us when given as provided in ~l~is paragraph~ 13. Governing Law; Severability. The interpretation :..1 cnlbrcement of this Mortgage shall be governed by the law of the jurisdiction in which the Property is h~c',,cd, except as preempted by federal law. In the event that any provision or clause of this Mortgage or thc .\r rccment conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or thc \grccmcnt which can be given effect without the conflicting provision. To this end the provisions of this M~,rtg.gc and the Agreement are declared to be severable. 14. Transfer of the Property. If all or any part of {he Property or any interest in it is sold or transferred without our prior written consent, we may, at our ,,1~, m, require immediate payment in full of all sums secured by this Mortgage. However, this option shall nt, I~c exercised by us if exercise is prohibited by federal law as of the date of this Mortgage. 15. Sale of Agreement; Change of Loan Servicer. Thc Agreement or a partial interest in the Agreement (together with this Mortgage) may be sold one or .,,e ~imes without prior notice to you. A sale may result in a change in the entity (known as the "Loan Servkct'"~ flint collects monthly payments due under the Agreement and this Mortgage. There also may be one or m~,rc changes of the Loan Servicer unrelated to the sale of the Agreement. If there is a change of the Loan Servicer you will be given written notice of the change as required by applicable law. The notice will state the n,mc and address of the new Loan Servicer and the address to which payments should be made. The notice will also contain any information required by applicable law. 16. Hazardous Substances. You shall not cause or permit thc presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. '~'ou shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Enxir, mmcntal Law The preceding two sentences shall not apply to the presence, use, or storage on the Propert3 ~, I{azardous Substances in quantities that are generally recognized to be appropriate to normal residential uses ami to maintenance of the Property. You shall promptly give us written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving thc Property and any Hazardous Substance or Environmental Law of which you have actual knowledge. Il' ),,. learn or are notified by any government or regulatory authority, that any removal or other remediation of ;m3 l la×ardous Substance affecting the Property is necessary, you shall promptly take all necessary remedial action~ n accordance with Environmental Law. As used in this Mortgage. "Hazardous Substances" are those subst.~ccs 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, matcri.ls containing asbestos or formaldehyde, and radioactive materials, As used in this Mortgage, "Environmc.l',d Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, sari:Ix {)t- environmental protection, HC# 38886 - WY (12/03) -5- rower 111 itial~~ 0 ,L: 012 8 17. Acceleration; Remedies. You will be in default il' II) any payment required by the Agreement or this Mortgage is not made when it is due; (2) we discover Ihat you have committed fraud or made a material misrepresentation in connection with the Agreemcm; or (3) you take any action or fail to take any action that adversely affects our security for the Agreement m- any right we have in the Property. If a default occurs (other than under paragraph 14 hereof, unlc,~s al)plicablelaw provides otherwise), we will give you notice specifying: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to you, b) ~ hich the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage and sale of the Property. The notice shall further inform you of the right to reinstate after acceleration and the right to bring a cmn't action to assert the nonexistence of a default or any other defense you may have to acceleration and sale. If the default is not cured on or before the date specified in the notice, we, at our option, may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law. We shall hc entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 17, im'lmling, but not limited to, reasonable attorneys' fees as permitted by applicable law, but not to excecd 20% of the amount decreed for principal and interest (which fees shall be allowed and paid as a part or thc decree of judgment), and costs of documentary evidence, abstracts and title reports. If we invoke the power of sale, we will give notice of inlcnt to foreclose to you and to the person in possession of the Property, if different, in accordance with api,licalflc law. We will give notice of the sale to you in the manner provide in paragraph 12. We will publish iht notice of sale, and the Property will be sold in the manner prescribed by applicable law. We or om' designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the folhm ing order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) ~o all ~ums secured by this Mortgage; and (c) any excess to the person or persons legally entitled to it. 18. Discontinuance of Enforcement. Notwithstanding ,,m acceleration of the sums secured by this Mortgage under the provisions of Section 17, we may, in our sole discretion and upon such conditions as we in our sole discretion determine, discontinue any proceedings begun ~,, cn rt~rcc the terms of this Mortgage. 19. Release. Upon your request and payment of all sums seem'ed by this Mortgage, we shall release this Mortgage without charge to you. You will be responsible tbr :tll ct~st$ of recording such release. 20. Additional Charges. You agree to pay reasonable ch.,trgcs as allowed by law in connection with the servicing of this loan including, without limitation, the costs ,,t't}btaining tax searches and subordinations. Provided, however, that nothing contained in this section is intcntlcd lo create and shall not be construed to create any duty or obligation by us to perform any such act, or tt~ cxct.'titc or consent to any such transaction or matter, except a release of the Mortgage upon full repayment of all :<ulns secured thereby. 21. Waiver. You hereby release and waive all rights undcq' :lnd by virtue of the homestead exemption laws of Wyoming. No waiver by us at any time of any term, prm'i~m or covenant contained in this Mortgage or in the note secured hereby shall be deemed to be or construed as a waiver of any other term, provision or covenant or of the same term, provision or covenant at any other tit~c. 22. Riders to this Mortgage. If one or more riders arc executed by you and recorded together with this Mortgage, the covenants and agreements of each such rider sh:dl bc incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if thc rider(s) were part of this Mortgage. [] Condominium Rider [] 1-4 Family Rider [] Second Home Rider [] Planned Unit Devek~pment Rider [] Other(s) (specil'y) HC# 38886 - WY (12/03) -6- l{t)l rower lnitia~ 090aa L0 BY SIGNING BELOW, You accept and agree to the terms and ct,vcmtnls contained in this Mortgage and in any rider(s) executed by you and recorded with it. Signed, sealed and delivered in the presence of: (Seal) (Seal) (Seal) (Seal) HC//38886 - WY (12/03) -7- Ihn ur. er JllitiaJs~'~ V" State of WYOMING ) ) ss County of~ .~ ) The foregoing instrument was acknowledged before me by .I.kMES D. TAYLOR, A SINGLE MAN and CHRISTOPHER M. TAYLOR, A SINGLE MAN this 14TIt day of I)ECi:~MllER, 2004. Witness my hand and official seal. Notary Public My Commissi~m CXlm'es: Clerk: Please return to: CHERRY CREEK MORTGAGE COMPANY, INC. 7600 E. ORCHARD RD., SUITE 250-N GREENWOOD VILLAGE, COLORADO 80111 HC# 38886 - WY (12/03) -8-