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HomeMy WebLinkAbout905597When recorded mail to: FIRST AMERICAN ELS, INC. 1228 EUCLID A VENUE, SUITE 400 CLEVELAND, OHIO 44115 ATTN: FACT DEPARTMENT Prepared By: MELISSA QUINONEZ RECEIVED 1/3/2005 at 1:14 PM F;[SCEIVlNG # 905597 BOOK: 576 PAGE: 343 JEANNE WAGNER LINCOLn COUNTY CLERK, KEMMERER, WY [Space Above This Line For Reeordi.g l)ala] 27~8600 [Escrow/Closing 0008645622812004 [Doc ID #] Fir%t Ap3ogipan E.auity # ,.c. MIN 1000157-0004571175-7 MORTGAGE (Line of Credit) THIS MORTGAGE, dated DECEMBER 8, 2004 ,isbetwcc. KENNETH D ROBERTS, AND CORINNE ROBERTSI. ~,.1c.3 i .ij ~,./~'~' i residing at 811 MOOSE ST, KEMMERER, WY 83101-3521 the person or persons signing as "Mortgagor(s)" below and hereinal'k.r referred [o as "we," "our," or "us" an~ MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., i".\II{RS") a Delaware corporation, with an address of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. MERS is the "Mortgagee" under this Mortgage and is acting solely as nominee for COUNTRYWIDE HOME LOANS, INC. ("Lender" or "you") and its successors and assigns. MORTGAGED PREMISES: In consideration of the loan herei,aftcr 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: 811 MOOSE ST Street KEMMERER LINCOLN Municipality County WY 83101-3521 State ZP (the"Premises"). · MERS HELOC - WY Mortgage 2E037-WY (02/04)(d) Page 1 of 5 Initials: * 23991' * 0864 56228000002E037' DOC ID and furtherdescribedas: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PA!'i HEREOF. 00086456228:12004 The Premises includes all buildings and other improvements nob ~)~' in the future on the Premises and all rights and interests which derive from our ownership, use or possession t~f thc Premises and all appurtenances thereto. WE UNDERSTAND and agree that MERS is a separate corp~ ~r~mon acting solely as nominee for Lender and Lender's successors and assigns, and holds only legal title to the i.tcrcsts granted by us in this Mortgage, but, if necessary to comply with law or custom, MERS (as nominee for I.c,der and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but n(~ limited to, the right to foreclose and sell the Property, and to take any action required of Lender including, but not limited to, releasing or canceling this Mortgage. LOAN: This Mortgage will s~ure your loan to us in the prim'ilk:ti amount of $ 30,000.00 much thereof as may be advanced and readVanced from time to tin ~c ~,~ KENNETH D. ROBERTS CORINNE ROBERTS or so the Borrower(s) under the Home Equity Credit Line Agreemenl ami Disclosure Statement (the "Note") dated DECEMBER 8, 2004 , plus interest and costs, late c}~ar~4cs ~d all othercharges related to the loan, all of which sums are repayable according to the Note. This Mon?.~c will 'also secure the performance of all of the promises and agreements made by us and each Borrower and ('t~-Signer in the Note, all of our promises and agreements in this Mortgage, any extensions, renewals, amendmc~l s, supplements and other modifications of the Note, and any amounts advanced by you under the terms of the sc,:~,on of this Mortgage entitled "Our Authority To You." Loans under the Note may be made, repaid and remadc l',,,,n 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 thc 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 o., or make deduction from, the loan under the Note because we pay these taxes and charges. We will provide you with proof of payment upon request. (b) MAINTENANCE: We will maintain the building(s) o, ifc Premises in good condition. We will not make major changes in the building(s) except for normal repairs. V&: will not tear down any of the building(s) on the Premises without first getting your consent. We will not use tht~ Ih'cruises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, we shall pcr£orm all of our obligations under the declaration or covenants creating or governing the condominium (~' planned unit development, the by-laws and regulations of the condominium or planned unit development and c(mstitucnt documents. (c) INSURANCE: We will keep the building(s) on the Prc,,~,scs insured at all times against loss by fire, flood and any other hazards you may specify. We may choose thc i.~;uranc¢ company, but our choice is subject to your reasonable approval. The policies must be for at least the am~)u, ts and the time periods that you specify. We will deliver to you upon your request the policies or other proof o1' 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 reductio, i, coverage, for any reason. Upon request, we shall deliver the policies, certificates or other evidence of insuram'~: to you. In the event of loss or damage to the Premises, we will immediately notify you in writing and file a pro~}l~ t~l' loss with the insurer. You may file a proof of loss on our behalf if we fail or refuse to do so. You may also siln our name to any check, draft or other order for the payment of insurance proceeds in the event of loss or dan~a~c to the Premises. If you receive payment of a claim, you will have the right to choose to use the money either to rep~fir the Premises or to reduce the amount owing on the Note. ® MERS HELOC - WY Mortgage 2EO37-WY (02/04) Page 2 of 5 Initials: DOC ID #: 0008645622812004 (d) CONDEMNATION: We assign to you the proceeds of' :,,v i~ward or claim for damages, direct or consequential, in connection with any condemnation or other taki,~: o1' the Premises, or part thereof, or for conveyance in lieu of condemnation, all of which shall be paid to yt>t~ ~tibjcct to the terms of any Prior Mortgage. (e) SECURITY INTEREST: We will join with you in signin? :md l'iling documents and, at our expense, in doing whatever you believe is necessary to perfect and continue thc l~crl'cction of your lien and security interest in the Premises. It is agreed that the Lender shall be subrogated to thc c:l~ims and liens of all parties whose claims or liens are discharged or paid with the proceeds of the Agreement secm',-d hereby. (f) OUR AUTHORITY TO YOU: If we fail to perform our ob li?tit)ns under this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses, h'[m will add the amounts you advance to the sums owing on the Note, on which you will charge interest at the init:ri:st rotc set forth in the Note. If, for example, we fail to honor our promises to maintain insurance in effect, or to I;:~Y filing fees, taxes or the costs necessary to keep the Premises in good condition and repair or to perform any t~l' t,ur other agreements with you, you may, if you choose, advance any sums to satisfy any of our agreements with :,'{)t~ and charge us interest on such advances at the interest rate set forth in the Note. This Mortgage secures all m~ch advances. Your payments on our behalf will not cure our failure to perform our promises in this Mortgage..'\~3" replacement insurance that you obtain to cover loss or damages to the Premises may be limited to the amotmt owing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this paragraph ',tic completed, this Mortgage is subject and subordinate to a prior mortgage dated 06 / 10 / 1 993 :i~td given by us to COUNTRYWIDE HOME LOANS as mortgagee, in the original amount of $ 63,900.00 (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior written consent and shall upon receipt of any written notice from the holder of the Prior Mortgage promptly delix c'r ~t copy of such notice to you. We shall pay and perform all of our obligations under the Prior Mortgage as :,~{1 when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or l,~:~fit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Premises. We sh:tll m~t do, nor allow anyone else to do, anything affecting the Premises that is in violation of any Environmental Lax,,. The preceding two sentences shall not apply to the presence, use, or storage on the Premises of small quantiti~; o1' lt~ardous Substances that are generally recognized to be appropriate to normal residential uses and to m:~i~cnance of the Premises. As used in this paragraph, "Hazardous Substances" are those substances defim.d iix toxic or hazardous substances by Environmental Law and the following substances: gasoline, ken,sene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, matermls containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "Environmental [.itw" means federal laws and laws of the jurisdiction where the Premises are located that relate to health, safety {~r environmental protection. (i) SALE OF PREMISES: We will not sell, transfer ownershil~ o£, mortgage or otherwise dispose of our interest in the Premises, in whole or in part, or permit any other Iic, or chfim against the Premises without your prior written consent. (j) INSPECTION: We will permit you to inspect the Premises :~t :my reasonable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be negoti:tl~.d or assigned by you without releasing us or the Premises. You may add or release any person or property oblig:dcd under the Note and this Mortgage without losing your rights in the Premises. DEFAULT: Except as may be prohibited by applicable law, and subicct to 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 i~:~ off what we owe on the Note and under this Mortgage. If the money you receive from the sale is not enough to l):t3, 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 o1' thc Premises; (ii) collect the rental payments, including over-due rental payments, directly from tenants after si~l~l>' notifying them first class mail to make rental payments to you; (iii) manage the Premises; and (iv) sign, ~:mccl mid change leases. We agree that the interest rate set forth in the Note will continue before and after a dct'.,tult, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonable fees and c~)sts actually incurred by you in proceeding to foreclosure, including, but not limited to, reasonable attorneys fees ~md costs of documentary evidence, abstracts ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: A~; ~tdditional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts shall bc ,.mitlcd to enter upon, take possession of and manage the Premises and collect the rents of the Premises includin.,_, those past due after simply notifying them by first class mail to make rental payments to you. ® MERS HELOC - WY Mortgage 2EO37-WY (02/04) Page 3 of 5 DOC ID #: 0008645622812004 WAIVERS: To the extent permitted by applicable law, we waive and r,, lease m~y error or defects in proceedings to enforce this Mortgage and hereby waive the benefit of any present ~' luture laws providing for stay of execution, extension of time, exemption from attachment, levy and sale and ht)i~lcslcad exemption. BINDING EFFECT: Each of us shall be fully responsible for all of dt,: promises and agreements in this Mortgage. Until the Note has been paid in full and your obligation to make t'm'ther advances under the Note has been terminated, the provisions of this Mortgage will be binding on us, our legal representatives, our heirs and all furore owners of the Premises. This Mortgage is for your benefit and for thc t~cnefit of anyone to whom you may assign it. Upon payment in full of all amounts owing to you under thc N~tc and this Mortgage, and provided any obligation to make further advances under the Note has terminated, tt~is Mortgage and your rights in the Premises shall end. NOTICE: Except for any notice required under applicable law to bc !:iron in m~other manner, (a) any notice to us provided for in this Mortgage shall be given by delivering it or by ,~tiling such notice by regular first class mail addressed to us at the last address appearing in your records or :u s~t~c't~ other address as we may designate by notice to you as provided herein, and (b) any notice to you shall bc given 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. An3' ,~li¢'e provided for in this Mortgage shall be deemed to have been given to us or you when given in the manner tk.~:igmHed herein. RELEASE: Upon payment of all sums secured by this Mortgage ;tml provided your obligation to make further advances under the Note has terminated, you shall discharge this M,.'t.-age 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 u,~dcr this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not be a wai~ ~:r ~)l' that or any other provision on any other occasion. THIS MORTGAGE has been signed by each of us under seal on thc d',dc first above written. WITNESS: CORINNE ROBERT;', Mortgagor: (SEAL) Mortgagor: (SEAL) Mortgagor: (SEAL) · MERS HELOC - WY Mortgage 2EO37-WY (02/04) Page 4 of 5 STATE OF WYOMING, The foregoing instrument was acknowledged before me this (person acknowledging) My Commission Expires: Doc rD #: 0008645622812004 County ss: b. ivSCO[~ (d~,~) · MERS HELOG - WY Mortgage 2EO37-VC¢ (02/04) Page 5 of 5 I niti als ¢ EXHIBIT A SITUATED IN THE COUNTY OF LINCOLN AND ~;'i'ATE OF WYOMING: LOT 19 OF BLOCK 3 OF THE LINCOLN HEIGH'/'f3 SUBDIVISION TO THE TOWN OF KEMMERER, LINCOLN COUNTY, WYOP4iNG AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Permanent Parcel Number: 12-2116-23-i-05-044.00 KENNETH D. ROBERTS AND CORINNE ROBERTS, HUSBAND AND WIFE 811 MOOSE STREET, KEMMERER WY 83101 Loan Reference Number : 2728600/8645~,x28 First American Order No: 6594649 Identifier: ELS