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HomeMy WebLinkAbout905835WHEN RE~D MAIL TO Nationwide Title Clearing, Inc. ATTN: Dusti Woodbury - CIT Unit 2100 Alt 19 North Palm Harbor, FL 34683 MIN:. 100263195006412397 RECEIVED 1/12/2005 at 12:04 PM RECEIVING # 905835 BOOK: 577 PAGE: 53 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SPACE. AFg3VE'IilI~ 1 .INF. FOR RF_CY~RDER~ MORTGAGE BORROWERS) and Address(es) CHARLES V SHINKLE JR MELISSA SHINKLE 1532 SADDLE DRIVE ETNA, WY 83118 C B!!rrg~ver'') Lender Name and Address The CIT Gro~u~Consumer Firemen, Inc. (a Delaware Corporation) 2030 E. FLAMINGO ROAD SUITE 260 I,AS VEGAS, NV 89119 ("Lender") Mortgagee MERS Name and P.O. Box 2026 Address Flint, MI 48501-2026 LOAN NUMBI~ DATE PRINCIPAL BALANCE 9500641239 01/07/05 $74,437.00 TRUSTEES NAME AND ADDRESS OLD REPUBLIC TITLE, 1100 PINE AVENUE, KEMMERER WY 83101 FINAL PAYMENT DATE 02/01/35 MERS refers to Mortgage Electronic Registration Systems, Inc. MERS 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 Delaware, 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 Principal Balance 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 Payment Date shown above. This Mortgage secures to Lender: (a) the repayment of the debt evidenced by the Note, 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) thc performance of Borrower's covenants and agreements under this Mortgage and the Note. For this purpose, Borrower irrevocably grants and conveys to MERS and its successors and assigns (solely as nominee for Lender and Lender's successors and assigns), in trust, with. power of sale, the following described property located in County, Wyoming: SEE ATTACHED I,EGAL DESCRIPTION 'EXHIBIT A' which has the address of 1532 SADDLE DRIVE (Street) ETNA Wyoming 83118 ("Property Address"); (City) (Zip Code) Borrower understands and agrees that MERS holds only legal title to thc interests granted by Borrower in this Mortgage, but, if nccessaW to comply with law or custom, MERS (as uomincc for Lender and Lender's successors and assigns) has thc right: to exercise any or all of those interests, inchMing, but not limited to, thc right to foreclose and sell thc Premises; and to take any action rcquLrcd of Lender including, but not limited to, releasing and canceling this Mortgage. Together with all the improvements now or hereafter erected on tile property, and all casements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or hereafter a part of the property. All replacements and additions shall 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 estate hereby conveyed and has the right to grant and convey the Property. Borrower warrants that thc lien created by this Mortgage is a valid and enforceable lien subordinate only to easements, liens and restrictions of record as of the date of this Mortgage, and that during the entire term of the indebtedness secured by this Mortgage Borrower will not permit this lien to become subordinate to anything else. Borrower warrants and will defend thc title to the Property against all claims and demands except such easements, liens and restrictions of record as of the date of this Mortgage. SEE PAGES 2, 3, AND 4 FOR ADDITIONAL IMPORTANT TERMS l[[~/ 01./07/05 11:56 1794277 Initial(v) xcel5 ~ 2-278471 (4/04) PlO~rning Mortgage Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and l.alc. Charges. Borrower shall promptly pay when duc the principal of and interest on thc debt evidenced by thc Nolo ',~d a,~y prepayment and late charges duc under thc Note. 2 Taxes-Liens-lnsuranee-Maintenanee. Borrower will pa.x, whc~: they arc due and payable, all taxes, liens or security titles (legal claims), assessments, obligations, water r.,tt,.~ ~md any other charges against the Property, whether superior or inferior to the lien or security title of thi~ Mortgage, including paying Lender any costs, including outside attorney's fees incurred by Lender in dcfendi~ ~ty lawsuit by prior or later lienholdcrs or security title holders on thc Property, maintain hazard insurance ,,~ thc Property in Lender's favor in a form and amount satisfactory to Lender and maintain and keep the Property m good repair at all times during the term of this Mortgage pursuant to paragraph 4 below. If Borrower fails to m:~imam the Property in good repair, Lender may enter the Property and make those repairs necessary to maintail~ thc l'roperty in good repair. Lender may pay any such tax, lien or security title, assessment, obligation, water ratc~, ycmium or other charge necessary to maintain thc Property in good repair, or any amounts required to purchase ~t~ch insurance in Lender's own name, if Borrower fails to do so. Thc amount Lender pays will bc duc and payable t,, l.cndcr on demand, will bear an interest charge at thc interest rate set forth in the Note secured by this Mortgage il permitted by law, or, if not, at thc highest lawful interest rate, will be an additional lien or security title on the Pr,,l~ci't), and may be enforced and collected in the same manner as the other obligations secured by this Mortgage. Th~ i,isurancc carrier providing thc insurance referred to above will be chosen by Borrower subject to Lc.,~dcr's approval which will not be unreasonably withheld. All insurance policies and renewals must be aoccptabl~, t~, Lc~dcr and must include a standard mortgagee clause. Lender will have the right to hold the policies and renex~:~l~. If Lender requires, Borrower will promptly give to Lender ali receipts of paid premiums and renewal notice~. I~ thc event of a loss, Borrower will give prompt notice to thc insurance carrier and Lender. Lender may file a p~of of loss if not made promptly by Borrower. Insurance proceeds will bc applied to thc restoration or repair of tltc Property damaged or, at Lender's option, the insurance proceeds will bc applied to the sums secured by this Nlo,tg:~gc, whether or not then duc, with any excess paid to Borrower. If Borrower abandons the Property, or docs nol :mswcr within ten (10) days, a notice from Lender that thc insurance carrier has oft~c~cd to settle a claim, then Lender may collect the insurance proceeds. Lender may usc the proceeds to repair or rc~t,~rc the Property or to pay sums secured by this Mortgage, whether or not then due. Thc ten (10)-day period will bc.~m when the notice is given. 3. Application of Payments. Unless applicable law provides otherwise, payments shall be f'Lrst applied to any prepayment charges, then to any costs and expenses incurred m~dcr Ibis Mortgage, then to interest then duc and then to principal. 4. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change thc Property, allow the Property to detcrion~c or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of ih~. Ic:lsc, and if Borrower acquires fee title to thc Property, the leasehold and fcc title shall not merge unless Lender %,roes to thc merger in writing. 5. Mortgage Insurance. If Lender required mortgage insm:H~cc tis a condition of making thc loan secured by this Mortgage, Borrower shall pay thc premiums required to maim~,,,~ the insurance in effect until such time as the requirement for the insurance terminates in accordance with l~o,'rowcr's and Lender's written agreement or applicable law. 6. Inspection. Lender or its agent may make reasonable enlrics upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspectio~ spc'cifying reasonable cause for the inspection. 7. Condemnation. The proceeds of any award or claim f~,r d:m~ages, direct or consequential, in connection with any condemnation or other taking of any part of the Properl)'~ or for 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 procc~cd.~ shall be applied to the sums secured by this Mortgage, whether or not then due, with any excess paid to B,,t'~'owcr. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Mortgage shall be reduced by the amount of the proceeds multiplied by the folhm mg traction: (a) the total amount of the sums secured immediately before the taking, divided by Co) thc fair rn:~: kct x,t~lt~¢ 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 bx l.~:~dcr to Borrower that the condemner offers to make an award or settle a claim for damages, Borrower fails t,~ ~c~po~d 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 ilot then due. Unless Lender and Borrower otherwise agree in writing, ~%, application of proceeds to principal shall not extend or postpone the due date of the payments referred to in par:~gmph I or change the amount of such payments. 8. Borrower Not Released; Forbearance By Lender Not :l \V:dver. Extension of the time for payment or modification of amortization of the sums secured by this Mortg:,gc granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the origi~ml Bo n'ower or Borrower's successors in interest. Lender shall not be required to commence proceedings against a~lv ~t~cccssor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by Ibis Mortgage by reason of any demand made by the original Borrower or Borrower's successors in interest. A%' Ibrbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any ~ i.~ht or remedy. CHARLES SHINKLE 01/07/05 11:56 2-2784B SEE PAGES 1, 3, AND 4 FORADDITIONAI~ IMPORTANT TERMS 1794277 Page 2 of 4 9. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Mortgage shall bind and benefit the successor, and assigns of Lender, Borrower and MERS, subject to thc provisions of paragraph 15. Borrower's covcnam, :md agreements shall be joint and several. Any Borrower who co-signs this Mortgage but does not execute thc Nolo: (a) is co-signing this Mortgage only to mortgage, grant and convey that Borrower's interest in thc Propc~ ~y under thc terms of this Mortgage; (b) is not personally obligated to pay thc sums secured by this Mortgage; :~d i c) a gre es that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodam,n~ wifi~ regard to thc terms of this Mortgage or thc Note without that Borrower's consent. 10. Loan Charges. If thc loan secured by this Mortga~x' is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or ,,~hcr loan charges collected or to bc collected in connection with the loan exceed thc permitted limits, then: i:tl ~my such loan charge shall be reduced by thc amount necessary to reduce thc charge to the permitted limit; :md ih) any snms already collected fi.om Borrower which exceeded permitted limits will be refunded to Borrowc~. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, thc reduction will be treated as a partial prepayment wi thom any prepayment charge under thc Note. 11. Legislation Affecting Lender's Rights. If cnactmcm ,~r expiration of applicable laws has the effect of rendering any provision of thc Note or this Mortgage uncnforcc&~lc 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, .Mortgage shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of a~ ~thcr method. Borrower requests that copies of any notices of dcfanlt and sale be sent to Borrower's address which i~ d~c Property Address unless otherwise indicated on thc fi.ont page of this Mortgage. Any notice to Lender shall bc given by lkst class mail to Lender's address stated herein or any other address Lender designates by notice to Borrox~c~. Any notice provided for in this Mortgage shall be deemed to have bccn given to Borrower or Lender when given a~ provided in this paragraph. 13. Governing Law; Severability. This Mortgage shall t~c governed by Wyoming and applicable federal law. In thc event that any provision or clause of this Mortgage or thc Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or ~hc Note which can be given effect without the conflicting provision. To this end thc provisions of this Mortgage ~md the Note arc declared to be severable. 14. Borrower's Copy. Borrower shall bc given one conf,,ruled copy of the Note and of this Mortgage. 15. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial intcres~ m Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lemlcr may, at its option, require immediate payment in full of all sums secured by this Mortgage. However, this opt~,,n shall not bc exercised by Lender if exercise is prohibited by federal law as of thc date of this Mortgage. 16. Borrower's Right to Reinstate. If Borrower mecl~ certain conditions, Borrower shall have the right to have enforcement of this Mortgage discontinued at any time p~ ior lo the earlier of: (a) such period as applicable law may specify for reinstatement before sale of thc Property pursuant to any power of sale contained in this Mortgage; or (b) entry of a judgment enforcing this Mortgage. Th~c conditions are that Borrower: (a) pays Lender all sums which then would be due under this Mortgage and thc Nolo had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expen~c~ incurred in enforcing this Mortgage, including, but not limited to, reasonable attorneys' fees; and (d) takes such acl ion as Lender may reasonably require to assure that thc 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 reinstatement by Borrower, this Mortgage and thc obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in thc case of acceleration under paragraph t 5. 17. Default. If Borrower defaults in paying any part of Ihe 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 by tiffs Mortgage will become duc, if Lender desires. Lender may execute and record, in the Office of thc Rec~d~.r of each county in which thc Property or some part is located, a written notice of the default and Lender's elect ion to sell the Property secured by this Mortgage. Lender may rescind the notice before the Lender's sale by execming 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 defanlt. Lender's rescission of a notice ofdcfauh will not 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 thc time required by law following the recording of ~hc notice of default has elapsed, the Lender may give notice of sale as then required by law and, without demaml ,m Borrower, sell thc real estate at thc time and place fixed in the notice of sale either as a whole or in separate pa tcc Is in whatever order thc Lender determines, at public auction to thc highest bidder for cash. Thc Lender may po,tpone the sale from time to time by making a public announcement at thc original or previously postponed time and place of sale, and without further notice, thc Lender may make such sale at thc time to which thc sale may bc .~o postponed. CHARLES SHINKI..E 01/07/05 11:56 1794277 2-2784C SEE PAGES 1, 2, AND 4 FOR ADDITION.\ L, MPORTANT TERMS Initial(s) The Lender will deliver to the purchaser a deed conveying lh~. real estate sold, but without any covenant of warranty, express or implied. Any person, including Lender or B,a ~,,wcr, may bid at the sale and purchase the real estate. The proceeds of the sale will be applied by the Lender fir.~l, to tile payment of all fees and expenses of the Lender and of this Mortgage; second to all sums expended by Lend,'r trader the terms of this Mortgage which have not been repaid, with accrued interest at the amount allowed bx law; third to ali other sums secured by this Mortgage; and any remainder to the persons legally entitled to it. 18. Lender in Possession. Upon acceleration under paragraph 17 or abandonment of the Property, Lender (in person, by agent or by judicially appointed receiver) shall be entitled to cater upon, take possession of and manage the Property and to collect the rents of the Property including tho~c past due. Any rents collected by Lender or the receiver shall be applied first to payment of the costs of mana.t~cmcnt 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. Reconveyanee. Upon payment of all sums secured by thi, Xlortgage, Lender shall request the Lender to reconvey the Property and shall surrender this Mortgage and all n,~tc~ evidencing debt secured by this Mortgage to the Lender. Lender shall reconvey the Property without warramx Yhc Lender may charge a fee for services rendered in connection with the preparation, execution or rcc,,Fdation of a reconveyance, or request for a reconveyance, to the extent allowed by law. Such person or pers~,~ ,hall pay any recordation costs. 20. Riders to this Mortgage. If one or more riders are execmcd by Borrower and recorded together with this Mortgage, the covenants and agreements of each rider shall be inc,~rporatcd 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)]. [~] Adjustable Rate Rider [~ Graduated Payment Rider ill Request for Copy of Notice of Default [~ Condominim~ Rider Planned Uni~ l)cvclopment Rider Other(s) [spcc'i t'y] ~] 1-4 Family Rider 21. Transfer of Servicing. If the servicing of this Mortgage a~d the indebtedness by which it secures is ever transferred from one servicing agent to another servicing agent, each such servicing agent shall inform the Borrower of the transfer prior to the creation of any obligation on thc [)art of the Borrower to pay the new servicing agent. By signing below, Borrower accepts and agrees to the terms a,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..\I. I~ I PORTANT TERMS Witness l.:S XI' $!tli~K~L~I] Borrower :. ,.,,_ L~~'~ Witness i. IN[ S tt ~g' - - Bo~ower STATE OF WYOMING /' COUNTY OF ~/ On before me,,/ , / i xutat'y Name and Title) a Notary Public in and for the State of ~oming, personally appeared ~HAI~I ,l~'.g V RHINI~I ,i~..I~ ANl~ ~l~,l ._IRRA ,RHINI~I .l?. personally known to me (or proved to me on the basis of sati~f. 'actory evidence) to be the pc~,m(s) whose name(s) is/are subscribed to the within instrument and acknow/}~.dged to me that he/she/they executed the same in his/her/their authorized capacity(les), and that by his//l~er/their signature(s) on the instmlnCm the person(s), or the entity upon behalf of which the person(s) acted, e)tbcuted the instrument. / WITNESS my hand a.n/d'~fficial seal. Signature (Notarial Seal) 01/07/05 11:56 1794277 2-2784D Page 4 of 4 STATE OF IDAHO COUNTY OF BONNEVILLE "'57 On January 7, 2005, before me, the unders Shinkle, Jr. and Melissa Shinkle, known o'r idc~ names are subscribed to the within instrument executed the salne. " / Commis~i ~,.~ccl. personally appeared Charles V. ficd to me to be the persons whose and acknowledged to me that they Exhibit '!A" Lot 123 in Nordic Ranches Division No. 9, Lincoh~ 'otmty, Wyoming as described on the official plat thereof.