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HomeMy WebLinkAbout906196e-red'orded ~,~i'~'~'~rrect. borrower After Recording Remm To: MS SV-79 DOCUMENT PROCESSING P.OoBox 10423 Van Nuys, CA 91410-0423 Prepared By: CHRIS OTTE ves ting RECEIVED 12/21/2004 at 4:56 PM ..... 'RE('.,,,~V~NG # 905425 BOOK: 57~. PAGE: 634 J EAN~XtE-_..VV~AG N ER LINCOLN COUNTY CL~R'I~ KEMMERER, VVY [Space Above This Line For Recording Data] MERINO [Escrow/Closing #] MORTGAGE day of DECEMBER, UNMARRIED MAN 1 THIS MORTGAGE is made this 17th SAMUEL MERINO, A-MJiRR~wB_MA~_ AN 2004 0008878776512004 [Doc ID ~] , between the Mortgagor, (herein "Borrower"), and the Mortgagee, AMERICA'S WHOLESALE LENDER A CORPORATION the laws of NEW YORK 4500 Park Granada, Calabasas, (herein "Lender"). , whose address is CA 91302 organized and existing under WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ 70,400.00 , which indebtedness is evidenced by Borrower's note dated DECEMBER 17, 2004 and extensions and renewals thereof (herein "Note"), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on JAArUARY 01, 2020 ; TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the performance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in the County of LINCOLN State of Wyoming: ' see tegal description RECEIVED 1/31/2005 at 4:29 PM RECEIVING # 906196 BOOK: 578 PAGE: 163 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY which has the address of 1002 LARRIAT DRIVE [Street] ETNA , Wyoming 83118 (herein "Property Address"); [City] [Zip Code] TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as the "Property." Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, and that the Property is unencumbered, except for encumbrances of record. Borrower covenants that WYOMING - SECOND MORTGAGE - 1/80 - FNMAJFHLMC UNIFORM INSTRUMENT ~)~ -76(WY) (0308) CHL (11/03)(d) Page 1 of 4 VMP Modgage Solutions (800)521-7291 Form 3851 Initials: ~ *23991 088787765000002076 (..' 0 ! 6,4 L~]~p~-,~%~-- DOC ID ~: 0008878776512004 O~W%~~ and will defend generally the title ~o the Prope~ against all cla~s and demands, subjecl ~o encumbrances of record. ~IFO~ COVENANTS. Bo~ower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Bo~ower shall promptly pay when due the principal and interest indebtedness evidenced by the Nole and lale charges as provided ~ lhe Nole. 2. Funds for Taxes and Insurance. Subjecl ~o applicable law or a wri~en waiwr by Lender, Bo~ower shall pay ~o Lender on lhe day monlhly pa~ents of p~ncipM and inlerest are payable under the Note, until lhe Note is paid in ~11, a sum (herein "Funds") equal ~o one-~elflh of the yearly taxes and assessmenls (including condominium and pla~d unil developmen~ assessments, if any) which may a~ain priori~ over lhis Mo~gage and ground rents on the Prope~y, if any, plus one-~elflh of yearly premium installmenls for hazard insurance, plus one-~elfth of yearly pre~um installments for mo~gage insurance, if any, all as reasonably esli~ted initially and from time to time by Lender on lhe basis of assessments and bills and reasonable est~ales lhereof. Bo~ower shall not be obligated ~o make such payments of Funds to Lender to the extent that Bo~ower makes such payments ~o lhe holder of a prior mo~gage or deed of ~st if such holder is an institutional lender. If Bo~ower pays Funds ~o Lender, lhe Funds shall be held in an institution lhe deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an instimlion). Lender shall apply lhe Funds to pay said taxes, assessments, insurance premiums and ground rants. Lender may not charge for so holding and applying lhe Funds, analyzing said accounl or verify~g and compiling said assessmenls and bills, unless Lender pays Bo~ower interesl on the Funds and applicable law pe~its Lender to make such a charge. Bo~ower and Lender may agree in writing a[ the time of execution of this Mo~gage lhal inlerest on the Funds shall be paid ~o Bo~ower, and unless such agreemenl is made or applicable law requires such interest to be paid, Lender shall not be required ~o pay Bo~ower any ~terest or earnings on the Funds. Lender shall give ~o Bo~ower, withou~ charge, an a~ual accounting of lhe Funds showing credits and debits ~o lhe ~unds and the pu~ose for which each debil ~o the Funds was made. ~e Funds are pledged as additional securi~ for the sums secured by ~his ~o~gage. If the amounl of ~e Funds h~ld by Lender, logelher wi~ the furore monlhly installments of Funds payable p~or to the due da~es of taxes, assessmenls, ~surance pre, urns and ground rents, shall exceed the amount requked to pay said taxes, assessments, ~surance pre,urns and ground rents as they fall due, such excess shah be, at Bo~ower's option, either promplly repaid ~o Bo~ower or credited to Bo~ower on monthly installmenls of Funds. If the amount of the Funds held by Lender shall no~ be suf~cient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Bo~ow~r shall pay ~o Lender any amount necessa~ to make up the deficiency in one or mom payments as Lender may require. Upon paymenl ~ ~ll of all sums secured by this Mo~gage, L~nder shah promptly re,nd to Bo~ower any Funds held by Lender. If under paragraph 17 hereof lhe Prope~ is sold or lhe Prope~ is othe~ise acquired by Lender, Lender shall apply, no laler than i~ediately p~or ~o lhe sale of lhe Prope~ or its acquisition by Lender, any Funds held by Lender al the time of application as a credit against the sums secured by this ~o~gage. 3. Applicalion of Payments. Unless applicable law provides othe~ise, all payments received by Lender under the Note and paragraphs ] and 2 hereof shall be applied by Lender first in payment of amounts payable ~o Lender by Bo~ower under paragraph 2 h~mof, lhen ~o interesl payable on the Nole, and ~hen ~o the phncipal oflhe Nole. 4. Prior Morlgages and Deeds of Trust; Charges; Liens. Bo~ower shall perfo~ all of Bo~ower's obligations under any mo~gage, deed of ~st or olher securi~ agreement wkh a lien which has p~ohW owr this ~o~gage, including Bo~ower's covenants ~o make payments when due. Bo~ower shah pay or cause ~o be paid all laxes, assessments and o~her charges, fines and impositions a~ibumble ~o lhe Property which may almin a prioriW over this Mortgage, and leasehold payments or ground rents, if any. 5. Hazard Insurance. Bo~ower shall keep the improvemenls now-existing or herea~er erected on the Prope~ insured agains~ loss by fire, hazards included wilhin the le~ "ex~ended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance cagier providing lhe insurance shall be chosen by Bo~ower subject to approval by Lender; provided, lhat such approval shah not be u~easonably wil~eld. All insurance policies and renewals thereof shall be ~ a fo~ acceptable to Lender and shall include a standard mo~gage clause in favor of and in a fo~ acceptable to Lender. Lender shall haw lhe righl ~o hold lhe policies and renewals thereof, subject to lhe le~s of any mortgage, deed of ~st or other security agreement with a lien which has priori~ over this Mo~gage. In lhe event of loss, Bo~ower shall give prompl notice to the ~surance cagier and Lender. Lender may make proof of loss if nol made promptly by Bo~ower. If the Prope~ is abandoned by Bo~ower, or if Bo~ower fails ~o respond to Lender within 30 days from the date notice is mailed bY Lender to Bo~ower lhat the insurance cagier offers ~o scale a claim for insurance benefils, Lender is autho~zed ~o collect and apply lhe insurance proceeds at Lender's option either ~o reslorafion or repak of the Prope~y or to the sums secured by ~his Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unil Developmenls. Bo~ower shall keep the Prope~ in good repair and shall nol co~l waste or pe~t impa~ent or dete~oration of the Prope~ and shall comply wilh lhe provisions of any lease if this Mo~gage is on a leasehold. If this Mo~gage is on a unit in a condo~nium or a pla~ed unit development, Bo~ower shah perfo~ all of Bo~ower's obligations under the declaration or covenanls creating or governing the condom~ium or pla~ed unil developmem, the by-laws and regulations of lhe condominium or pla~ed unit developmenl, and conslimenl documents. 7. Protection of Lender's Security. If Bo~ower fails ~o perfo~ lhe covenants and agreements contained in this ~o~g~, or if any action or proceeding is co~enced which materially affects Lender's interest in lhe Prope~y, lhen Lender, at Lender's option, upon notice ~o Bo~ower, may make such appearances, disburse such su~, including reasonable aHomeys' fees, and take such action as is necessa~ to protect Lender's interesL If Lender requ~ed mo~gage insurance as a condition of ~king lhe loan secured by this ~o~gage, Bo~o~er shall pay lhe premiums required to ma~lain such insurance in effecl unlil such time as the requirement for such ~surance le~inates ~ accordance with Bo~ower's and L~nder's wriHen agreement or applicable law. Any amounts disbursed by Lender pursuant ~o lhis paragraph 7, with interest thereon, at Ih6 Nole rate, shall become addilionat ~debtedness of Bo~ower secured by lhis Mo~gage. Unless Bo~ower and Lender agree to other te~s of payment, such amounts shall be payable upon notice ~om Lender ~o Bo~ower requesting payment thereof. Nothing conlained in this paragraph 7 shah require Lender ~o incur any expense or take any action hereunder. Form 3851 {~)~-76(VVY) (0308) CHL (11103) Page 2 of 4 Initials; ..~ -~/~ DOC ID #: 0008878776512004 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or clahn for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or' otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Any Borrower who co-signs this Mortgage, but does not execute the Note, (a) is co-signing this Mortgage only to mortgage, grant and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Mortgage or the Note without that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that Borrower's interest in the Property. 12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements made to the Property. 16. 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 interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Mortgage without further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's 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. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fees. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender or Lender's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or persons legally entitled thereto. Form 3851 ~-76(WY) (0308) CHL (11/03) Page 3 of 4 Initials: ~ DOC ID #: 00088?8??6512004 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if'. (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 1'7 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain iD full force and effect as if no acceleration had occurred. 19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and the receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Property. REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any default under the superior encumbrance and of any sale or other foreclosure action. IN WITNESS WHEREOF, Borrower has executed this Mortgage. SAMUEL MERINO (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower (Sign Original Only) My Commission Expires: STATE OF WYOMING, ~ The foregoing instrument was ackn by /~/ Notary Public County ss: (date)  -76(WY) (0308) CHL (1 '1/03) Page 4 of 4 Form 3851 STATE OF IDAHO COUNTY OF BONNEVILLE ) )ss. ) On December 20, 2004, before me, the undersigned, personally appeared Samuel Merino, known or identified to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that he executed the..r,-m~e. ~ ,AqbTARY'FOR Tt~E / / Commission Expires: ~ NOTAnY ~U~LIC~ ~ JEANNE¢ NANGLE Exhibit "A" Lot 144 of Nordic Ranches Division No. 10, Lincoln County, Wyoming as described on the official plat thereof.