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HomeMy WebLinkAbout906952039? WHEN RECORDED MAIL TO Nationwide Title Clearing, Inc. ATTN: Dusti Woodbury - CIT Unit 2100 Alt ]9 North Palm Harbor, FL 34683 lvffN: 100263195007096637 RECEIVED 3/9/2005 at 3:27 PM RECEIVING # 906952 BOOK: 580 PAGE: 397 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SPACR AR~VI~ TFUR f 1NR FOR RFF'DRDIRR'R MORTGAGE GEOFFREY T IMLAY Lender The CIT Group/Consmner Finance, Inc. (a Delaware Corporation) DEBORAH L I]VILAY Name and 2030 E. FLAMINGO ROAD HUSBAND AND IdlFE Address SUITE260 BOrmOWE~S) Naa~(s) LAS VEGAS, NV 89119 ("Lender") and 70 STRAWBERRY CREEK ROAD 126 Mortgagee Address(es) THAYNE, WY 83127 Name and P.O. Box 2026 ('.'Bmrower") Address Flint, NH 48501-2026 LOAN NUMBER DATE 9500709663 03/01/05 TRUSTEE'S NAME AND ADDRESS PRINCIPAL BALaSqCE 8195,500.00 FINAL PAYiVIF_RqT DATE 04/01/35 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 snm 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) the 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 snccessors and assigns), in trust, with power of sale, the following described property located in I.A~COLN Connty, Wyoming: SEE ATTACHED LEGAL DESCRIPTION 'EXHIBIT A' which has the address of 70 STRAWBERRY CREEK ROAD 126 (Street) THAYNE Wyoming 83127 ("Property Address"); (City) (Zip Code) Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Mortgage, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, inclnding, but not lhnited to, the right to tbreclose and sell the Premises; and to take any action required of Lender inclnding, bat not limited to, releasing and canceling this Mortgage. Together with all the improvements now or hereafter erected on the property, and all easements, 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 lawfidly seized of the estate hereby conveyed and has the right to grant and convey the Property. Borrower warrants that the lien created by this Mortgage is a valid and enforceable lien snbordinate 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 the title to the Property against all claims and demands except such easements, liens and restrictions of record as of the dat~bf this Mortgage. SEE PAGES 2, 3, AND 4 FORADDITIONAL IMPORTANT TERMSX/~~Xa~e~//~/~ o/,~4 03,,~1/05 12:34 1813485 ' ' "Initial(~') 2-2 784~d (4/04) lf~oming Martgage · Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2 Taxes-Liens-Insurance-Maintenance. Borrower will pay, when they are due and payable, all taxes, liens or security titles (legal claims), assessments, obligations, water rates and any other charges against the Property, whether superior or inferior to the lien or security title of this Mortgage, including paying Lender any costs, including outside attorney's fees incurred by Lender in defending any lawsuit by prior or later lienholders or security title holders on the Property, maintain hazard insurance on the Property in Lender's favor in a form and amount satisfactory to Lender and maintain and keep the Property in good repair at all times during the term of this Mortgage pursuant to paragraph 4 below. If Borrower fails to maintain the Property in good repair, Lender may enter the Property and make those repairs necessary to maintain the Property in good repair. Lender may pay any such tax, lien or security title, assessment, obligation, water rates, premium or other charge necessary to maintain the Property in good repair, or any amounts required to purchase such insurance in Lender's own name, if Borrower fails to do so. The amount Lender pays will be due and payable to Lender on demand, will bear an interest charge at the interest rate set forth in the Note secured by this Mortgage if permitted by law, or, if not, at the highest lawful interest rate, will be an additional lien or security title on the Property and may be enforced and collected in the same manner as the other obligations secured by this Mortgage. The insurance carrier providing the insurance referred to above will be chosen by Borrower subject to Lender's approval which will not be unreasonably withheld. All insurance policies and renewals must be acceptable to Lender and must include a standard mortgagee clause. Lender will have the right to hold the policies and renewals. If Lender requires, Borrower will promptly give to Lender all receipts of paid premiums and renewal notices. In the event of a loss, Borrower will give prompt notice to the insurance carrier and Lender. Lender may file a proof of loss if not made promptly by Borrower. Insurance proceeds will be applied to the restoration or repair of the Property damaged or, at Lender's option, the insurance proceeds will be applied to the sums secured by this Mortgage, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within ten (10) days, a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Mortgage, whether or not then due. The ten (10)-day period will begin when the notice is given. 3. Application of Payments. Unless applicable law provides otherwise, payments shall be first applied to any prepayment charges, then to any costs and expenses incurred under this Mortgage, then to interest then due and then to principal. 4. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instn~ment is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 5. Mortgage Insurance. If Lender required mortgage insnrance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 6. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, 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 proceeds shall be applied to the sums secured by this Mortgage, whether or not then due, with any excess paid to Borrower. 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 following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value 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 by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Mortgage, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the payments referred to in paragraph 1 or change the amount of such payments. 8. 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 the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest 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 or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. SEE PAGES 1, 3, AND 4 FOR ADDITIONAL IMPORTANT TERMS GEOFFREY IMLA Y 03/01/05 12:34 2-2784B 1813485 0399 9. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Mortgage shall bind and benefit the successors and assigns of Lender, Borrower and MERS, subject to the provisions of paragraph 15. Borrower's covenants and agreements 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 under the terms of this Mortgage; (b) is not personally obligated to pay the sums secured by this Mortgage; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Mortgage or the Note without that Borrower's consent. 10. Loan Charges. If the loan secured by this Mortgage is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums akeady collected from Borrower which exceeded permitted limits will be refimded to Borrower. 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, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 11. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Mortgage unenforceable 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 this Mortgage shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. Borrower requests that copies of any notices of default and sale be sent to Borrower's address which is the Property Address unless otherwise indicated on the front page of this Mortgage. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 13. Governing Law; Severability. This Mortgage shall be governed by Wyoming and applicable federal law. 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. To this end the provisions of this Mortgage and the Note are declared to be severable. 14. Borrower's Copy. Borrower shall be given one conformed 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 ifa 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 fidl 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. 16. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Mortgage discontinued at any time prior to the earlier of: (a) such period as applicable law may specify for reinstatement before sale of the Property pursuant to any power of sale contained in this Mortgage; or (b) entry of a judgment enforcing this Mortgage. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Mortgage and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Mortgage, including, but not lhnited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien or security title of this Mortgage, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unchanged. Upon reinstatement by Borrower, this Mortgage and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraph 15. 17. Default. If Borrower defaults in paying any part of the indebtedness secured by this Mortgage or if Borrower defaults in any other way, the entire unpaid principal and any accrued and unpaid interest thereon and any other amounts Borrower then owes under the loan secured by this Mortgage will become due, if Lender desires. Lender may execute and record, in the Office of the Recorder of each county in which the Property or some part is located, a written notice of the default and Lender's election to sell the Property secured by this Mortgage. Lender may rescind the notice before the Lender's sale by executing and recording a notice of rescission, which will cancel any prior notice of default and of any acceleration of the maturity of the indebtedness affected by any prior notice of default. Lender's rescission of a notice of default 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 the time required by law following the recording of the notice of default has elapsed, the Lender may give notice of sale as then required by law and, without demand on Borrower, sell the real estate at the time and place fixed in the notice of sale either as a whole or in separate parcels in whatever order the Lender determines, at public auction to the highest bidder for cash. The Lender may postpone the sale from time to time by making a public announcement at the original or previously postponed time and place of sale, and without further notice, the Lender may make such sale at the time to which the sale may be so postponed. SEE PAGES 1, 2, AND 4 FOR ADDITIONAL IMPORTANT TERMS GEOFFREY IMLA Y 03/01/05 12:34 2-2784C 1813485 Page 3 of 4 04O0 The Lender will deliver to the purchaser a deed conveying the real estate sold, but without any covenant of warranty, express or implied. Any person, including Lender or Borrower, may bid at the sale and purchase the real estate. The proceeds of the sale will be applied by the Lender first, to the payment of all fees and expenses of the Lender and of this Mortgage; second to all sums expended by Lender under the terms of this Mortgage which have not been repaid, with accrued interest at the amount allowed by law; third to all 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 enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. Any 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. 19. Reconveyance. Upon payment of all sums secured by this Mortgage, Lender shall request the Lender to reconvey the Property and shall surrender this Mortgage and all notes evidencing debt secured by this Mortgage to the Lender. Lender shall reconvey the Property without warranty. The Lender may charge a fee for services rendered in connection with the preparation, execution or recordation of a reconveyance, or request for a reconveyance, to the extent allowed by law. Such person or persons shall pay any recordation costs. 20. Riders to this Mortgage. If one or more riders are executed by Borrower and recorded together with this Mortgage, the covenants and agreements of each rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider(s) were a part of this Mortgage. [Check applicable box(s)]. Adjustable Rate Rider Graduated Payment Rider Request for Copy of Notice of Default ~-} Condominium Rider [---] Planned Unit Development Rider ~ Other(s) [specify] [~ 1-4 Family Rider 21. Transfer of Servicing. If the servicing of this Mortgage and the indebtedness bY which it secures is ever transferred from one servicing agent to another servicing agent, each snch servicing agent shall inform the Borrower of the transfer prior to the creation of any obligation on the part of the Borrower to pay the new servicing agent. By signing below, Borrower accepts and agrees to the terms and 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 ADDITIONAL IMPORTANT TERMS Witness GEOBI~R~ /~ Borrower Witness D~BORAH L ~I~I[~'~Y~ -' /'q Borrower STATE OF WYOMING COUNTY OF LINCOLN On March 4~ 2005 beforeme, Shelley Sandall , (Notary Name and Title) ' a Notary Public in and for the State of Wyoming, personally appeared GEOlfi'I~'PE¥ T IMI.AV ANn BF, la~3RAI-I Ir. IMI,AV personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument WITNESS my haqd\a~d official seal. Signature My ~~r~2'' ~1[ 03/01/05 12:34 1813485 2006 2-2784D ~ ~ * No'rAR¥ F~JSUC (Notarial Seal) Page 4 o./'4 : :;;5~;, 5; : ,'q,;.? ;.;. ,;, :5!;:: ::' · ' ";,',¢':'i, q' ;. ;. :::::::::::::::::::::: . :'3':':':"¢;: 0401 EXHIBIT A That part of Lots 3 and 4 and the NI/2SE¼NW¼ of Section 1, T33N Rll9W of the 6th P.M., Lincoln County, Wyoming, lying and being northerly and easterly of U.S Highway 89. LESS AND EXCEPT any land contained in Warranty Deed recorded February 5, 1930 in Book 16 of Deeds on page 264 of the records of the Lincoln County Clerk. ALSO LESS AND EXCEPT any land contained in Warranty Deed recorded January 20, 1992 in Book 306PR on page 238 of the records of the Lincoln County Clerk.