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HomeMy WebLinkAbout90749300574 RECEIVED 4/5/2005 at 2:25 PM RECEIVING # 907493 BOOK: 582 PAGE: 574 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY WHEN RECORDED MAIL TO: PLATINUM CAPITAL GROUP 17101 ARMSTRONG AVENUE SUITE 200, IRVINE, CALIFORNIA 92614 DOC ID #: 21004702 ESCROW/CLOSING #: FA- 13031 -M SPACE ABOVE FOR RECORDERS USE MORTGAGE (Line of Credit) THIS MORTGAGE, dated MARCH 25 ,2005 , isbetween M. MAROLF, HUSBAND AND WIFE AS JOINT TENANTS MIN 1000866-0021004702-5 PATRICK E. MAROLF AND KAREN residingat 448 MEADOWS ROAD, ALPINE, WYOMING 83128 the person or persons signing as "Mortgagor(s)" below and hereinafter referred to as "we" or "us" and "Mortgage Electroxfic Registration Systems, Inc. ("MERS") (solely as nonfinee for PLATINUM CAPITAL GROUP, A CALIFORNIA CORPORATION (hereinafter "you" or "Lender") and Lender's successors and assigns)," with an address at P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS, referred to as the "Mortgagee." 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, iucluding, but not limited to, the right to foreclose and sell the Prenfises; and to take any action required of Lender including, but not limited to, releasing or canceling this Mortgage. MORTGAGED PREMISES: In consideration of the loan hereinafter 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, with power of sale, the premises located at: 448 MEADOWS ROAD ALPINE Municipality and furtherdescfibedas: LOT 51 OF THREE COUNTY, WYOMING A.P.N. #: Street LINCOLN WYOMING 83128 County State ZIP (the "Prenfises"). RIVERS MEADOWS ESTATES SUBDIVISION ' B' AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. 12-3718-28-3-06-036-00 LINCOLN The Premises includes all buildings and other improvements now or in the future on the Prenfises and all rights and interests which derive from our ownership, use or possession of the Premises and all appurtenances thereto. LOAN: The Mortgage will secure your loan in the principal amount of $ 2 2,5 0 0.0 0 advanced and readvanced from time to time to KAREN M. MAROLF or so much thereof as may be and Disclosure Statement (the "Note") dated , and , the Borrower(s) under the Home Equity Credit Line Agreement MARCH 25, 2005 , plus interest and costs, late charges and all other HELOC - WY Mortgage with MERS FE-4331 (WY) 3311 cw 0907 ,93 ,00575 charges related to the loan, all of which sums are repayable according to the Note. This Mortgage will also secure the performance of all of the promises and agreements made by us and each Borrower and Co-Signer in the Note, all of our promises and agreements in this Mortgage, any extensions, renewals, amendments, supplements and other modifications of the Note, and any amounts advanced by you under the terms of the section of this Mortgage entitled "Our Authority To You." Loans under the Note may be made, repaid and remade from 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 the legal right to mortgage the Premises to you. BORROWER'S 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 on, or ~nake 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 ~naintain the building(s) on the Premises in good condition. We will not make major changes in the building(s) except for normal repairs. We will not tear down any of the building(s) on the Prmnises without first getting your consent. We will not use the Premises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, we shall perform all of our obligations under the declaration or covenants creating or governing the condo~ninium or planned unit development, the by-laws and regulations of the condominium or planned unit develop~nent and constituent documents. (c) INSURANCE: We will keep the building(s) on the Premises insured at all times against loss by fire, flood and any other hazards you may specify. We may choose the insurance company, but our choice is subject to your reasonable approval. The policies must be for at least the amounts and the time periods that you specify. We will deliver to you upon your request the policies or other proof of the insurance. The policies must name you as "mortgagee" and "loss-payee" so that you will receive payment on all insurance claims, to the extent of your interest under this Mortgage, before we do. The insurance policies nmst also provide that you be given not less than 10 days prior written notice of any cancellation or reduction in coverage, for any reason. Upon request, we shall deliver the policies, certificates or other evidence of insurance to you: In the event of loss or damage to file Premises, we will innnediately notify you in writing and file a proof of 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 sign our name to any check, draft or other order for the payment of insurance proceeds in the event of loss or damage to the Prexnises. If you receive payment of a claim, you will have the right to choose to use the money either to repair the Prenfises or to reduce the amount owing on the Note. (d) CONDEMNATION: We assign to you the proceeds of any award or claim for damages, direct or consequential, in com~ection with any condelnnation or other taking of the Prenfises, or part thereof, or for conveyance in lieu of condenmation, all of which shall be paid to you, subject to file terms of any Prior Mortgage. (e) SECURITY INTEREST: We will join with you in signing and filing documents and, at our expense, in doing whatever you believe is necessary to perfect and continue the perfection of your lien and security interest in the Premises. (f) OUR AUTHORITY TO YOU: If we fail to perform our obligations under this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses. You will add the amounts you advance to the sums owing on the Note, on which you will charge interest at tile interest rate set forth in the Note. If, for example, we fail to honor our promises to maintain insurance in effect, or to pay filing fees, taxes or the costs necessary to keep tile Pre~nises in good condition and repair or to perform any of our other agreements with you, you may, if you choose, advance any sums to satisfy any of our agreements with you and charge us interest on such advances at the interest rate set forth in the Note. This Mortgage secures all such advances. Your payments on our behalf will not cure our failure to perform our promises in this Mortgage. Any replacement insurance that you obtain to cover loss or damages to the Premises may be limited to the amount owing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage dated and given by us to as mortgagee, in file original amount of $ (file "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 tile holder of the Prior Mortgage promptly deliver a copy of such notice to you. We shall pay and pertbrm all of our obligations under the Prior Mortgage as and when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Premises. We shall not do, nor allow anyone else to do, anything affecting the Pre~nises that is in violation of any Environmental Law. Tile preceding two sentences shall not apply to file presence, use, or storage on the Premises of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Premises. As used in this paragraph, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environn~ental Law and the following substances: gasoline, kerosene, other flananable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "Enviromnental Law" means federal laws and laws of file jurisdiction where the Premises are located that relate to health, safety or environmental protection. (i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest in the Premises, in whole or in part, or permit any other lien or claim against the Prmnises without your prior written consent. FE-4331 (WY) [0205) Page 2 of 4 Initials: (j) INSPECTION: We will permit you to inspect the Premises at any reasonable time. ,00576 NO LOSS OF RIGHTS: The Note and this Mortgage may be negotiated or assigned by you without releasing us or the Premises. You may add or release any person or property obligated under the Note and this Mortgage without losing your rights in the Premises. DEFAULT: Except as nmy be prohibited by applicable law, and subject to any advance notice and cure period if required by applicable law, if any event or condition described in Paragraph 12.A. of the Note occurs, you may foreclose upon this Mortgage. This means that you may arrange for tike Pren:fises to be sold by advertisement and sale or by judicial foreclosure, at your option, as provided by law, in order to pay off what we owe on the Note and under this Mortgage. If the money you receive from the sale is not enough to pay off what we owe you, we will still owe you the difference which you nmy 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 of the Prenfises; (ii) collect the rental payments, including over-due rental payments, directly from tenants after simply notifying them first class mail to make rental payments to you; (iii) manage the Premises; and (iv) sign, cancel and change leases. We agree that the interest rate set forth in the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonable fees and costs actually incurred by you in proceeding to foreclosure, including, but not limited to, reasonable attorneys fees and costs of documentary evidence, abstracts and title reports. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts shall be entitled to enter upon, take possession of and manage the Premises and collect the rents of the Premises including those past due after simply notifying them by first class mail to xnake rental payments to you. WAIVERS: To the extent permitted by applicable law, we waive and release any error or defects in proceedings to enforce this Mortgage and hereby waive the benefit of any present or future laws providing for stay of execution, extension of time, exemption from attachment, levy and sale and homestead exemption. BINDING EFFECT: Each of us shall be fully responsible for all of the promises and agreements in this Mortgage. Until the Note has been Paid in full and your obligation to make further advances under the Note has been terminated, the provisions of this Mortgage will be binding on us, our legal representatives, our heirs and all future owners of the Premises. This Mortgage is for your benefit and for fl~e benefit of anyone to whom you may assign it. Upon payment in full of all amounts owing to you under the Note and this Mortgage, and provided any obligation to make further advances under the Note has ternfinated, this Mortgage and your rights in the Premises shall end. NOTICE: Except for any notice required under applicable law to be given in another ~nanner, (a) any notice to us provided for in this Mortgage shall be given by delivering it or by mailing such notice by regular first class nmil addressed to us at tike last address appearing in your records or at such other address as we may designate by notice to you as provided herein, and (b) any notice to you shall be given by certified nmil, return receipt requested, to your address at 17101 ARMSTRONG AVENUE SUITE 200, IRVINE, CALIFORNIA 92614 or to such other address as you ~nay designate by notice to us. Any notice provided for in this Mortgage shall be deemed to have been given to us or you when given in the manner designated herein. RELEASE: Upon payment of all stuns secured by this Mortgage and provided your obligation to nmke further advances under the Note has terminated, you shall discharge this Mortgage without charge to us, except that we shall pay any fees for recording of a satisfaction of fids Mortgage. GENERAL: You can waive or delay enforcing any of your rights under this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not be a waiver of that or any other provision on any other occasion. FE-4331 (WY) (O2OS} Page 3 of 4 THIS MORTGAGE has been signed by each of us under seal on the date first above written. WITNESS: Mortgagor:KAREN M. MARO ~ 00577 (SEAL) Mortgagor:PATRICK/ E. ~AROLF (SEAL) Mortgagor: _(SEAL) Mortgagor: (SEAL) STATE OF WYOMING, LINCOLN The foregoing instrument was acknowledged before me this County ss: (date) by KAREN M. MAROLF, PATRICK E. MAROLF (person acknowledging) - Notary Public Page 4 of 4 FE-4331 (WY) to2o5) Wy43314.cw