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HomeMy WebLinkAbout908699 RECEIVED 5/25/2005 at 3:59 PM RECEIVING # 908699 BOOK: 586 PAGE: 208 JEANNE WAGNER LINCOLN COUNTY CLERK, KEME'ERER, WY 00°08 MORTGAGE THIS MORTGAGE is made this 24 th. day of May sa Robbins and Michael Robbins, husband and wife MIN 1002001D0074098926 , 2005 , between the Mortgagor, (herein "Borrower"), and the Mortgagee, tgage Electronic Registration Systems, Inc. CMERS"), (solely as nominee for Lender, as hereinafter defined, and Lender's .~ssors and assigns). MERS is organized and existing under the laws of Delaware, and has an address and telephone number O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. EcluiF±rst Corporation ing under the laws 0fNorth Carolina Forest Point Circle, Charlotte, NC 28273 , ("Lender ") is organized and , and has an address of WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ 2 9,0 0 0.0 0 , which )redness is evidenced by Borrower's note dated May 2 4, 2 0 0 5 and extensions and renewals :of (herein "Note"), providing for monthly installments of principal and interest, with the balance of indebtedness, if not er paid, due and payable on June :1., 2 0 2 5 ; TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment of all ' sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the )rmance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey 'ERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with .~r of sale, the following described property located in the County of Lincoln of Wyoming: Attached Exhibit A h has the address of 325 Easy Acres Loop , Afton [Street] [City] ming 8 3:1.10 (herein "Property Address"); [ZIP Code] TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the ;oing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this gage; but, if necessary to comply with law or custom, MERS, (as nominee for Lender and Lender's successors and ns), has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the erty; and to take any action required of Lender including, but not limited to, releasing or canceling this Mortgage. Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and sy the Property, and that the Property is unencumbered, except for encumbrances of record. Borrower covenants that )wer warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances of UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest indebtedness :nced by the Note and late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to er on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum OMING - SECOND MORTGAGE - 1/80 - FNMA/FHLMC UNIFORM INSTRUMENT WITH MERS 189-B Page 1 of ¢ Form 3851 -76N(WY) 10102} VMP MORTGAGE FORMS - (800)521-7291 Amended 2/01 · 0 0 2 0 9 (herein "Funds") equal ~o one-~welt~h of ~he yearly ~axes ~d assessmems (including condo~nium m~d plied uni~ developmem assessmems, if any) which may auain priority over ~his Mortgage ~d ground rems on ~he Proper~y, if ~y, plus one4welf~h of yearly premium ins~allmems for hazard insur~ce, plus one-~welf~h of yearly premium insmllmems for mortgage insur~ce, if ~y, all as reasonably estimated initially ~d from time to time by Lender on the basis of assessments and bills ~d reasonable estimates thereof. Borrower shall not be obligated to m~e such payments of Funds to Lender to the extent that Borrower m~es such payments to the holder of a prior mortgage or deed of trust if such holder is ~ institutional lender. If Borrower pays Funds to Lender, the Funds shall be held in ~ institution the deposits or accounts of which are insured or guar~teed by a federal or state agency (including Lender if Lender is such ~ institution). Lender shall apply the Funds to pay said taxes, assessments, insur~ce pre.urns ~d ground rents. Lender may not charge for so holding ~d applying the Funds, ~alyzing said account or veri~ing ~d compiling said assessments ~d bills, u~ess Lender pays Borrower interest on the Funds ~d applicable law per. ts Lender to m~e such a charge. Borrower ~d Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, ~d uffiess such agreement is made or applicable law requires such interest to be paid, Lender shill not be required to pay Borrower ~y interest or earnings on the Funds. Lender shall give to'Borrower, without charge, ~ ~ual accounting of the Funds showing credits ~d debits to the Funds ~d the pu~ose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage, If the ~ount of the Funds held by Lender, together with the ~ture monthly installments of Funds payable prior to the due dates of taxes, assessments, insur~ce premiums ~d ground rents, shall exceed the mount required to pay said taxes, assessments, insur~ce pre.urns ~d ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the ~ount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insur~ce pre.urns ~d ground rents as they fall due, Borrower shall pay to Lender ~y ~ount necessary to m~e up the deficiency in one or more payments as Lender may require. Upon payment in ~11 of ~1 su~ secured by this Mortgage, Lender shall promptly re.nd to Borrower ~y Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later th~ i~ediately prior to the sale of the Property or its acquisition by Lender, ~y Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Uffiess applicable law provides othe~ise, fll payments received by Lender under the Note ~d paragraphs 1 ~d 2 hereof shall be applied by Lender first in payment of ~ounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, ~d then to the princip~ of the Note, 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perfo~ all of Borrower's obligations under m~y mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower's coven~ts to m~e payments when due. Borrower shall pay or cause to be paid all taxes, assessments ~d other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, ~d leasehold payments or ground rents, if ~y. 5. Hazard h~suranee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, h~ards included within the te~ "extended coverage," ~d such other h~ards as Lender may require ~d ~n such mounts ~d for such periods as Lender may require. The insur~ce carrier providing the insur~ce shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably wit~eld. All insur~ce policies ~d renewals thereof shall be in a fom~ acceptable to Lender ~d shall include a st~dard mortgage clause in favor of ~d in a form acceptable to Lender. Lender shall have the right to hold the policies ~d renewals thereof, subject to the terms of ~y mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insur~ce carrier ~d Lender. Lender may make proof of loss if not made promptly by Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insur~ce c~rier offers to settle a claim for insur~ee benefits, Lender is authorized to collect ~d apply the insur~ce proceeds at Lender's option either to restoration or repmr of the Property or to the sums secured by this Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned U~fit Developments. Borrower shall keep the Property in good repair ~d shall not co--it waste or per~t impairment or deterioration of the Property ~d shall comply with the provisions of ~y lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condo~nium or a pl~ed unit development, Borrower shall perform all of Borrower's obligations under the declaration or coven~ts creating or governing the condo~nium or plied unit development, the by-laws and regulations of the condo~nium or pla~ed umt development, ~d constituent documents. 7. Protection of Lender's Security. If Borrower fails to perform the coven~ts ~d agreements contained in this Mortgage, or if ~y action or proceeding is comenced which materi~ly affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may m~e such appe~ces, disburse such sums, including reasonable attorneys' fees, ~d t~e such action as is necessary to protect Lender's interest. If Lender required mortgage insur~ce as a condition of m~ing the 1o~ secured by this Mortgage, Bogower shall pay the pre,urns required to maimmn such ~nsur~ce in effect until such time as the requirement for such insur~ce temnates in accord~ce with Borrower's ~d Lender's written agreement or applicable law. Any mnounts disbursed by Lender pursuit to this paragraph 7, with imerest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower ~d Lender agree to other terms of payment, such mnounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shall require Lender to incur ~y expense or t~e ~y action hereunder. 8. h~speetion. Lender may m~e or cause to be made reasonable entries upon ~d inspecHons of the Property, provided that Lender shall give Borrower notice prior to ~y such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of ~y award or claim for d~ages, direct or consequenti~, in eo~ec[ion with ~y condemation or other t~ing of the Property, or part thereof, or for convey~ce in lieu of condemation, are hereby assigned ~d shall be paid to Lender, subject to the te~s of ~y 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 modificauon of mortization of the sums secured by this Mortgage grated by Lender to any successor in interest of Borrower shall not operate to release, in ~y ma~er, the liability of the original Borrower ~d Borrower's successors in interest. Lender shall not be required to co~nence proceedings against such successor or re~se to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of ~y dem~d made by the original Borrower ~d Borrower's successors in interest. Any forbear~ce by Lender in exercising ~y right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of ~y such right or remedy. ~76N(WY) 101o2} page 2 al 4 '~' Form 3851 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreen{~rals Qerein 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 I6 hereof, upon Borrower's breach of any covenant or agreement of Borrower in tiffs 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. 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 17 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 in 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. Initials~ -76N(WY) 10102) Page 3 of 4 Form 3851 .-.00211 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. ~~z~t~~.t~-~"' (Seal) Michael Robbins '-T~resa Robbins -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Sign Original Only) STATE OF WYOMING, Lincoln County ss: The foregoing instrument was acknowledged before me this by Teresa Robbins Michael Robbins My Co~'-~ssion Expires: Notary Public (~®-7 6N(WY} 10102l Page Form 3851 002 2 EXHIBIT A Lot 8 of Easy Acres Subdivision, Phase I, Lincoln County, Wyoming as described on the official plat filed September 10, 1984 as Instrument No. 622706.