HomeMy WebLinkAbout910202AFTER RECORDING RETURN TO:
Washington Federal Savings
500 lq Capital
P 0 Box 51750
Idaho Falls ID 83405
Attention:
Loan Number 044 209 306127 2
Title Company Rocky Mountain Title
Order Number A6185
SHORT FORM MORTGAGE (WITH POWER OF SALE), SECURITY AGREEMENT
AND FIXTURE FILING WITH ASSIGNMENT
OF LEASES, RENTS AND ACCOUNTS
THIS MORTGAGE ("Security Instrument") is made
July 21, 2005 BETWEEN
Salt River Homes LLC., a Wyoming Limited Liability Company as Mortgagor
("Borrower"), whose address is P 0 Box 3698 Alpine WY 83128 ·
and WASHINGTON FEDERAL SAVINGS, a United States Corporation, as Mortgagee ("Lender"), whose address is
500 N Capital Ave., Idaho Falls ID 83402
Borrower hereby irrevocably mortgages, warrants, grants, bargains, sells and conveys to Lender and its successors and assigns,
with power of sale and with right of entry and possession as provided herein and by Wyoming law, all Borrower's estate, right,
title, interest, claim and demand, now owned or hereafter acquired, in and to the following described property in
Lincoln County, Wyoming (the "Property", which term shall include all or any part of the Property, any
improvements thereon and all the property described in Paragraph 2 of the Master Form Mortgage hereinafter referred to):
Lot 205 of Nordic Ranches Division No 13 Lincoln County Wyoming as described on the
official plat thereof
RECEIVED 7/22/2005 at 1:45 PM
RECEIVING # 910202
BOOK: 591 PAGE: 893
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
which has the address of 161 Spur Loop, Etna, WY 83118
TOGETHER WITH all the tenements, hereditaments and appurtenances, now or hereafter thereunto belonging or in any
0ray appertaining, leases and other agreements for the use and occupancy pertaining thereto, and the rents, issues and profits thereof
md all other property or rights of any kind or nature whatsoever further set forth in the Master Form Mortgage hereinafter referred
:o, SUBJECT, HOWEVER, to the right, power and authority hereinafter given to and conferred upon Lender to collect and apply
;uch rents, issues and profits.
This Security Instrument shall constitute a security agreement under the Uniform Commercial Code of Wyoming between
Borrower as debtor and Lender as secured party. Borrower grants a security interest to Lender in any of the Property which is
)ers,nat property and also grants a security interest in the property described in Paragraph 3 of the Master Form Mortgage
rereinafter referred to, now owned or hereafter acquired by Borrower (the Property, as defined above, and the property described
n said Paragraph 3 are hereafter collectively referred to as the "Collateral").
THIS SECURITY INSTRUMENT IS FOR THE PURPOSE OF SECURING the following:
(a) Payment of the sum of
One Hundred Eighty Thousand Eight Hundred and ******~q************************** D~LARS
'$ ** 180,800.00'* ), with interest th,,ereo_n,,according to the terms of a promissory note of even date herewith, ~ble to
Lender or order and made by Borrower (the Note , which term shall include all notes evidencing the indebtedness secu/~ity this
~ecurity Instrument, including all renewals, modifications or extensions thereof);
Bofower's Ini~
iViY)
b) Payment of any further sums advanced or loaned by Lender to Borrower, or any of its successors or assigns, if (1) ~tie
Note or other writing evidencing the future advance or loan specifically states that it is secured by this Security Instrument; or (2)
[he advance, including costs and expenses incurred by Lender, is made pursuant to this Security Instrument or any other documents
~=xecuted by Borrower evidencing, securing, or relating to the Note and/or the Collateral, whether executed prior to,
:ontemporaneously with, or subsequent to this Security Instrument (this Security Instrument, the Note and such other documents,
including any construction loan, land loan or other loan agreement, are hereinafter collectively referred to as the "Loan
Documents"), together with interest thereon at the rate set forth in the Note unless otherwise specified in the Loan Documents or
agreed to in writing;
c) Performance of each agreement, term and condition set forth or incorporated by reference in the Loan Documents,
including without limitation the loan agreement of even date herewith, which are incorporated herein by reference or contained
herein.
THE MATURITY DATE OF THESE SECURED OBLIGATIONS, AS CONTAINED IN THE LOAN DOCUMENTS,
INCLUDING THE NOTE, IS July 21, 2007
By executing and delivering this Security Instrument and the Note secured hereby, the parties agree that all provisions of
Paragraphs 1 through 69 inclusive of the Master Form Mortgage hereinafter referred to, except such paragraphs as are specifically
excluded or modified herein, are hereby incorporated herein by reference and made an integral part hereof for all purposes the same
as if set forth herein at length, and the Borrower hereby makes said covenants and agrees to fully perfon'n all of said provisions.
]'he Master Form Mortgage above referred to was recorded on the dates below shown, in the Official Records of the offices of Ihe
County Clerks of the following counties in the State of Wyoming according to the enumerated recordation designations appearing
below after the name of each county, to wit:
COUNTY BOOK OR VOLUME PAGE NO.
RECORDING NO.
DATE OF RECORDING
LINCOLN 374PR 644-655 809964 October 16, 1995
TETON 310 1174-1185 0404875 October 11, 1995
A copy of such Master Form Mortgage has been furnished to the person executing this Security instrument, and by
executing this Security Instrument the Borrower acknowledges having received such Master Form Mortgage.
The Property which is the subject of this Security Instrument is not used principally or primarily for agricultural or
farming purposes.
The undersigned Borrower requests that a copy of any Notice of Default and of any Notice of Sale hereunder, as required
by Wyoming law for the foreclosure of a mortgage with power of sale, be mailed to Borrower at Borrower's address as hereinabove
set forth.
Borrower agrees to obtain all insurance required from time to time by Lender and as elsewhere provided in the Loan
Documents, including flood insurance. If Borrower fails to maintain such insurance satisfactory to the Lender, Lender may make
the payment on behalf of the Borrower and any sums expended shall be added to principal and bear interest at the rate provided in
the Note. ~
If the box preceding any of th~ following statements contains an "X", that statement is a part of this Security Instrument. If the box
is no__!t so checked, the corresponding statement is not part of this Security Instrument.
[] Paragraph 49 of the Master Form Mortgage (which refers to the existence, if any, of an adjustable rate feature in the Note)
is hereby deleted.
The Note secured hereby evidences a construction loan or land loan but is not a combination Note. Paragraph 53 of the
Master Form Mortgage is hereby deleted.
[-'--] The Note secured hereby is a combination construction loan/permanent loan Note. Refer to paragraph 53 of the Master
Form Mortgage.
The Property or a part thereof is a Condominium. Refer to paragraph 50 of the Master Form Mortgage.
A fee owner and a leasehold owner of the Property, or a portion thereof, have executed this Security Instrument. Refer to
paragraph 51 of the Master Form Mortgage
~-] The Property or a part thereof is a leasehold estate. Refer tO paragraph 52 of the Master Form Mortgage.
[--] See also Schedule "A" of this Short Form Mortgage, attached hereto and incorporated herein by this reference.
(Page 2 of 3)
Borrower, and each of them if more than one,
g Member
<00895
(irst above written.
on the da~/ar)fl year,
Member
STATE OF )
) SS.
COUNTY OF )
I certify that I know or have satisfactory evidence that
[Name(s) of person(s)]
is/are the person(s) who appeared before me, and said person(s) acknowledged that (he/she/they) signed this instrument and
acknowledged it to be (his/her/their) free and voluntary act for the uses and purposes mentioned in the instrument.
Dated:
(Seal or Stamp)
(Signature)
Notary Public in and for the State of
residing at
My commission expires
STATE OF Idaho )
) SS.
COUNTY OF Bonneville )
I certify that I know or have satisfactory evidence that
Larry Reinhart and Joseph F Belloff
[Name(s) of person(s)]
is/are the person(s) who appeared before me, and said person(s) acknowledged that (he/she/they) signed this instrument, on oath
stated that (he/she/they) was/were authorized to execute the instrument and acknowledged it as the
Managing Members
(Type of Authority, e.g., Officer, Trustee)
of Salt River Homes LLC
(Name of the Party on Behalf _o~trument was E~eu~-d)~---....~
to be the free and voluntary act of such party for the uses ~rposes men~,~, ed~e-~
S
Dated: 7 21. 05
(Seal or Strop) ~: ." .... ".~
(Signature)
Notary Public in and for the State of
residing at Idaho Falls
Idaho ,
My commission expires 10-12-06
(Page 3 of 3)
LO175-T (WY)
..00896
044 209 306127-2
ADDENDUM TO UNIFORM DEED OF TRUST
Date: July 21st~ 2005
Addendum attached to and forming part of the Deed of Trust ("Security Instrument") of even date by and
between
SALT RIVER HOMES, LLC., A WYOMING LIMITED LIABILITY COMPANY
as Grantor/Borrower; ROCKY MOUNTAiN TITLE INSURANCE
as Trustee; and WASHINGTON FEDERAL SAVINGS as Beneficiary/Lender.
1. OCCUPANCY OF THE PROPERTY BY BORROWER.
There are two alternative covenants stated below which refer to occupancy of the Property by the
Borrower, and only one alternative shall be a part of this Addendum. Lender has determined which
alternative is a covenant of the Borrower by checking below the appropriate box opposite the paragraph
inm~ediately preceding the paragraph Lender has determined to be applicable to Borrower, and Borrower
has agreed to this chosen alternative by executing this Addendum to the Security Instrument and pursuant
to the terms of Lender's loan commitment.
[---] Occupancy of Property by Borrower Required. Uniform Covenant 6 of the Security Instrument
is amended by substituting the following language:
"Borrower shall occupy, establish and use the Property as Borrower's principal residence within
sixty (60) days after the execution of this Security Instrument and shall continue to occupy the
Property as Borrower's principal residence for at least one year after the date of occupancy, unless
lender otherwise agrees in writing and in its sole discretion; provided, however, that if the loan
evidenced by the Security Instrument is a 'custom' construction loan as defined by a Construction
Loan Agreement between Lender and Borrower, then Borrower shall begin to occupy, establish and
use the Property as Borrower's principal residence within sixty (60) days after receipt of Certificate
of Occupancy, or similar official document, from the applicable governmental authority, unless
Lender in its discretion agrees in writing to waive any governmental requirement. Borrower
acknowledges that Uniform Covenant 6, as here amended, is required by Lender in consideration of
Lender extending Borrower an 'Occupancy Note Rate' which is less than the prevailing
'Non-Occupancy Note Rate'. If Borrower shall default on the terms of occupancy as
stated above, Lender may elect, at its option and notwithstanding any other terms of the Security
Instrument to the contrary, any of the following remedies: (a) Lender may accelerate the terms of
the Note and, upon fifteen (15) days notice, call the loan immediately due and payable in full, and if
Borrower fails to make payment in full, Lender may thereafter exercise any remedy permitted by the
Security Instrument, including suit on the Note or foreclosure upon the Security Interest and the
Property; or (b) Lender may adjust the interest rate on the Note (and any monthly payment
occasioned by such adjustment) to Lender's 'Non-Occupancy Note Rate' which existed as of the
date of the Note and Security Instrument and require further consideration tbr not calling the loan
immediately due and payable, including but not limited to (i) having Borrower convey to Lender a
Fannie Mae Multistate 1-4 Family Rider (Assignment of Rents) and (ii) having Borrower pay any
amount of principal on the loan necessary (if at all) to make the loan conform to whatever
loan-to-value ratio conditions Lender would have required of a 'Non-Owner-Occupied Loan' on the
Property as of the date of the Note and Security Instrument."
Occupancy of Property By Borrower Waived. Uniform Covenant 6 of the Security Instrument
is deleted.
2. ADDITIONAL SPECIAL COX, tENANTS.
A. Additional Advance(s)
This Security Instrument also secures the payment of any further sums advanced or loaned by
Lender to Borrower, or any of its successors or assigns, if (1) the Note or other writing evidencing
the future advance or loan specifically states that it is secured by this Security Instrument, or (2) the
advance, including costs and expenses incurred by Lender, is made pursuant to this Security
Instrument or any other documents executed by Borrower evidencing, or relating to the
Note and/or the Collateral, whether executed prior to, contemporaneously
this Security Instrument (this Security Instrument, the Note and such other
any construction loan, land loan or other loan agreement, are hereinafter collec
the "Loan Documents"), together with interest thereon at the rate set forth in
otherwise specified in the Loan Documents or agreed to in writing.
(Page I of 3)
secu~int~,~ikr subsequent to
doo~n~Qt s, including
in t~ss
LO41(WA) o~13o/~
Lender's Right of Acceleration and Judicial Foreclosure.
Uniform Covenant 19 and Non-Uniform Covenant 22 of the Security Instrument are amended by
the addition of the following language, which shall modify the terms of Uniform Covenant 19 and
Non-Uniform Covenant 22 to the extent set forth immediately below:
"Borrower acknowledges that the terms and conditions of Uniform Covenant 19 and Non-Uniform
Covenant 22 are intended to avail Borrower of certain notice and reinstatement rights if Lender
elects non-judicial foreclosure under its power of sale in the event of default, and that Borrower has
a statutory right of redemption protecting Borrower in the event of judicial foreclosure. Therefore,
notwithstanding any provision of Uniform Covenant 19 and Non-Uniform Covenant 22 of this
Security Instrument, if Lender, at its own option, elects to accelerate the Security Instrument by
commencement of judicial foreclosure for any default or breach by Borrower, the Borrower shall
not have the right of reinstatement or entitlement to certain notices as provided for in Uniform
Covenant 19 and Non-Uniform Covenant 22."
C. Reconveyance After Payment of Loan in Full. Non-Uniform Covenant 23 of the Security
Instrument is revised to read as follows:
"23. Release or Reconveyance. Upon payment of all sums secured by this Security Instrument,
Lender shall request Trustee to release or reconvey the Property and shall surrender this Security
Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee
shall release or reconvey the Property without warranty to the person or persons legally entitled to
it. Such person or persons shall pay any recordation costs and reasonable trustee's fee for release or
reconveyance."
D. Mandatory Flood Insurance for Property in Special Flood Hazard Areas. Uniform Covenants
3 and 5 are modified so as to add the following language which affects both covenants:
"If the Property is now or shall ever during this loan be determined by the Federal Emergency
Management Agency (FEMA), or its successor agency, to be within a Special Flood Hazard Area
(SFHA), then to the extent flood insurance is available for the Property, Lender will require, upon
notice to Borrower of such determination, that adequate flood insurance be maintained for the
improvements of the Property at Borrower's expense, and Lender shall be entitled to collect, as part
of the Funds defined under Covenant 3, and to the extent authorized by federal law and regulation,
"Escrow Items" (reserves) for flood insurance premiums; and if Borrower does not voluntarily pay
for the flood insurance as part of said Funds, Lender shall be entitled to obtain "forced place" flood
insurance coverage for the Property improvements and, in so doing, either capitalize the cost of
such coverage to the principal balance of the loan or apply the payment as a "negative reserve",
whereupon Borrower shall be deemed to be in default of this Security Instrument.
"Custom" Construction Loans. If this Security Instrument secures permanent financing to
construct or remodel a residential dwelling on the Property ("'custom' construction loan"), then the
Construction Loan Agreement & Assigmnent of Account signed by Borrower along with this
Security Instrument and Addendum shall be incorporated by reference in and be a part of this
Security Instrument, and any default or breach by Borrower of the Construction Loan Agreement &
Assignment of Account shall constitute a default or breach of this Security Instrument, thereby
entitling Lender to any and all remedies allowed by the Security Instrument and applicable law for
such default or breach.
E-Z Pay Option. If Borrower elects the E-Z Pay option at the inception of this loan, then Lender
shall temporarily defer the two hundred dollar ($200) payment processing charge which is otherwise
due and payable in full at closing. However, if at any time, Borrower's E-Z Pay bank account has
insufficient funds to cover a payment when du.e, or if Borrower's E-Z Pay bank account is closed or
otherwise becomes unavailable to Lender for the payment of the loan, or in the event Borrower
elects, at any time, to terminate the E-Z Pay option, then Lender may reinstate and demand the two
hundred dollar ($200) payment processing charge from Borrower in which event this charge shall
then be due and payable in full. Lender shall inform Borrower of this election in writing and
Lender may, at Lender's option, either require Borrower to pay the payment processing charge
within 10 days of receipt of written notice or add the amount of the charge to the remaining
principal balance of the loan. If the charge is added to the loan, then it shall become additional debt
of Borrower secured by this Security Instrument and shall bear interest at the Note rate and shall be
payable in accordance with the terms of the Note.
(Page 2 of 3) L041 (WA)
Go
Hazard, Property, or Flood Insurance. Without affecting the language contained in Covenants 3,
5, and 7 of the Security Instrument and paragraph D above, Borrower is advised as tbllows:
WARNING
Unless Borrower provides Lender with evidence of the insurance coverage as required by the deed
of trust or loan agreement, Lender may purchase insurance at Borrower's expense to protect
Lender's interest. This insurance may, but need not, also protect borrower's interest. If the
collateral becomes damaged, the coverage Lender purchases may not pay any claim Borrower
makes or any claim made against Borrower. Borrower may later cancel this coverage by providing
evidence that it has obtained property coverage elsewhere.
Borrower is responsible for the cost of any insurance purchased by Lender. The cost of this
insurance may be added to the loan balance. If the cost is added to the loan balance, the interest
rate on the underlying loan will apply to this added amount. The effective date of coverage may be
the date the prior coverage lapses or the date Borrower fails to provide proof of coverage.
The coverage Lender purchases may be considerably more expensive than insurance Borrower can
obtain on its own and may not satisfy any need tbr property damage coverage or any mandatory
liability insurance requirements imposed by applicable law.
Late Charges and Other Fees. Lender may, at Lender's option, either require Borrower to pay
any late charge for overdue payments or NSF/returned item fees related to any payments under the
Note, or add the amount of any such charges or fees to the remaining principal balance of the loan.
If these charges and/or fees are added to the loan, then they shall become additional debt of
Borrower secured by this Security Instrument and shall bear interest at the Note rate and shall be
payable in accordance with the terms of the Note.
Assignment of the Loan. If Lender transfers its interest in or a right to receive loan payments
under the Note secured by the Security Instrument, this Addendum, or any part of it, may be
cancelled at the option of Lender and without advance notice to Borrower, and Lender may make
and record any instrument, without signature of Borrower, which may be necessary to give record
notice of such cancellation.
JOSEPI/ , MANAGING ME
(Page 3 of 3)
05199 1453 2098 LO41 (WA)