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HomeMy WebLinkAbout87572602915094~ ,., "" "'" WCD DO' '""' '. ' B OOK.t);,~_]'R PAGE ~ ..... ,~: · -- Loan Number: T~s Mo~ ("Scc~ Instant") is ~iv~n on ~-28-~1 . ~h~ Mo~or is pebMe Sco~ whos~d~ssis 158 Parkway Dr~ve A~p~ne~ ("Bo~oweF'). This Secu~ Ins~:~nt is ~iv~n to Co~qn~y ~rsc Nac~ona~ Bank ', who is ore.zed ~d cxistin~ ~d~r the laws o~ Colorado ~nd whose ad.ess is 6565 KasC Kvans Avenue~, Denver, Colorado 80224 ("~nder"). Bo~ower owed Lender the principal sum of Two Thousand Nine Hundred Fifty Doiiars~ ($ 2950.00 ,). This d~2bt is evidenced by Bo~ower's Note dated the sine date ~ this Sec~ hsment ("Note"), which provides for money payments, wi~ ~e ~I1 debt, i~ not paid e~lier, due and payable ~bn 09-01-09 this Secm~ hsment sec~es to Lender: (a) the repa~em of the debt evidenced by the Note, with interest, ~d all renewals~ exte~ions ~d mod~:fications; (b) ~e pa~ent of all other sins, with ~terest, adv~ced ~der Para.apb 6 t{~: protect the secm~ of t~s Secm~ ~s~ment; and (c) the peffo~ce of Bo~ower's co~enants ~d a~eements ~der ~is Sec~ ~sment ~d the Note. For t~s p~ose, Bo~o~>~ker does hereby mo~gage, ~t md convey to Lender, with power of sale, the following described prope~ located in Lincoin Co~, Wyom~g: Lot 505 o~:' Pai~s ~ark F~fth Addition to the To~ of Aipine L~ncoin County, ~yomSng, according to that pIat filed Hatch 13, )200~ as Instrument So. 87209~ PIat 255-A. ~s ReM )~>;state Nortgage ts second and subject ONlY to a F~rst ReM Estate Hot[gage recording concurrenkiy herewith 5n 'favor o:f Co.un,ky F~rst National Bank~ daked August 28) 2001~ ~n the originai amoun¢ of $~25)000.00. which has the address of lie PArkway Drive Alpine Wyoming, 83128 (zip code) ("Property Address"); 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 fights and stock and all fixtures now or hereafter a part of the property. All replacements and additions shall also be cOvered :~y this Security Instrument. All of the foregoing is referred to in this Security Instrument as "Property". BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encur~.brances of record. Borrower warrants and will defend generally MPP Form 219 the title to the Property against ~11 claims and demands, subject to any encumbrances of record. 1. Payment of Principal, Interest, Default Interest and Late Charges. Borrower shall pay when due tl~e principal of, and interest on, the debt evidenced by the Note, default interest, if applicable, and late charges due under the Note. 2. Payment of Taxes, Insurance and Other Charges. Borrower shall make timely payment of any (a) l:axes and special assessments levied or to be levied against the Property, (b)leaseh~!d payments or ground rents on the Property, and (c) premiums for insurance require'dby Paragraph 4. The Borrower shall furnish proof of payment to Lender upon request by the Lender. 3. Application of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows~' ' '. First, to interest due under the Note; Second, to amortiZation of the principal of the Note Third, to late charg:es due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which .Lender requires insurance. This insurance shall be maintained in the amounts and for the pehods that Lender requires. BOrrower shall also insure all improvements on the Property, whether now in existence or subsequently erected against loss by floods to the extent required by the Lender. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall include loss payable clauses in favor of, and in a form acceptable to, Lender. Borrower shall furnish a copy of the policy or policies of insurance to the Lender upon request by the Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of k:~ss if not made promptly by Borrower. Each insurance company concerned is hereby authOrized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be ap[~lied by Lender, at its option, either (a) to the reduction of the indebtedness under Ihe Note and this Security Instrument, first to any delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal or (b) to the restoration .or repair of the damaged property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in Paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedr~ess under the Note and this Security Instrument shall be paid to the entity legally entifl.~d hereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extingu:ishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish; and use the Property as Borrower's principal residence within sixty days after the 2 execution of this sec'urity Instrument and shall continue to occupy the Property as principal residence ~ilthin sixty 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 the Lender determines this requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist ~which are beyond Borrower's control. Borrower shall notify Lenders of any extenuating, circumstances. Borrower shall not commit waste or destroy, damage or ,Substantially change the Property or allow the Property to deteriorate, reasonab,le wear and tear excepted. Lender may inspect the Property if the Property is vacar~t or abandoned or the loan is in default. Lender may take reasonable action td protect and preserve such vacant or abandoned Property. Borrower shall also l?'te in default if Borrower, during the loan application process. gave materially falseI or inaccurate information or statements to Lender (or failed to provide Lender with i~ny material information) in connection with the loan evidenced by the Note, includi'ng, but not limited to, representations concerning Borro~,ver's occupancy of the Prol')erty as a principal residence. If this Security Instrument is on a leasehold, Borroweri shall comply with the provisions of the lease. If Borrower ~. acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agree~ to the i,.nerger in writing. 6. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay a~'l governmental or municipal charges, fines and: impositions that are not included in .~Paragraph 2. Borrower shall pay these obligations on time directly to the entity iwhich is owed the payment. If failure to pay would adversely affect Lender's inte~:'est in the Property, upon Lender's request, Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to n~ake these payments or the payments required by Paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (sucl~ as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), :then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and :other items mentioned in Paragraph 2. Any amounts disbun,'ed by Lender under this Paragraph shall become an additional debt of Borrower an:~[ be secured by this Security Instrument. These amounts shall bear interest from th.', date of disbursement, at the Note rate, or the default interest rate, and at the optim: of Lender, shall be immediately due and payable. 7. Condemnation. TI:to proceeds of any award or claim for damages, direct or consequential, in com~ection with any condemnation or other taking of any part of the ~ Property, or for 9onve, yance in place of condemnation, are hereby assigned and shall be paid to Lender toil:the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the red~iction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in Paragraph 3, and then to prepi~yment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which ~ are referred to in Paragraph 2, or change the amount of such payments. Any excess 3 proceeds over an amc?unt required to pay all outstanding indebtedness under the Note and this Security Inst:i'"U:ment shall be paid to the entity legally entitled thereto. 8. Grounds for Accelei'~ttion of Debt. (a) Default. Lende( may require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment required by this Sei:!!!rity Instrument prior to or on the due date of the next monthly payment, (ii) Borrower defaults by failing, for a period of thirty days, to perform any other oblig/itions contained in this Security. Instrument. (b) Sale Without cr{idit Approval. Lender shall, if permitted by applicabl~ law, require immediate: payment in full of all the sums secured by this Sec/trity Instrument if: (i) All or part of the Property, or abeneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise . or descent)by the Borrower, and (ii) The Property is not occupied by the purchaser or grantee as his or her principal .residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Lender. (c) Default Interest: If Lender has not received the full monthly payment required by the Security l~strument by the end of the thirty day calendar days after the payment is due, I:.ender may increase the interest rate as described in Paragraph 2 of the Note to h:~,elve percent (12%). Lender may choose not to exercise this option without w!iving its right in the'event of any subsequent default. (d) No Waiver. If' i circumstances occur that would permit Lender to require immediate paymei~t in full, but Lender does not require such payments, Lender does not Waive its ~dghts with respect to subsequent events. 9, Reinstatement. Bo:t;:'ower has the right to be reinstated if Lender has required immediate payment h::'full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are insti, t~.ited. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the ey:tent they are obligations of Borrower under this Security , Instrument, foreclosure costs and reasonable and customary attorneys' fees and ~ expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Sec,urity Instrument and the obligations, that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 4 10. Borrower Not Released; Forbearance by Lender Not a Wavier. Extension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by! Lender to any successor in interest of Borrower shall not operate to release the~liability of the original Borrower or Borrower's successor 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 Security Instrument by reason of any demand made by the?Original Borrower or Borrower's successors in interest. Any forbearance 'by Lendei:' in exercising any fight or remedy shall not be a waiver of or preclude the exercise 0f any right or remedy. 11. Successors and Assi,gns Bound; Joint and several Liability; Co-signers. The covenants and agree~:::itents of this Security Instrument shall bind and benefi.t the successors and assig:.!lls of Lender and Borrower, subject to the provisions of Borrower s covenants and agreements shall be joint and several. Paragraph 8 (b). ' Any Borrower who cO',signs this Security Instrument does not execute the Note: (a) · ~ is co-signing this se~:~urity Instrument only to mortgage, grant and convey that Borrower's interest xn.~he Property under the terms of this Security Instmment; (b) is not personally 'obligat~ild to pay the sums secured by this Security Instrument; and (c) agrees that Lender an~i~ any other Borrower may agree to extend, modify, forbear or make any accommoda'iiions with regard to the terms of this Security Instrument or the Note without that Bon,~wer's consent. 12. Notices. Any notice :to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be.directed to the property address or any other address B°rrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by'notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this parag['aph. 13. Governing Law; Se:Verability. This 'Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, i. mch conflict shall not affect other provisions of this Security Instrument or the Not'e which can be given effect without the conflicting provision. To this end the provi~!'~on of this Security Instrument and the Note are declared to be severable, i' 14. Borrower's Copy. ~;orrower shall be given one conformed copy of this Security Instrument. 15. Assignment of Rents.' Borrower unconditionally assigns and transfers to Lender all the rents and revent~s of the Property. Borrower authorized Lender or Lender's agents to collect the rehts and revenues and hereby directs each tenant of the Property to pay the rents to L~'~der or Lender's agents. However, prior to Lender's notice to Borrower of Borrox'Ver's breach of any covenant or agreement in the Security Instrument, Borrower: shall collect and receive all rents and revenues of the Property 5 as trustee for the bei:iefit of Lender and Borrower. This assignment of rents constitutes an absolut,:, assignment and not an assignment for additional security only. If Lender gives notice 6f breach to Borrower: (a) all rents receive by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Securityl Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the ?roperty; and (c) each tenant of the Property shall pay all rents due and unpaid to I.,e~nder or Lender's agent on Lender's written demand to the tenant. , Borrower has not executed any prior assignment of the rents and has not and will not perform any act that Would prevent Lender from exercising its rights under this Paragraph 15. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicfally appointed receiver maY do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the property shall terminate when the debt secured by the Security InstrUment is paid in full. The Lender or a jUdicially appointed receiver shall not be required to pc, s~. any bond or other security to enter upon, take control of or maintain the property: . NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 16. Foreclosure Proeedur;e. If Lender requires immediate payment in full under Paragraph 8, Lender :~'~nay invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedie~' provided in this Paragraph 16, including, but not limited to, reasonable attorneys' fees and costs of title evidence. 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 give notice of the sale to Borrower in the manner provided in Paragraph 12. Lender shall publish notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property 'at any sale~ The proceeds of the sale shall be applied in the following order: (a) to all expenses of sale; including, but not limited to, reasonable attorneys' fees; (b) ' to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 17. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 18. Waivers. Borrower waives all rights of homestead 'exemption in the Property and relinquishes all rights of curtesy and dower in the Property. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with th:is: Security Instrument, the covenants of each such rider shall be 6 incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as il' the rider(s) were in a part of this Security Instrument. [Check applicable space(s)]. ~ Condomir~ium Rider Graduated Payment Rider Growing Equity Rider ~ Planned Unit Development Rider Other [Spkcify] Other BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in pages 1 through 7 0f this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: Borrower Borrower Bo~ower Borrower STATE OF WYOMING, Teton County ss: The foregoing instrument was aci;mowledged before me this 28th day of August ~ 2001 .by Debbie Scot. t .. NoX'~ary Public .--:.:i~ i~