Loading...
HomeMy WebLinkAbout913569 ..:",:';"1 -:.:':-:,... ðU: r'" It ¡..... .', G i~ 'VCDA DO'VN P A Yl\1ENT LOAN l\'10RTGAGE \.,:,; U ~:., , 'J: Loan Number: 13226056!~23 This MOligage ("Security Instrument") is given on NOVEMBER 8, 2005 , The Mortgagor is JEFFREY M PERKINS, a single man whose address is 1324 4TH WEST AVENUE. KEMMERER. WY ("Borrower"). This Security Instrument is given to FIRST NATIONAL BANK-WEST A NATIONAL BANKING ASSOCIATION \vho is organized and existing under the laws ofTI-IE UNITED STATES OF AMERIC~ncl whose address is 314 S WASHINGTON/PO BOX 1620 z AFTON. WY 83110 ("Lender"). Borrower owed Lender the principal sum of TWO THOUSAND TWO BUNDRED & OO/tQQlars ($ 2. 200.00 ). This debt is evidenced by Borrower's Note dated the same date as this Security Instmment ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on DECEMBER 1. 2013 this Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced under Paragraph 6 to protect the security of this Security Instrument; and (c) the perfol1nance of Borrower's covenants and agreements under this Security Instmment and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the foIl owing described property located in -I.-:1NroLN County, Wyoming: é"j " ' y Lot 1 of Block 3 of the Lincoln Heights 3rd Subdivision to the Town of Kemmerer. Lincoln County. Wyoming as described on the official plat thereof. RECEIVED 11/9/2005 at 12:05 PM RECEIVING # 913569 BOOK: 604 PAGE: 264 JEANNE WAGNER LINCOLN COUNTY CLERK, f<EMMERER, WY which has the address of 1174 4th West Avenue, KemmererWyoming, code) ("Property Address"); 83101 (zip TOGETHER WITH all the improvements now or hereafter erected on the property, and a.ll easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water ng]~t~ and stock and all fixhlres now or hereafter a paJi of the property. All replacements and acJ,dltJons ~hall also be covered by this Security Instrument. All of the foregoing is re ferrecl to in thJS SecurIty Instrument as "Property", BORROWER COVENANTS that Borrower is lawfully seized of the estate herehy conveyed and has the fight to mortgage, grant and eoovey the Property aod that the Property is unencnll1heæd, except for encumbrances of record. Bonower WaJTan(s and will defend generally MPP Fonn 219 1 INITIAL ~L~Q (' n 0, :;., (_\ fJ-": , ! ~ ' ." "-' ,... \/ ,:.. ) C",L < '-yù......ihe title to the Property against all claims and demands, subject to any encumbrances of record. 1. Payment of Principal, Interest, Default Interest and Late Charges. Borrower shall pay when due the 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) taxes and special assessments levied or to be levied agains: the Propeliy, (b) leasehold payments or ground rents on the Property, and (c) premmms for insurance required by Paragraph 4. The BOlTmver 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 charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall insme all improvcments 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 periods that Lender requires. Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected against loss by Doods to the extent required by the Lender. All insurance shall be cmTied with companies approved by Lender. The insurance policies and any renewals shall include loss payable clauses in favor of, and in a fon11 acceptable to, Lender. Bon'ower shall furnish a CO] J)' of the policy or policies of insurance to the Lender upon request by the Lender. In the event of loss, Bonower shall give Lender immediate notice by mail. Lender may make proof of loss 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 Bonower and to Lender jointly. All or any p31i of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instmment, 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 shaH not extend or postpone the due date of the monthly payments which are refened to in Paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled hereto. In the event of foreclosure of this Security Instmment or other transfer of tj tIe to the Propeliy that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occnpancy, Preservation, Maintenance .nd PI'otcetion of the Property; Borrower's Lo.n Applicfltion; Leaseholds. Rono,"" ,ha!l occupy, c'¡abl;,h, m;d Use the Property as Bon'ower's principal residence within sixty days aftcr the 2 \\ ì tÇ) \ ~, ~- r !i, n " G. r: \.' ".' "J - ',' \-,' /:" { execution of this Security Instrument and shall continue to OCC11Py the Property as principal residence within sixty days after the execution of this Security Instrument and sha]] continue to occupy the Property as Borrower's principal residence for at least one year after the date of Occupancy, unless the Lender determines lhis requirement wi]] cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower sha]] notify Lenders of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantia]]y change the Property or a]]ow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Propelty if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Properly. Borrower sha]] also be in default if Borrower, during the loan application process. gave materia]]y false or inaccurate infonnation or statements to Lender (or failed to provide Lender with any material infolll1ation) in connection with the Joan evidenced by the Note, including, but not limited to, representations conceming Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, BOITower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shaH not be merged unless Lender agrees to the merger in writing. 6. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower sha]] pay all govemmental or municipal charges, fines and impositions that are not included in Paragraph 2. Borrower shaI1 pay these obligations on time directly to the entity which is owed the payment. If failure to pay wou]d adversely affect Lender's interest in the Property, upon Lender's request, Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by Paragraph 2, or fails to perfom1 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 (such as a proceeding in bankmptcy, 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 disbursed by Lender under this Paragraph shal1 become an additional debt of BOlTower and be secured by this Security Instrument. These amo11nts shall bear interest from the date of disbursement, at the Note rate, or the default interest rate, and at the option of Lender, shall be immediately d11e and payable. 7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in C011l1ection with any condemnation or other taking of any part of the Prope~iy, or for conveyance in place of condemnation, are hereby assignee! ane! shall be paid to Lender to the extent of the fuJI amount of the indebtedness that remains 11npaid under the Note and this Security Instmment. Lender shaJI apply s11ch proceeds to the reduction of the indebtedness under the Nnte and this Security Instrument, first to any dclmquent amollnts applied iu the order provided in Paragraph 3,. aud then to prepayment of principal. Aoy applicatiou of the proceeds tn the pnnclpal shalI ?ot extend or postpone the due date of the monthly payments, which are referred t P ] 2 I ' 0 111 aragrap 1 ,or c 1ange the amount of slIch payments. Any excess 3 ~~ ;\! t ',', .;J), ,T' ~'),:J r !\ .('~ :,-', r:~ ~Î proceeds over an amount required to pay all outstanding indebtedness under the Notc',. ',):} '. V ~ and this Security Instl11ment shall be paid to the entity legally entitled thereto. 8. Grounds for Acceleration of Debt. (a) Default. Lender may require immediate payment in full of all sums secured by this Security Instl11ment if: (i) Borrower defaults by failing to pay in 1'1111 any monthly payment required by this Security Tnstl11ment prior to or on the due date of the next monthly payment, or, Borrower defaults by failing, for a period of thiriy days, to perfom1 any other obligations contained in this Security Tnstl11ment. Oi) (b) Sale \Vithout Credit Approval. Lender shall, if pem1itted by applicable Jaw, require immediate payment in full of all the sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Propeliy, is sold Or otherwise transferred (other than by devise or descent) by the Borrower, and 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 \vith the requirements of the Lender. (ii) (c) Default Interest. If Lender has not received the fulJ monthly payment required by the Security Instmment by the end of the thirty day calendar days after the payment is due, Lender may increase the interest rate as described in Paragraph 2 of the Note to twelve percent (12%). Lender may choose not to exercise this option without waiving its right in the event of any subsequent default. (d) No \Vaiver. If circumstances occur that would pennit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. 9. Reinstatement. Borrower has the right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instmment. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum aU amounts required to bring Borrower's account CUlTent including, to the extent they are obligations of BOlTower under this Security Tnstmment, foreclosure costs and reasonable and cllstomaJY attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations, that it secures shall remain in effect as if Lender had nnt required immediate payment iu ¡llll. However, Lender is not required to pennit reinstatement if: (i) Lender has accepted reinstatement after the e~mmeneement of foreclosure proceedings within (wo years immediately p~ecedIl1g the commencement of a ClllTent foreclosure proceeding, (ii) reinstatement will preclnde foreclosure on diffeecnt gmund, in the fu"ne, 0' (ii¡) ,ci"'lakmcnt will adversely affect the priority of the lien created by this Security Instrument. 4 \~1J r , ,-, t'"\ '-'8 n ~~, ':..: ~,.. I"·..., .. b a ' c> :-; b S 10. B orrower Not Rei cased; For beara II co h y Lell der Not a W avi e).. Ext ensi 011 oft he time of payment or modification of amOliization of the sums secured by this Security Instmment granted by Lender to any successor in interest of BOlTower shall not operate to release the liability of the original Bon-ower or Bon-ower's Sllccessor 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 Instl1lment by reason of any demand made by the original BOlTower or Bon-ower'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. 11. Successors and Assigns Bound; .Toint and several Liability; Co-signers. The covenants and agreements of this Security Instl1lment shall bind and benefit the Successors and assigns of Lender and Bon'ower, subject to the provisions of Paragraph 8 (b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument does not execute the Note: (a) is co-signing this Security Instmment only to mOligage, grant and convey that BOlTower's interest in the Property under the ten11S of this Security Instnunent; (b) is not personally obligated to pay the sums secured by this Security Instnuncnt; and (c) agrees that Lender and any other Bon-ower may agree to extend, modify, forbear or make any accommodations with regard to the tel1115 of this Secmity Instrument or the Note without that BorrO\ver's consent. 12. Notices. Any notice to Bon-ower provided for in this Security Instrument shaJl 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 Bon-ower 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 Instmment shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 13. Governing Law; Severability. This Security Tnstmment 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 Instmment or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be givcn effect without the conflicting provision. To this end the provision of this Security Instrument and the Note are dcclared to he severable. 14. Borrower's COI'Y. Borrower shall be giveo one eonfoffi1Cd copy of this Security Instrument. 15. Assignment of Rents. Borrower IInconditiollally a"igos and transfers tn Lender all the rents and revenues of the Property. Bon·ower anthorized Lender nr Lender's agents to collect the rents aod revenues and hereby directs each tenant of the Property to pay thc rents to Lender Or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agrcement in the Secnrity rostrnment, Borrower shall collect and '·cceive all rents and revenues of IIw Pmp",y 5 \\~J~~ T ',..','".,....'.' .'- I~\ Î' .-'. n n as trustee for the benefit of Lender and Borrower. This assignment of rents '. ',!~);, v ~ S constihItes an absolute assignment and not an assignment for additional security only, If Lender gives notice of breach to Bon'ower: (a) a]] 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 Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Propeliy sha]] pay all rents due and unpaid to Lender 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 perfonn 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 Bon-ower. However, Lender or a judicially 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 tenninate when the debt secured by the Security Instrument is paid in full. The Lender or a judicia]]y appointed receiver shall not be required to post any bond or other security to enter upon, take control of or maintain the property. NON-UNIFORM COVENANTS, Borrower and Lender f1l1iher covenant and agree as follows: 16. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 8, Lender may invoke the power of sale and any other remedies pe1l11iHed by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies 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 sha]] give notice of intent to foreclose to Borrower and to the person in possession of the Propeliy, if different, in accord<lnce with applicable law. Lender shall give notice of the sale to Bon'ower in the manner provided in Paragraph 12. Lender shall publish notice of sale, and the Property shall be sold in the manner prescribed by applicahJe law. Lender or its designee may purchase the Propeli)' at any sale. The proceeds of the sale shal1 be appJied in the following order: (a) to al1 expenses of sale, including, but not limited to, reasonable attol11eys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legal1y entitled to it. 17. R cIea.le. Upon pa ymen t of all snms secured by this Security Instrument, Lender s ha II release this Security ¡ostnmre"l withont charge to IJmrower. Bon'ower shall pay any recordatIOn costs. ]8. Waivers. Borrower waives all rights of hOmestead exemptioo in the Property aiJd relInquIshes all nghts of cUltesy and dower in the Property. Riders to this Secnrity Instnnnent. If one or mom rid,,·, "'e executed hy 8mmwer and recortled together with this Security ¡nstmment, the covenants of each such ritler shall he 6 C4~1) .:'.'..... .}\~:' ~ I 1\ 1'~ 1"'"'1r. incorporated into and shall amend and supplement the covenants and agreements of this ',I t.. I~ : U Security Instrument as if the rider(s) were in a part of this Security Instrument. [Check applicable space(s)]. Condominium Rider _Graduated Payment Rider - Growing Equity Rider _ Planned Unit Development Rider _ Other [Specify] Other BY SIGNING BELO\V, Borrower accepts and agrees to the terms contained in pages 1 through 7 of this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: (\ \, ')\\ ~ ~\A\)')-~/ ~.\ 'L~ Borro\ver "JEFFREY M PERKINS Borrower Borrower Borrower STATE OF WYOMING, LINCOLN County ss: The foregoing instrument was acknowledged before me this 8TH OF NOVEMBER, 2005 by JEFFREY M PERKINS, a single man My Commission Expires: U!:t?:8£tz- ~q IfJLê1.o \ \ \\ \l1!!! It! 111II ,\\\. . .~, - II/. ~}' ,,\\\...1:: i)O ~~ ....', ......;\~ . ,,~u:¿¡¡¡,.o)'" ...-:-" 'l ...::;." ·-{It '\ ,.;,o:.,Uv ..c ~ r' 1J",'iI_ ")"1 '-:'~ " <v' oJ' 0 ¡-\ i1 ...... U¡ ';-;:. 2; ~,"''\~ I \ ~ "'... . ...- § i t6G~nYGfllí¡i;O'J¡ I : ~ t :(~}::::: -::;. (ß \, '...., r'-_ .al 1.... ...~ -;.~. J\', 1'- í I "', \ \ v,, " .', ..~ ">"";1 <i"4~ ,. t, .. ,,<I""" ,~~... ..;:.$' /. ;1)- """"". ,.,",:< .,. ........-:, ,£:;0, ,,¡"')....""\: "'/0 " C LO \N \ :y.' "'/1/ h- \';;'\ ''Jl//¡¡I/ J f I \ II \\\\ ~l¡¡···07/ ;/ r~ ( '" ìtL ¿ . ~ ./ ,,/;>{' >, ,. .'="<2él.,. Notáry Public 7 ..