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HomeMy WebLinkAbout913626 ~~~ ..". ~~f,} f.,( ';:~~. ¡e'.,,) .' , ~¡1 Ü r"., ~c~ :.:T' i:;"¡{) ~~:~ t:~ . () ~ {is () ~~~' ,&,,~ ti);~·o'}:. ~HI (.t1~ L.t.. ;1 7 (.--< 'V CD A DO\VN P A YI\lENT LOAN I\10RTGAGE r, ¡- (' r.: q l.~ "" ';) ,j J J Loan Number: 04426056060 This Mortgage ("Security Instmment") is given on OCTOBER 31. 2005 . The MOligagor is JONATHAN P EDWARDS & ANGELA M Em'¡ARDS, hush;=md & wife whose address is 510 CEDAR AVE. KEMMERER. WY ("Borrower"). This Security Instrument is given to FIRST NATIONAL BANK-WEST. A NATIONAL BANKING ASSOCIATION who is organized and existing under the laws of THE UNITED STATES OF AMERICÅnd whose address is 314 S WASHINGTON/PO BOX 1620, AFTON, IIY B3110 ("Lender") Borrower owed Lender the principal SUIn of ONE THOUSAND FOUR HUNDRED FIFTY[)ollars ($ 1 ,450. DO ). This deht is evidenced hy Borrower' s Note dated th e same clat e as this Security Instmment (''Note''), which provides for monthly payments, with the full deht, if not paid earlier, due and payable on NOVEMBER 1. ~ºl.O. this Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions aod modifications; (b) lire payment of all other sums, with interest. advanced under Paragraph 6 to protect the security of this Security Instrument; and (c) the perfonnance of Borrower's Covenants and agreements under this Security Instrument and the Note. For this plnpose, Borrower does h"ehy mortgage, grant and Coovey to Lender, with pOwer of sale, the following de"ribcd property located in LINCOLN Couuty, Wyoming: Lot 3 of Block 5 of the Town of Kemmerer. Lincoln County, Wyoming as described on the official plat thereof. RECEIVED 11/10/2005 at 4:15 PM RECEIVING # 913626 BOOK: 604 PAGE; 531 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY which has the address of 510 CEDAR-AYENlIF., KEMMERER Wyoming, 811Ql (zip code) ("Property Address"); TOGETHER WITfI all the improvemen's now or hereafter eree'ed on thc property, aud all easements, rights, appurtenances, rents, rnyalties, mineral, oil and gas rights and profits, watcr f1ght~ and stock and all fixtures uow or hereafter a pact nf the property. All replacements and additIons shall also be covered by this Seeurity Instnuuen!. All of the foregoina is referred '0 in this Security Instnllnent as "Property". b nORROWER COVENANTS that Borrower is lawfidly seized of the estate hercby conveyed aod has the right to mortgage, grant and convey the Proper'y aud that the Properly is unencumbered, except for encumbrances of record. Bnrrower warrants and will defend generally MPP Ponn 219 1 (-., .) (/ INITIAL II? A,~/. {; ~. r n r r.: '.\ 2 . , ; ". ì .r-), í.·"··._.!"·.·~..<r.j.....{'. -rþlC' " \/ \. VI." ... t '-""1 . _ ¡~~." u "" 0 ~ -'- U ~ the ti tl e to the Property against all cJ aims and dcm an ds, su hj ect to any cncum bran ccs 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. BOlTo\Ver shall make timely payment of any (a) taxes and spt'cial assessments levied Or to be levied against the Property, (b) leasehold payments or ground rents on the Propeliy, and (c) premiums for insurance required by Paragraph 4. The BOlTo\Ver shall fl.lmish 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. Bon-ower 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 periods 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. AU insurance shaH be can-ied with companies approved by Lender. The insurance policies and any renewals shall include loss payable clauses in favor of, and in a foml acceptable to, Lender. BOITower shall furnish a copy of the policy or policies of insurance to the Lender upon request by the Lender. In the event of loss, Bon-ower 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 Borrower and to Lender jointly. All or any pmi 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 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 appJication of the proceeds to the principal shall not extend or POStpone the due date of the monthly payments which are refen-ed to in Paragraph 2, or change the amount of SllCh 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 Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interestof Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection nf the Property' Borrower's Loan AppHcation; Leaseholds. nOITowec ,hat! occupy, ""ablish, ,"'; lIse the Property as Borrower's principal residence within sixty days after the 2 f:;/¡¿~ \fh Wi· E a'E)~!L,:<~:E;¡~6 :i execution of this Security Instmment and shall continue to occupy the Property as principal residence within sixty days after the execution of this Security Instrument and shal1 continue to occupy the Property as BorrO\ver's principal residence for at least one year after the date of Occupancy, unless the Lender detennines this requirement wil1 cause undue hardship for BOlTower, or unless extenuating circumstances exist which are beyond Borrower's control. B01To\ver shall notify Lenders of any extenuating circumstances. Borrower shal1 not commit waste or destroy, damage or substantially change the Property or al10w the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property 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 Property. BOITower shall also be in default if Borrower, during the loan application process. gave materially false or inaccurate infonmltion or statements to Lender (or failed to provide Lender with any material infonnation) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning BOITO\ver's occupancy of the Property as a principal residence. If this Security Instl11ment is on a leasehold, Borrower 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 agrees to the merger in writing. .'ì C, r::. r, I') U.i...J..).) 6. Charges to Borrower and Protection of Lender's Rjghts in the Property. Borrower shall pay all goveI11mental or municipal charges, fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request, Borro\ver 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 perfonn any other covenants and agreements contained in this Security InstnIInent, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankmptcy, for condenmation 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 Propeliy, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2. Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and be secured by this Security Instmment. These amounts shall bear interest from the date of disbursement, at the Note rate, or the default interest rate, and at the option of Lender, sha1l be immediately due and payable. 7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Prope0Y, or for conveyance in place of condemnation, are hereby assigned and shall be paId to Lender to the extent of the hIll amount of the indebtedness that remains unpaid under the Note and this Security lnstmment. Lender shall apply such proceeds to the reduetjo~ of the indebtedness under the Note and tlIis Security Instrument, flfst to aoy delmquent amoun's applicd in the order provided in Paragraph 3,. aod then to prepayment of prÌucipal. Any application of 'hc proceeds tn thc pnnclpal sha1l ~ot extend or postpone the due date of the monthly payments, which are refeITcd to m Paragmph 2, Or change the amount of 'ueh payments. Any eXcess 3 .Ø1 iJM£ 7 f if '.'- 1~ J); f:' 'b¡Á..,¡'O ," 1,-' ('" ,~ .. ' .", ,'. . t ~ --, ' ~ "I proceeds over an amount required to pay all outstanding indebte~ness under the Notè' U ,: oJ .j '1 and this Security Instrument 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 Instrument if: Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or, Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (i) (ii) (b) Sale Without Credit Approval. Lender shall, if pennitted by applicabJe law, 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 tmst owning all. or part of the Property, is sold or otherwise transfelTed (other than by devlse or descent) by the Borrower, and The PropeJty 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. (ii) (c) Default Interest. If Lender has not received the full 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 Waiver. If circumstances occur that would permit 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 Instrument. This right applies even after foreclosure proceedings are instit1lted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring B01Tower's account ClllTcnt including, to the extent they are ohligations of Borrower under this .Sccurity Instrument, foreclosure costs and reasonable and customary attomeys' 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 not required immediate payment in full. However, Lender is not required to pemlit reinstatement if: (i) Lender has accepted reinstatement after the c~mmencement of foreclosure proceedings within two years immediately pl~ecedl!1g the commencement of a current foreclosure proceeding, (ii) reinstatement WIll preclude foreclosure on differeot gcoonds io the fu",eo, 0, O,i) mi'''latcmenr will adversely affect the priority of the lien created by this Security Instrument. 4 ~1 Ll ß ¿JfV!£ "-"; {\ -,¡'1 ~1" fro. '~'fl i~"" \.!..} '::.; ~~,\..1 û: 'J1..:1 \.) 10. Borrower Not Released; Forhearance by Lender Not a \Vavier. 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 n?t operate to release the liability of the original Borrower or Borrower's Successor m 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 BOlTower or Bonower's successors in interest. Any forbearance by Lender in exercising any fight or remedy shal1 not be a waiver of or preclude the exercise of any right or rcmedy. , (ì C: r:; ','J r7 ',I . V,~) J 11. Successors and Assigns Bound; Joint and several Liahility; Co-signers. The covenants and agreements of this Security Instl11ment shall bind and benefit the successors and assigns of Lender and Borrower, 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 Instrument only to mOligage, grant and convey that Bonower's interest in the Property under the ten11S of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other BOlTO\Ver may agree to extend, modify, forbear or make any accommodations with regard to the ten11S of this Security Instrument or the Note without that Bonower's consent. 12. Notices. Any notice to Bon'ower provided for in tllis 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 propeliy address or any other address Borrower 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 Instl11ment shall be deemed to have been given to Bon-ower or Lender \vhen given as provided in this paragraph. 13. Governing Law; Severahility. This Security InstT11ment sha]] be governed by Federal law and the law of the jurisdiction in which the Propeliy is located. In the event that any provision or clause of this Security InstnIJnent or the Note conflicts with applicable law, such conflict sha]] not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provision of this Security Instrument and the Note are declared to be severable. 14. Dorrower', Copy. Borrower ,hall be given one eonfolmed copy of thi, Security Instrument. 15. Assignment of Dent,. Borrower unconditionally a"igos and transfe," to Lender all the reots and reveoues of the Property. Borrower audlOrized Lender or Lender's agents to collect the rents and revenues and herehy directs each tenant of the Prope'iY to pay the rents to Lender or Lender's ageots. However, prior to Lender', nntice to Borrower of Borrower's breach of any covenant or agreement in dre Security ¡ostrumeot, Borrower shall co!lect and ""oive a!l '''nts and revenn.s of the Pmpcrty 5 lit ilw ~··'').jl_~ h;~'Ù r't,{¡r::"~0 \.. ',,! '.:J,", U as trustee for the benefit of Lender and BOlTower. This assignment of rents .. constihltes an absolute assignment and not an assignment for additional security only, If Lender gives notice of breach to Bon-ower: (a) all rents receive by Borrower shall be held by Bon-ower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to coUect and receive all of the rents of the Property; and (c) each tenant ofthc Property shal1 pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Bon-ower has not executed any prior assignment of the rents and has not and will not perf 01111 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 judicially 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. Bon-ower and Lender further 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 permitted 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 attomeys' 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 Propeliy, if different, in accordance with applicable law. Lender shall give notice of the sale to Bon'owcr 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 attomeys' fees; (b) to all sums secured by this Security Instnnnent; 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 sllall release this Seeucity ¡nstcument withont chacge 10 Bonower Bonow," shall pay any recordatIOn costs. 18. Waivers. Borrower waives all rights of homestead exemption in the Pmpcrly and relmqUlshes all nghts of curtesy and dower in the Propeliy. rudel'S to this Security Instrumeut. If one or more ride" an eX"uted by Bon'ower and recorded together with this Security ¡nS!CUmenl, the covenants of each such rider shall he 6 It!';: ,ÆV/é incorporated into and shall amend and supplement the covenants and agreements of tJfJs(} C 5 ~.I ~1 Security Instrument as if the rider(s) were in a part of this Security Instrument. [Check . d. applicable space(s)]. i,;} ~i~~,(~~: 'ti 2 t} Condominium Rider Growing Equity Rider _ Other [Specify] _Graduated Payment Rider _ Planned Unit Development Rider Other BY SIGNING BELOW, Borrower accepts and agrees to the tenns contained in pages 1 through 7 of this Secmity Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: STATE OF WYOMING, LINCOLN County ss: ß¿~ /~~ BmTower JONATHAN P EDWARDS O-nv v,1 c. t/lJ1 \ £(1 L1 )- fÅ--'uds BOlTo~'er ANGELA M EDWARDS Borrower Bonower The foregoing instrument was acknowledged before me this 31ST OF OCTOBER, 2005 by JONATHAN P EDWARDS & ANGELA M EDWARDS husband & wife My Commission Expires: I {J - d ,-0 ì f'J:,I~CY Si.\!T{;¡,L; -I'HCIAI;Y f'U6LiC'X SlAíE Of ; . WYOMING. ". (0 d{JÎ! w__ --"_._~~;'_;'-,5'--'.~i';,J )' t~:~~~"~,,,,,, """".. 7 ('! ·"1 ~li'\{(,l~C~ ,,;Jt-ó--s;/:~i-;t l' NotalY PUbli~J L/ \J , I.