HomeMy WebLinkAbout913854
r' (\ n /.) r., !'~
'-.' ,) u v /... u
RECEIVED 11/18/2005 at 2:11 PM
RECEIVING # 913854
BOOK: 605 PAGE: 325
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
AFTER RECORDING RETURN TO:
\Vashin~toll Fcdcral Savin~s
500 N CAPITAL
IDAHO FALLS ID 83402
ATTN; ROXANN HOLLOWAY
Attention:
Loan Number 044 )09 ')] 0')9')-4
Title Company ROCKY HOUNTA TN TITLE
Order Number A6')RO
SHORT FORlVllVI0RTGAGE (WITH PO\\'ER OF SALE), SECURITY AGREEl\JENT
AND FIXTURE FILING \\'ITH ASSfGN1VIENT
OF LEASES, RENTS AND ACCOUNTS
THIS MORTGAGE ("Security Instrument") is made NOVEMBER 16, 2005
SALT RIVER HOMES, LLC A WYOHING LIMITED LIABILITY COHPANY
BETWEEN
as Mortgagor
("Borrower"), whose address is 56 PALAHINO DRIVE, ALPINE, WY 83128
and 'V ASJUNGTON FEDERAL SAVINGS, a United States Corporation, as Mortgagee ("Lender"), whose address is
500 N CAPITAL, 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 properly 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 217 OF NORDIC RANCHES DIVISION NO. 13, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE
OFICIAL PLAT THEREOF.
q
1
which has the address of
251 GALLUP DRIVE, ETNA, WY 83118
TOGETHER WITH all the tenements, hereditaments and appurtenances, now or hereafter thereunlo belonging or in any
way appertaining, leases and other agreements for the use and occupancy pertaining thereto, andlhe rents, issues and profits thereof
and all other property or rights of any kind or nature whatsoever further set forth in lhe J\·faster Form Mortgage hereinafter referred
to, SUBJECT, HOWEVER, to the right, power and authority hereinafter given to and conferred upon Lender to collect and apply
such 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
personal property and also grants a security interest in the property described in Paragraph 3 of the Master Form tvlortgage
hereinafter referred to, now owned or hereafter acquired by Borrower (the Property, as defined above, and the property described
in 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 SEVENTY ONE THOUSAND T\W HUNDRED AND NOjDOLLARS-----
------------------------------------------------------------- -- - DOLI APS
($ 171,200.00 ), with interest thereon according to the terms of a promissor~ no~; o~::e~l-~,~~~:I~~v~t~l, paY;ll;îi;
Lend~r or order and ~11ade ~y Borrower (the "No.t~", which term sh~1l include all notes evidencing the indebtedness securedb.~Il is
Secunty Instrument, lI1cludlI1g all renewals, modJtlcatlons or extens10ns thereof); \;
/
il ,j(:I.S ~
~T~ -
L~ -c
;/
,.', ;'::.-.., <!"I,;Ç'I,C"í¡-
. ",I '\ - to, ....
\tJ ,-y ~¡~ ',..JJ ~ ~
1"\ i' h ,r', f~
. \J ',.' ,~ (.. U
b) Payment of any further SlUns advanced or loaned by Lender to Borrower, or any of its successors or assigns, if (J) the
Note or other writing evideucing the future advance or ]oau 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, securing, or relating to the Note and/or the Collateral, whether executed prior to,
contemporaneously 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 Luan Documents or
agreed to in writing;
c) Performance of each agreement, term and condition set forth or incorporated by reference in the Loau Documents,
including without limitation the loan agreement of even date herewith, wl¡ic'h are incorporated herein by reference or contained
herein.
TI-IE MATURITY DATE OF THESE SECURED OBLIGATIONS, AS CONTAINED IN THE LOAN DOCUlvlENTS,
INCLUDING THE NOTE, IS NOVEMBER 16. 2007___
By executing and delivering this Security Instrument and the Note secured hereby, the parties agree that all provisions of
Paragraphs I 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 1ength, and the Borrower hereby makes said covenants and agrees to fully perform all of said provisions.
The Master Form Mortgage above referred to was recorded on the dates below shown, in the Official Records of the offices of the
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
LINCOLN
TETON
BOOK OR VOLUME
374PR
310
PAGE NO.
644-655
1174-1185
RECORDING NO.
809964
0,:]04875
DATE OF RECORDING
October 16, 1995
October II, 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 ¡vtaster Form rv!ortgage.
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 BorrolVer 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 1l0od 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 the following statements contains an "X", that statement is a part of this Security Instrument. If the box
is not so checked, the corresponding statement is not part of this Security Instrument.
D Paragraph 49 of the !\laster Form Mortgage (which refers to the existence, if any, of an adjustable rate feature in the Note)
is hereby deleted.
!RJ The Note secured hereby evidences a construction loan or land loan hut is not a combination Note. Paragraph 53 of the
Master Form Mortgage is hereby deleted_
D The Note secured hereby is a combinatil)!1 construction loan/permanent loan Note. Refer to paragraph 53 of the Master
Form Mortgage.
D The Property or a part thereof is a Condominium. Refer to paragraph 50 of the Master FornI Mortgage.
D 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
D The Property or a part thereof is a leasehold estate. Refer to paragraph 52 of the !\I!aster Form Mortgage.
D See also Schedule" A" of this Short Form Mortgage, attached hereto and incorporated herein by this reference.
(Page 2 of 3)
." .~
.~...
.. ,. ., ,r··)t::·4
'.i,j ~:) ~~ ~.~~ tj '-'
,~ '. ('t \
\... \J \..
3Zr
WITNESS the hand(s) and seal(s) of the Borrower, and each of them if more than one, on the day and year first above written.
HE}-!BER
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
JOSEPH BELLOFF AND LAURENCE B REINHART
[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
HANAGIN MEMBERS
(Type of Authority, e.g., Officer, Trustee)
of SALT RIVER HOMES, LLC
(Name of the Party on Behalf of Whom the Instrument w,/::xecuted)-'-\
to be the free and voluntary act of such party for the uses and puq)oses me~1~~..0~~:;:~~i.!1}l¡~;;:~_-,,"/.c:-- _~.__
Dated: NOVEMBER 16, 2005 ./ ./. JLr{¿/ 71.:.< ~ '-
" // -¡ {' r---=----:-- -
c..--- / (SIgnature)
/Notary Public in amI for the State of IDAHO
residing at BLACKFOOT
My commission expires ..J-J:17J.lO
,.'..,~';"'Ii\\:~ 'w~ ~ ~" ; '.'
(~êH1"qr St~l{~jtj/"
,~s~~ .....···;·······.<6..:;
/ii!/ ,ï>~ ...{\
'~æ:""'y' \ì/-, ;\-:
",0' ,,/ II) /.. .(j)..
::_ ~ \Y, 'L. (Y i i
.2. 'þ..." '.
'7.:/ .*..
:,(J)... '<,0 ...:::
.. (\ '. ^ .. .:--
''./J. IV·.....
. ;)rl··~:è··,¡::..;·~f';»,·,·,ß·
(Page 3 of 3)
L0175·T (WYJ
"\
~') i) ()
.).<" ~
1:.;:. ".j \.
; , ,", ,-, ~'.. Gr') r' r'\
oJ t ""-,J J'¡ I' ). '-<':"','~' L~
·,.3 '-__.~ '-,--~. '--.:..; it....Jï
0-1-1209310595--1
ADDENDUM TO UNIFOR1Vl DEED OF TRUST
Date: Novcmber 16th, 2005
Addendum attached to and forming part of the Deed of Trust ("Security Instrument ") of even date by and
between
SALT RIVER HOl\1ES, LLC A WYOi\lING LIMITED LIABILITY COMPANY
as Grantor/Borrower; ROCKY MOUNTAIN TITLE COMPANY
as Trustee; and 'IV ASIIlNGTON FEDERAL SAVINGS as Beneficiary/Lender.
1. OCCUPANCY OF THE PROPERTY BY BORHOWER.
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
immediately preceding the paragraph Lender has determined to be applicable to Borrower, and Borrowcr
has agreed to this chosen alternative by executing this Addendum to the Security Instrument and pursuant
to the terms of Lender's loan commitment.
D
Occupancy of Property by Borrower Required.
is amended by substituting the following language:
Uniform Covenant 6 of the Security Instrument
"Borrower shall occupy, establish anel 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 sok discretion; provided, however, that if the loan
evidenced by the Security Instrument is a 'custom' construction loan as ddïned by a Construction
Loan Agreement between Lender and Borrower, then Borrower shall begin to occupy, establ ish 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 notwithst.\ndingany other terms of the Security
Instrument (0 the contrary, any of the following remedies: (a) Lender may accelerate the terms of
the Note and, upon fifteen (I 5) 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 for not calling thl: loan
immediately due and payable, including but nOl limittd 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."
IKJ Occupancy of Property By Borrower Waived. Uniform Covenant 6 of the Sl:curity Instrument
is deleted.
2. ADDITIONAL SPECIAL COVENANTS.
A. Additional Adl'ance(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 (I) 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, securing, or relating to the
Note and/or the Collateral, whether executed prior to, contemporaneously 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 collecti 'el)' referred to as
the "Loan Documents"), together with interest thereon at the rate set forth i 1 h> o.~ unless
otherwise specified in the Loan Documents or agreed to in writing.
(Page 1 of 3)
c),
, .." ,",; "<'IJ·r;'! c" q"i
11'\......' I' .,' "\_ ¡j¡ .
\'-J ....~/ -~.~ ~
, "g'"
('\ \(~ I) ".
.~. U (1 /d'" ~
B. Lender's Right of Acceleration and .Judicial Foreclosure.
Uniform Covenant 19 and Non-Uniform Cuvenant 22 of the Security Instrument are amended by
the addition of the following language, whieh 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 forecJosure under its power of sale in the event of default, and that Borro\\'cr has
a statutory right of redemption protecting Borrower in the event of judicia] 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 judicia] forecJosure for any default or breach by Borrower, the Borrower shall
not have the right of reinstatement or enlit]ement 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 thc Security
Instrument is revised to read as follows:
"23. Release or Reconveyance. Upon payment of all Slllns secured by thi" Stcurity Instrument,
Lender shaH request Trustee to release or reconvey the Property and shall surrender this SeclIfity
Instrument and all notes cvidencing debt secured by this Stcurity Instrument to Trustee. Trustee
shalJ release or reconvey the Property without warranly to the person or persons legalJy entitled to
it. Such person or persons shalJ pay any recordation costs and reasonable trustee's fee for rele::se 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 folJowing language which affects both covenants:
"If the Property is now or shalJ e\'er during this loan be determined by the Ftderal Emergency
Management Agency (FEMA), or its successor agency, to be within a Special Flood Hazard Area
(SFHA), then to the extent 1100d insurance is available for the Property, Lender wi]] require, upon
notice to Borrower of stich determination, that adequate nood insurance be maintained for the
improvements of the Property at Borrower's expense, and Lender shall be entitJed to co]]ect, as part
of the Funds defined under Covenant 3, and to the extent authorized by federal law and regulation,
"Escrow Items" (reserves) for tlood insurance premiums; and if Borrower does not voluntarily pay
for the tlood insurance as part of said Funds, Lender sha]] be entitled to obtain" forced place" newd
insurance coverage for the Property improvements and, in so doing, either capitalizc the cost of
such coverage to the principal balance of the Joan or apply the payment as a "negative reserve",
whereupon Borrower shall be deemed to be in default of this Security Instrument.
E. "Custom" Construction Loans. If this Security Instrument secures permanent financing to
construct or remodel a residential dwelling on the Properly (" 'custom' construction loan"), then the
Construction Loan Agreement & Assignmcnt of Account signed by Borrower along with this
Security Instrument and Addendum shall be incorporated by n:fnence in and be a part of this
Security Instrument, and any default or breach by Borrower of the Construction Loan Agreement &
Assignment of Account sha]] constitute a default or breach of this Security Instrument, thereby
entitling Lender to any and a]] remedies a]]owed by the Security Instrument and applicable law for
stich default or breach.
F. E-Z Pay Option. If Borrower elects the E-Z Pay option at the inception of this loan, then Lender
sha]] temporarily defer the two hundred dollar ($200) payment processing charge which is otherwise
due and payable in fu]] at dosing. However, if at any time, Borrower's E-Z Pay bank accotlnt has
insufficient funds to cover a payment when due, or if Borrower's E-Z Pay bank account is closecl or
otherwise becomes unavai],¡ble 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 tvent this charge shal!
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 Joan. If the charge is added to the Joan, then it shall become additional debt
of Borrower secured by this Security Instrument and sha]] bear interest at the Note rate and sha]] be
payable in accordance with the terms of the Note_
(Page 2 of 3)
L041 (WA)
,,' ~\ -" ,c) c;' ~4
,i .I "- J II ' ',""\ .
,.....11 "~_j ,-_' '-_-.J .......J,' '-Ii
(' ,'" -. f\ ro ('\
"of \J \; ..:. oj {'.J
G. Hazard, Property, or Flood Insurance. Without affecting the language contained in C'ovenants 3,
5, and 7 of the Security Instrument and paragraph D above, Borrower is advised as follows:
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. I l' 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 tu 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 for property damage coverage or any mandatory
liability insurance requirements imposed by applicable law.
H. Late Charges and Other Fees. Lender may, at lender's option, either require Borrower to pay
any late charge for overdue payments or NSFlreturned item fees related to any payments uncler the
Note, or add the amount of any such charges or fees to [he 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.
I. Assignment of the Loan. If Lender transfers its interest in or a right to recti ve loan payments
under the Nole secured by the Security InstJînnent, this Addendum, or any part of it, may be
cancelled at the option of Lender and without advance notice to Borrower, ancl Lender may make
and record any instrument, withoul signature of Borrower, which may be necessary to give record
notice of such cancellation.
(Page 3 t!f 3)
0532009234900 L041 (WA)
k