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HomeMy WebLinkAbout914715 RI;:TURN TO: Meridian Trust Federal 2223 Warren Avenue Cheyenne, WY 82001 Credit Union RECEIVED 12/27/2005 at 10:36 AM RECEIVING # 914715 BOOK 608 PAGE: 224 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY (". '-I r .'.. -, '1 ';,. '!,) ~~) ¿ ~~ ~ ,- , .Ii ---~----~_. [Space Above This Line For Recording Data] IVI0RTGAGE TIllS IvlORTGAGE ("Security Instrument") is given on Kathleen A Dalton AND Michael J Dalton, WIFE AND HUSBAND. as Joint Tennants December 15, 2005 . The mortgagor is (" Borrower"). This Security Instrument is given to Meridian Trust Federal Credit Union and whose address is 2223 Warren Avenue Cheyenne, WY 82001 ("Lender"). Borrower owes Lender the principal sum of Fi fteen Thousand & 001100 Dollars (U ,S, $ 15,000.00 ). This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on December 15, 2009 This Security Instrument secures to Lemler: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey [0 Lender, with power of sale, the following described property located in L i nco 1 n County, Wyoming: Lot 18 of Longview Ranch Subdivision Second Addition, Lincoln County. Wyoming as described on the official plat filed March 22, 2001 as instrument number 872264, ~' d (.) which has the address of Lot 18 of the Longview Ranch Subdivision LIncoln County. WY ("Property Address"); TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. A]l replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the >. 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 encumbrances of record. Borrower warrants and will defend generally the title of the Property against all claims and demands, subject to any encumbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. !vlortgagors agree to pay the indebtedness according to the terms of said promissory note, and, during the life of this mortgage, to pay a]] taxes and assessments on the premises and to keep the improvement thereon, insured against fire ¡md other hazards in an amount not less what is considered prudent and necessary with Meridian Trust Federal Credit Union listed as lienholder. If mortgagors faiJ to pay such taxes or assessments or fail [0 keep the prernises insured, mortgagee may pay the same and may insure the premises, and all sums paid by mortgagee for such purposes shall be added to and considered as a part of the indebtedness and shall draw interest at the same rate. 3. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, amI leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower sha]] pay them on time directly to the person owed payment. Borrower shal1 promptly furnish Lcnder all notices of amounts to be paid under this paragraph, If Borrower makes these payments directly, Borrower shal1 promptly furnish to Lender receipts evidencing the payments. Borrower sha]] promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligarioll secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the tien in, kgat proceedings whieh in the Lender's opinion operate to prevent the en[Ùrcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shal1 satisfy the lien or take one or more of the actions set forth above within to days of the giving of notice. 4. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included with the term "extended coverage" and any other hazards, including nood or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods t!::it Lender requires, The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld, If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with this mortgage. All insurance polices and renewals shal1 be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower sha]] promptly give to Lender all receipts of DDS-WMM Page 1 of 3 \1) .--,r-=:» l\tV-s;V JI;¡.~S r C U ¿ .-..: j paid premiums and renewal notices, In the event of loss, Borro\\l'r shall give prompt notice to the insurance carrier and lender. Lender may make proof of loss if not made promptly by Borrower. LJnless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Properly damaged, if the restoration or repair is economicalty ft:asible and Lender's security is not lessened. If the restoration or repair is not economically feasible or lender's security would 1)(: lessened, the insurance proceeds shall be appJied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. It' Borrower abandons the Properly, or cloes not answer within 30 days a notice from Ll'ncier that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds, Lender may Lise the proceeds to repair or restore the Property or to pay SllIns secured by this Security Instrument, whether or not then clue. The 30-day period will begin when the notice is given. LJnless lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraph I and 2 or change the amount of the payments. 5. Occupanc)', Preservation, l\taintenance and Protection of the Property; Borrower's Loan Application. Borrower shall occupy, cstabllsh, and use the Property as Borrower's principal residence within 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 Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall not destroy, damage or impair the Property, altoII' the Property to deteriorate, or commit waste on the Property. Borrower shall be in defautl if any forfeiture aClion or proceeding, whether civil or criminal, is begun that in Lcnder's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lendcr's security imercst. Borrower may cure such a default and reinstate by causing the action or proceedings to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default jf Borrower, during the 10iUl application process, gave materially fatse or inaccuratc information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occup,mcy or the Property as a principal residence. 6. Protection of Lender's Rights in the Property. If Borrower fails to perform the 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 bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrumem, appearing in court, paying reasonable attorney's fees and entering on the Property to make repairs. Any amounts disbursed by Lcnder under this paragraph shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, thesc amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 7. Inspection. Lender or its agent may make reasonable emries upon and inspections of the Property. Lender shall givc Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 8. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in conncction with any condemnation or other taking of any pan of thc Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to thc sums secured by this Security Instrument, whether or not then duc, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or grcater than the amount of the sums secured by this Security Instrument shal1 be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the SUlns secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shal1 be applied to the sums sccured by lhis Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, aftcr notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the datc the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I anel 2 or change the amount of such payments. 9. Borrower Not Relcased; Forhearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender [0 any successor in imerest of Borrower shall nO! operate to release the liability of the original Borrowcr or Borrower's successors in intcrest. Lender shal1 not bc required to comrnence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured hy this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a wai vel' of or preclude the exercise of any right or remedy. 10. Successors and Assigns Bound; Joint and Several Liahility; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument bUl does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant iUld convey that Borruwer's interest in the Property under the terms of [his Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbcar or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 11. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collccted or to be collected in conncction with thc loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce thc charge to the permitted limit; and (b) any sums already collec[ed from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this rehlI1d by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, ¡he reduction will be treated as a partial prepayment without any prepayment charge under the Note. DDS-W)\t)\l Page 2 of 3 \}P cé~) ~1 L ~ ~~; (] 4~:' ~¿ G 12. Governing Law; Severability. This Security Instrument shall be governed by federal Jaw 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 conJ1icts with applicable law, such contlict shall not anLet other provisions of this Security Instrument or the Note which can be given effect without the contlicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 13. Accelcration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument. The notice shall specify: (a) the default; (b) the action required to cure the def,lldt; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be nJred; and (d) that failure to cure the default on or before the date sperified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Propel"ty. The notice shall fnrther inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default 01" any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incuITed in pursuing the remedies provided in this, 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 14. Lender shall publish the 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 proeeeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all stuns secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 14. Release. Upon payment of all sums secured by this Security Instrument, Lender shall retease this Security Instrument wilhout charge to Borrower. Borrower shall pay any recordation costs. 15. \Vaivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in [he property. fir SIGNING BELOW, Borrower accepts and agrees to the terms amI covenants contained 3 of t 1is ecurity lnstrument and in any rider(s) executed by Borrower and recorded with it. (' (~7J¿-"c ¿Odt~ UFi-o / Kathleen A Dalton DATE Social Security Number: 520-54-9743 d/! -} ,~ /;;¿;~~J l-/:r::t7,--J Hidíaél 'Dalton fì Social Security Number: 543 - 56 ·1872 lt1 pages through (SEAl) "7 ,--- , ~---- /"'-/I//Lij DATE ( SEAl) STATE OF WYŒ·,JING, 11 J 'nice- -b4w;o4J County ss: The foregoing instrument was acknowledged before me this Kathleen A Dalton AND Hichael J Dalton. WIFE AND HUSBAND. a&-Jeint-+eRnaA~ 15th day of December, 2005 by ]\/1 Y Commission Expires: 7 Þ£o.o ! '-HL/ Û) ¿7 -7/ tf, ~htl'¿) Notary Public I~,.;","'I 1':,:":0 J .l1'ì~ ,:¡ !J, ~L::.¡L,:.1:J-::¡ C"'""-"'lol Uiilla Ell e[;at~k.Juu tÃpÎr~5: I~Gkj;"Y ~\.~.s~~ Sk:i',;,;.: ot Î ~~ltðCì ".~..-,'lt._"~-t- DDS- \1'1\1/\1 Page 3 () f 3