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HomeMy WebLinkAbout919744 /)3 RECEIVED 6/28/2006 at 12:56 PM RECEIVING # 919744 BOOK: 624 PAGE: 740 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY n 10 0 'Ï 4 0.' \... ., ~--~._.~_._.- AFTER RECORDING RETURN TO: Washington Federal Savings IDAHO FALLS OFFICE POBOX 51750 IDAHO FALLS ID 83405 Attention: ROXANN Loan Number 044 209 317753-2 Title Company ROCKY MOUNTAIN Order Number A6 632 SHORT FORM MORTGAGE (WITH POWER OF SALE), SECURITY AGREEMENT AND FIXTURE FILING WITH ASSIGNMENT OF LEASES, RENTS AND ACCOUNTS THIS MORTGAGE ("Security Instrument") is made JUNE 27TH. 2006 SALT RIVER HOMES LLC, A WYOMING LIMITED LIABILITY COMPANY ..... . BETWEEN . ("Borrower"), whose address is PO BOX· 51535 , IDAHO FALLS ID 83405 and WASIDNGTON FEDERAL SAVINGS, a United States Corporation, as Mortgagee ("Lender"), whose address is 494 BLUE LAKES BLVD, TWIN FALLS ID 83301 as Mortgagor 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, al1 Borrower's estate, right, title, interest, claim and demand, now owned or hereafter acquired, in and to the foUowing described property in LINCOLN County, Wyoming (the "Property", which term shal1 include al1 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 226 OF NORDIC RANCHES DIVISION NO 13, SECOND FILING, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF which has the address of 538 GALLUP DRIVE, ETNA, WY 83118 TOGETHER WITH aU the tenements, hereditaments and appurtenances, now or hereafter thereunto belonging or in any way appertaining, leases and other agreements for the use and occupancy pertaining thereto, and the rents, issues and profits thereof and all other property or rights of any kind or nature whatsoever further set forth in the Master Fonn Mo'rtga.géhereinafter referred to, SUBJECT, HOWEVER, to the right, pöwer and authority hereinafter given to and conferred upon Lender to collect and apply such rents, issues and profits. This Security Instrument shal1 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 Fonn Mortgage hereinafter referred to, now owned or hereafter acquired by Borrower (the Property, as defined above, and the property described in said Paragraph 3are hereafter collectively referred to as the "Collateral"). THIS SECURITY INSTRUMENT IS FOR THE PURPOSE OF SECURING the following: (a) Payment of the sum of TWO HUNDRED TWENTY EIGHT THOUSAND EIGHT HUNDRED AND NO/100S DOLLA ($ 228,800.00 ), with interest thereon according to the terms of a promissory note of even date herewith, payabl Lender or order and made by Borrower (the "Note", which term shall include aU notes evidencing the indebtedness secured b Security Instrument, including all renewals, modifications or extensions thereof); (Page 1 of 3) ---I L0175-T ( 091.974t:t .' ,.., " u0741 b) Payment of any further sums advanced or loaned by Lender to Borrower, or any of its successors or assigns', if (1) 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 arid/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 Loan Documents or agreed to in writing; c) Performance of each agreement, term and condition set forth or incorporated by reference in the Loan Documents, including without limitation the loan agreement of even date herewith, which are incorporated herein by reference or contained herein. THE MATURITY DATE OF THESE SECURED OBLIGATIONS, AS CONTAINED IN THE LOAN DOCUMENTS, INCLUDING THE NOTE, IS JUNE 27. 2008 By executing and delivering this Security Instrument and the Note secured hereby, the parties agree that all provisions of Paragraphs 1 through 69 inclusive of theMaster 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 length, and the Borrower hereby makes said covenants and agrees to fully perform all of said provisions. The Master Fonn 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 0404875 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 Master Form Mortgage. 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 Borrower 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 flood 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 Master Form Mortgage (which refers to the existence, if any, of an adjustable rate feature in the Note) is hereby deleted. .1. !KJ The Note secured hereby evidences a construction loan 'ot land loan but is not a combination Note.' Paragraph 53 of the Master Form Mortgage is hereby deleted. o The Note secured hereby is a combination construction loan/permanent loan Note. Refer to paragraph 53 of the Master Form Mortgage. D The Property or a part thereof is a Condominium. Refe"r to paragraph 50 of the Master Form 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 Master Form Mortgage, D See also Schedule "A" of this Short Form Mortgage, attached hereto and incorporated herein by this reference. (Page 2 of 3) . , .'''' -l ~ . , . , ' - _.~~--,~----- ")" ~ Ü,/{1A\ ( ,:J ..s......»., 1\"'-;;' C00742 WITNESS the hand(s) and seales) of the Borrower, and each of them if more than one, on the day and year first above written, MANAGING MEMBER ARY AND MANAGING MEMBER 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 PRESIDENT AND MANAGING MEMBER AND SECRETARY AND MANAGING MEMBER (Type of Authority, e,g" Officer, Trustee) of SALT RIVER HOMES LLC (Name of the Party on Behalf of Whom the Instrument was Executed) to be the free and voluntary act of such party for the uses and purposes mention n tins Hlæt-:--- 'Dated: . \.,\\\~il[jJ~ffill~,7 J 2006 ,,:,,) <j~4 (If ?......; ,,' 0.·..·..···.. '... i~~·(S~al,Q1'{St~) \. ~ .:" ~~ \+ ~ ::: -J : A..'t 4 ~::: =>-: 0 "CJ: 0= =¡X:'. · ",. = =. ",: '> .., n..'v f r:: -~.<;." ,v ''<{"- ~ .Á-\", 00 :' Ç;'~ ~ /' "". ~... ".,$ ':' '. "o~';; ~ to,,_ . .." ,"- ~... *.........~,~ '/.........'1 sìp.. \\\\\" 1111//11 II II 1111 \ ( tgnature) otary Public in and for the State of residing at My cOITll1lission expires IDAHO BLACKFOOT' 12/7/10 (Page 3 of 3) L0175-T (WYI ;-'I,':,j, ü'91.974J-\ (' (ì C¡ I"'i 4 3 '.' ,J ,- 044209317753-2 ADDENDUM TO UNIFORM DEED OF TRUST Date: June 27th, 2006 Addendum attached to and forming part of the Deed of Trust ("Security Instrument") of even date by and between SALT RIVER HOMES LLC, A WYOMING LIMITED LIABILITY COMPANY as GraI1tor/Borrower; ROCKY MOUNTAIN TITLE INSURANCE as Trustee; and WASHINGTON FEDERAL SAVINGS as Beneficiary/Lender. 1. OCCUPANCY OF THE PROPERTY BY BORROWER. 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 Borrower has agreed to this chosen alternative by executing this Addendum to the Security Instrument and pursuant to the terms of Lender's loan corrunitment. D Occupancy of Property by Borrower Required. is aInended by substituting the following language: Uniform Covenant 6 of the Security Instrument "Borrower shall occupy, establish and 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 sole discretion; provided, however, that if the loan evidenced by the Security Instrument is a 'custom' construction loan as defined by a Construction Loan Agreement between Lender and Borrower, then Borrower shall begin to occupy, establish aI1d 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 notwithstanding any other terms of the Security Instrument to the contrary, arty of the following remedies: (a) Lender may accelerate the terms of the Note and, upon fifteen (15) days nòtice, 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 aI1d Security Instrument and require further consideration for not calling the loan immediately due and payable, including but not limited 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." [] Occupancy of Property By Borrower Waived, Uniform Covenant 6 of the Security Instrument is deleted. 2. ADDITIONAL SPECIAL COVENANTS. A. Additional Advance(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 (1) 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 i luding any construction loan, land loan or other loan agreement, are hereinafter collectively reed to as the "Loan Documents"), together with interest thereon at the rate set forth in t te unless otherwise specified in the Loan Documents or agreed to in writing. Borrower's Ioi i, -'! (Page 1 of 3) ~--'_._-- - _.._-.._._~-~ J l\Ü"j O'-j ¡'Ii L'IJ ..} '>__1 ..L *o..}1 f Lf: oft 0í\Ct-¿44 \,/ I,) I I . B. Lender's Right of Acceleration and Judicial Foreclosure. Uniform Covenant 19 and Non-Uniform Covenant 22 of the Security Instrument are amended by the addition of the following language, which 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 Unifolm Covenant 19 and Non-Uniform Covenant 22 are intended to avail Borrower of certain notice and reinstatement rights if Lender elects non-judicial foreclosure under its power of sale in the event of default, and that Borrower has a statutory right of redemption protecting Borrower in the event of judicial 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 judicial foreclosure for any default or breach by Borrower, the Borrower shall not have the right of reinstatement or entitlement 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 the Security Instrument is revised to read as follows: - "23. Release or Reconveyance. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to release or reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall reiease or reconvey the Property without warranty to the person or persons legally entitled to it. Such person or persons shall pay any recordation costs and reasonable trustee's fee for release 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 following language which affects both covenants: "If the Property is now or shall ever during this loan be detennined by the Federal Emergency Management Agency (FEMA), or its successor agency, to be within a Special Flood Hazard Area (SFHA), then to the extent flood insurance is available for the Property, Under will require, upon notice to Borrower of such determination, that adequate flood insurance be maintained for the improvements of the Property at Borrower's expense, and Lender shall be entitled to collect, as part of the Funds defined under Covenant 3, and to the extent authorized by federal law and regulation, "Escrow Items" (reserves) for flood insurance premiums; and if Borrower does not voluntarily pay for the flood insurance as part of said Funds, Lender shall be entitled to obtain "forced place" flood insurance coverage for the Property improvements and, in so doing, either capitalize the cost of such coverage to the principal balance of the loan 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 Property ("'custom' construction loan"), then the Construction Loan Agreement & Assiglllilent of Account signed by Borrower along with this Security Instrument and Addendum shall be incorporated by reference in and be a part of this Security Instrument, and any default or breach by Borrower of the Construction Loan Agreement & Assiglill1ent of Account shall constitute a default or breach of this Security Instrument, thereby entitling Lender to any and all remedies allowed by the Security Instrument and applicable law for such default or breach. F. E-Z Pay Option. If Borrower elects the E-Z Pay option at the inception of this loan, then Lender shall temporarily defer the two hundred dollar ($200) payment processing charge which is otherwise due and payable in full at closing. However, if at any time, Borrower's Ð-Z Pay bank account has insufficient funds to cover a payment when du~, or if Borrower's E-Z Pay bank account is closed or otherwise becomes unavailable 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 event this charge shall '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 noÜce or add the amount of the charge to the remaining principal balance of the loan. If the charge is added to the loan, then it 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. (Page 2 of 3) L041 (WA) : { '., '. (l'(}ij ~tJ'~11"í ,'1;.' .J.J4....~ (' '-tJ..t '00745 G. Hazard, Property, or Flood Insurance. Without affecting the language contained in Covenants 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. If 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 to 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 covérage 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 NSF/retumed item fees related to any payments under the Note, or add the amount of any such charges or fees to the 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. , 1. Assignment of the Loan. If Lender transfers its interest in or a right to receive loan payments under the Note secured by the Security Instrument, this Addendum, or any part of it, may be cancelled at the option of Lender and without advance notice to Borrower, and Lender may make and record any instrument, without signature of Borrower, which may be necessary to give record notice of such cancellation, ING MEMBER MANAGING MEMBER (Page 3 of 3) 0617308284900 L041 (WA) --- -----------..