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FHHLC - POST CLOSING MAIL ROOM
1555 W. WALNUT HILL LN. #200 MC 6712
IRVING TX¡ 75038
1315 SOUTH HIGHWAY 89¡ SUITE 101
JACKSON¡ WY 83001
RECEIVED 7/7/2006 at 4:19 PM
RECEIVING # 920049
BOOK: 625 PAGE: 800
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Prepared By:
FIRST HORIZON HOME LOAN CORPORATION
[Space Above Tlùs Line For Recording Data]
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FHA Case No.
State of Wyoming
MORTGAGE
591-0988656-703
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MIN 100085200580572743
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THIS MORTGAGE ("Security Instrument") is given on June 30th¡ 2006
The Mortgagor is MARK COELHO or.
KRIS COELHO¡ HUSBAND or. WIFE
("Borrower"). This Security Instrument is given to Mortgage Electronic Registration Systems, Inc. ("MERS"), (solely as
nominee for Lender, as hereinafter defined, and Lender's successors and assigns), as mortgagee. MERS is organized and
existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026,
Flint, MI 48501-2026, teL (888) 679-MERS.
FIRST HORIZON HOME LOAN CORPORATION
("Lender") is organized and existing under the laws of THE STATE OF KANSAS
has an address of 4000 Horizon Way
Irving¡ Texas 75063
ONE HUNDRED TWENTY SIX THOUSAND EIGHT HUNDRED
, and
. Borrower owes Lender the principal sum of
SEVENTY FIVE or. 00/100
Dollars (U.S. $ 126,875.00 ).
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 July 1st¡
2036 . This Security Instrument secures to Lender: (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 perfonnance of
Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does
hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and
0058057274
FHA Wyoming Mortgage with MERS - 4/96
~.4NIWY) (""') An..",," 2101 ~.
Page 1 of 9 Initials: ~
VMP Mortgage Solutions, Inc.
1/111111111111111111111111111111111
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0920049
000801
assigns) and to the successors and assigns of MERS with power of sale, the following.described property located in
Lincoln County, Wyoming:
LOT 88 OF PRATER CANYON ESTATES PLAT 4, LINCOLN COUNTY, WYOMING AS
DESCRIBED ON THE OFFICAL PLAT FILED ON JULY 6, 1970 AS INSTRUMENT
NO 423838 OF THE RECORDS OF THE LINCOLN COUNTY COURT.
Parcel ID NWTIber:
which has the address of
THA YNE
[City], Wyoming
83128
[Street]
[Zip Code] ("Property Address");
18 PIUTE DRIVE
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. All replacements and additions shall also be covered
by this Security Instrunient. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower
understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrwnent;
but, if necessary to comply with law or custom, MERS, (as nominee for Lender and Lender's successors and assigns),
has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the
Property; and to take any action required of Lender including, but not limited to, releasing or canceling this Security
Instrument.
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 unencWTIbered, except for encWTIbrances of record.
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any
el1CWTIbrances of record.
THIS SECURlTY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with
limited variations by jurisdiction to constitute a uniform security instrWTIent covering real property.
Borrower and Lender covenant and agree as follows:
UNIFORM COVENANTS.
1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of. and interest
on, the debt evidenced by the Note and late charges due under the Note.
2. Monthly Payment of Taxes, Insurance and Other Charges. Borrower shall include in each monthly payment,
together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special
assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c)
premimns for insurance required under paragraph 4. In any year in which the Lender must pay a mortgage insurance
premiWTI to the Secretary of Housing and Urban Development ("Secretary"), or in any year in which such premiWTI
would have been required if Lender still held the Security Ins trwnent , each monthly payment shall also include either: (i)
a sum for the annual mortgage insurance premiWTI to be paid by Lender to the Secretary, or (ii) a monthly charge instead
of a mortgage insurance premiWTI if this Security Instrument is hrdd by the Secretary, in a reasonable amount to be
determined by the Secretary. Except for the monthly charge by the Secretary, these items are called "Escrow Items" and
the SWTIS paid to Lender are called "Escrow Funds."
Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the
maximwn amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act
of 1974, 12 U.s.C. Section 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be amended
from time to time ("RESPA "), except that the cushion or reserve permitted by RESPA for unanticipated disbursements
or disbursements before the Borrower's payments are available in the account may not be based on amounts due for the
mortgage insurance premiWTI.
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If the amounts held by Lender for Escrow Items exceed the amounts permitted to be-field by RESPA, Lender shall
account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time are
not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the
shortage as pennitted by RESPA.
The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower
tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining for
all installment items (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become
obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrowèr. Immediately prior to
a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance
remaining for all installments for items (a), (b), and (c).
3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows:
First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the
Secretary instead of the monthly mortgage insurance premium;
~, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard
insurance premiums, as required;
Third, to interest due under the Note;
Fourth, to amortization of the principal of the Note; and
Fifth, to late charges due under the Note.
4. Fire, Flood and Other Hazard Insurance. Borrower 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 Secretary. All insurance shall be carried with companies approved by Lender.
The insurance policies and any renewals shall be held by Lender ana shall include loss payable clauses in favor of, and
in a form acceptable to, Lender.
In the event of loss, Borrower 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 part 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 application of the proceeds to the principal shall not extend
or postpone the due date of the monthly payments which are referred 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 thereto.
In the event of foreclosure of this Security Instrwnent or other transfer of title to the Property that extinguishes the
indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser.
5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days
after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall
continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy,
unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances
exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower
shall not commit waste or destroy, damage or substantially change the Property or allow 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. Borrower
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shall also be in default if Borrower, during the loan application process, gave materially Jaise or inaccurate infonnation
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 Borrower's occupancy of the Property
as a principal residence. If this Security Instrument 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.
6. Condemnation. The proceeds of any award or claim for damages, direct or consequenti¡ù, in connection with
any condemnation or other taking of any part of the Property, or for conveyance in place of condemrultion, are hereby
assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the
Note and this Security Instrument. Lender shall apply such proceeds to Úle reduction of Úle indebtedness under Úle Note
and Úlis Security Instrument, first to any delinquent amounts applied in the order provided in paragraph 3, and Úlen to
prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of Úle
monthly payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess proceeds
over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to
Úle entity legally entitled thereto.
7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all
governmental 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 Úle payment. If failure to pay would 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 perfonn any other
covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly
affect Lender's rights in Úle Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or
regulations), Úlen 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 oÚler 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 Instrument. These amounts shall bear interest from the date of disbursement, at the Note rate,
and at Úle option of Lender, shall be immediately due and payable.
Borrower shall promptly discharge any lien which has priority over Úlis Security Instrument unless Borrower: (a)
agrees in writing to the payment of the obligation secured by Úle lien in a manner acceptable to Lender; (b) contests in
good faith the lien by, or defends against enforcement of Úle lien in, legal proceedings which in the Lender's opinion
operate to prevent the enforcement of Úle lien; or (c) secures from the holder of the lien an agreement satisfactory to
Lender subordinating Úle lien to this Security Instrument. If Lender detennines Úlat any part of Úle Property is subject to
a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying Úle lien.
Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice.
8. Fees. Lender may collect fees and charges auÚlorized by the Secretary.
9. Grounds for Acceleration of Debt.
(a) Default. Lender may, except as limited by regulations issued by the Secretary, in Úle case of payment
defaults, require immediate payment in full of all sums secured by this Security Instrument if:
(i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument
prior to or on Úle due date of the next monthly payment, or
(ii) Borrower defaults by failing, for a period of thirty days, to perfonn any other obligations contained in
this Security Instrument.
(b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(d) of
Úle Garn-St. Gennain Depository Institutions Act of 1982, 12 U.s.C.170lj-3(d)) and with the prior approval of
the Secretary, require immediate payment in full of all sums secured by this Security Instrument if:
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0920049
000804
(i) All or part of the Property, or a beneficial interest in a trust owrung all or'=-part of the Property, is sold or
otherwise transferred (other than by devise or descent), and
(ii) 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
with the requirements of the Secretary.
(c) No Waiver. If circwnstances 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.
Cd) Regulatìons of HUD Secretary. In many circwnstances regulations issued by the Secretary will limit
Lender's rights, in the case of payment defaults, to require inunediate payment in full and foreclose if not paid.
This Security Instrument does not authorize acceleration or foreclosure if not pennitted by regulations of the
Secretary.
(e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not deteonined to
be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender may, at
its option, require immediate payment in full of all swns secured by this Security Instrument. A written
statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining
to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility.
Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of
insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary.
10. Reinstatement. Borrower has a 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 instituted. To reinstate the Security Instrument, Borrower shall tender in a Iwnp swn all
amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under
this Security Instrwnent, foreclosure costs and reasonable and customary 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 not required immediate payment in full. However,
Lender is not required to pemÜt reinstatement if: (i) Lender has accepted reinstatement after the commencement of
foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure
proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will
adversely affect the priority of the lien created by this Security Instrument.
11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or
modification of amortization of the swns secured by this Security Instrument granted by Lender to any successor in
interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor 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 swns secured by 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 waiver of or preclude the exercise of any right or remedy.
12. Successors and Assigns Bound; Joint and Several Liability; 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 9(b). Borrower's covenants and agreements shall be joint and several. .Any Borrower who
co-signs this Security Instrument but does not execute the Note: (a) is co-sigrung this Security Instrwnent only to
mortgage, grant and convey that Borrower's interest in the Property under the tenns of this Security Instrument; (b) is
not personally obligated to pay the swns secured by this Security Instrument; and (c) agrees that Lender and any other
Borrower may agree to extend, modify, forbear or make any accommodations with regard to the teons of this Security
Instrument or the Note without that Borrower's consent.
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18. Foreclosure Procedure. If Lender requires immediate payment in full under paragraph 9, Lender may
invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to colleèt
all expenses incurred in pursuing the remedies provided in this paragraph 18, 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 13. 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 proceeds 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 sums secured by this Security Instrument;
and (c) any excess to the person or persons legally entitled to it.
If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires
immediate payment in full under Paragraph 9, the Secretary may invoke the nol\Ïudicial power of sale provided
in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting a
foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided
in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a
Lender under this Paragraph 18 or applicable law.
19. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security
Instrument without charge to Borrower. Borrower shall pay any recordation costs.
20. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of
curtesy and dower in the Property.
21. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together
with this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and
supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security
Instrument. [Check applicable box(es)].
D Condominium Rider
D Plarmed Unit Development Rider
D
D
Growing Equity Rider
Graduated Payment Rider
D Other [specify]
0058057274
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000807
BY SIGNING BELOW. Borrower accepts and agrees to the tenns contained in this Security Instrument and in any
rider(s) executed by Borrower and recorded with it.
Witnesses:
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
0058057274
.-4N(WY) (0509)
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MAR COELHO . . Bo=w",
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KRIS COELHO
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
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09~0049
C00808
STATE OF WYOMING,
LINCOLN
:: County 55:
The foregoing instrument was acknowledged before me this 5th day of July, 2006
by MARK COELHO & KRIS COELHO
My Commission Expires: 9 -15 - 07
,;;::!!W{~ JrJ Á2y~
GLORIA K. BYERS· NOTARY PUBLIC
County of State .of
Lincoln Wyoming
My Commission Expires Sept. 15, 2007
0058057274
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