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HomeMy WebLinkAbout920921 JUL-25-2006 13:07 60615 (01) , First Horizon 307 734 7891 P.Ol C 00761V1 A!'TIR RECORDING PLB1\SB UT'I:JRN TO I I'HBLC - POST CLOSING KAIL ROOM RECEIVED 8/3/2006 at 2:31 PM RECEIVING # 920921 BOOK: 628 PAGE: 761 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY -.-..-.- '...--- ~55S w. WALNUT BILL LN. 1200 Me 67~2 IRVlNG, TJ[ 75038 I MORTGAGE 0058559238 THIS MORTGAGE is made this 24th BRAD I BOWARD JR, A S!ngl. Man day of July 2006 . between the Mortgagor, FIRST HORIZON ROME LOAN CORPORATION (herein "Borrower"), and the Mortgagee. exi$ûng under the laws of THB STATB OJ' LUtSAS , a corporation organized and , whose address is 4000 Borison Way, lRVINQ, TX 75063 (herein "Lender"). WHEREAS. Borrower is indebted to Lender in the principal sum ofV.S. $ 12,877.00 . which indebtedness is evidenced by Borrower's note dated July 24 th, 200 Ii and extensions and renewals thereof (herein "Note"). providing for montlùy insbillments of principal and interest, with the balance of indebtedness, if not sooner paid. due and payable on AuguQt 1st, 2021 TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with inteæst thereon; the payment of all other sums, With interest thereon. advanced in accordance herewith to protect the security of this Mortgage; and the perfonnance of the covenants and agreements of Borrower herein contained. Borrower does hereby mortgage, grant and convey 10 Lender, with power of sale. the following described property located in the County of Lincoln . , State of Wyoming: LOTS '2 AND 93 PRATHR CANYON BSTATES, UNIT NO. ~, AS SHOWN BY T1IJ: OFFICIAL PLAT THBRlOP FILKD OCTOBBR 3, 1967 AS PILING NO. 404249 Dr THE OPFICI OJ' LDlCOLN COUNTY, WYOHING. which has the address of 59 PRATBK CANYON DRrvB TRAYNE [City), Wyoming 83127 [SIrOOI] . [Zip Code¡ (herein "Property Address"); TOGETHER with all the improvements now or hereafìet erected on the property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage; IIIId all of the foregoing, together with said property (or the leasehold estIIU: if this Mortgage is on a leasehold) are hereínaftor referred to as the "Property." Borrower covenants that Borrower is lawful1y seised of the estate horeby conveyed and has the right 10 mortgagc, grant and convey the PrQpcrty, and that the Property is unencumbered. except for encumbrances of record. Borrower covenants that Borrower warrants and will defend generally the title to the Property against all claims and demands, subject 10 encumbran«.1 of record. UNIFORM COVENANTS. Borrower and Lender covCll1lIlt ~d agree as follows: 1. Payment o( Principal and Interest. Borrower shall promptly pay when due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note. 2. Fuuds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower sha1l pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full. a swn (herein "Fùnds") equal to one-twelfth of the yearly taxes and BS&eS5II1ents (including condominium and planned unit development as,essments, if any) which may attai.n priority over this Mortgage and ground renlB on the Property, if any, plus one-twelfth of yearly premium installments for h8ZBrd Ìß5W'ance, plus one-twelfth of yearly premium În5talhnents for mortgage insurance, if any, all as reasonably estimated iniûally and from time to time by Lender on the basis of assessments and bill8 and fØOnable estimates thereof. Borrower shall nOI be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments ro the holllu of a prior mortgage or deed of trust if such holder is an institutional lender. WYOMING - SECOND MORTGAGE. 1/80· FNMA/FHLMC UNIFORM INsTRuMeNT CIi. ·7G(WYII0301) Pag, 1 014 VM' MOftga,_ eolutlons (.OO)S2'.7t91 Farm 3851 rnlllll.;ø!//- i::::~~~:::::;i:,:~';'! ::::;g::;~:t:;;~::;;' ~ JUL-25-2006 13:07 09209~1 ' . First Horizon 307 734 7891 P.02 000762 If Borrower pays Funds 10 Lender, the Funds shall be held In an institution the deposlLS or 8CCoums of which arc insured or guaranteed by a federal or state agency (including Lender if Lender is such an Institution). Lender shall apply the Funds to pay said taxes, assessmenlS, insurance premiums and ground rents. Lender may not charge for so holding and applying the Fund&, analyzing said !ICCOUpt or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and appliœble law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of thi& Mortgage that inleA'est on the Funds shaU be paid to Borrower, and unless such agreement is made or applicable law requires such interest 10 be paid, Lender shall not be required 10 pay Borrower any interest or eamings on the Funds. Lender shall give 10 Borrower, without charge, an annual accounting of the Funds showing crcdi1s and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secuœd by this Mortgage. If the amount of the Funds held by Lender, together with the furore montlùy installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required 10 pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shaU be, at Borrower's option, either promptly repaid 10 Borrower or credited to Borrower on montlùy installments of Funds. If the amount of the Funds held by Lender shal1 not be sufficient to pay taxes, assessmentB, insmance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in full of all sums secured by this Mortgage, Lender shaU promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the saJe of the Property or itll acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mort¡l\go. 3. Appli(ation of Paymeots. Unless applicable law provides otherwise, all payments received by tender under the Note and paragraphs 1 and 2 hereof shall be applied by tender first in payment of amounts payable to Lender by Borrower under para¡raph 2 hereof, then to interest payable on the Note, and then 10 the principal of the NOIe. 4. Prior Mortga¡es and Deeds of Trutit; Charges; Lien&. BOlTOwer shall perform all of Borrower's obli¡anoos under any mortgage, deed of tr'USt or other security agreement with a lien which has priority over this Mortgage, includin¡ Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fmes and impositions at1ributabk! 10 the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. ' S. Hazard Insurance. Borrower shall keep the improvements now cwting or hereafter erected on the Property insured against loss by fll'C. hazards included within the term "extended coverage," and such other bawds as Lender may require and in such amounts and for such periods as Lender may require. Tho insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in II form acceptable to Lend« and shall include a standard mortgage clause in favor of and in a form acccpæble to Lender. Lcndrz shall have the right 10 ohÔld the policies and renewals thereof, subject to the œrms of any mortgage, deed of trust or other security agreement with a lien wmch has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may ntake proof of loss ü not made promptly by Borrower. If the Property is abandoned by Borrower, or ü Borrower fails to respond to Lender within 30 days from the dale notice Is mailed by Lender 10 Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insW'anco proceeds at Lender's option either to restoration or repair of the Property or 10 the sums secured by this Mortgage. 6. Preservatioo aDd Maintenance of PropertYi Leaseboldsi Condominhuns; Planned Unit Development&. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease ü this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit deveJopment, BOlTOwer shall perform all of Borrower's obligations under the declaration or covenants creatin¡ or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent document.!. 7. Protection of Lender's Security. If Borrower fails to peñonn thc co'\'enants and agreements contained in this Mortgage. or if any action or proceeding Is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as ís necessary to protect Lender's interesllf Lender required mortgage insurance as a condition of making the loan secured by this Mort.gl\ge, Borrower shall pay the premiums required to maintain such insurance in effect until such Ûffie as the requirement for such insurance Iem1inates in accordance with Borrower's and Lender's wriUCn 881'cement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the NOIe ra1e, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amount& shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shall require Lender 10 incur any expense or take any action hereunder. 8. Iospection. Lender may make or cause to be made reasonable entries upon and inspectioos of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause thC!I'efor rclatþd to Lender's interest in the Property. 9. CoodelDnatÎOn. The pr0ceed5 of any award or claim for damages, direct or consequential, in connection with any condemnation or other ta11ng of the Property. or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid 10 Lender. subject to the terms of any mortgage, deed of 11Ust or other security agreement with a lien which bas priority over this Mortgage. 10. Borrower Not Released; Forbearance By Leoder Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender 10 any successor in interest of Borrower shal1 not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in Interest Lendef sha11, not be required to commence proçeedings against such successor or refuse to extend Ûffie for payment or otherwise modify amortization of the suma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in excccising any ri¡¡ht or remedy hðl'llundcr. or otherwise afforded by applicable law. shall not be a waiver of or preclude the ~ercise of any such right or remedy. 0058559238 ~.76(WY) (0301) Pag_lðl4 ti¡::M:f~~:::þ.::::1r 1·".·"I·~·. oiil i'. 'L¡.~a:D:C ~~L InMIaI'~ iI;ili¡~~m:~¡'-20~6 13:07 First Horizon :~:~~i~!~~~~mmm~~¡ 307 734 7891 "(1763 0920921. 11. Successors and AssIgns Bound, Joint and Se\'era1 Liability; Co-signers. The covenants and agreements herein conUlined shall bind, and the rights hereunder shall inure 10, the respective successors and assigns of Lender and Borrower, subject 10 the provisions of paragraph 16 hereof. All covenants and agreements of Borrowec shall be joint and several AJ1y Borrower who co-signs this MOrtgage, but does not execute the Note, (a) is co-signing this Mortgage only 10 mortgage, grant and convey that Borrower's interest in the Property 10 Lender under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree IX> extend, modify, forbear, or make any other IICCOmmodations with regard to the terms of this Mortgage or the Note without that Borrower's consent and without releasing thaI Borrower or modifying this Mortgage as to that Borrower's interest in the Property. 12. Nolice. Except for any notice required under applicable law 10 be given in another manner, (a) any notice 10 Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed 10 Borrower at the Property Address or at such other addres3 as Borrower may deaignate by notice 10 Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's addm6i stated herein or 10 such other addœss as Lender may designate by notice to Borrower as provided herein. AJ1y notice provided for in this Mortgage shall be. deemed 10 have been given to Borrower or Lender whcn given in the manner designated herein. . 13. Governing Law; Severability. The state and loca1laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of fedcrallaw 10 this Mortgage. In the event lhat any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict sha1l not affect other provisions of this Mortgage or the Note which can be given effect withoul the conflicting provision, and to this end the provisions of this Mortgage and the Note ate declared 10 be 6Cverable. A$ used herein, "costs." "cxpenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or 1imitcd herein. 14. 8orrower's Copy. Borrower shall be fw'nished a conformed copy of the Note and of this Mortgage al the time of execution or after recordation hereof. IS. Rehabilitation Loan Agreement. Jlorrowcr shall fulfill all of Borrower's obligations under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option. may require Borrower to execute and deliver to Lender, in a form acceptable 10 Lender, an as¡¡j¡nmel1t of any rights, claims or defellses which Borrower may have against parties who supply labor, materia]¡¡ or services in connection with improvements made to the Propert)'. 16, Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any intetest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transfel'1'W and Borrower is not a natural person) without 1.cnder's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Mortgage. However. this option shall not be exercised by Lender if exercise is prohibited by federa1law as of the date of this MortgJlge. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the dale the notice is delivered or mailed within whicll Borrower must pay all sums secured by this Mortgage. If Borrower fails rD pay these sums prior 10 the ellpiration of this period. LendCt may invoke any remedies permined, lIy this Mortgage without further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agyee as follows: 17. Acceleration; Remedies. Except as provided In paraeraph 16 hereof, upon Borrower's breach of apy covenant or a¡:reement of Borrower In this Mortgage, Including the covenants to pay when due any sum¡; Hcured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereot spedtylng: (1) the breach; (2) tbe action required to cure such breach, (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that ranure to cure such breach on or before the date specified in the notice DUly result In acceleration of the sums secured by this Mortgage. The notice shall turther inform Borrower ot the right to reinstate after acceleration and the right to bring a court action to assert the bonexiitence of a default or any other detense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of tile Slims liecured by this Mortgage to be immediately due and payable without further demand and may Invoke the power of sale alld any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses Incurred in pursuing the remedies provided In this paraeraph 17, including, but not limited to, reasonable attorneys' tees. If Lender Invokes the power ot sale, Lender shall give notice of intent to toreclose to Borrower and to the person In possession ot the Property, if different, In accordance with appUcable law. Lender shall mail a copy of a notice or the sale to Borrower In the manner provided in paragraph 12 hereof. Lender sball publish the notice ot sale and the Property shall be sold in the manner prescribed by applicable law. l.ender or Lender's designee may purchase the Property at any sale. The proceeds of tJae sale shall be applied in the foUowing order: (a) to all reasonable costs and expenses of the sale, including, but not Umited to, reasonable attorneys' tees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or persons legally entitled thereto, 18. Borrower's RIght to Reinstate. NotwithsUIDding Lender's accelczlllion of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to lIave any proceedings begun by Lender 10 enforce this Mortgage discontinued at any time prior 10 the earlier to occur of (i) the fifth day before sale of the Property pursuant 10 the power of sale contained in this Mortgage or (ü) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breachCl\ of any otbcr covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incll1Ted by Lender in enforcing the covenants and agyeemenlS of Borrower contained in this Mongage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including. but not limited rD, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may rcasonably require 10 aSsure that the lien of this Mortgage, Lender's interest in Ihe Propeny and Borrower's obligation 10 pay the 8WDS secured by this Mortgage shall continue UlÙmpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had oc:CIJ1TIIIi. 19. A58ignment of Rents; Appointment of Receiver; Lender In Possession. As. additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall. prior 10 acceleration under pangtaph 17 hereof or abandonment of the Property, have the right 10 collect and retain such rents as they become due and payable. 005$559238 -. .76(WY) (0301) Pall* tri 01. Inh~~~ JUL-26-2006 13:07 First Horizon 307 734 7891 0920921 P.04 00764 Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall be entided 10 enlCt upon, take possession of and manage the Property and to collect the rents of the Property including those past duc. All rents collected by Lender or the receiver shall be applied first to payment of the costs of managcment of the Property and collection of rents, including, but not limited 10, receiver's fees, premiums on receiver's bonds and ~nable attorneys' fees, and then to the SIWIS ge(;\Iled by this Mortgage. Lender and the receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage. Lender shall release thîI Mongage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead, Borrowec hereby waíves all right of homestead exempûon in the Property. REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE t)NDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage. deed of trust or other encumbrance with a lien which has priority over ~ Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any default under the superior encumbrance and of aoy sale or other foreclosun action. IN WITNESS WHEREOF, Borrower has e¡çecuted this Mortgage. ~~Ò~ ~(se~) BRAD Ii: KOWA1U) J1\ . -Borrower (51:411) ·Borrower (Sw) ·Borrow.r (Seal) - Bonowcr (Seal) -Bono..., (Seal) -Borrower tSeal) -Bonower (Seal) ·Borrower [Sign Original Only] STATE OF WYOMING, LINCOLl'l County 88: The fore¡oing instrument was acknowledged before me this 1/ ). ~( ð~ by BRAD B HOWARD J1l My Commission Expires: -')/0 r;;/OCT {)~ nn " 'f- N...,,,.. - ~ ~~ DUSTIN K. GRIFFIN - NOTARY PUBUO Oounty of Stale of Uncoln Wyoming M 0 0058559238 ~ .7tI(WV) IO~O.) Pag.4.af4 ;t~~t:~~*:~~¡;~:::i~¡1 ;···'·-~~~~!~t!J i;i~~;m~~lli:~m:~~ Form 3851 TOTA.L P.04 " 209?~ 09 -wi IW)0~;~¡/;:¡:"'_': I:l;¡t;':!;i;fii) !.~ ~¡; ;j¡ ;:~! JUL-25-2006 . 13:10 ;;:~~;;mm¡;i~~;;~;i ~"~""""65 "...,,, .".,'( ~¡lJ:j.;" ;~¡ j;¡¡~iWi:j¡:~; First Horizon 307 734 7891 P.Ol BALLOON PAYMENT RIDER TO THE SECURITY INSTRUMENT BottowerNwme: BRAD ~ HOWARD JR Property Address: 59 PRATER CANYON DRJ:V1i1 THAYNE, WY 8: 127 Loan Number: 0058559238 THE TERMS OF THB LOAN CONTAIN PROVISIONS WHICH WILL REQUIRE A BALLOON PAYMENT AT MATURITY. TItE AMORTIZATION OF PRINCIPAL AND INTEREST IS BASED ON A 30 YEAR FACTOR AND WOULD AMORTIZE THE PRINCIPAL LOAN ON A 30 YEAR SCHEDULE, BUT SINCE THE FULL BALANCE IS PAYABLE IN 180 MONTHS,ABALLOONPAYMENTOF$ 10,476.04 WILL BE REQUIRED ON August 1st ,2021 The loan is payable in full at the end of 15 year(s). You must repay the entire principal balance of the loan and the unpaid interest then due. The lender is under no obligation to refinance the loan at that time. You w!ll. therefore, be required to make payment out of other assets you may own, or yOI.l will have to fmd a lender wlllin.g to lend you the money at the prevailing market rate, which may be considerably higher or lower than the rate on this loan. If you refinance this loan at maturity, you may have to pay some or all closing costs normally associated with a new loan. even if you obtain refmancing from the swme lender. lrwe hereby acknowledge receipt of the above notice relating to the balloon payment provision of this loan, which have also been explained to me/us. ~ ~ E?¿~~(seal) . B~ :a: HOWARD JR -Borrower (Seal) wBorrower (Seal) -PorYower (Seal) -Bo 'JQwc:r (Seal) -Borrower (Seal) -Borrower (Sea]) -Borrower (Seal) -Borrower Balloon Paym~nt Rider - No CRR 0605 Page 1 of! FH6D03X JUL-25-2006 13:23 First Horizon 307 734 7891 pCüG0766 092092·1 0058559238 RIDER TO DEED OF TRUST/MORTGAGE/SECURITY DEED Date: 7/24/2006 The escrow of t2}Ces and insurance required in Paragraph 2 of your DEED OF . TRUST/MORTGAGE/SECURITY DEED to FrRS~ HORI~ON KOME LOAN CORPORATION is hereby waived and you are notified that you are not required to deposit with FIRST HORIZON HOME LOAN CORPORATION any of the amounts set forth in said paragraph, provided: (a) Escrows for future taxes and insurance premiums are being collected and maintained by the holder or servicer of the mortgage loan superior to our lien; or (b) If you pay your own taxes and insurance premiwns, you fulfill your obligation to keep taxes and insurance prenûums current with respect to the property secured hereby. This waiver does not, in any way, release you from your obligation to make escrow payments of taxes and insurance to the holder of any prior mortgage, nor does it relieve you of your obligation to keep taxes and insurance premiums current with respect to the secured property. All payments will be applied first to the accrued interest and next to the unpaid principal of your loan. The exact amount of your f111a1 payment, fmance charge, and total of payments will be somewhat more or less than the amounts shown if we do not receive each payment on the scheduled paym¢:nt date. . RECEXPT ACKNOWLEDGED: ~a1 C~~-LQceL B 1!: HOWA:&I.D JJt 2nd Rider CB6D082 Revised 8/01 ~m~;jff!m~mml~w ~n. "tì~ II~' ',j.'¡li .¡' '"i~ I';·~ ¡~lli!1r::!*t:!::::~