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HomeMy WebLinkAbout921300 -~---_. . ..~~._-_.,. 000324 BC WCDA DOWN PAYMENT LOAN MORTGAGE Loan Number: 82022559 This Mortgage ("Security Instrument") is given on 8/15/06 , The MDrtga£Dr is Lorin Lane whDse address is 311 Opal Street. Kemmerer. Wy 83101 ("BDrrDwer"), This Security lnstrument is given to 1st RANK whD is organized ßI1d existing under the laws of Wyoming .and whDse address is 1001 MAIN STREET. EVANSTON, WY 82930 ("Lender"), BDrrDwer owed Lender the principal sum Df TWO THOUSAND Dollars ($ 1.000.00 ), This debt is evidenced by Borrower's NDte dated the same d.ate as this Security lnstrument ("Note"), which provides fDr monthly payments, with the full debt, if not paid earlier, due ßI1d payable on 9/1/2014 this Security Instrument secures to Lender: (a) the repayment Df the debt evidenced by the Note, with interest, and all renew.als, extensions .and modifi~tions; (b) the payment of .all other .sums, with interest, advßI1ced under Paragraph 6 to protect the .security of this Security Instrument; .and (c) the perfonnance of Borrower's covenants ßI1d .agreements under this Security In.strument .and the Note. For this purpose, Borrower does hereby mDrtgage, grant and convey to Lender, with power of sale, the following described property located in LINCOLN County, Wyoming: THE 1VESTERLY 61 FEET OF LOT 8 OF :BLOCK 52 OF THE SECOND ADDITION OF THE TOWN EHi OF JŒMMERER, LINCOLN COUNTY, WYOMING RECEIVED 8/1512006 at 4:33 PM RECElVING# 921300 BOOK: 630 PAGE: 324 JEANNE WAGNER LINCOLN COUNTY ClERK, KEMMERER. WY which has the .addre.ss of 31.2 OPAL STREET. JŒMMERER code) C'Property Address 1»; Wyoming,88.lffiIDl (zip TOGETHER WITH 1Ùl the improvements now or hereafter erected on the property, and .all easements, rights, .appurtenance.s, rents, roy.altie.s, mineral, oil.and gas rights ßI1d profits, w.ater rights ßI1d stock and .all fixtures now or hereafter a pm of the property. All replacements .and .additions .shall.also be covered by this Security lnstrument. All of the foregoing is referred to in this Security Instrument as ''Property''. BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed .and has the right to mortgage, grant ßI1d convey the Property ßI1d that the Property is unencumbered, except for encumbrances of record. BorrDwer warrants and will nefend generally MPP Fonn 219 1 n:::~::~::j:::::::::¡ ,! ;~;·'!í '~'~a' I' ~~'j;< ": i~~~~m~m~~~j¡:~ .'.--~_._---,' ._--......,----'-'._,.,~,','_.,--,- ,~.._.._'.,,' "'-'".~,-",,,,,--,-+.,,.,=---,-,,,,,,,,,,,,,,,,'-''' ~'. ...,.......,,,...,.,,,',.. ,.. _·",,~.__.'.4~".'.' O~1300 000325 the title to the Property llgainst all claims llnd demands, subject to any encumbrllnces of record, 1. Payment of PdncipaJ, Interest, Def.ault Interest Jlnd Late Ch.arges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note, Liefault interest, if applicable,1U1d late charges due under the Note. : 2. PJlyment of Taxes, Insurance Jlnd Other Charges. Borrower shall make timely payment of .any (.a) taxes .and .spec.illl .assessments levied or to be levied .against the Property, (b) leasehold payments or ground rents on the Property,.and (c) premiums for insur.ance required by P.ar.agrllph 4. The Borrower shall furnish proof of payment to Lender upon request by the Lender. 3. Application ofPJiyments. All payments under Par.agraphs 1 .and 2 .shall be applied by Lender .as follows: Fir.st, to interest due under the Note; Second, to amortization of the princip.al of the Note Third, to late charges Liue under the Note. 4. Fjre, Flood Jind Other Hazard Insur.ance. Borrower .shall insure all improvements on the Property, whether now in existence or .subsequently erected, against .any .hazards, .casualtie.s, and contingencÌe.5, including fire, for which Lender require.s insur.ance. This insur.ance sh.all be maintained in the .amounts .and for the periods th.at Lender requires, Borrower.shall .also insure .all improvements on the Property, whether now in existence or .sub.sequently erected .against 1055 by floods to the extent required by the Lender. All insur.ance shall be carried with companies approved by L~nder. Th.e insur.ance policies l!.Ild .any renewals shall include loss pay.able clauses in favor of, .and in a fonn .acceptable to, Lender, Borrower sh.all furnish a copy of the policy or policies of insur<mce to the Lender upon request by the Lender, ; In the event of loss, Borrower .shall give L-ender immediate notice by mail. Lender may make proof of lo.ss if not made promptly by Borrower. Each insur.ance company concerned is .hereby .authorized l!.Ild directed to make payment for .such loss Liirectly to L~nder, instead of to Borrower l!.Ild to L~nder 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, fir.st to any delinquent amounts applied in the order in P.aragraph 3, .and then to prepayment of princip.al or (b) to the restoration or repair of the rlamaged 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 Paragr.aph 2, Dr change the .amount of .such payments. Any excess insurance proceeds over an .amount required to pay all outstamii1\f indebtedness under the Note and this .security Instnunent .shall be paid to the entity legally entitled hereto. 1n the event of foreclosure of this .security Instnunent or other transfer of title to the Property that extinguishes the indebtedness, all right, title.and interest of Borrower in 1U1d to insur<mce policie.s in force .shall p.ass to the purchaser. .5. Occupancy, Preservation, M.aintenance and Protection of the Property; ]Jorrower's Loan Application; Leaseholds. Borrower shall occupy, establi.sh, .and lise the Property .as Borrower's principal residence within sixty days after the 2 LtL '·~_______o___,,_,o~ ._~_,_,_. 'o_.__ "__ 09~1300 000326 execution of this Security Instrument ;md .shall continue to occupy the Property .as principal residence within sixty days .after the execution of this Security Instrument ;md .shall continue to occupy the Property .as Borrower's princip.al residence for .at least one year .after the d.ate of occup.ancy, unless the Lender detennines this requirement will Cß.use undue .hardship for Borrower, or unless exten¥.8ting circumstances exist which .are beyond Borrower's control. Borrower .shall notiry Lenders of .any extenu.ating circumstances, Borrower shall not commit w.aste or destroy, damage or subst.antially change the Property or .allow the Property to íleterior.ate, re.ason.able we.ar .and te.ar excepted, Lender may inspect the Property if the Property is v.ac.ant or .ab.andoned or the 10.an is in def.au1t. Lender may take re.asonab1e .action to protect .and preserve such v.ac.ant or .ab.andoned Property. Borrower .shall .also be in def.ault if Borrower, during the lo.an .app1ic.ation process, gave materially false or inaccur.ate infonnation or statements to Lender (or failed to provide Lender with liny materi.al infonnation) in connection with the 10.an evidenced by the Note, including, but not limited to, representations concerning Borrower's occup.ancy of the Property.as.a princip.al residence, If this Security Instrument is on.a 1e.asehold, 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 ligrees to the merger in writing. 6. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower sh.all p.ay .all governmental or municip.al charges, fines .and impositions that Me not included in P.aragr.aph 2. Borrower shall p.ay these oblig.ations on time directly to the entity which is owed the payment. If fliilure 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 Par.agraph 2, or fails to perfonn .any other covenants .and .agreements contained in this Security lnstrument, or there is.a legal proceeding that may .significantly .affect Lender's rights in the Property (such.as .a proceeding in llimkruptcy, for condemnation or to enforce laws or Iegulations), then Lender may do ;md pay whatever is necessary to protect the v.alue of the Property and Lender'5 rights in the Property, including payment of taxes, hazard insur.ance .and other items mentioned in P.aragraph 1. Any.amounts disbursed by Lender under this P.ar.agraph .shall become .an .addition.al debt of Borrower and be secured by this Security Instrument. These limounts shall be.ar interest from the d.ate of disbursement, lit the Note Tllte, or the default interest Ilite, ;md.at the option of Lender, 5h.al1 be immediately due .and paYlib1e. 7. Condemnation. T.he proceeds of ;my award or claim for damages, direct or consequential, in connection with.any condemnation or other taking of ;my part of the Property, or for conveyance in place of condemnation, ..are hereby liSsigned .and shall be paid to Lender to the extent of the full .amount of the indebtedness that remains unp.aid under the Note .and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note .and this Security lnstnnnent, first to .any delinquent .amounts lipplied in the order provided in Paragraph 3, ;md then to prepayment of princip.al. Any .application of the proceeds to the princip.a1 .shall not extend or postpone the due d.ate of the monthly payments, which ..are referred to in P..aragraph 2, or change the .amount of 5uch payments. Any :excess 3 ¡i¡¡¡¡~¡;~~~~;~~;}~ ~ ~! ~::j~mm~;~;~mm;~j . ...--.-... .'..~~........--~,.~......., ," '.,,,.......... ..~. .'." ,.,'~,'~"-'-.....-'-',,..~ -,. -.. ,',~--.,,~.._.....,.....~.,. -~-_..,'..'=-....,..."....,,--. ......,......,...."->-,.....'..' ,.,'",-:...,',-.:','_._.,', 09~1.300 000327 proceeds over.an IDIlOunt required to p.ay .all outst.anding indebtedness under the Note ..and this Security Instrument sh..a11 be p..aid to the entity legally entitled thereto, 8. Grounds for Acceleration of Debt. (a) Default. Lender may require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower def..aults by f..ailing to pay in full any monthly payment required by this Security Instrument prior to or on the due illite of the next monthly p..ayment, or, (ii) Borrower def..aults by failing, for ..a period of thirty illiys, to perfonn .any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender sh.all, if pennined by .applicable 12w. require immediate payment in full of ..all the sums secured by this Security lnstrument if: (i) Allor part of the Property, or..a beneficial interest in.a trust owning all or pm of the Property, is sold or otherwise tr.ansferred (other th.an by devise or descent) by the Borrower, lUld (ii) The Property is not occupied by the purchaser or gr.antee ..as his or her principal residence, or the purchaser or gr.antee does so occupy the Property but his or her credit has not been approved in .accordance with the requirements of the Lender, (c) Default Interest. If Lender has not received the full monthly payment required by the Security Instrument by the end of the thirty day calendar days .after the payment is due, Lender may increase the interest r.ate ..as described in Par.agraph 1 of the Note to twelve percent (11%). Lender may choose not to exercise this option without w..aiving its right in the event of ..any subsequent def..ault. (d) No W.aiver. 1f circumstances occur th.at would permit Lender to require limnediate p.ayment in full, but Lender does not require such payments, Lender does not w..aive its rights with respect to subsequent events. 9. Reinstatement. Borrower has the right to be reinstated if Lender has required .immediate p.ayment in full bec..ause of Borrower's failure to p.ay..an IDIlOunt due under the Note or this Security Instrument. T.his right ..applies even ..after foreclosure proceedings .are instituted. To reinstate the Security Instrument, Borrower sh..a11 tender in ..a lump sum .all IDIlOunts required to bring Borrower's ..account current including, to the extent they .are obligations of Borrower under this Security Instrument, foreclosure costs lUld reasonable ..and customary ..attorneys' fees ..and expenses properly .associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument æd the obligations, that it secures shall remain in effect ..as if Lender ..had not required immediate p.ayment in full. However, Lender is not required to pennit reinstatement if: (i) Lender has .accepted reinstatement .after ±he 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 ±he priority of the lien cre..ated by this Security Instrument, 4 L..G1- "'~'.'-+"""""'~""""""." "",..'--: ·"'''~,-,.T_~,.",·,· . u ~.+~, <,.'.,"...-...-.."....,', C'''''"',,''',,,,,,,,,,,,',,,',,,,",,,,':"..." .,....",... ' õ,·....'.,.:.-."..',......... ,....-.,~.......,.,-, '09~:13GO 000328 10. Borrower Not Released; Forbear.ance by Lender Not.a W.avier. Extension of the time of p<lyment or modifiC4tion of .amortization of the sums secured by this Security Instrument gr.anted by Lender to ..any successor in interest of Borrower stull not operate to rele<lSe the lillbility of the origina.l Borrower or Borrower'.s successor in interest. lender shall not be required to cornmenceproceedings ag<limt any .successor in interest or refuse to extend time for pllyment or otherwise modify amortization of the sums secured by this Security Instrument by reason of .any .demand Imide by the origiruil Borrower or Borrower's successors in interest. Any forbea.r.ance by lender in exercising .any right or remedy shllll not be a waiver of or preclude the exercise of any right Dr remedy. 1 L Successors .and Assigns Bound; Joint .and several Liabllity; Co-signers, The covenants .and agreements of this Security Instrument smB bind .and benefit the successors .and assigns of lender and Borrower, subject to the provisions of P.ar.agr.aph 8 (b). Borrower's covenants .and agreements smB be joint .and several. Any Borrower who co-signs this Security Instrument does not execute the Note: (a) is CD-signing this Security Instrument only to mortgage, grant .and convey that Borrower's interest in the Property under the terms of this Security lnstrument; (b) is not personally obligated to pay the swns secured by this Security Instrument; and (c) agrees that Lender .and.any other Borrower ImiY agree to extend, modify, forbear or make ..any accommodlltions with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 12. Notices. Any notice to Borrower provided for in this Security lnstrument .shall be given by delivering it or by JruÙling it by first class mail unless appliC4ble 12w requires use of .another method, The notice .shall be directed to the property address or .any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by fITSt class mail to Lender's address stated herein or .any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be rleemed to ha.ve been given to Borrower or lenrler when given as provided in this p.aragraph. 13. Governing Law; Severabllity. This Security Instrument .sMlI be govemerl by Ferleralla.w and the lllw of the jurisdiction in which the Property is loca.ted. In the event that any provision or clause of this Security Instrument or the Note conflicts with appliC4ble lllw, .such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provision of this Security Instrument .and the Note are declared to be .severable. 14. .Borrower's Copy. Borrower shall be given one confonned copy of this Security Instrument. 15. AssigIlßrent offunts. Borrower unconditionally assigns.and transfers to Lender all the rents and revenues of the Property. Borrower authorized Lender or Lender's .agents to collect the rents and revenues and hereby directs ellch tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's brellch of ..any covenant or agreement in the Security Instrument, Borrower shall collect .and receive all rents .and revenues of the Property 5 ~i!m~mmfmm!:j (.!r~~lÎl¡~!n -'--'--_.' ".-,.,....-,-,-...,-. ·..'._.._4... ,--~"., ."-~'''''''''~''''''''''''''''''' -, .'....-.......,......'.,.,,~ " /,."..,.,.-......."... 000329 09~1.~OO liS trustee for the benefit of Lender .and Borrower. This assignment of rents constitutes .an absolute .assignment and not an .assignment for additional security qnl y, , lf Lender gives notice of bre.ach to Borrower: (.a) .all rents receive by Borrower 5hall be held by Borrower liS trustee for benefit of Lender only, to be liPplied to the,sums secured by the Security Instrument; (b) Lender shall be entitled to collect.and receive lill of the rents of the Property;.and (c) e.ach tenant of the Property shall pay all rents due .and unp.aid to Lender or Lender'.s .agent on Lender's written demand to the tenant. Borrower has not executed .any prior .assignment of the rents .and has not .and will not perfonn .any act that would prevent Lender from exercising its rights under this P.aragraph 15. Lender shall not be required to enter upon, take control of or maintain the Property before or .after ,giving notice of breach to Borrower. However, Lender or .a judicially .appointed receiver may do so .at .any time there is .a breach. Any application of rents .shall not cure or w.aive .any default or inv.alidate any other right or remedy of Lender. This .assignment of rents of the property .shall tenninate when the debt .secured by the, Security lnstnunent is paid in full. The Lender or .a judicially .appointed receiver .shall not be required to post .any bond or other security 10 enter upon, take control of or maintain the property. NON-UNIFORM COVENANTS. Borrower.and Lender further covenant.and .agree .as follows: 16. For£c!osure Procedure. lfLender requires immediate payment in full under P.aragr.aph 8, Lender may invoke the power of sale .and .any other remedIes pennitted by .app1ic.able law. Lender.shall be entitled to collect .all expenses incurred in pursuing the remedies provided in this P.ar.agr.aph 16, including, but nQt limited to, Teasonab1e .attorneys' fees .and costs of title evidence. 1f 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 P.aragraph 12. Lender.shall publish notice of sale, .and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the PIOperty .at .any .sale. The proceeds of the sale .shall be applied in the following order: (a) to.all expenses of .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. 17. Release. Upon payment of.all sums secured by this Security Instrument, Lender .shall release this Security lnstrument without charge to Borrower. Borrower shall pay .any recordation costs. 18. Waivers. Borrower waives .all rights of homeste.ad exemption in the Property .and Telinquishes .all rights of 1:urtesy .and dower in the Property. Riders 10 1his Security Instrument. If one or more riders .are executed by Borrower .and TecOTded together with this Security lnstrument, the covenants of each such rider .shall be .L- -- 6 · ~..,..."._-_,__,_,..~_ W'" . ""..".....-..,.,. "'-.,..--------"'...-'.-.,...... '·'···"-"-"''''-'·'''''-_'''V_',,,, "..,.....,........,...'.......,...'..".,.. 09~1300 000330 incorpor.ated into .and .<>hall .amend .and .<>upplement the coven.ants .and .agreements of this Security lnstrument .as if the rider(s) were in .a p.art of this Security lnstrument. [Check .applic.able sp.ace(s)]. Condominiwn Rider _Gradu.ated P.ayment Rid~ _ Growing Equity Rider _ Pl.anned Unit Development Rider _ Other ISpecify] Other .BY SIGNING BELOW, Borrower .accepts .and llgrees to the tenns .contained in p.ages 1 through 7 of this Security lnstrument .and in .any rider(s) executed by Borrower.and recorded with it, Witnesses: ~~ Borrower Borrower Borrower ¡;:;¡i!m¡~1~1~~1;~: ;~ Borrower STATE OF WYOMING, U ~County S5: The foregoing .instrument w.as .acknowledged before me this I~ t?àJ i Df= dl.l..1:.bl.l~.rl j J ¿}~ by ~ bRIW f2.4 ~ My CommisBionExpire5: ~J,qi~¿> ~/nP~A No Public 7