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HomeMy WebLinkAbout921544 - Afu¡¡,'8~::;' .·'ing Return To: I,..·.,·,..u. TRè.J1fÅ~vALLEY F.C.IT. :: i ~ ~ ~ ¡~¡~~~~¡~~¡~~¡~~!~ r;',;~,:~:,n075 ,,:··::~;:},,;.;,;:! ,1;!:U t;.··.:·;·':,··::··.) RECSVED 8/Z1/Z006 at 4:33 PM RECBVING #- 921544 BOOK: 631 PAGE: 75 JEANNE WAGNER UNCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Une FOr Recording Data] MORTGAGE Loan Number: 37l0008l6l THIS MORTGAGE is made this l6thdayof AUGUST, 2006 , between the Mortgagor. JUSTIN R. NIELSON AND TORI LYNN NIELSON , HUSBAND AND WIFE , (herein "Borrower"), and the Mortgagee. TRONA VALLEY CmD1uIu.:n. FEDERAL CREDIT UNION'.. A FEDERAL CREDIT UNION,;, J.corporatiœr~d andexi&~'1der ilië Iawk of. _ :rrOMING v.ilo:>e adcù...:..:..s 1:,. 840 HITCHING POST DRIV'"E:, GREEN' RIVER, WYOMING 8":"935 ------.-.- -- ----.-._. (herein "Lender"). , I WHEREAS, Borrower is indebted to Lender in the Principal sum of u.s. $' 193 , 600 . 00 i which indebtedness is evidenced by Borrower's note dated AUGUST l6, 2006 and extensions and renewals thereof (hereirr "Note"), providing for monthly installments of principal and interest. with the balance of the indebtedness, if not sooner paid, due and payable on MAY l6, 2007 TO SECURE to Lender the repayment of the indebtedness evidenced by the Note. with interest thereon; the payment of all other sums. with interest thereon. advanced in accordance herewith to protect the security of this Mortgage; and the performance of the covenants and agreements of Borrower herein contained. Borrower does hereby mortgage. grant and convey to Lender, with power of sale, the following described property located in the County of LINCOLN , State of Wyoming: LOT 4 OF THE CAME CREEK SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT NO. 396-E FILED ON NOVEMBER 19, 2003 AS INSTRUMENT NO. 895396 OF THE RECORDS OF" THE LINCOLN COUNTY CLERK. . . WYOMING-SECOND MORTGAGE-1/80 38E11 Page 1 of 6 DocMagic~ 800-64!J-136Z www.docm6!JÍC_conr Wy385Lmtg: - f' ,-., -, ; ...,' -: "; ~....: 'J I. ·r· ',. ..:; i:;.t> ,> ,";;<,;,'; i: .. .··..;~!i¡~¡i!~llj 092154t} 000076 which has the .address of BTATE HWY 233, KEMMERER [Street] Wyoming B3l0l [Zip Code] (herem "Property Address"); [City] TOGETHER with 411 the .improvements now or .hereafter erected on the property,.md 411 easements, rights, .applJ.I'teruinces .md rents, 411 of which .shall be deemed to be .and remain.a pm of the property covet~d by this Mortgage; .and 411 of !he foregoing, together with .said property (or .the leasehold estate jf this Mortgage is on a leasehold).are .hereinafter referred to .as.the "Property." Borrower coverumts that Borrower is lawfully seised of the estate.hereby conveyed .and has the right to mortgage, gr.ant.and convey !he Property, .and :that the Property is unencumbered, except for encumbr.ances ofrecord. Borrower coverumts:that Borrower wammts.md will defend generally the title to the Property .agamst.all claims.md dern;mn~, .subject to encumbrances of record. UNIFORM COVENANTS. Borrower .mdLender coverum.t.md.agree.as follows: 1. P.ayment of Princip.al.and Interest. Borrower.shall promptly pay when.due.the principal.md illterest .indebtedness evidenced by the Note.and late charges.as provided.in the Note. 2. Funds for TBXeS 1Uld Insurance. Subject to applicable law or a written waiver by Lender, Borrower.shall pay to Lender on the day monthly payments of principal .and illterest.are payable under the Note, until:the Note is paid ill full, .a sum (herem "Funds") equal to one-twelfth of .the yearly taxes.md.assessments (in~l11ning condominium.and planned llD.Ît development .assessments, jf any) which may .attain priority over this Mortgage.md ground rents on.the Property, if .any, plus one-twelfth of yearly premiuminstaJ1rnffllts for.hazard illsur.ance, plus one-twelfth of yearly premium .instailments_ for mortgage .insurance,.if any, all as reasonably estimated.initially .and from time to time by Lendé:r-on the basis of.assessments.md hills.and reasonable estimates thereof. Borrower .shall-not be obligated to make .such payments of Funds to Lender to the extent that Borrower makes such payments to .the holder of a prior mortgage or deed of trust jf such holder is an .institutional1ender. If Borrower pays Funds to Lender, the Funds .shall be .held .in.an illstitution .the deposits or liCCOunts of which .are .insured or guaranteed by 1Ì. Federal or state agency (indl1ning Lender if Lender is .such .an .institution). Lender .shall.apply the Funds to pay said taxes, .assessments, illsurance premiums.and ground rents. Lender may not charge for so holding.md applying the Funds, .analyzing .said liCCount or verify.ing.md compiling.said .assessments.and bills, unless Lender pays Borrower illterest on.the Funds.md .applicable law permits Lender to make such a charge. Borrower.md Lender may agree.in writing.at the time of execution of this Mortgage that illterest on the Funds .shall be paid to Borrower, .and unless such agreement is made or .applicable law requires such illterest to be paid, Lender .shall not be required to pay Borrower any illterest or emnings on the Funds. Lender.shall give to Borrower, without charge, an.annual 4CCOunting of the Funds showing credits .and debits to the Funds .and the purpose for which each debit to the Funds w.as made. The Funds.are pledged .as.additional security for the sums .secured by this Mortgage. :If the amount of the Funds.held by Lender, together with the future monthly .installments of Funds p.ayable prior to the .due Ilates of taxes, .asse~!omlf'nt~, .insurance premiums.md ground rents, .shall exceed the amount required to pay .said taxes, .assessments, illsurance premiums .md ground rents .as .they fall.due, such excess .shall be, .at Borrower'.s option, either promptly repaid to Borrower or credited to Borrower on monthly illsta) rnf'nt~ of Funds. Ifthe.amount of the Funds.held by Lender .shall not be sufficient to pay taxes, .assessments, illsurance premiums.and ground rents .as they fall flue, Borrower .shall pay to Lender any .amount necessary to make up the deficiency ill one or more payments .as Lender may require. Upon payment.in:full of 4ll.sums secured by this Mortgage, Lender shall 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 1aterthan.immediately prior to the.sale of the Property or its.acquisition by Lender,.any Funds .held by Lender .at:the time of .application .as II credit against the Bums .secured by this Mortgage. 3. Application of Pllyments. Unless llpplicable law provides otherwise, 411 payments received by Lender under the Note .and p.aragraphs 1 .md 2 .hereof.shall be .applied by Lender first ill payment of amounts payable to Lender by Borrower under paragraph 2 .hereof, then to interest paYllble on .the Note, .and.then to .the principal of .the Note. WYOMING-SECOND MORTGAGE-l/BO 3B51 Pßge2 Df 6 Wy385Lmrg DocMagic~ BOO-S49-1352 www..clocmagic.com O· -9~, '... L It{f -.A..-_* ... 1:: 000077 4. Prior Mortgages JUld Deeds of Trust; Charges; Liens. Borrower.shall perfOIm lÙ1 of Borrower's oblig11tions under .any mortg11ge, deed of trust or other security 11gIeement with 11 lien which.has priority over this Mortgage, including Borrower's covenants to.1rui.lœ payments when due. Borrower shall payor cause to be pæd lÙ1 :taxes, llSseSSIDeDtS.and other charges, fines.and impositions 1!.ttrÏbutable to.the Property which may .attain 11 priority over this Mortgage, .and leæ;ehold payments or ground rents, if .any. 5. Hazard InsurJUlce. Borrower.shallkeep the improvements now existing or .hereafter erected on the Property lnsured 11g1!.Ínst loss by fire, h2zards.inc1uded within the term "extended coverage" , .and such other h2zards 1lS Lender may require .and in such 2IIlounts .and for such periods .as Lender may require. The lnsur.ance L:aIIÍer providing the lnsur.ance .shall be chosen by Borrower subject to .approv.al by.Lt:nder; provided, that such 11pproV.al.shall not be unreæ;onably wi1l1held. All insur.ance policies .and renew.als thereof .shall be in 11 form .acceptable to Lender .and.shaI1 include 11 standard mortgage clause in favor of .and in a form .acceprnble to Lender. .Lt:nder .shaI1have the right to hold the policies.and renew.als thereof, subject to the terms of .any mortg11ge, deed of trust or other security 11greement with 11lien which.has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insur.ance carrier .and Lender. Lender may .1rui.Iœ proof of loss if not .made promptly by Borrower. If the Property is 11bandoned by Borrower, or if Borrower fails to respond to Lender within 3 0 days from the date notice is mailed by Lender to Borrower that the ÍIlsur.ance carrier offers to settle 11 claim for Íllsur.ance benefits, Lender is .authorized to collect.and 11pply the insurance proceeds.at .Lt:nder's option either to restor.ation or rep1lir of the Property or to the sums secured by this Mortgage. 6. Preservation and Maintenance of Property ; Leaseholds; Condomil1illm~; Planned Unit Devclopments. Borrower .shall .lœep the Property .in good repair .and .shall not commit w.aste or permit imp1lÍn11ent or deteriorntion of the Property .and .shall comply with the provisions of .any lease if this Mortgage is on.a leæ;ehold. 1f this Mortg1lge - ~ Q!t aunitinAconqoTTl;ninm. or .apIanned unit devclapment, :Borrower .shall perfoTIIllÙ1 of Borrower' s. obligatioTIS-: .. -under 'the declâí.ation UICOVenants creatinlrot govemingthe condomìnintn or planned mritdevelopment, the by'-laws . .and regulations of the condomininm or planned unit development, .and constituent documents. 7. Protection of Lender s Security. If Borrower fails to perform the covenants .and 11gIeements coni.ained .in 1his Mortgage, or if .any .action or proceeding is commp.TIf~ed w.hichmateriaIIy .affects Lender's interest.in the Property , then Lender, at Lender 's option, upon notice to Borrower, may.1rui.lœ such .appear.ances, disburse such sums, .including reæ;onable .attorneys' fees, .and take such .action 1lS is nece.ssa:ry to protect Lender's interest. If Lender required mortgage lnsur.ance.as .a condition of making the loan secured by this'Mortgage, Borrower .shall p.ay the premiums required to m:!int:!in such insur.ance in effect until such time 1lS the requirement for such insur.ance termin:!tp.s.in .accordance With Borrower's.and Lender's written 11gIeement or .applicable law. Any 2IIlOunts disbursed by Lender pursuant to thispM.agr.aph 7, with interest thereon, .at the Note r.ate, .shall become .additional indebtedness of Borrower secured by this Mortgage. Unless Borrower .and Lender .agree to other terms of payment, such 2IIlOunts .shall be pay.able upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this pm-11gI11ph 7 .shall require Lender to .incur .any expense or take .any .action hereunder. 8. Inspection. Lender may.1rui.lœ or cause to be made reasonable entries upon.and inspections of the Property, provided that Lender .shall give Borrower notice prior to .any such .inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of .any .awm-d or claim for damages, direct or consequential,.in connection with.any condemnation or other taking òf the Property, or pßrt thereof, or for convey.ance in lieu of conclp.mmttion, .are hereby .assigned.and.shall be paid to Lender, subject to the terms of .any mortgage, deed of trust or other security llgreement with a lien which.has priority over this Mortgage. 10. Borrower Not Released; ForbearJUlce.By Lender Nota Waiver. Extension of the time for payment or modification of 2IIlortization of the sums secured by this Mortgage gr.anted by Lender to.any successor .in interest of Borrower .shall not oper.ate to release, in.any manner, the liability of the original Borrower.and Borrower's successors .in .interest. Lender .shall not be required to commence proceedings .against such .successor or refuse to extend time for payment or otherwise modify 2IIlortization of the sums secured by 1his Mortgage by reason of .any demand.made by the original Borrower .and Borrower's successors in interest. Any forbear.ance by Lender.in exercising .any right or remedy .hereunder, or otherwise .afforded by.applicable law, .5hall not be.a waiver of or preclude the exercise of .any sùch right or remedy. i I Wy385Lmt~ WYOMING-SECOND MORTGAGE-1/BO 3B5,' " i ¡ ! i ~;~;i~~¡};J'j:' Page 3 of 6 DocMagic~ ßOO-649-1362 www.docmagic.com ¡;:¡¡!¡¡¡¡¡~¡¡¡¡i¡:J¡[! ·/~~IillI~f¡!; .:.:~: 1.1"· '" . :::;¡;¡ii;::i,::·!i,::¡~~1¡~!¡¡¡1!·¡~;~'·· ···:··::·:·!i~j1:¡¡"::':::':::. ;:;;¡[::.., ¡'i', " \':;::;~:;:~;:~;:;¡f;j:~{ U921.54tl 000078 .-. '.', 11. Successors 1tDd Assigns Bound; Joint 1tDd Sever.al Uability; Co-.signers. The coverumts .and AgrefflTlp.nt~ .herein cont1lined shall bind, .and the Iights hereunder shall.inure to, the respective successors .and .assigns of Lender .and Borrower, subject to the provisions of paragraph 16 hereof. All coverumts .and Agreements of Borrower shall be joint.and several. Any Borrower who co-signs this Mortgage, but does not execute the Note, (a) is co-signIDg this Mortgage only to mortgage, gr.ant.and convey that Borrower's interest m the Property to l.ender under the teIms of this Mortgage, (b) is notpersona11y liable on the Note or under this Mortgage,.and (c) AgrttS that Lender .and.any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the t.erms of this Mortgage or the Note without that Borrower's consent.and without releasing that Bórrower or modifymg this Mortgage .as to that Borrower I s interest m the Property . 12. Notice. Except for .any notice required under lIpplicable law to be given m .another manner, (a).any notice to Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail .addressed to Borrower atthe Property Address or at such other address .as Borrower may designate by notice to Lender .as provided herem, .and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to .such other .address .as Lender may designate by notice to Borrower.as provided herein. Any notice provided for m this Mortgage shall be deemed to have been given to Borrower or Lender when given mthe manner desjgnated herein. 13. Governing Law; Sever11bility. The state .and 10ca1laws lIpplicable to this Mortgage shall be the laws of the jurisdiction m which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this Mortgage. In the event that.any provision or clause of this Mortgage or the Note conflicts with lIpplicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, .and to this end the provisions of this Mortgage.and the Note Me .declared to be severable. As used herem, "costs", "expenses".and "attorneys' fees" .include.all sums to the extent not prohibited by applicable .'·=ÈW'or1imiteà··herein. "".-- -.. -----. -:::,.=.~-,..,,-_.,_.._... 14. Borrower.s Copy. Borrower'Bhall befurnished-a eonfor:n¡edcopy ofthë Note and of this Mortgage at1he 1ime of execution or .after recordation hereof. 15. Rehabilitation Loan Agreement. Borrower shall fulfill.all of Borrower's obligations under .any home rehabilitation, .improvement, repair, or other 10211 agreement which Borrower enters .into with Lender. Lender, at Lender's option, may require Borrower to execute .and 1leliver to .Lender, m a form acceptable to Lender, .an .assignment of .any Tights, claims or defenses which Borrower may have .against parties who supply labor, :materials or services m connection with .improvements made to the Property . 16. TTllIlSfer of the Property or 11 Beneficial Interest.in Borrower. If.all or .any part of the Property or .any .interest.in it is sold or transferred (or if a beneficial interest m Borrower is sold or transferred .and Borrower is not a natural person) without .Lender'.s prior written consent, Lender may, at its option, require .linmediate payment.in :full of.all sums .secured by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law .as of the date of this Mortgage. If Lender exercises this option, Lender shall give Borrower notice of aCCf'Ip.T:ltion. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay .all sums secured by this Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may mvoke 211Y remedies pennitted by this Mortgage without further notice or dp.m:lnd on Borrower. NON-UNIFORM COVENANTS. Borrower .and Lender further covenant.andAgree.as follows: 17. Acceler.ation; Remedies. Except.as provided.in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower m this Mortgage, .including the coverumts to pay when.due.any sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower .as provided m paragraph 12 hereof specifying: (1) the breach; (2) the 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 failure to cure.such breach on or before the date spec.ified m the notice may result m acceleration of the sums secured by this Mortgage. The notice shall further .inform Borrower of the right to reinstate .after .acceleration.and the right to bring a court action to .assert the nonexistence of a default or .any other defense of Borrower to acceleration.and 5ale. If the breach is not cured on or before the date specified mthe notice, Lender at .Lender's option may declare.all of the sums secured by this Mortgage to be .linmediately due.and payable without further dp.m:mc1.and may mvoke the power of 5ale.and.any other remedies permitted by applicable law. .Lender shall be entitled to collect.all reasonable costs .and expenses .incurred in pursuing the remedies provided m this paragraph 17, .including, but not limited to, reasonable attorneys' fees. WYOMING-SECOND MORTGAGE-lIBD 3851 Page 4 of £) DocMagic~ BOO-549-1362 www.Liocmagic.CDm 0921544 I, , OOOO~Q If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the plclöh in possession of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a notice of the, sale to Borrower in the manner: provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender or Lender's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including. but not limited to, reasonable attorneys' fees 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. Notwithstanding Lender's acceleration of the sums securêd by this Mortgage due to Borrower's breach. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fIfth day before the sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrowerpays Lender all sums which would be then due under this Mortgage and theNote had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph IT hereof. including, but not limited. to, reasonable attorneys' fees; and (d) Borrowertakes such action as Lendermay reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. 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 occurred. 19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrowershall, prior to acceleration under paragraph IT hereof or abandonment of the Property, have the right to collect and retain such rents as they become I .- -·~nearrdlJayaºle.~'. _ -_.,-:,~=- .---- ,~cc___.' - _ . u . I UpoÍl"'élcceleratton' under paragraph 11 hereof or abandonment of the Property, -and at any tIme pnor tothe--- - expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including. but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured 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 this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Property. 22. The following Riders are to be executed by Borrower [check box as applicable}: o Adjustable Rate Rider 0 Condominium Rider 0 Second Home Rider o Balloon Rider 0 Planned Unit Development Rider 0 Other(s) [specify} o 1-4 Family Rider 0 Biweekly Payment Rider - --. WYOMING-SECOND MORTGAGE-1/80 3851 Page 5 of 6 DocMagic~ aoa-64S-T362 www.docmag;c.com Wy385I.mtg: ~;~mmmm~iJ¡1::~;: U921.54~ REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST 000080 Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which. has priority over this 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 any sale or other foreclosure action. IN WITNESS WHEREOF, Borrower-has executed this Mortgage. ~L /!~ STIN R. NIELSON (Seal) -Borrower ~~J~* TORI L NIELSON (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower . .'- , (Se~2 -.l;ì9nvwer (Seal) -Barro,wer:: State of Wyoming ) ) ss. ) Coumyof ~ ~\V\~ The foregoing instmment was acknowledged before me by JUSTIN R. NIELSON, TORI LYNN NIELSON this \ l! day of ~c-'It Witness my hand and official seal , 1-DbV . Penny Bybee Notary Public State ofWýomiog County oftrmta. CommissiollE1pim !~ 20m Print or Type Name My commission oxp±re" \Ii \11 \J1 (Space Below This Une Reserved FOr Lender and Recorder) WYOMING-SECOND MORTGAGE-1/80 3851 Page- 6 of 6 DocMagic~ 800-649-136Z www.docmagic.cof7T Wy385Lmtg: