HomeMy WebLinkAbout922011
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A1I'TER .1ŒCORDING :PLEAsE :IŒTImN "TO:
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RECEIVED 9/112006 at 11:D7 AM
RECEIVING # 922011
BOOK: 632 PAGE: 423
JEANNE WAGNER
LINCOLN COUNTY CLERK. KEMMERER, WY
- -- - - --
.::1333 W WALNUT JrILL LN =#200 .Me 6ï.::l2
IRVING, ,~ ï303B J MORTGAGE
OD3B337B93
THIS MORTGAGE.is made 1his :L3t:h lIay of August
:JERRY A. :HODSON .& AImA C. :HODSON, :Husband .& W.i:f£
20D6
, between.the Mortgagor,
:FIRST :HORIZON :HOME LOAN COBP01UcrJ:DN
'(herein '~orrowcr"),.and the Mortgagee,
existing .under .the Jaws of
'"T.HE .BTAT.E DF XANSAS
,ll mrpomtion organized.and
, whose .address is
-4DDD :Hori:zcn Way, IRVING, ~ ï3D63 ,(herein "Lender").
WBEREAS,BorrowerisIDdebtedtoLender.inthe-principal.sum ofUoS. $ 27, ODD. DD ,which
IDdebtedness.is evidenced by Borrower's J10te Dat.ed August :L3t:h, 2005 .and ext.ènsions.andrenew.als
.thereof (herein "Note"), providing for 1nOn1bly in stJlllmp.nts ofprindpal.and IDterest, with.the balance of IDdebtedness, if Dot ~óoner
paid,due.and pay.able on .Beptf!JIlb£r.::lst, 2 D~ 7 '
TO SECURE to Lender the :repayment of the IDdebtedness twiilenced by .the Note, with .interest .thereon; :the payment of .all
other .sums, with.interest .thereon,lldv.anced in 1lCCordance .herewith to protect the security of 1his Mortgage; .and .the peIformanceof
:the covenants.and llgf-eemffits of Borrower l1erein contained, Borrower does hereby mortgage,grBnt.and convey to Lender, with
power of 5a1e,:thefollowing described property loCated in the County of L:i.nco1.n
5tate of Wyoming:
LOT 33 OF .BTAR VALLEY .1lANCH :PAT 22, LINCOLN COUNTY ,WYOMING AS
.:DESC"RTInm ON '"T.HE OFFICIAL ::PLA'l' :FILED ON .iJULY 3, .::l9B3 AS INSTRDMENT
:NO. £39243 OF '"T.HE .1ŒCORD.B OF '"T.HE LINCOLN COUNTY CIiEBK.
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which lIas :the:arldress of
"TIiAYNE
332 .NOEl'B :FOREST ~
{City], Wyoming
B3.::l27
[Street] ,
!Zip Code] (herein "PrOperty Address");
TOGEUiliR with1ill.theimprovementsDow or l1er-eafter erected on .theproperty,.and.all f'.J sp.mp.nts;:rî.ghts,.appn:rtenancesllIlil
:rents, ßll of which shall be deemed to be .and remain 1l -part of the property covered by 1his Mortgage; .and 1lll of.the foregoing,
together with .said property (or 1be leasehold estate if this Mortgage is on llleasebold) lITe.hereinafter referred to.as.the "Property."
Borrower covenants that Borrower is lawfully .seised of .the estate .hereby conveyed.and has.the right to mortgage, grBnt.and
convey :the Property, .ID1d :that .the Property .is ]mp.nr.nmbered, ucept for encumbrances of Teeord. Borrower covenants :that
Borrower wmnmts.and will1ieferu:l genenilly .the title to .the Property .against.all claims.and np.m:mns, .subject to ~nr.llmhnmr.es of
:record.
UNIFORM COVENANT5. Borrower .and lender covenant.and llgfee.as fOllows:
1. Pllyment of Principal JUUl Jnterest.Borrower shall promptly :pay when .due :the -principalllIlil interest IDdebtedness
evinp.nr.t".d by:the Note lIIlil late charges .as provided in :the Note.
2. Funds for TJtXes JUUllnsur.ance. 5ubject to.applicable Jaw or 1l written waiver by lender, Borrower shall:pay to lender
on .the day monthlY]Jllyments of principal .and interest llfe ]Jlly.able .under .the Note, .until the Note .is paid in full, .a sum (herein
"Funds") equal to one-twclfth of :the yearly :taxes .ID1d llSSp.~om1p.nts (inr.1nning condomininTT\ lIIlil planned unit development
.assessments, jf .any) which may .attain -priority over this Mortgage.ID1d ground:rents on .the Property, jf .any, -plus one-twclfth of
yearly premium .iJ1~t:Jl1rnffits for hazard in~nrnnr.e, -pills one-twclfth of yearly premium Í11~t:Jllrnp.nts for mortgage imnT:Jnce, if.ID1Y,
ßll.as :reasonably estimated :initially .and from time to time by lender on the basis of .assessments.and bills.and reasonable estimates
.thereof. Borrower shall DOt be ohlϣ;:JtPil to:make .such Jlllymen1S of :Funds to Lender to :the extent that Borrower :makes .such
]Jllymen1S to .the holder of 1l prior mortgage or deed of 1ruSt if .such.holder .is.an Tn ~h]tionallender.
WYOMJNG - SECOND MORTGAGE - 1/BO - FNMAIFHLMC UNIFORM INSTRUMENT
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000424
If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are 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, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing
said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and
applicable law pennits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such
interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to
Borrower, without charge, an annual accounting of the Funds showing credits 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 secured by this Mortgage.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due
dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments,
insurance premiums and 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 installments of Funds. If the amount of the Funds held by Lender shall not be
sufficient to pay taxes, assessments, insurance 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 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
later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of
application as a credit against the sums secured by this Mortgage.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and
paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph
2 hereof, then to interest payable on the Note, and then to the principal of the Note.
4. Prior Mortgages and Deeds of Trust; Charges; Lifns. Borrower shall perfonn all of Borrower's obligations under any
mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower's
covenants to make payments when due. Borrower shall payor cause to be paid all taxes, assessments and oth~r charges, fines and
impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if
any.
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire, hazards included within the tenn "exiended coverage," and such other hazards as Lender may require and in
such amounts and for such periods as Lender may require.
The 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 shali be in a fonn acceptable to Lender
and shall include a standard mortgage clause in favor of and in a fonn acceptable to Lender. Lender shall have the right to hold the
policies and renewals thereof, subject to the tenns of any mortgage, deed of trust or other security agreement with a lien which has
priority over this Mortgage.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if
not made promptly by Borrower.
If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is
mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to
collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propertÿ or to the sums secured by
this Mortgage.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
shall keep the Property in good repair and shall not commit waste or pennit impairment or deterioration of the Property and shall
comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a
planned unit development, Borrower shall perfonn all of Borrower's obligations under the declaration or covenants creating or
governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit
development, and constituent documents.
7. Protection of Lender's Security. If Borrower fails to perfonn the covenants 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 is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan
secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the
requirement for such insurance tenninates in accordance with Borrower's and Lender's written agreement or applicable law.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other tenns of payment, such amounts
shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shall
require Lender to incur any expense or take any action hereunder.
8. Inspection. Lender may make 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 award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and
shall be paid to Lender, subject to the tenns of any mortgage, deed of trust or other security agreement with a lien which has
priority over this Mortgage.
10. Borrower Not Released; Forbearance By L2nder Not a Waiver. Extension of the time for payment or modification of
amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate 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 amortization of the sums
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 exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver
of or preclude the exercise of any such right or remedy.
0058537895
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000425
11. Successors and Assigns Bound; Joint and Severall Liability; Co-signers. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject
to the provisions of paragraph 16 hereof. AIl covenants 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-signing this Mortgage only to mortgage, grant and convey that
Borrower's interest in the Property to Lender under the tenns 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 to extend, modify, forbear, or make any
other accommodations with regard to the tenns of this Mortgage or the Note without that Borrower's consent and without releasing
that Borrower or modifying this Mortgage as to that Borrower's interest in the Property.
12. Notice. Except for any notice required under applicable law to be given in 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 at
the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any
noticeto 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 in this Mortgage shall be deemed to have been given to
Borrower or Lender when given in the manner designated herein.
13. Governing Law; Severability. The state and local laws 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 federal law to this Mortgage. In the event
that any provision or clause of this Mortgage or the Note conflicts with applicable 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 are declared to be severable. As used herein, "costs," "expenses" and "attorneys' fees" include all
sums to the extent not prohibited by applicable law or limited herein.
14. Borrower's Copy. Borrower shall be furnished a confonned copy of the Note and of this Mortgage at the time 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 loan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require
Borrower to execute and deliver to Lender, in a fonn acceptable to Lender, an assignment of any rights, claim.s or defenses which
Borrower may have against parties who supply labor, materials or services in connection with improvements m~de to the Property.
16. Transfer of the Property or a 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 in Borrower is sold or transferred and Borrower is not a natural person) without
Lender's prior written consent, Lender may, at its option, require immediate payment in fuIl 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 acceleration. 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 invoke any remedies permitted by this
Mortgage without further notice or demand on Borrower.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as foIlows:
17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage,
Lender prior to acceleration shall give notice to Borrower as provided in 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 specified in the notice
may result in 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 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 the sums secured by this Mortgage to be immediately due and payable without further
demand and may invoke the power of sale 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 in this paragraph 17, including, but
not limited to, reasonable attorneys' fees.
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 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 secured 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 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) Borrower pays Lender all sums which would be then due
under this Mortgage and the Note 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
17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may 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 fuIl force and effect as ifno 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 Borrower shall, prior to acceleration under paragraph 17 hereof or
abandonment of the Property, have the right to coIlect and retain such rents as they become due and payable.
0058537895
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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 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.
REQUEST FOR NOTICE OF DEFAULT
AND FORECLOSURE UNDER 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 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.
~INWI,TNESSWHE~REOF'Borro,werhasexecutedthiSMortgag,e."/t, /)'7,' U[ " ." '
./' ,! - (Seal) 'rJlttJu, ~ (Seal)
¡;'. RRY 0, H D 0 ---- -Borrower A C. HODSON -Borrower
(Seal) (Seal)
-Borrower -Borrower
~~ ~~
-Borrower -Borrower
~~ ~~
-Borrower -Borrower
[Sign Original Only)
ST A TE OF WYOMING,
~ Countyss:
/8'0 eta<¡ oj ~ 200 C,
The foregoing instrument was acknowledged before me this
by JERRY A. HODSON & ANNA C. HODSON
MyCommission Expires:
9 -J5-07
:o:.;¥!~cJ kA97'-V)~
GLORIA K BYERS. NOTARY PUBLIC
County of State of
Uncoln Wyoming
My CommlssJon Expires Sept. 15. 2001
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Form 3851
U~;¿2011.
000427
PLANNED UNIT DEVELOPMENT RIDER
THIS PLANNED UNIT DEVELOPMENT RIDER is made this 13th day of
August, 2006 . and is incorporated into and shall be
deemed to amend and supplement the Mortgage. Deed of Trust or Security Deed (the
"Security Instrument") of the same date. given by the undersigned (the "Borrower") to
secure Borrower's Note to
FIRST HORIZON HOME LOAN CORPORATION
(the "Lender") of the same date and covering the Property described in the Security
Instrument and located at:
332 NORTH FOREST DRIVE, THAYNE, Wyoming 83127
[Property Address]
The Property includes, but is not limited to. a parcel of land improved with a dwelling.
together with other such parcels and certain common areas and facilities, as described in
Covenants, Conditions and Restrictions of Record
(the "Declaration"). The Property is a part of a planned unit development known as
STAR VALLEY RANCH ASSOCIATION
[Name of Planned Unit Development]
(the "PUD"). The Property also includes Borrower's interest in the homeowners association
or equivalent entity owning or managing the common areas and facilities of the PUD (the
"Owners Association") and the uses. benefits and proceeds of Borrower's interest.
PUD COVENANTS. In addition to the covenants and agreements made in the Security
Instrument. Borrower and Lender further covenant and agree as follows:
A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the
PUD's Constituent Documents. The "Constituent Documents" are the: (i) Declaration; (ii)
articles of incorporation, trust instrument or any equivalent document which creates the
Owners Association; and (iii) any by-laws or other rules or regulations of the Owners
Association. Borrower shall promptly pay. when due, all dues and assessments imposed
pursuant to the Constituent Documents.
0058537895
MUL TIST A TE PUD RIDER - Single Family/Second Mortgage
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B. Hazard Insurance. So long as the Owners Association maintains, with a generally
accepted insurance carrier. a "master" or "blanket" policy insuring the Property which is
satisfactory to Lender and which provides insurance coverage in the amounts (including
deductible levels). for the periods. and against loss by fire. hazards included within the term
"extended coverage." and any other hazards. including, but not limited to. earthquakes and
floods. for which Lender requires insL.:~ance, then: (i) Lendei waives the provision in
Uniform Covenant 2 for the ITionthly payment to Lender of the yearly premium installments
for hazard insurance on the Properîy; and (ii) Borrower's obligation under Uniform
Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied to
the extent that the required coverage is provided by the Owners Association policy.
What Lender requires as a condition of this waiver can change during the term of the
loan.
Borrower shall give Lender prompt notice of any lapse in required hazard insurance
coverage provided by the master or blankeî policy.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or
repair following a loss to the Property. or to common areas and facilities of the PUD, any
proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender
shall apply the proceeds to the sums secured by the Security Instrument, whether or not
then due. with the excess. if any, paid to Borrower.
C. Public Liability Insurance. Borrower shall take such actions as may be reasonable
to insure that the Owners Association maintains a public liability insurance policy
acceptable in form, amount. and extent of coverage to Lender.
D. Condemnation. The proceeds of any award or claim for damages. direct or
consequential. payable to Borrower in connection with any condemnation or other taking of
all or any part of the Property or the common areas and facilities of the PUD. or for any
conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. Such
proceeds shall be applied by Lender to the sums secured by the Security Instrument as
provided in Uniform Covenant 9.
E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with
Lender's prior written consent. either partition or subdivide the Property or consent to: (i)
the abandonment or termination of the PUD. except for abandonment or termination
required by law in the case of substantial destruction by fire or other casualty or in the case
of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the
"Constituent Documents" if the provision is for the express benefit of Lender; (iii)
termination of professional management and assumption of self-management of the
Owners Association; or (iv) any action which would have the effect of rendering the public
liability insurance coverage maintained by the Owners Association unaccepta Ie to Lender.
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F. Remedies. If Borrowerdoes not pay PUD dues and assessments when due. then
Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall
become additional debt of Borrower secured by the Security Instrument. Unless Borrower
and Lender agree to other terms of payment, these amounts shall bear interest from the
date of disbursement at the Note rate and shall be payable. with interest. upon notice from
Lender to Borrower requesting payment.
BY SIGNING BELOW, B
j his PUD Ride.
rower accepts and agrees to JhE? terms an~covenan s contained
, ?
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-Borrower
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ANNA C. HODSON
al)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
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000430
0058537895
RIDER TO DEED OF TRUST/MORTGAGE/SECURITY DEED
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'~e escrow of taxes and insurance required in Paragraph 2 of your DEED OF
TRUST/MORTGAGE/SECURITY DEED to
Date:
8/13/2006
I
FIRST HORIZON HOME 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 premiums, you fulfill your obligation to keep
taxes and insurance premiums 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 final 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 payment date.
RECEIPT ACKNOWLEDGED:
~~{kI)(j XÍlffi/
. HODSON
2nd Rider
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000431
TO BE RECORDED WITH THE SECURITY INSTRUMENT
LENDER: FIRST HORIZON HOME LOAN CORPORATION
0058537895
BORROVVER: JERRY A. HODSON & ANNA C. HODSON
PROPERTY: 332 NORTH FOREST DRIVE
THAYNE, Wyoming 83127
RESIDENTIAL CONSTRUCTION LOAN RIDER
INCLUDING SECURITY AGREEMENT TO THE DEED OF TRUST/MORTGAGE
TIDS RESIDENTIAL CONSTRUCTION LOAN RIDER shall' be deemed to amend and
supplement the Deed of Trust/Mortgage (the "Security Instrumentll), of the same date given by the
undersigned (the IIBorrowerll) to secure Borrower's Note ("Note") and Addendum to Note to Lender
of the same date and covering the property ("Property") described in the Security Instrument. All
terms defined in the Note and elsewhere in the Security Instrument shall have the same meaning in this
Rider.
AMENDED AND ADDITIONAL COVENANTS. In addition to the covenants and
agreements made in the Security Instrument, Borrower and Lender further covenant and agree as
follows:
1. Residential Construction Loan Agreement~ Borrower agrees to comply with the
covenants and conditions of the Residential Construction Loan Agreement (IILoan Agreementll), between
Borrower and Lender, which is incorporated herein by this reference and made a part of this Security
, Instrument. The Loan Agreement provides for the construction of certain Improvements
(IIImprovementsll) on the Property. All advances made by Lender pursuant to the Loan Agreement
shall be an indebtedness of Borrower secured by this Security Instrument as amended and such
advances may be obligatory under the terms of the Loan Agreement. The Security Instrument secures
the payment of all sums and the performance of all covenants required by the Lender in the, Loan
Agreement. Upon the failure of Borrower to keep and perform all the covenants, conditions and
agreements of the Loan Agreement, the principal sum and all interest and other charges provided for in
the loan documents and secured hereby shall, at the option of the Lender, become due and payable.
2. Construction Loan Deed of Trust/Mortgage. This Security Instrument is a
"construction mortgage" securing an obligation incurred for the construction of the Improvement on the
Property including the acquisition cost of the Property, if any, and any notes issued in extension,
renewal, or substitution thereof. Borrower affirms, acknowledges and warrants that prior to the
recordation of this
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000432
Security Instrument, as amended, in the Real Property Records of the county or counties where the
Property is located, no Improvements contemplated by the Loan Agreement have been constructed, no
work has been perfonued, and no materials have been ordered or delivered.
3. Future Advances. This Security Instrument shall secure in addition to the sum
evidenced by the Note all funds hereafter advanced by Lender to or for the benefit of Borrower, as
contained in the Contract and/or due under the Loan Agreement and all indebtedness or obligations
presently or hereafter owed by Borrower to Lender, however arising, whether by note, contract, tort,
guaranty, operation of law or otherwise; whether or not the advances or events creating such debts or
obligations are presently foreseen; and regardless of the class of debts or other obligations, be they
secured or unsecured or arising from commercial, credit card or consumer transactions; or for any other
purpose. All future advances shall be made within the time Ii¡nit authorized by the laws of the State of
Wyoming
4. Disbursements to Protect Security. All sums disbursed by Lender prior to
completion of the Improvements to protect the security of this Security Instrument, up to the principal
amount of the Note and any future advances, shall be treated as disbursements pursuant to the Loan
Agreement. All such sums shall bear interest from the date of disbursement at the rate stated in the Note
and the Addendum to the Note, unless the collection from Borrower of interest at such rate would be
contrary to applicable law, in which event such amounts shall bear interest at the highest rate which may
be collected from Borrower under applicable law and shall be payable upon notice from Lender to
Borrower requesting payment therefore.
5. Assignment of Rights or Claims. From time to time as Lender deems necessary to
protect Lender's interest, Borrower shall, upon request of Lender, execute, acknowledge before a
notary, and deliver to Lender, assignments of any and all rights or claims which relate to the
construction on the Property.
6. Breach by Borrower. In case of breach by Borrower of the covenants and conditions
of the Loan Agreement, Lender, at Lender's option, with or without entry upon the Property, (a) may
invoke any of the rights or remedies provided in the Loan Agreement, or (b) may accðlerate the sums
secured by this Security Instrument and invoke' any of those remedies provided for in this Security
Instrument, or (c) may do both although failure to eXðrcise any of its rights and remedies at anyone
time does not constitute a waiver or modification of any conditions, rights or remedies in the future.
7. Amortization and Loan Agreement. After the commencement of amortization of the
Note, the tenus of the Loan Agreement shall be deemed to have been satisfied. There shall be no claim
or defense arising out of or in connection with the Loan Agreement against the obligations of the Note
and this Security Instrument.
¡ 8. Property. The property covered by this Security Instrument includes the property
'described or referred to in this Security Instrument, together with the following, all of which are
!referred to as the "Property". The portion of the Property described below which constitutes real
[property is sometimes referred to as the "Real Property". The portion of the Property which constitutes
:personal property is sometimes referred to as the "Personal Property", listed as follows:
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¡ Any and all buildings, Improvements (provided in the Loan Agreement or otherwise), and
tenements now or hereafter erected on the Property; any and all heretofore and hereafter vacated alleys
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and streets abutting the Property, easements, rights, appurtenances, rents (subject however to any
assignment of rents to Lender), leases, royalties, mineral, oil and gas rights and profits, water, water
rights and water stock appurtenant to the Property (to the extent they are included in Borrower's fee
simple title); any and all fixtures, machinery, equipment, building materials, appliances, and goods of
every nature whatsoever now or hereafter located in, or on, or used, or intended to be used in connection
with the Property and all replacements and accessions of them, including, but not limited to, the
following items, which are hereby recognized by the parties to this instrument as fixtures: appliances for
the purpose of supplying or distributing heating, cooling, electricity. gas, water, air and light; security
and access control apparatus; plumbing and plumbing fixtures; refrigerating, cooking and laundry
equipment; carpet, floor coverings and interior and exterior window treatments; furniture and cabinets;
interior and exterior sprinkler plant and lawn maintenance equipment; fire prevention and extinguishing
apparatus and equipment, water tanks, swimming pool, compressor, vacuum cleaning system, disposal,
dishwasher, range, and oven, any shrubbery and landscaping; any and all plans and specifications for
development of or construction of Improvements upon the Property; any and all contracts and
subcontracts relating to the Property; any and all accounts, contract rights, instruments, documents,
general intangibles, and chattel paper arising from or by virtue of any transactions related to the
Property; any and all permits, licenses, franchises, certifications, and other rights and privileges
obtained in connection with the Property; any and all products and proceeds arising from or by virtue of
the sale, lease, or other disposition of any of the Property; any and all proceeds payable or to be payable
under each policy of insurance relating to the Property; any and all proceeds arising from the taking of
all or part of the Property for any public or quasi-public use under any law, or by right of eminent
domain, or by private or other purchase in lieu thereof; all building permits, certificates of occupancy,
certificates of compliance, any right to use utilities of any kind including water, sewage, drainage and
any other utility rights, however arising whether private or public, present or future, including any
reservation, permit, letter, certificate, license, order, contract or otherwise and any other permit, letter,
certificate, license, order, contract or other document or approval received from or issued by any
governmental entity, quasi-governmental entity common carrier, or public utility in any way relating to
any part of the Property or the Improvements, fixtures and equipment thereon; all other interests of
every kind and character which Borrower now has or at any time hereafter acquires in and to the
Property, including all other items of property and rights described elsewhere in this Security
Instrument.
9. Security Instrument. This Security Instrument shal1 be a security agreement granting
Lender a first and prior security interest in all of Borrower's right, title and interest in, to and under the
Personal Property, under and within the meaning of applicable statues of this state, located on or
acquired for installation on or used in the operation of the real property, including, but not limited to, all
construction materials, goods, equipment and fixtures, and all accessions, additions and replacements
thereof. As well as a mortgage granting a lien upon and against the Real Property. In the event of any
foreclosure sale all of the Real and Personal Property may, at the option of Lender, be sold as a whole
or in any part. It shall not be necessary to have present at the place of such sale the Personal Property
or any part thereof. Lender shall have all the rights, remedies and recourses with respect to the Personal
Property afforded to a "Secured Party" by the applicable statutes of this state in addition to and not in
limitation of the other rights and recourse afforded Lender under this Security Instrument. Borrower
shall, upon demand, pay to Lender the amount of any and all expenses, including the fees and
disbursements of Lender's legal counsel and of any experts and agents which Lender may incur in
connection with: (i) the making and/or administration of this Security Instrument; (ii) the custody,
preservation, use or operation of, or the sale of, collection from, or other realization upon any property,
real and/or personal, described in this Security Instrument, (iii) the exercise or enforcement of any of
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000434
the rights of Lender under this Security Instrument; or (iv) the failure by Borrower to perfonn or
observe any of the provisions or covenants in this Security Instrument.
10. Completion. Lender shall not be responsible for the completion: of the
Improvements, and shall not in any way be considered a guarantor or surety of perfonnance by
Borrower. In the event the Improvements are not completed according to the Plans and Specifications
approved by Lender, and it is detennined for whatever reason the Lender does not have a lien arising by
or through Borrower, then Lender shall have a valid lien for its loan amount, less the amount reasonably
necessary to complete the Improvements, or in such event Lender, at its option, shall have the right to
complete the Improvements, and the lien shall be valid for the loan amount. Paragraph 6 of the
Security Instrument. The first sentence of paragraph 6 of the Security Instrument is hereby modified
to read as follows: Borrower shall occupy, establish and use the Property as Borrower's principal
residence within sixty (60) days from the execution of the Modification Agreement and shall continue to
occupy the Property as Borrower's principal residence for at least one (1) year after the date of
occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably
withheld, or unless extenuating circumstances exist which are beyond Borrower's control. All other
provisions in Paragraph 6 of the Security Instrument remain unchanged.
11. Invalid Provisions. If any provision of this Security Instrument is declared invalid,
illegal, or unenforceable by a court of competent jurisdiction, then such invalid, illegal or unenforceable
provision shall be severed from this Security Instrument and the remainder enforced as if such invalid,
illegal or unenforceable provision is not a part of this Security Instrument.
12. Address.
The name and address of the Borrower/Debtor during construction of the
Improvements is:
JERRY A. HODSON & ANNA C. HODSON
108 CEDAR DRIVE
THAYNE, Wyoming 83127
The name and address of the Lender/Secured Party is:
FIRST HORIZON HOME LOAN CORPORATION
1315 SOUTH HIGHWAY 89, SUITE 101
JACKSON, WY 83001
13. Other Provisions. The following notice is required by law:
IMPORTANT NOTICE: YOU ARE HEREBY NOTIFIED THAT ANY PERSON PERFORMING
LABOR ON YOUR PROPERTY OR FURNlSlDNG MATERIALS FOR TIlE CONSTRUCTION,
REPAIR, OR IMPROVEMENT OF YOUR PROPERTY WILL BE ENTITLED TO A LIEN
AGAINSf YOUR PROPERTY IF HE IS NOT PAID IN FULL, EVEN TIIOUGH YOU MAY HAVE
PAID TIlE FULL CONTRACT PRICE TO YOUR CONTRACTOR. TIllS COULD RESULT IN
YOUR PAYING FOR LABOR AND MATERIALS TWICE. TIllS LIEN CAN BE ENFORCED BY
TIlE SALE OF YOUR PROPERTY. TO AVOID TIllS RESULT, YOU MAY DEMAND FROM
YOUR CONTRACTOR LIEN WAIVERS FROM ALL PERSONS PERFORMING LABOR OR
FURNlSIllNG MATERIALS FOR TIlE WORK ON YOUR PROPERTY. YOV MAY WITIffiOLD
PAYMENT TO TIlE CONTRACTOR IN TIlE AMOUNT OF ANY UNPAID CLAIMS FOR LABOR
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FOR MATERIALS. YOU ALSO HAVE THE RIGJIT TO DEMAND FROM YOUR CONTRACTOR
A COMPLETE LIST OF ALL LABORERS AND MATERIAL SUPPLIERS UNDER YOUR
CONTRACT, AND THE RIGJIT TO DETERMINE FROM THEM IF THEY HAVE BEEN PAID
FOR LABOR PERFORMED AND MATERIALS FURNISHED.
By signing below, Borrower accepts and agrees to the terms and covenants contained in this
Residential Construction Loan Rider.
jJ rrower ///1 RY A. HO]ON , "
é!ull/(¡ ~ÞJ
Borrower ANNA C. HODSON
Borrower
Borrower
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Please attach the Appropriate County/State Specific Notary Acknowledgment
0058537895
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State of Wyoming )
)
County of Lincoln )
The foregoing instrument was acknowledged before me by Jerry A. Hodson and Anna C.
Hodson. this 18th day of August, 2006.
AL~cù ¿~ +A~
Notary Public ' , . , '
My Commission Expires: 9-15-07
GLORIA K BYERS· NOTARY PUBUC
County of State of
Un coIn Wyoming
My Commlssfon ExpIres Sepl15. 2007
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