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AFTER RECORDING PLEASE RETURN TO:
FHHLC - POST CLOSING MAIL ROOM
RECEIVED 9/5/2006 at 9:10 AM
RECEIVING # 922081
BOOK: 632 PAGE: 637
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
1555 W WALNUT HILL LN #200 MC
IRVING, TX 75038
671
,MORTGAGE I
0058756990
MIN 100085200587569908
THIS MORTGAGE is made this 24th
STACEY NORRED, An Unmarried Woman
day of August, 2006
, between the Mortgagor,
(herein "Borrower"), and the Mortgagee,
Mortgage Electronic Registration Systems, Inc. ("MERS"), (solely as nominee for Lender, as hereinafter defined, and Lender's
successors and assigns). MERS is organized and existing under the laws of Delaware, and has an address and telephone number of
P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS.
FIRST HORIZON HOME LOAN CORPORATION
THE STATE OF KANSAS
, ("Lende~ ") is organized and
, and has an address of
existing under the laws of
4000 Horizon Way
Irving, Texas 75063
WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ 37,980.00, which
indebtedness is evidenced by Borrower's note dated August 24th, 2006 and extensions and renewals
thereof (herein "Note "), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner
paid, due and payable on September 1st, 2021
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 perfonnance of
the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to MERS (solely
as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the
following described property located in the County of Lincoln
State of Wyoming:
All that tract or parcel of land as shown on Schedule "A" attached
hereto which is incorporated herein and made a part hereof.
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which has the address of
THAYNE
83 BARBERRY WAY
[Street]
[Zip Code] (herein "Property Address");
[City], Wyoming 83127
TOGETHER with all the improvements now or hereafter 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; and all of the foregoing,
together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as the "Property."
Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Mortgage; but, if
necessary to comply with law or custom, MERS, (as nominee for Lender and Lender's succeSSors and assigns), has the right: to
exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action
required of Lender including, but not limited to, releasing or canceling this Mortgage.
Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and
convey the Property, 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 to encumbrances of
record.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of 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. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall 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 sum
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WYOMING -
Form 3851
Amended 2/01
/
- 1/80 - FNMA/FHLMC UNIFORM INSTRUMENT WITH MERS
Initials:
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VMP Mortgaga Solutions, Inc. (800)521'72Q,
. -76N(WY) (0308)
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(herein .....Þíín"âi ") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit development
assessments, if any) which may attain priority over this Mortgage and ground rents on the Property, if any, plus one-twelfth of
yearly premium installments for hazard insurance, plus one-twelfth öf yearly premium instalhnents for mortgage insurance, if any,
all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills 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 if such holder is an institutional lender.
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 permits 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 montlùy instalhnents 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 montlùy 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; Liens. 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 other 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 "extended 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 WlTeasonably withheld. All insurance' policies and renewals thereof shall 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 terms 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 Property 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· conunit waste or permit impainnent 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 perf ann 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 terminates 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 terms 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 terms 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 Lender 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.
. -76N(WY) (0308)
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Form 3851
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000639
11. Successors and Assigns Bound; Joint and Severa] VaiìHity; 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. All 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 oIÙY 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
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 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 conformed 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 form acceptable to Lender, an assignment of any rights, claims or defenses which
Borrower may have against parties who supply labor, materials or services in connection with improvements måde to the Property.
16. Transfer of the Property or a BeneficiaJ 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 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 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 swns 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 follows:
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 shaJl 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 saJe. If the breach is not cured on or before the date specified in the notice, Lender, at
Lender's option, may declare aJl of the sums secured by this Mortgage to be immediately due and payable without further
demand and may invoke the power of saJe and any other remedies permitted by applicable law. Lender shaJl be entitled to
collect aJl 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 saJe, Lender shaJl 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 saJe. The
proceeds of the saJe shall be applied in the following order: (a) to aJI reasonable costs and expenses of the saJe, including,
but not limited to, reasonable attorneys' fees and costs of title evidence; (b) to aJI sums secured by this Mortgage; and (c)
the excess, if any, to the person or persons legaJly 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 (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 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 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 Borrower shall, prior to acceleration under paragraph 17 hereof or
abandonment of the Property, have the right to collect and retain such rents as they become due and payable.
. -76N(WY) (030B)
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Form 3851
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000640
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 encwnbrance 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 encwnbrance and of any sale or other foreclosure action.
IN WfTNESS WHEREOF, BoJrrower has executed this Mortgage.
~ %m_ (8,.1)
STACEY NORRED -Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
[Sign Original Only]
STATE OF WYOMING,
LINCOLN
County ss:
The foregoing instnunentwas aclmowledged before me this ~~ ~ D ç: Ot.u.6 U,'&-t- 2-Oò ~
by STACEY NORRED
My Commission Expires:
CHERYL A. JONES - NOTARY PUBLIC
County of Slate .of
Lincoln Wyoming
My Commission Expires Feb. 4, 2009
0058756990
_ -76N(WY) (0308)
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Form 3851
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ORDER NUMBER: NTL-I022
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EXBmIT "A"
Apr 3 2004 0:40
Þ003/032
000641
LOT 1 ð OF STAR VALLEY RANCH PLAT S, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT
THEREOF.
!J~:~2U~1
000642
BALLOON PAYMENT RIDER
TO THE SECURITY INSTRUMENT
Borrower Name: STACEY NORRED
Property Address: 83 BARBERRY WAY
THAYNE, WY 83127
Loan Number:
0058756990
i
THE TERMS OF THE LOAN CONTAIN PROVISIONS WHICH WILL REQUIRE A BALLOON PAYMENT
AT MATURITY.
i i
I I
THE 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$ 31,565.47 WILL
BE REQUIRED ON September 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 will, therefore, be required to make payment out of other assets you may own, or you will have to fmd a
lender willing 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 same lender.
I/We hereby acknowledge receipt of the above notice relating to the balloon payment provision of this loan, which
have also been explained to me/us.
~ %wJ (Sem)
STACEY NORRED {I -Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
Balloon Payment Rider - No CRR 0605
Page 1 of 1
FH6D03X
'D~220tJ1
000643
PLANNED UNIT DEVELOPMENT RIDER
THIS PLANNED UNIT DEVELOPMENT RIDER is made this 24th 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:
83 BARBERRY WAY, 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 HOA
[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.
I PUD COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as follòws:
i 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.
0058756990
MUL TISTATE PUD RIDER - Single Family/Second Mortgage
Page 1 of 3
VMP Mortgage Solutions, Inc. (800)521-7291
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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 insurance, then: (i) Lender waives the provision in
Uniform Covenant 2 for the monthly payment to Lender of the yearly premium installments
for hazard insurance on the Property; 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 asa 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 blanket 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
I¡ability insurance coverage maintained by the Owners Association unacceptable to ~nde/
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F. Remedies. If Borrower does 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,
ir this PUD Rider.
I I
I :
STACEY NORRED
I
! I
I
I
Borrower accepts and agrees to the terms and covenants contained
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
0058756990
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ADJUSTABLE RATE RIDER 0058756891
(LmOR Six.Month Index (As Published In The Wall Street Journal) . Rate Caps)
THIS ADJUSTABLE RATE RIDER is made this 24th day OfAugus~, 2006 ,
and is inoorporated into and shall be deemed to amend and supplement the Mortgage,
Deed of Trust, or Seourity Deed (the "Security Instrument") of the same date given by the
undersigned ("BorroWer") to secure Borrower's Adjustable Rate Note (the "Note") to
FiRST HORIZON HOME LOAN CORPORATION
i I
("Lender") of the same date and covering the property described in the Security Instrument
and located at:
83 BARBERRY WAY
THAYNE, WY 831~7
I
¡. [property Address]
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE
INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE
AMOUNT BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE
TIME AND THE MAXIMUM RATE BORROWER MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made In the
Security Instrument, Borrower and Lender further covenant and agree as follows:
A.INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate of 7.250 %,. The Note provides
for changes in the interest tate and the monthly payments, as follows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the first day of September, 2011 ,
and on that day every 6th month thereafter. Each date on which my interest
rate could change is oalled a "Change Date."
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The
"Index" is the average of interbank offered rates for six month U.S. dollar-denomInated
deposits in the London market ("UBOR"), as published in The Wall Street Journal. The most
recent Index figure available as of the first business day of the month Immediately
preceding the month in which the Change Date occurs is called the "Current Index."
If the Index is no longer available, the Note Holder will choose a new Index that is
based upon comparable information. The Note Holder will give me notice of this choice.
(C) CalcUlation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by
adding TWO AND ONE-QUARTER percentage points
( 2.250 %) to the Current Index. The Note Holder will then round the resultof
MULTISTATE ADJUSTABLE RATE RIDER· UBOR SIX·MONTH INDEX (AS PUBLISHED
IN THE WALL STREET JOURNAL) - Single Family· Fannie Mae Uniform Instrument
~·838R (0402) Form 3138 lIO~
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this addition to the nearest one·eighth of one percentage point (0.125%). Subject to the
limits stated in Section 4(D) below, this roundeä amount will be my new interest rate until
the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be
sufficient to repay the unpaid principal that 1 am expected to owe at the Change Date in full
on the Maturity Date at my new Interest rate in sUDstantially equal payments. The result of
this calculation will be the new amount of my monthly payment.
(D) Limits on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than
13.250 % or less than 2.250 %. Thereafter, my interest rate wi/I
naver be Increased or decreased on any single Change Date by more than
TWO &. 00/J.00 percentage points
( 2.00 %) from the rate of interest I have baen paying for the preoeding
6 months. My interest rate will never be greater than 13.250 %.
(E) Effective Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount
of my new monthly payment beginning on the first mOhthly payment date afler the Change
Date until the amount Of my mon1hly payment ohanges agaln.
(F) Notice 01 Changes
The Note Holder will deliver or mail to me a notice of any changes In my interest rate
and the amount Of my monthly payment before the effective date of any change, The notice
will include information reQuired by law to be given to me and also the title and telephone
number of a person who will answer any question I may have regarding the notice.
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
Uniform Covenant 18 of the Security Instrument Îs amended to read as follows:
Transfer of the property or a Beneficial Interest In Borrower. As used in
this Section 18, "Interest In the Property" means any legal or beneficial interest in
the Property, including. but not limited to, those beneficial interests transferred in a
bond for deed, contract for deed, installment sales contract or escrow agreement.
the Intent of which is the transfer of title by Borrower at a future Date to a
purchaser.
If all or any p-art of the Property or any Interest in the property is sold or
transferred (or If Borrower is not a natural person and a beneficia interest In
Borrower is sold or transferred) without Lender's prior written consent, Lender may
require immediate payment in full Of all sums secured by this Security Instrument.
However. this option shall not be exercised by Lender if suCh exercise is prohibited
by Applicable law, Lender also shall not exercise this option if: (a) Borrower
causes to be submitted to Lender information required by Lender to evaluate the
intended transferee as If a new loan were being made to the transferee; and (b)
Lender reasonably determines that Lender's security will not be Impaired by the
loan assumption and that the risk of a breach of any covenant or agreement In this
Security Instrument is acceptable to Lender.
To the extent permitted by Applicable Law, Lender may charge a reasonable
fee as a condition to Lender's consent to the loan assumption. L.:ender also may
require the transferee to sign' an assumption agree men that Is acceptable to
Lender and that obligates the transferee to keep all the promises and agreements
made in the Note and in this Security Instrument. Borrower will contmue to be
obligated under the Note and this Seourity Instrument unless Lender releases
Borrower in writing.
0058756891
~-838R (0402)
Page20f3
Initials:N
Form 31381101
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It Lender exerCises the option to require immediate raymenf in full, Lender
shall give Borr'ower notice of acceleration. The notice shal provide a period of not
less than 30 days from the date the noticé is given In accordance with Sec1ion 15
within which Borrower must pay all sums secured by this Security Instrument. If
Borrower fails to pay these sums prior to the expiration of this period, Lender may
invoke any remedies permitted by this Security Instrument without further notice or
demand on Borrower.
BY SIGNING BELOW, Borrower aooepts and agrees to the terms and covenants
contained in this Adjustable Rate der. .
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
?Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
0058756891
~.838R (0402)
Page 30f 3
Form 3138 1/01
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000649
INTEREST ONLY ADDENDUM
TO ADJUSTABLE RATE RIDER
THIS ÄlmENDUM is made this 24th day of August: . 2006. and is incorporated into and intended
to fonn a part of the Adjustable Rate Rider (the "Rider") dated the same date as this Addendum ex.ecuted by the
undersigned and payable to FIRST HORIZON HOME LOAN' CORPORATION
(the "Lender").
TIllS ADDENDUM supercede'!! Section 4(C) of the Rider. None of the other provisions of the Rider are changed
by this Addendum.
4. INTEREST RATE AND MONTIn. "i PAYMENT CHANGES
(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding,
TWO AND ONE-QT)'AR'l'ER percentage points ( 2.250 %) to the Current Index.
The Note Holder will then round the result of this addition to the nearest one-eighth of one percenbge
point (0.125 %). Subject to the linùts stated in Section 4(0), this rounded amount will be my new interest
rate until the next Change Date.
During this ·ln1erest OIÙY Period. the Note Holder will then determine the amount of the
monthly payment that would be sufficient to repay accrued interest. This will be the amount of my
monthly payment until the earlier of the next Cnange Date or the end oUhe Interest Only Period unless I
make a voluntary prepayment of principal during such period. If I make a voluntary prepayment of
principal during the Interest Only Period, my payment amount for subsequent payments will be reduced
to the amount necessary to pay interest on the lower principal balance, At the end of the Interest Only
Period and on each Change Date thereafter, the Note Holder will detennine the amount of the monthly
payment that would be sufficient to repay in full the unpaid principal that I am expected to owe at the end
of the Interest Only Period or Change Date. as applicable, in equal monthly payments over the remaining
term of the Note. The result of this calculation will be the new amoW1t of my monthly payment, After
the end of the Interest Only Period, my payment amount will not be reduced due to volW1tary
prepayments.
BY SIGNING BELOW, Borrower accepts and agrees to the tenns and covenants contained in this Addendum.
~ 7I¿7J1fJ<1 '1!!lth
. Date
Date
Date
Date
Date
Date
Date
Pn~~JlttfÆl =Addendum to ARM Rider
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0058756990
RIDER TO DEED OF TRUST/MORTGAGE/SECURITY DEED
Date:
,
8/24/2006
The escrow of taxes and insurance requíred in Paragraph 2 of your DEED OF
TRUST/MORTGAGE/SECURITY DEED to
FIRST HORIZON HOME LOAN CORPORATION
is hereby wåived and you are notified that you are not required to deposit with
FIRST nORI30N HOME LOAN CORPORATXON
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 premiwns 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 in.terest and next to the unpaid principal of your loan.
The exact amonnt 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:
~~~
2nd Rider
CB6D082 Revised 8/01
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