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HomeMy WebLinkAbout925791 ~ È bT¡ C;' ~.~ ,-·0 ">. ()~. .I ~'"..~, b.O (.¡.,. ~ ,:; 0 0 ''[) ~ ;¡o.,. .&J8~ "'U~ .'.... "I ' -, ¡¡~ ' § --'::1 w- t:: '. ø ~" <;¡ ~ t) I j i\I!i ..g:E ",E-« ~i ~ '1 \;,/' i.~ I,. ' " OOb'/ 114'/ ~21 OOGuv. i \ .j..... RECEIVED 1/3/2007 at 3:54 PM RECEIVING # 925791 BOOK: 645 PAGE: 367 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MODIFICATION AGREEMENT THE STATE OFWYOMING COUNTY OF LINCOLN KNOW ALL MEN BY THESE PRESENTS: Recitals Reference is hereby made to that one certain Promissory Note (the "Note") dated t~~.;J5' , ~b ' in the original principal sum of $ .;;J.IDJ 000 J OV executed by TODD W, CLARK AND PATRICIA LYNN CLARK , HUSBAND AND WIFE herein referred to as "Borrower" whether one or more), payable to the order of WELLS FARGO BANK, N,A, ("Lender"), and said Note being secured by, among .other instruments, that certain Deed of Trust, Mortgage or Security Deed (the "Security InstÍ'ument") of even date therewith duly recorded , in the Real Property Records of LINCOLN County, WYOMING , the above said instruments concerning encumbering and creating liens against the following described property (the "Property"), to wit: See Exhibit "A" attached hereto and made a part hereof for all purposes and being the same property located at 3 0 REDTOP DRIVE, SMOOT, WY 83126 Multi-St.te Modilic.tion to Fixed R.te II eppliceble, ettach completed 6elloon Note Addendum as Exhibit "6" and check appropriate blank In Section II, II applicable, attach completed 6elloon Rider to Secu,ity Instrument.. Exhibit "C" and check appropriate blank in Section III. NMFL# 2980 (MSMA) Rev 08/08/2005 Page 1 01 7 Initials ,\, ; ;i¡ IJL.,ti Il ;,t, , I;'~ni'i (. " '\ WHEREAS, property; and WHEREAS, Lender, the legal owner and holder of said Note and liens securing same, in consideration of the premises and at the request of the Borrower has agreed to modify the Note as hereinafter provided; and WHEREAS, the Borrower, in consideration of the modification of the Note as hereinafter set forth by the legal owner and holder' thereof, has' agreed to ratify said Note and indebtedness evidenced thereby and reconfirm Borrower's unconditional promise to pay to the order of WELLS PARGO BANK, N,A. at its offices at P,O. BOX 11701, NEWARK, NJ 071014701 or at such other places as the holder of said Note may designate in writing, the principal sum of TWO HUNDRED THIRTEEN THOUSAND SEVEN HUNDRED PIPTY AND 00/100 ($ ***213,750,00 lor so much thereof as may have been or may be advanced under the Note, together with interest thereon at the rates herein provided, in accordance with the terms thereof and hereof from and after the effective date of this Agreement until maturity. "L' ; '; i, ' WITNESSETH Borrower now desires to modify the Note and ratify said liens agairst the 000368 09257S.1 NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree that the Note and Security Instrument are hereby renewed, extended and/or contrary, as follows: I. Items 1 through 10 below shall, as applicable, amend, modify and replace those items in the Note as originally written to the contrary, as follows: 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. $ ***213,750,00 (this amount is called "Principal"), plus interest, to the order of the Lender. The Lender is WELLS PARGO BANK, N,A, . I will make all payments under this Note in the form of cash, check or money order. I understand that the :Lender may transfer this Note. The Lender or anyone who takes this Note by transf~r and whot is e:o,itled to receive payments under this Note is called the "Note Holder." . , 2. INTEREST Interest will be charged on unpaid principal until the full amount of principal has been paid. I will pay interest at a yearly rate of 6 , 7 5 0 %. The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of this Note. 3. PAYMENTS (AI Time and Place of Payments , I will pay principal and interest by making a payméntevery month. I will make my monthly payment on the first of each month beginning on PEBRUARY 01 2007 . I will make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be ,applied to interest before principal. If, on JANUARY 01 , 2037 , I still oWe amounts under this Note, I will pay those amount in full on that date, which is called the "Maturity Date." I will make my monthly payments at WELLS PARGOHOME MORTGAGE, P,O. BOX 11701, NEWARK, NJ 071014701 or at a different place if required by the Note Holder. ~ ~ (-.': j-j I...... ' NMFL# 2980 (MSMA) Rev 08/08/2005 Poge 2 of 7 Initials 0925791 000369 I. " IB) Amount of Monthly Payments , My monthly payment will be in the amount of U.S.$ **********1,386,38 . 4. BORROWER'S RIGHT TO PREPAY I have the right to make payments of Principal at éiny time before they are due. A payment of Principal only is known as a "Prepayment". When I make a Prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a payment as a Prepayment if I have not made all the monthly payments due under the Note. I may make a full Prepayment or partial Prepayments without paying any Prepayment charge. The Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my Prepayment to the accrued and unpaid interest on the Prepayment amount, before applying my Prepayment to reduce the Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the due date or in the amount of my monthly payment unless the Note Holder agrees in writing to those changes. 5. LOAN CHARGES If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then la) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and Ib) any sums already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the principal I owe under this, No~e or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated 'as a partial Prepayment. ì .' I 6. BORROWER'S FAILURE TO PAY AS REQUIRED' IA) Late Charges for Overdue Payments If the Note Holder has not received the full amount of any monthly payment by the end of lS calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be S, 000 0;9 of rpy overdue payment of principal and interest. I will pay this late charge promptly but only once on each late payment. IB) Default If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. IC) Notice of Default If I am in default, the Note Holder may,' send me a, w~'ijtEm notice telling me that if I do not pay the overdue amount by a certain date, the' Note Holder'may require me to pay immediately the full amount of Principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after on which the notice is mailed to me or delivered by other means. ID) No Waiver by Note Holder Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Hol~e'r will still have the right to do so if I am in default at a later . ' . , .. time. "':' " A ." :". ~\ -:.(:.:~~ ~;~. .' IE) Payment of Note Holder's Costs and Expenses: If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys' fees. NMFL# 2980 (MSMA) Rev 08/08/2005 Page 3 01 7 Initials , ~ ,) :. 0925791 j,,' , 000370 7. GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different address. Any notice that must be given to the Note Holder under this Note will be given by delivering it or by mailing it by first class mail to the Note Holder at th'eaddress stated in Section 3(A) above or at a different address if I am given a notice of thatdiffëh~nt ~âddr'ess. 8. OBLIGATIONS OF PERSONS UNDE~ THIS NOTE If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including thelobligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that anyone of us may be required to pay all of the amounts owed under this Note. 9. WAIVERS I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor. "Presentment" means the right tdrequire the Note Holder to demand payment of the amounts due. "Notice of dishonor" means the right to require the Note Holder to give notice to other persons that amounts due have not been paid. 10. UNIFORM SECURED NOTE This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust or Security Deed (the "Security Instrument"), dated the same date as this Note, protects the Note Holder from possible losses which might result if I..do not ke,ep the promises which I make in this Note. That Security Instrument describes how and ,'Ùnder vifhàlíßonditiör,\s I may be required to make immediate payment in full of all amounts I owe u!lder thi$, Note. Some of those conditions are described as follows: If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower in not a natural person and a beneficial 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. 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 given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrowers fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrum.ent without further notice or demand on Borrower. t .' \:\ (Check and Complete if Applicable): -Ä-II. The Note shall be and hereby is further amended as follows: NMFL# 2980 (MSMA) Rev 08/08/2005 ,"( . .(.~ '~,¡;' ~ . j :i. ,,;, 'tJ! Óí":ì(' .,' I Jt. ". i Page 4 of 7 Initials 000311. 0925791. (A) The following admonition is hereby added and incorporateçl into the Note: THIS LOAN . IS PAYABLE IN FULL AT MATURITY, YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAIDINTEREST THEN DUE. THE LENDER IS UNDER NO OBLIGATION TO REFINANCEf THE LOAN AT THAT TIME. YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER ASSETS THAT YOU MAY OWN, OR YOU WILL HAVE TO FIND A LENDER, WHICH MAY BE THE LENDER YOU HAVE THIS LOAN WITH, WILLING TO LEND YOU THE MONEY. IF YOU REFINANCE THIS LOAN AT MATURITY, YOU MAY HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN EVEN IF YOU OBTAIN REFINANCING FROM THE SAME LENDER. (B) The balloon Note Addendum attaclÎ~d 'herèto as Exhibit" B" is J incorporated into the Note): '; i ,.¡, ~;.~< " ~ III. The Security Instrument shall be and ~~r;ebY is amended as follows: X hereby added and (A) Reference to the maturity date of the debt secured by the Security Instrument is changed fro~ d5; ~r tovkn{),"!ðl¡;h3=1- (B) The Balloon Rider attached hereto as Exhibit "C" is hereby incorporated into and made a part of the Security Instrument. L (C) The Manufactured Home Rider attached hereto as Exhibit "D" is incorporated into and made a part of the Security Instrument. Further, it is expressly agreed,·thalfqr an in consideration of this Modification Agreement, Borrower hereby releases: a~d\ forever discharges Lender and its officers, J , ' directors, counsel, employees, agents" predecessors, successors, and assigns from all causes of action, claims, rights, and controversies, known or unknown, which Borrowers had, now has, or may hereafter acquire which relate to, are based on, arise out of, or are in any way connected with any acts of Lender or its above affiliates occurring prior to the execution of this Agreement and relating in any manner to the above described Note or Security Instrument or the Property described herein or therein. This is a general release of all possible claims and causes of action of every kind and character related to the abo\{e desçrib~9~s\,,~ject matter and is to be interpreted liberally to effectuate maximum prqte,ction of:LeÞpeqmdits above affiliates. The Borrower hereby ratifies Lender's liens and/or security interests against the Property until the Note as so hereby modified has been fully paid, and agrees that this renewal, extension and/or modification shall in no manner affect or impair the Note or the liens and/or security interests securing same and that said liens and/or security interests shall not in any manner be waived, but are acknowledged by Borrower to be valid and subsisting, the purpose of this instrument being simply to modify the Security Instrument and the time and manner of payments of the Note and ratify all liens and/or security interest securing same, and the Borrower further agrees that all terms and provisions of the Note, the Security Instrument and the other instruments creating or fixing the liens and/or security interest securing same shall be and remain in full force and effect as therein written, except as otherwise expressly provided herein. A breach or other default of any o~ t~e terms of this Agreement by Borrower shall constitute a breach or default under' the. ~IÒ~~ and Security Instrument, and Lender shall thereupon have the right to J seek all ,:rem'edieq available to it under the aforesaid loan instruments. Borrower covenants and agrees that the rights and remedies of the Lender under this Agreement are cumulative of, are not in lieu of but are in addition to, and their exercise or the failure to exercise them shall not constitute a waiver of, any other rights and remedies which Lender shall have under the Note or the Security Instrument. NMFL# 2980 (MSMA) Rev 08/08/2005 Page 6 of 7 Initials . ,: ',;l tLy¡" ~.. (; i', ! ~,.Ü:~~;f,;::H.'.f~ . .,.' ..1" 'n¡"' '" , " ' 0925791 ,'; 000372 It is agreed that time and the unimpaired security of Lender are the essence of this Agreement. Borrower covenants and agrees that thi,s Agreement represents the final agreement between Borrower and Lender relating to the above described subject matter and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties hereto. Except as expressly provided herein, the Loan and all instruments, evidencing and securing same shall remain unaffected, unchanged and unimpaired. In the event of a conflict between the terms of the Note or this Agreement, the terms hereof shall be controlling. By entering into this Agreement, the parties have no intention whatsoever to extinguish or' discha.rge the indebtedness or liens and/or security interests evidenced by the loan instruments or to:effêd any novation. Borrower further covenants and agrees that there are no unwritten oral agreements between the parties hereto relating to the above described subject matter. t"\.-.J=X~CU;rEp !t'~~1! ~9TH day of DECEMBE~ ' 2006 , to be effectiv~ ~~l ~-' . \~ \....(JQJ¿G..-~ ':~~~'\¿U~N'C1c~< . (SEAL) ',' '~...... W:" CLARK ,(SEAL) /'~n~ O..:\\t)~ \uçD.C-t ~b~"o d¡-fí'lD 0.QQ.R~L (SEAL) PATRICIA LYÑN CLARK (SEAL) (SEAL) (SEAL) , " , ~,i.' \ Ii- i (SEAL) (SEAL) WITNESS: WITNESS: , ·s.... f:' ~',g 1 .'( ., ND AGREED TO BY THE OWNER AND HOLDER OF SAID NOTE: . '. ~~lak / WITNESS: ". ¡0J Name.-r-~~~ ~~ Title:JL£J . 1 - n },i NMFL# 2980 (MSMA) Rev 08/08/2005 Page 6 of 7 Initials . ~ " t; 000373 0925791 " '( " , ' THE STATE OF W':OMIUS Ñ/;UtlJeSðï1f COUNTY OF J,.¡NCO¡:'U fltll7t1éfl1N BEFORE ME, the undersigned authority, on this day personally appeared , as ~M~VJ of , known to me to be the perso whose name is subscribed to t e f gOing inst ment and acknowledged to me that he executed the same for the purpose~d consi eration therein expressed, in the capacity therein stated, as the act and deed of said (!Or¡J()~ðVì . I GIVEN UNDER MY HAND AND SEAL OF OFFICE this the ~~~ay of DECEMBER ,2006. ~(19~ My Commission Expires: l '61 .,;loO~Nota~y '~yqlic for the State of W'.I."OMING ¡t¡(¡(),fJe.!Øl'7I- Name: ' BEFORE ME, the undersigned authority, on this day TODD W, CLARKbPATRICIA LYNN CLARK Y hUB attorney in fact Patricia , ,,- LINDA R. WANTTIE " NOTARY PUBLIC-MINNESOTA ' , ~y Comm'osslcn Eipue~ Jan, 3~ 200B, '. THE STATE OF WYOMING COUNTY OF LINCOLN Lynn Clark known to me to be the person(s) whose name(s) is/are subscribed to the foregoing instrument and acknowledged to me that he/she/they executed the s,ame for the purpose and consideration therein expressed. ' ~ . ."). 6: I', .' .. GIVEN UNDER MY HAND AND SEAL OF OFFICE, th~ "~E~'R ,2006. My Commission Expires 0J¿¡o/p:¡... ~~ Notary P)ib}ic fo~}he State of WYOMING DONNA BOOTH-NOTARY PUBLIC Name: '7/ dOt:;;JOtJ:f C~~rm.~F STATE OF WYOMING MY COMMISSION EXPIRES SEPT. 20. 2007 . i.,.' " .._ -r i '/) .. ~ \. ~~f ì,: ..'..~. ~ ' ': ;if, Drafted By: f.rtJM WØtt1hL [ ] Check if Construction Loan Loan Number: 0067847921 NMFL# 2980 (MSMA) Rev 08/08/2005 Page 7 of 7 Initials ~ ~ . 0925791 Exhibit A File 6010615274 Description Oooa74 The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: Lot 2 of Red Top Subdivision, Lincoln County, Wyoming as described on the official plat tiled on August 8, 2002 as instrument No. 883070 of the records of the Lincoln County Clerk 0067847921 0925791 000375 Record and Return [ ] by Mail [ ] by Pickup to: WFHM FINAL DOCS X9999-01M 1000 BLUE GENTIAN ROAD EAGAN, MN 55121 MANUFACTURED HOME RIDER TO MODIFICATION AGREEMENT This Rider is made this DECEMBER 29, 2006 , and is incorporated into and amends and supplements the Modification Agreement ("Modification Agreement") of the same date given by the undersigned ("Borrower") to WELLS FARGO BANK, N ,A. ("Lender") and covering the Property described in the Security Instrument and located at: 30 REDTOP DRIVE, SMOOT, WY 83126 (Property Address) Borrower and Lender agree that the Modification Agreement is amended and supplemented as follows: 1. Purpose and Effect of Rider. IF THERE IS A CONFLICT BETWEEN THE PROVISIONS IN THIS RIDER AND THOSE IN THE SECURITY INSTRUMENT, THE PROVISIONS IN THIS RIDER SHALL CONTROL. THE CONFLICTING PROVISIONS IN THE SECURITY INSTRUMENT WILL BE ELIMINATED OR MODIFIED AS MUCH AS IS NECESSARY TO MAKE ALL OF THE CONFLICTING TERMS AGREE WITH THIS RIDER. 2. lender's Security Interest. All of Borrower's obligations secured by the Security Instrument also sl-.all be secured by the "Manufactured Home," This Rider amends and modifies the Security Instrument to amend and restate the description of the Property to include the "Manufactured Home" as follows: NEW 2006 KIT HOMEBUILDERS CEDAR CANYON 064 x 026 Length x Width New/Used Year Manufacturer's Name Model Name or Model No. 206KID1302A 206KID1302B Serial No. Serial No, Serial No. Serial No. NMFL # 2970 (MHMA) Rev. 02/06 Initial~ Page 1 of 2 O~25791. 000376 By signing below, Borrower accepts and agrees to t~erms an . WITt::l~SS my hand and seal this cY1 ¡...o' day of . ~cód \jQCc.o. QlL'o':j ~ ~ . . _\'! ~, ' ~ h >-CJCL '<:f.-. ~~O-êc... 0':> ~> ~ '-C\... ~ Cb..~ ('.Q C.dHC Borrower ~5 ~ G-..- Ç-o..d Borrower TODD W, CLARK PATRICIA LYNN CLARK Printed Name Printed Name Borrower Borrower Printed Name Printed Name STATE OF ) ) ss.: ) in the year ~before nd for said State, personally appeared personally known to e r proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the ins umen individual(s), or the person on behalf of which the individual(s) acted, executed the in tr merih Notary Public; State of Nary Signature þt)~lJ17.i Notary Printed Name Qualified in the County of My commission expires: q / 'dD/ dctY:{ DONNA BOOTH . NOTARYPIJ3LIO I f Offici I ~1Jl~F WYOMING MY COMMISSION EXPIRES SEPT. 20, 2007 Drafted By: LINDA WANTTIE X 77321 [ ] Check if Construction Loan Loan Number: 0067847921 NMFL # 2970 (MHMA) Rev 02/06 Page 2 of 2