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HomeMy WebLinkAbout876259 RIVERTON WY 82501 " MORTGAGE] . THIS MORT~iAGE is made this 21st day of September , 2001 , between the Mortgagor, dODI L. SEL~DANIEL L. ADAMS (herein "Borrower"), and the Mortgagee, CITIFINANCIAL, INC. a corporation organized and existing under the laws of Maryland , whose address is ClTIFINANClAL RIVERTON WY 825O]_ (herein "Lender"). WHEREAS, Borrower is indebted to Lender in the Principal sum of U.S. $ 15,3 $ 9.55 , which indebtedness is evidenced by Borrower's note dated 09/21/2001 and extensions and renewals thereof (herein "Note"), providing tbr monthly instalhnents of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on ,09/26/2011 ; TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with the interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the performance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to Lender, with power Of sale, the following described property located in the County of ?ETON , State of Wyoming: SEE ATTACHED SCHEDULE A which has the address of 115644 HWY 89 ALPINE Wyoming 83128 (herein "Property Address"); TOGETHER with all the. improvements now or hereafter erected on the property, and all easements, rights, appt~rtenances 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 covenants that Borrower is lawfully seised of the estate hereby Conveyed and has the right to mortgage, grant and conveyfl~e 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. Wyoming 268684 1/98 Original (Recorded) Cot)v (Branch) CoDy (Custolner) P~ge I of 5 UNIfOrM COVB~ANTS. Borrowsr and Lendsr covenant and a~ree as fsllows: 1. Payment of Principal and Inter~t. 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 t5 Lender on the day monthly payments of principal and interest are payable under the Note, uutil the Note is paid in ~11, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, if auy) 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 of yearly premi'um installments 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 make~ such payments to the holder of a priOr mortgage or deed of trust if such holder is an institutional lender. ~ If Borrower pays ~unds 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 verit3dng 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 earmngs 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 pu¢ose 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 ~ture 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 ~ount necessary to make up the deficiency in one or more payments as Lender may require Upon payment in ~11 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 o~' Payments. Unless applicable law provides otherwise, all payments received by Lend6r 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 Trnst; Charges; Liens. Borrower shall perform 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 pay or 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 term "extended coverage", ~d 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 wit~eld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form 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, Borro.wer 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 ~nder's option either to restoration or repair of the Property or to the sums secured by this Mortgage. 6. ~ervation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not comet waste or permit 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 perfo~ all of Borrower's obligations under the declaration or covenants creating or governing [he 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 perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is co~enced 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 speci~ing reasonable cause therefor related to Lender's interest in the Prope~y. Wyoming '9~ Original (Recorded) Cop "}':;:hch) Copy (Customer) .~ 2 or' 5 JODII L SELF ~"-~ ' ' DAN L ADAMS ~ ..... ;' "~ 09/21 /2001 9. Condemnation. The proceeds of m]y award or claim for damages, direct or consequential, in connection with any condemnation or other taking- of ~he Property, or part thereof, or for conveyance in lieu of conde~a[ion, are hereby assigned ~d shah be paid ~o Lender, subject [o the terms of any mortgage, deed of trust or other secur~[y a~r¢¢men[ with a lien ~hich has priorky over [his ~or[~aEe. ]0; Borrower Not Re, eased; Forbearance By Lender Not a Wa~er~ Extension of the time for payment or modification of amortization of the sums secured by this ~ortEaEe Eranted by Lender [o any successor in interest of Borrower shah not operate to release, in any manner, the liability of the oriEina] BorroWer and Borrower's successors imerest. Lender shah not be required to co~ence p[oceedinEs aEains[ such successor or re.se to extend time for payment or otherwise modify amortization of the sun~ secured by this Mor[~a~e by reason of any demand made by oriEina[ Borrower and Borrower's successors in interest. Any forbearance by Lender in exerc[sin~ any riehl or remedy hereunder, or otherwise afforded by applicable law, shah not be a waiver of or preclude the exercise of any such right or remedy. 11. S~eeessors a~d Assi~m Bou~d~ Joi~t and Several Liability~ Co-signers. The covenants and agreements herein contained shall bind, and the rights hereunder shah 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 only to mortgag~, grant and convey that Borrower*s interest in the Property to Lender under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (e) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms 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. 11. 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~ 8everabili/y. 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 claus~ of this Mortgage or the Note conflicts witl~ 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. ~orrower's Cop~. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 1~. Rehabilitation Loan Agreement. Borrower shall lhlfill 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 laboL materials or services in connection with improvements made to the Property. 16. Transfer of the Property or a Beneficial Inter~t i~ 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 translbrred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in ~11 of all sums secured by this Mortgage. However, this option s~all 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 giw Borrower notice of acceleration. The notice shall provide a ~eriod 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 ~rther covenant and agree as follows: 1~. Aeeeleratio~ Remedies. Rxeept as provided i~ paragraph 16 hereof~ upo~ Borrower's breach of eovenm~t or a~reemem of ~orrower i~ this ~ort~ge, i~duding the eove~m~ to p~y whe~ due m~y sums secured this ~ort~age, Lender prior to acceleration shall ~ive notice to~ ~orrower ~ provided i~ para~rabh 11 hereof speeit~ing: (1) the breaehj (1) the aetio~ required to cure such bre~eh~ (3) a d~te, ~ot l~s tha~ 1~ days from the date the notice is mailed to ~orrower~ by which such breach must be eured~ a~a (4) tlmt f~ilure to cure such breach o~ before the d~te specified in the ~otiee m~y r~ult in aeeeleratio~ of the snms secured by this Mo~age. The notice shall further inform Borrower of the right to reinstate alter aeeeleratio~ a~d the right to bri~ a court aetio~ assert the ~onexistenee of ~ default or a~y other defense of Borrower to aeeeleratio~ ~d sale. If the breach is cured o~ or before the d~te specified i~ the notiee~ Lender at ken~er~s optio~ may declare ~11 of the sn~s secured by this Mortgage to be immediately, due anti pa~ble without further demand a~fl ~ i~oke the power of s~le any other remedies permitted by applicable law. Le~der shall be e~titled to collect ail r~so~able eostsa~d expe~s~ i~eurred i~ pursnin~ the remedi~ provided i~ this p~ragraph 17, inelud~g~ but ~ot limited to~ re~so~able attorneys' fees. If Lender invokes the power of sale, Lender shall give notice of ~ntent to foreclose to ~orrower a~d to the perso~ in possessio~ of the Property, if different, in accordance with ~pplieable law. Le~der shall ~afl a copy of ~otiee of the s~le to ~orrower i~ t~e m~er provided in p~ra~raph 11 hereof. Le~der sh~ll p~blish the ~ofiee of sale and the Property shall be sol~ in the m~nner prescribed by ~pplieable l~w. Le~der or Le~der~s d~i~ee' purchase the Property at' any sale. The proceeds of the sale shall be applied i~ the followi~ order: (~) to all reasonable costs a~d expenses of the sale, ineludi~g~ but not limited to, r~so~able attorneys' fe~ an~ costs of title evide~eej (b) to ail sm~s secured by this Mort~e~ a~d (e) the exes% if a~y, to the perso~ or persons legally e~fitled 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 judgement enforcing this Mortgage if: (a) Borrower payS' Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurredl (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 iRents; Appointment. of Receiver; Lender in Possession. As additional security hereunder, Borrower hereby assigns to Lender the rents of tbe 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. Upon acceleration under paragraph 17 hereof or abandorm~ent of the Property, and at any time prior to the expiration of any perio, d of redemption following judicial sale, Lender, in person, by agent or by judicially'appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to; receiver's fees., premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and the receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Property. 22. Hazardous Substances. Borrower shall not cause or permit· the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or Other action by any governmental or regulatory agency or private party involving the Property and 'any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental Law. As used in this paragraph 22, "Hazardous Substances" are those substances defined as toxic Or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flmmnable or toxic petroleum p?oducts, toxic pesticides andherbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 22, "Environmental Law" means federal laws and laws of the jurisdictiou where the Property is located that relate to health, safety or environmental protection. (Intentionally Left Blank) Wyoming ~ '" ~ ,: D;:;.. i'98 Original (Recorded) Coi; ij~'il/~inch) Copy (Customer) 4 or' 5 · i'i: ':' !/_~ 0 9 / 21 / 2 0 01 . REQUEST FOR NOTICE OF DEFAULT , AND FORECI OSU , t DER SUPEaIOR 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, with a copy to P. O. Box 17170, Baltimore, MD 21203, of any default under the superior encumbrance and of any sale or other foreclosure action. IN WITNESS WHEREOF, Borrower has executed this Mortg.~age. ' ~Borrower STATE 6F WYOMING, ./~.,~,~_. ,.~-. ' County ss: Xlle foregoing instruraent was acknowledgeck be. lbremle this by -- ' ' [date} fM/ 0 '[pe~son/~wled ging] C,'"l ,-'-" WITNESS my hand and official seal. / / . My C ' '9ig~11i$~.~~' ¢. ' ~ ,~,~/,~ ~ ~ '~...._. Notary Public ; c0u,r,o ' sT^TEo ; I ~'Rm0aT ~ WY0Um l CERTIFICATE OF DISCHARGE' My Commiss[0n Expire~ De(;, 14, 2002 his ~5'~i~t~at a mortgage or~f trust (as the case may be) from to . ~ dated and recorded in book of ........ on page. , has been fully satisfied by the payment of the debt secured thereby and is hereby canceled and discharged. BY: TITLE: FOR: The undersigned notary public witnessed the execution of this Certificate of Discharge by for on this · day of ", Notary Public Wyoming 26868-4 1/98 Original (Recorded) Copy (Branch) Copy (Customer) ' Page 5 of 5 (Space Below This Line Reserved For Lender and Recorder 4. The land referred to in this Commitment iS situated in the County of L~NCOLN, State of Wyoming, and described as follows: PARCEL 1 (fee simple interest): A part of Lot 4, .Section 3,. T36N, RllPW and of the SE1/4SEX/4 of Section 31, T37N, Rll8W, of the 6th P.M., Lincoln County, Wyoming, described as follows: Beginning at the Northeast corner of the Danny J. Dahlstrom property, said point is located 469 feet west along the section line and 301.07 feet, N56o00'W from the southeast corner of said Section 31; thence S54°46'16"W, 313.86 feet along the Dahlstrom property; thence N16°31'39"W, 112.20 feet; thence B65o23'31,W, 95.81 feet; thence N10°08"W, 99.22 feet along the fence to a point being the point within the Grantors, 25 foot access from U.S. 89; thence N34°43"E, 290 feet; thence South 5.6°00'E, 139 feet along the wyoming Game and Fish boundary to the point of beginning. PARCEL 2_ (casement'interest): The right:of access as provided SCHEDULE A - continued Commitment No.: File No: 04015225 for in instruments recorded March 4, 1983 in Book 198 P.R. on pape 487 and recorded May 22, 1990 in book lag P.R., on page of the records of Lincoln County Clerk.