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HomeMy WebLinkAbout929251 MAY-07-2007 15:11 6010715145 First Horizon 307 734 7891 P.06 000537 WÇDA DOWN PAYMENT LOAN MORTGAGE Loan Number: 0060745197 This Mortgage ("Security Instrument") is given on MAY 4TH, 2007. The Mortgagor is JASON DECORA whose address is PO BOX 1635, APrON, WY ("Borrower"), This Security lnstrwnent is given to FIRST HORIZON HOME LOAN CORPORATION. who is organized and existing under the laws of THE STATE OF KANSAS and whose address is 4000 HORIZON WAY, IRVING, TX 75063 ("Lender"), Borrower owed Lender the principal sum of FIVE THOUSAND SEVEN HUNDRED DOLLARS ($5.700.00). This debt is evidenced by Borrower's Note dated the same date as this Security Instrument (UNote"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on JUNE 1 sr, 2015, this Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the payment of all other swns, with interest, advanced under Paragraph 6 to protect the security of this Security Insttlltnent; and (c) the performance of Borrower' 5 covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in LINCOLN COUNTY, Wyoming: SEE ATTACHED EXHIBIT "A" RECEIVED 5/10/2007 at 2:39 PM RECEIVING # 929251 BOOK: 657 PAGE: 537 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY l_\: which has the address of 1836 HWY 241. APTON, WY 83110 (zip code) ("Property Address"); TOGETHER WITH all the improvements now òr hereafter erected on the property, and all easements. rights. appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now òr hereafter a. part of the property, All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as "Property". BORROWER COVENANTS that Borrower is lawfully seized 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 warrants and will defend generally MPP POnTI 219 the title to the Property against all claims IUld demands, subject to any encwnbr¡mces of record. 1 MAY-D7-2UU1 15:11 O~~9Z5:l First Horizon 3D7 734 78!:J1 P.D7 000538 I, Payment of Principal, Interest, Default Interest and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note, default interest, if applicable, and late charges due under the Note, 2. Payment of Taxes, Insurance and Other Charges. Borrower shall make timely payment of any (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums for insurance required by Paragraph 4. The Borrower shall furnish proof of payment to Lender upon request by the Lender. 3. Application of Payments. All payments under Paragraphs I and 2 shall be applied by Lender as follows: First, to interest due Wlder the Note; Second, to amortization of the principal of the Note Third, to late charges due WIder the Note, 4. Fire, Flood and Other Hatard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards. casualties. and contingencies, including fire, for which Lender requires insurance, This insurance shaH be maintained in the amounts and for the periods that Lender requires, Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected against loss by floods to the extent required by the Lender, All insurance shall be carned with companies approved by Lender. The insurance policies and any renewals shall include loss payable clauses in favor of, and in a form acceptable to, Lender. Borrower shall furnish a copy of the policy or policies of insurance to the Lender upon request by the Lender. In the event of loss, BOlTower shall give Lender immediate notice by mail. Lender may make proof ofloss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. Allor any part of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal or (b) to the restoration or repror of the damaged property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in Paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled hereto, In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5, Occupancy, Preservation, Maintenance and Protection of the Propertyj Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument and shal1 continue to occupy the Property as principal residence within sixty days after the execution of this Security Instrument 2 MAY-07-2007 15:11 First Horizon 307 734 7891 P.08 û~Z9251. 000539 and shall continue to occupy the Property as Borrowerl s principal residence for at least one year after the date of occupancy, unless the Lender detennines this requirement will cause W1due hardship for Borrower, or unless extenuating circumstances exist wlùch are beyond Borrower's control. Borrower shall notify Lenders of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process. gave materially false or inaccurate infonnation or statements to Lender (or failed to provide Lender with any material infonnation) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's OCCUpatlcy of the Property as a principal residence. If this Security Instrwnent is on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing, 6, Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, ftnes and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request, Borrower shaH promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by Paragraph 2, or fail~ to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2, Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and be secured by this Security Instrument. These amoWlts shall bear interest from the date of disbursement, at the Note ratel or the default interest rate, and at the option of Lender, shall be immediately due and payable. 7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part oftha Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, fIrst to any delinquent amounts applied in the order provided in Paragraph 3, and then to prepayment of principal. Any application of the ,proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in Paragraph 2, or change the amount of such payments. Any excess proceeds over an amoW1t required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 3 MAY-07-2uu~ 15:11 Ù~jZ92S1 First Horizon 307 734 78!:Jl 1".09 8. Grounds for Acceleration of Debt. 000540 (a) Default. Lender may require immediate payment in full of all sums secured by this Security Instrument if: (i) BOlTower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or, (ii) BOlTower defaults by failing, for a period of thirty days, to perfonn any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if pennitted by applicable law, require immediate payment in full of all the sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent) by the Borrower, and (ii) The Property is not occupied by the purch;!lSer Or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Lender, (c) Default Interest. If Lender has not received the full monthly payment required by the Security Instrument by the end of the thirty day calendar days after the payment is due, Lender may increase the interest rate as described in Paragraph 2 of the Note to twelve percent (12%). Lender may choose not to exercise this option without waiving its right in the event of any subsequent default. Cd) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events, 9. Reinstatement, Borrower has the right to be reinstated if Lender has required immediate pa.yment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted, To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations, that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the cornmencement of foreclosure proceedings within two years immediately preceding the commencement of a CUlTent foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (Ui) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 10. Borrower Not Released; Forbearance by Lender NQt a Wavier. Extension of the time of payment or modification of amortization of the swns secured by this Security 4 MAY-07-2007 15:11 First Horizon 307 734 7891 P.l0 000541 tl~)29251. Instrwnent granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy, 11. Successors and Assigns Bound; Joint and several Liability; Co-signers. The covenants an~ agreements of this Security Ù1$trument shall bind and benefit the successors arid assigns of Lender and Borrower, subject to the provisions of Paragraph 8 (b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrwnent does not execute the Note: (a) is co-signing this Security Instrwnent only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the tenns of this Security Instrument or the Note without that Borrower's consent. 12, Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by fIrst class mail unless applicable law requires use of another method. The notice shall be directed to the property address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower, Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 13. Governing Law; Severability. This Sec\U'ity Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provision of this Security Instrument and the Note are declared to be severable. 14, Borrower's Copy. Borrower shaH be given one conformed copy of this Security Instrument. 15, Assignment of Rents, Borrower lmconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower a.uthorized Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents, However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive aU rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only, 5 MAY-07-2uU1 16:11 First Horizon 307 734 789i .1"'.11 (j~12S251 000542 If Lender gives notice of breach to Borrower: (n) all rents receive by Borrower shall be held by Borrower as trustee for benefit of Lender only. to be applied to the sums secured by the Security Instnunent; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Paragraph 15. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do So at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assigrunent of rents of the property shall tenninate when the debt secured by the Security Instrument is paid in full. The Lender or a judicially appointed receiver shall not be required to post any bond or other security to enter upon, take control of or maintain the property, NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 16. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 8, Lender may invoke the power of sale and any other remedies pemritted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Paragraph 16, including, but not limited to, reasonable attomeyst fees and costs of title evidence. 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 give notice of the sale to Borrower in the manner provided in Paragraph 12. Lender shall publish notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 17. Release, Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 18. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. Riders to this Security InstrUlQent, If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were in a part of this Security Instrument. [Check applicable space(s)]. 6 , ,I MAY-07-2007 15:11 First Horizon 307 734 7891 P.12 ~J~)Z9Z.s1 Condominium Rider 000543 _Graduated Payment Rider _ Growing Equity Rider _ Planned Unit Development Rider _ Other [Specify] Other BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in pages 1 through 7 of this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: að~ ..--ßÓrrower L?d~ Borrower Borrower Borrower STATE OF WYOMING, ~ County ss: The foregoing instnnnent was aeknOW1~ before me this LJ!b CV~ ;;00 7 by Cl.-OOTI oID.e (! 0.-/) ií??fYj My Commission Expires: 9 . / S - 07 ~Æ-!~ Notary Public GLORIA K. BYERS. NOTARY PUBLIC County of. State of Lincoln Wyoming My CommIssIon Expires Sept. 15, 2007 7 O~:viZSZS1. 000544 Exhibit A File 6010715145 Description The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as foHows: A portion of the Southwest Quarter of the Northwest Quarter of Section 19, Township 31 North, Range 118 West, 6th P.M., South of Osmond, Lincoln County, Wyoming and being more particularly described as follows: The True Point of Beginning being a Magnetic P.K. Nail set in the West line of said Southwest Quarter of the Northwest Quarter 329.68 feet, more or less, North from a B.L.M. type monument found marking the Southwest Corner of said Southwest Quarter of the Northwest Quarter, said point of beginning also being the Northwest Corner of that tract of land described in Book 361PR on page 687, Lincoln County, Wyoming; thence North, along said West line, 164.73 feet, more or less, to a Magnetic PK nail set, said point being the Northwest Corner of that tract of land described in Book 372PR on page 439, Lincoln County, Wyoming; thence North 89°55'10" East 529.28 feet to the Iron Pipe Set; thence South 164.71 feet more or less, to the Iron Pipe set, said point being on the North line of that tract ofland described in Book 361PR on page 687; thence South 89°55'02" West 529.28 feet to the True Point of Beginning. / MAY-04-2007 18:03 First Horizon 307 734 7891 P .16 O~2925:l 000545 0060745197 RIDER TO DEED OF TRUST/MORTGAGE/SECURITY DEED Date: 5/04/2007 The escrow of taxes and insurance required in Paragraph 2 of your DEED OF TRUST/MORTGAGE/SECURITY DEED to FIRST HORIZON HOME LOAN CORPORATION is hereby waived and you are notified that you are not required to deposit with FXRST HORXZON HOKE LOAN CORPORATION any of the amounts set forth in said paragraph, provided: (8) Escrows for future taxes and insurance premiums are being collected and maintaJned by the holder Of servicer of the mortgage loan superior to our lien; Of (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 irt$utanco premiUtn$ 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: S-L -o7 2nd Rider CB6D082 Revised 8/0 I