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LOAN MODIFICATION AGREEMENT
THIS AGREEMENT, is made this :;){qfh.day of 0~ ,2007, by between and
among Vanderbilt Mortgage and Finance, Inc., (hereinafter called "Mortgagee"), and Jim R.
Beus. (hereinafter called "Mortgagor(s)"), with respect to the following:
A. WHEREAS, Jim R. Beus is indebted to Mortgagee under a certain Promissory Note
dated/executed June 1, 2007 in the stated principal face amount of $48,689.40 (hereinafter called
"Note"), which Note is secured by a Deed of Trust/Mortgage dated June 1,2007 and recorded in
Record Book 661 , Page 21 0 of the records of the Lincoln County, Wyoming,
(hereinafter called the "Mortgage"), all identified as Loan # 329634.
B. The Property to which this Note and Deed of Trust/Mortgage applies is described as
follows:
**See Attached Exhibit A
C. WHEREAS Mortgagors have asked to modify their Note with respect to the payment
terms of the mortgaged indebtedness due and owing Vanderbilt, and Vanderbilt has so agreed to
the following modified terms and conditions; and
WIT N E SSE T H:
NOW, THEREFORE, in consideration of the premises and the mutual agreements
herein contained, and upon the express condition, agreement, representation and promise of
Mortgagor that the lien represented by the aforementioned Mortgage(s) held by Mortgagee are
valid, first and subsisting liens on the real estate, improvements, fixtures and personal property
now existing or hereafter created or acquired with respect to such real property, and that the
execution of this Agreement will specifically not, in any way impair such liens with respect to
the real property, it is hereby agreed as follows:
1. The "WHEREAS" clauses of this Agreement which are, by reference, incorporated
into and made a part of the body of this Agreement as if set out in full, shall be deemed and held
to be contractual in nature and not mere recitals.
2. Mortgagors have requested, and Vanderbilt has agreed to modify the original note as
follows:
(a) The new principal loan balance shall be and is $48,689.40.
(b) The new loan term is 240 payments, with interest at the Annual Percentage Rate of
7.75%, with a first payment date of August 1,2007, according to and as reflected on the
amortization schedule and each and every applicable required federal and state disclosure, all of
which has been provided to Mortgagor, and which Mortgagor has acknowledged receiving.
(c) The payments shall be $399.71 for 240 monthly payments.
3. Mortgagors otherwise stipulate and agree as follows: that all remaining terms and
conditions of both the Note and Deed ofTrust/Mortgage shall remain in full force and effect; to
pay the modified Note at all times. and in the manner in all respects as therein provided, as same
RECEIVED 7/5/2007 at 2:07 PM
RECEIVING # 930974
BOOK: 664 PAGE: 615
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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may be modified or amended from time to time, and as specifically modified herein below, and
in part, by agreement; and to perfonn each and all of the covenants, agreements and obligations
of the Note, the Deed ofTrust/Mortgage and the other Loan Documents originally executed, at
the time, and in the manner in all respects as therein provided, as same may be modified or
amended from time to time.
4. All the real property described in the Deed of Trust/Mortgage shall remain in all
respects subject to the lien, charge or encumbrance of the original Deed of Trust/Mortgage and
other Loan Documents, and nothing herein contained and nothing done pursuant hereto, shall
affect or be construed to affect the lien, charge or encumbrance of, or warranty of title in, or
conveyance affected by the Deed of Trust or the priority thereof over other liens, charges,
encumbrances or conveyances, nor shall anything herein contained or done in pursuance hereof
affect or be construed to affect any other security or instrument held by Deed ofTrust/Mortgage
as security for or evidence of the other indebtedness owed Mortgagee by Mortgagor.
5. Mortgagors waive any and all rights, claims or setoffs, if any, against Mortgagee, its
successors and assigns, arising out of or by reason of the Note, the Deed of Trust/Mortgage and
the other Loan Documents described herein. Mortgagors further acknowledging having been
provided a revised Regulation Z disclosure consistent with the new tenns of the modified note,
as well as a revised Amortization Schedule, both being attached hereto.
6. Notwithstanding anything herein to the contrary, this Agreement shall not affect or
impair any representation in regard to and/or warranty of title heretofore made by Mortgagor, all
of which shall remain in force and inure to the benefit of Mortgagee and any insurer of the title
to said property or the lien of the Deed of Trust thereon.
7. All of the grants, covenants, tenns, conditions and agreements hereof shall be binding
upon and inure to the benefit of all of the heirs, executors, administrators, assigns and successors
in interest of the parties hereto.
8. Neither this Agreement nor any provision hereof may be changed, altered, waived,
amended, discharged or tenninated orally, but only by an instrument reduced to writing, signed
by all parties hereto.
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EXECUTED the date and year first written hereinabove.
MORTGAGOR:
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Jim . Beus
ACCEPTED:
MORTGAGEE:
STATE OF WYOMING )
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COUNTY OF LINCOLN )
Before me, a Notary Public in and for said County and State, on this ;2&-r!:- day of
~A//LLi , 20<D-, personally appeared Jim R. Beus known to be the identical person(s)
o subscribed their name(s) as the makers thereof to the foregoing instrument, and
acknowledged to me that he/she/they executed the same as their fÌ"ee and voluntary act and deed
for the uses and purposes therein set forth.
Given under my hand and seal of office the day and year first above written.
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STATE OF TENNESSEE )
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COUNTY OF 'I L c:u N +- )
. Before me, a Notary Public in and for said County and State, on this d 8~h day of
\oJ x \l'e , 200i, personally appeared David R. Jordan to me known to be the identical
person who subscribed his name as the mortgagee thereof to the foregoing instrument, and
acknowledged to me that he executed the same as their free and voluntary act and deed for the
uses and purposes therein set forth.
Given under my hand and seal of office the day and year first above written.
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Notary Public
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File Number: 6010715396
EXHIBIT" A"
LEGAL DESCRIPTION
Lots 5, 6, 7 and 8 of Block 19 of First Addition to Tulsa, Town of LaBarge, Lincoln County,
Wyoming as described on the official plat thereof as instrument No. 899806 of the records of
the Lincoln County Clerk.
ALSO AN ADDITIONAL SECURITY OF A 1996 CHAMPION MANUFACTURED
HOME WITH SERIAL NUMBER 05964998
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