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HomeMy WebLinkAbout935557 After recording please return to: HltkMAN knd lìtle ==- (9mpany SINCE 1904 Home$tart Administrator Federal Home Loan Bank of Seattle 1501 Fourth Avenue, Suite 1800 Seattle, W A 98101-1693 RECEIVED 12/13/2007 at 10:36 AM RECEIVING # 935557 BOOK: 681 PAGE: 156 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY FEDERAL HOME LOAN BANK OF SEATTLE ÞOOj.56 Mortgage with Power of Sale and Retention Agreement THIS MORTGAGE WITH POWER OF SALE AND RETENTION AGREEMENT ("Agreement") is made this lith day of December, 2007, between: Joe Merritt and Kellee Merritt ("Mortgagor"), whose address is PO Box 1774 Afton, WY 83110, and The Federal Home Loan Bank of Seattle ("Mortgagee") whose address is 1501 Fourth Avenue, Suite 1800, Seattle, Washington 98101-1693. MORTGAGE PROVISIONS. Mortgagor, in consideration ofa grant in the amount of Five-Thousand Dollars ($5,000.00) made by Mortgagee, and to secure the performance of Mortgagor's obligations hereunder, hereby mortgages and warrants to Mortgagee the following described real property ("Property") in Lincoln County, Wyoming: That parcel beginning at the Northeast comer of Lot 1, BLOCK 4, AFTON TOWN-SITE, Afton, Lincoln County, Wyoming and running thence Southerly along the East line of Lot I, 165 feet; thence Westerly parallel to the North line of Lot 1, 50 feet; thence Northerly parallel to the East line of Lot 1, 165 feet; thence Easterly along the North line of Lot 1, 50 feet to the POINT OF BEGINNING; together with all appurtenants, improvements and water rights thereon. Tax Account Number: 32183020309600 This Agreement is for the purpose of securing performance of Mortgagor's agreements set forth herein. Mortgagee shall cancel or discharge the mortgage upon satisfaction of Mortgagor's obligations upon written request. Upon default by Mortgagor in the payment of any indebtedness secured by this Agreement or in the performance of any agreement contained herein, Mortgagee may foreclose this mortgage, by court proceeding or by advertisement and sale of the Property at public auction in Lincoln County, Wyoming, pursuant to applicable provisions of Wyoming law, and may in the name of the Mortgagee or as the attorney in fact of the Mortgagor, for such purpose hereby irrevocably appointed, effectually convey the Property to the purchaser or purchasers absolutely and forever; and any foreclosure shall forever bar Mortgagor and all persons claiming under Mortgagor from all right and interest in the Property. Mortgagee shall apply the proceeds of the sale as follows: (I) to the expense of the sale, including a reasonable attorney's fee; (2) to the obligation secured by this Agreement; (3) the surplus, if any, shall be distributed to the persons entitled thereto. In the event of a foreclosure sale of the Property pursuant to the provisions of this Agreement, the purchaser shall have immediate and peaceable possession of the Property, and if Mortgagor remains in possession after the effective date of such sale such possession shall be construed as a tenancy at sufferance only, giving the purchaser all remedies, by way of summary possession or otherwise, conferred by law. This Agreement applies to, inures to the benefit of, and is binding not only on the parties hereto, but also on their heirs, devisees, legatees, administrators, executors, assigns and successors. Federal Home Loan Bank of Seattle - Affordable Housing Program State of Wyoming 0001.57 RETENTION AGREEMENT. Mortgagee has issued a $5,000.00 Home$tart Program Grant ("Grant") to assist Mortgagor in purchasing the Property. Federal regulations (12 CFR Part 951) restrict Mortgagor's ability to sell, lease, or refinance the Property, to ensure the Grant is used only for housing retained as "affordable housing" and as Mortgagor's primary residence for the five year period commencing on the date of Mortgagor's purchase ("Retention Period"). Mortgagor agrees to notify Mortgagee in writing received at least two weeks prior to any sale, lease or refinancing of the Property occurring during the Retention Period. Mortgagor may notify Mortgagee by either hand-delivery or certified mail, return receipt requested, at the address set forth above, Attention: Home$tart Administrator. If Mortgagor sells, leases or refinances the Property during the Retention Period, Mortgagor must repay to Mortgagee all or a portion of the Grant, without interest, in an amount calculated by Mortgagee equal to the Grant amount multiplied by the percentage of the Retention Period remaining as of the closing of such transaction. Mortgagor shall not be required to repay any portion of the Grant if: (a) Mortgagor refinances and the Property remains subject to the encumbrance created by this Agreement; or (b) Mortgagor's interest in the Property is divested via foreclosure of a lien or mortgage senior to this Agreement. Mortgagor is not required to repay an amount exceeding the net gain realized on a sale of the Property after deduction of sales expenses. Mortgagor shall not be required to repay any portion of the Grant if the Property is sold to a person eligible to participate in the Home$tart Program, but only if: (a) such person's purchase of the Property is not partially fmanced with the proceeds of a Home$tart Program Grant; (b) such person assumes the obligations under this Agreement, which assumption shall not be valid or recognized unless Mortgagee gives its PRIOR written approval to such assumption; and (c) the Property continues to be subject to this Agreement. _~ Th~ Kellee Merritt STATE OF WYOMING ) --r _ L.... ) ss. COUNTY OF \ <.;{ 0'" ) I certify that I know or have satisfactory evidence that SOe.. ~ \(t,..\ tee. ~e.vr \\-\ is~ the person(s) who appeared before me on this date, and said person(s) acknowledged that ~ signed this instrument and acknowledged it to be ""\h~\ r' free and voluntary act for the uses and purposes stated therein. Date: t::5~b.e.-< l \, õ-'oo1 Nwne~~~ NOTARY PUBLIC, State of Wyoming Residing aF[)~ .V"I' W16 My appointment expires l/fVl ~ I L{ I ð D () (~_-._.".,.v~............_... .,' '''C '~":---"""~':;) ¡ CATHYT(ìÕLSÕ¡¡':~~'~,Jõì:Ãf¡YPÜßuéj¡ COUNTY OF .'.. STATE ora TETON j WYOMING , .__~1Y .~~~'!.'2~O!:!..~!..~~~~~;~J:~~?23-.., --......-....-..._......,..~.._---~ (Use this space for notarial stamp/seal) Federal Home Loan Bank of Seattle - Affordable Housing Program F-A-y (Rev. 2-06) Page 2