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HomeMy WebLinkAbout935878 WCDA DOWN PAYMENT LOAN MORTGAGE 000381- Loan Number: 0702 QQ063692 This Mortgage ("Security Instrument'; is given on December 27) 2007 . The Mortgagor is Ra~ S Phillips and Pa.ige. W Phillips hl,lsband and wHe whose address is 322 Pine Ave KEMMER WYOMING 83101 ("Borrower"). This Security Instrument is given to Bank of the West) a California Corporation who is organized and existing under the laws of the State of California and whose address is 3.50 alifornia S . NE-BBP-LL-P Omaha NE 68194 ·'Lender"). Borrower owed Lender the principal sum of our ou~an Ol,lr ortgollars ($ 4,440.00 ). This debt is evidenced by Borrower's Note dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on January 1. 2016 . this Security Instrument secures to Lender; (a) the repayment of the debt evidenced by the Note, with interest, and aU renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced under Paragraph 6 to protect the security of this Security Instrument; and (c) the performance of BOtTower's covenants and agteements under this Security Instroment and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following descn"bed property located in Lincoln County, Wyoming: SEE ATTACHED II PURCHASE MON'EY" RECEIVED 12/28/2007 at 8:36 AM RECEIVING # 935878 BOOK: 682 PAGE: 381 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 1 \ ./ 'i which has me address of 322 Pine A'V'~ code) ("Property Address")~ KEMMER Wyoming,83 101 (zip TOGETHER WITH aU the improvements now or 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 or hereafter a part of the property. All replacements and additions shalt also be covered by this Security Instroment 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 MPPForm219 1 LLS-ß rr/Þ0d 859-1 £88Z8rSZ0Þ fWf4/ a8W~108-WOHd ZÞ:9r L0.-LZ-Zr the title to the Property against all claims and demands, subject to any encumbrances of record. 1. Payment of Prindpal, Interest, Defanlt Interest and Late Charges. BorrowmO00382 shan 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, Insmance and Other Charges. Bonower 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 sha1l furnish proof of payment to Lender upon request by the tender. 3. AþpUcatioD of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows: First, to interest due under the Note; Second. to amortization of the principal of the Note Third, to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence Or subsequently erected. against any hazards~ casualties, and contingencies, inclu.ding fire, for which Lender requires insurance. This insurance shaU 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 canied with companies approved by Lender. The insurance policies and any renewals shall include loss payable clauses in favor of, and in a fonn acceptable to, Lender. Borrower shan furnish a copy of the policy or policies of insurance to the Lender upon request by the Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss 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, f11'St to any delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal or (b) to the restoration or repair 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 tbe Proþerty; Borrower's Loan Application; Leaseholds. Borrower shall occupy~ establish, and use the Property as Borrower's principal residence within sixty days after the 2 ~,ç( LL6-n tt/5Ød 859-1 888Z8t6ZØv affW~lOff-WOHd Zv:9t LØ,-LZ-Zt execution of· this Security Instrument and shall continue to occupy the Property as principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at 0.0038' 3 least one year after the date of occuP$ncy, unless the Lender detennines this requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which 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 Ot abandoned Property. Borrower shall, also be in default if :Borrower, during the loan application process. gave materially false or maccurate information or statements to Lender (or faited to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instroment 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 Bon-ower and Protection of Lender's Rights in the Property.. Borrower shall pay an governmental or municipal charges, fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time dü:eotly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lendër's request, Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by Paragraph 2, or fails to perfonn 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 enfotce 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. .AJ1y amounts disbursed by Lender under this Paragtaph shall become an additional debt of Borrower and be secured by this Security Instrument.. These amounts shan bear interest :from the date of disbursement, at the Note rate, or the default interest rate, and at the option of Lender, shall be inunediately 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 of the 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, fmt 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 ex:cess fNP /1,( 3 LLS-O ¡¡/90d 899-1 888Z8¡SZ0Þ a8W~108-WOH~ Zþ:g¡ L0,-LZ-Z¡ proceeds over an amount required to pay a11 outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 8. Grounds fo:r Accele:ratioD of Debt. 000384 (a) Default.. Lender may require immediate payment in full of all sumS secured by this Security Instrwnent if: (i) Borrower 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) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Secwity Ins1rument. (b) Sale Without Credit Approval Lender shall, if pemùtted by applicable law, require immediate payment in full of all the sums secured by this Security Ins1rument If: (i) AU or part of tho Property, or a beneficial interest in a trust owning a11 or part of the Ptoperty, is sold or otherwise transferred (other than by devise or descent) by the Borrower, and (ii) The Property is not occupied by the purchaser 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 Inte:rest. 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. (d) No Wai'Ver.. If circumstances' occur that would pennit Lender to require immediate payment in full, but Lender does not require: such payments, Lender does not w&jve its rights with respect to subsequent events. 9. Reinstatement. Borrower has the right to be reinstated jf Lender has required immediate payment 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 Instromen4 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 sball remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to pennit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 4 ~x />1 LL6-ß tt/L0d 899-1 888Z8t6ZØÞ aHW~lOH-WOHd ZÞ:9t L0,-LZ-Zt / ( 000385 10. Borrower Not Released; Forbearanc~ by Lender Not a Wavier. Extension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Bonower'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. I : I 11. Successors and Assigns Bound; Joint and several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and 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 Instrument does not execute the Note; (a) is cO*signing this Security Instronlent on1y to mortgage. grant and convey that BOITower's interest in the Property under the tenns 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 accommodarions with regard to the teIDlS of this Security Instrument or the Note without that BOITower's consent. . 12. Notices. Any notice to BOITower provided for in this Security Instmmentshall be given by delivering it or by mailing it by fu-st class mail unless applicable law requires use of another method. The notice shall be directed to the property address or any other address BOITower 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 Security 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 ot' clause of this Security Instrument Or the Note conflicts with applicable law, such conflict shaH not affect other provisions of this Security Ins1mment 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 shall be given one conformed copy of this Security Instroment. 15. Assignment of Rents. BOITower unconditionally assigns and 1ransfers to Lender all the rents and revenues of the Property. Borrower authorized 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 an rents and revenues of the Property 5 WJf( /~ agW~10g-WOHd EÞ:9! ¿0,-¿Z-Z! ¿¿6-0 !!/80d 899-1 E8828!6Z0Þ I i 000386 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. If Lender gives notice of breach to Borrower: (a) 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 Instrument; (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 perfonn 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 receivet' 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 assignment of rents of the property shan terminate 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-UN1FORM 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 {emedies permitted by applicable law. Lender shall be entit1ed to collect all expenses incuned in pursuing the 1'emedies provided in this Paragraph 16. including. but not limited to. reasonable attorneys' 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. Bon-ower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. Riders to this Security Instrnment. If one or more riders are executed by Borrower and recorded together with this Security Instrument. the covenants of each such rider shaH be 6 LL6-n !!/60d 899-1 888Z8!6Z0t7 () ~~I aaW~lOa-WOHd 8t7:9! L0,-LZ-Z! / ! incorporated into and shall amend and supplement the covenants and agreements of this Security Instroment as if the rider(s) were in a part of this Security InstrUment. (Check applicable spaoe(s)]. Condominium Rider _Graduated Payment Rider 000387 _ Growing Equity Rider _ Planned Unit Development Rider _ Other (Specify) Other BY SIGNING BELOW> Borrower accepts and agrees to ilie tenns contained in pages 1 through 7 of this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: Borrower /7 ç lZï/¡tr' Ray S. Phillips Borrower Borrower STATE OF WYOMING, Uú"N ...."\ County ss: The foregoing instrument was acknowledged befor; me this ;y)~ ~ ~~) ðf::D'I by ~~.~lLUfS~c~jAi.~JLW My Commission E~pires: ~~ lq.a-D\C ~/.hm~-?...¡ No Public \\\\\\\IIII/{I//f¡: ,,\'\ t"~ ~1 ~ ~,/ ï (¡¡, ..." , ,1\ t.; ;, .' 3\ ,¿~ , ~, ...'-' ,<'" ~e. \ "'10 . ',;~ "% ~.. ~,')"..,~ .,t:.,;u(:oD1h'C'ö,J,¡: .F,~, ~ .::::.' J.:J ~"'< ,"'"if' ·0. ':" ~ .::::' "'/' '\'........ u 46t> o~. 1,,1 ;:::::, SE U" þ\ 'P ~ :: ~ ~. OFl.JJgy,.,,~ W := :: m .','" -::,"1JUO' :::.: ~ ~. ~¡;~:'~ò' ' ~.^' ¡ ~ &.', &., ~ ~ ~ ~ 0 .......ø'". ~~ ~ ~. '{<: w..¡d''''\\~ ~¡IIJ/JIIJHn\\\\\~ 7 LL6-0 II/ØId 859-1 888Z8I6ZØÞ aaW~loa-WOH~ 8Þ:9I LØ/-LZ-ZI Exhibit A 000388 The North Half of the North Half (N~N~) of Lot 3 of Block 24 and the North Half of the North Half (N~N%) of Lot 2 of Block 24 all in the First Addition to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof. AND Commencing at the Northwest Corner of Lot 3, Block 24 of the First Addition to the Town of Kemmerer, Lincoln County, Wyoming; thence N 63°26' E, 100.00 feet to the Northeast Corner of Lot 2 and the point of beginning; thence S 26°34' E, 35.0 feet to the point on the lot line between Lot 1 and Lot 2; thence N 63°26' E, 2.33 feet; thence N 26°34' W, 35.00 feet; thence S 63°26' W, 2.33 feet to the Northeast Corner of Lot 2 and the point of beginning. AND A strip of land located on the north side of Part of Lot 1, Lot 2 and Lot 3 of Block 24 of the First Addition to the Town of Kemmerer, Lincoln County, Wyoming, particularly described as follows: Beginning at the northwest corner of Lot 3 of Block 24 of the First Addition to the Town of Kemmerer, Lincoln County, Wyoming; thence N 63°26' E along the north property line of Lot 2, Lot 3 and part of Lot 1 a distance of 102.33 feet; thence N 26°34' Wa distance of 8.0 feet; thence S 63°26' Wa distance of 102.33 feet; thence S 26°34' E a distance of 8.0 feet to the northwest corner of Lot 3 and the point of beginning.