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Home My WebLink About940287 RECEIVED 7/3/2008 at 10:50 AM RECEIVING # 940287 BOOK: 699 PAGE: 174 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY OOG1.74 After Recording Return To: FHHL-Post Closing Mail Room 1555 W. Walnut Hill Ln #200 MC 6712 Irving, TX 75038 Loan Number: 0056192891 (Space above this Line for Recording Data) LOAN MODIFICATION AGREEMENT (Providing for Fixed Interest Rate with Balloon Provision) This Loan Modification Agreement ("Agreement"), made this 17th 2008, between MICHAEL CODMAN & COLLEEN CODMAN, Husband & Wife, day of JUNE -7 ("Borrower") and FIRST HORIZON HOME LOANS, A DIVISION OF FIRST TENNESSEE BANK N.A. SUCCESSOR BY MERGER TO FIRST HORIZON HOME LOAN CORPORATION ("Lender"), amends and supplements (1) the Mortgage, Deed of Trust, or Security Deed ("The Security Instrument"), dated 12/19/2005 and recorded in 914853 B608 P522 of the Land / Official Records of Lincoln County, and (2) the Note bearing the same date as, and secured by, the Security Instrument, which covers the real and personal property described in the Security Instrument and defined therein as the "Property", located at 100 CODMAN WAY, ALPINE, Wyoming 83128 (Property Address) The real property described being set forth as follows: LOT 8 IN SHADOW DANCER ESTATES SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Initials J!!1.{! Loan Mod Balloon Agrmnt. 0707 Page 1 of 4 FH6D50D 000175 THIS LOAN IS PAYABLE IN FULL AT MATURITY. YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAID INTEREST THEN DUE. LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN AT THAT TIME. YOU WILL, TIlEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTIlER ASSETS THAT YOU MAY OWN, OR YOU WILL HAVE TO FIND A LENDER, WHICH MAYBE THE LENDER YOU HAVE THIS LOAN WITH, WILLING TO LEND YOU THE MONEY. IF YOU REFINANCE THIS LOAN AT MATURITY, YOU MAY HAVE TO PAY SOME OR ALL OF TIlE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN EVEN IF YOU OBTAIN REFINANCING FROM THE SAME LENDER. In consideration of the mutual promises and agreements exchanged, the parties hereto agree as follows (notwithstanding anything to the contrary contained in the Note and Security Instrument): 1. As of 6/17/2008 , the amount payable under the Note and the Security Instrument (the "Unpaid Principal Balance") is U.S. $ 70,000.00. Borrower hereby renews and extends such indebtedness and promises to pay jointly and severally to the order of the Lender the sum of U.S. $ 70,000.00 (the "Principal Balance"), consisting of the amount(s) loaned to Borrower by Lender and any interest capitalized to date. 2. Borrower promises to pay the Principal Balance, plus interest, to the order of Lender. Interest will be charged on the Principal Balance at the yearly rate of 9.000 %, from 6/26/2008 . Borrower promises to make monthly payments of principal and interest of U.S. $ 563.24, beginning on the first day of AUGUST 2008 , and continuing thereafter on the same day of each succeeding month until principal and interest are paid in full. If on 7/01/2023 (the "Maturity Date"), Borrower still owes amounts under the Note and the Security Instrument, as amended by this Agreement, Borrower will pay these amounts in full on the Maturity Date. Borrower will make such payments at PO BOX 809, MEMPHI S , TN 38101 or at such other place as Lender may require. 3. The lien and security interest secured by this Agreement is a "Renewal and Extension" effective as of 6/17/2008 . It is the intention of the parties that all liens and security interests described in the Security Instrument are hereby renewed and extended until the Indebtedness evidenced by the Note, as renewed, modified, and extended hereby, has been fully paid. Lender and Borrower acknowledge and agree that such extension, renewal, amendment, modification or rearrangement shall in no manner affect or impair the Note or the liens and security interests securing same, the purpose of this Agreement being simply to extend, modify, amend or rearrange the time and the manner of payment of the Note and the indebtedness evidenced thereby, and to carry forward all liens and security interests securing the Note (including if applicable any and all vendor's liens securing the Note), which are expressly acknowledged by the Borrower to be valid and subsisting, and in full force and effect so as to fully secure the payment of the Note. The Borrower hereby expressly waives the benefit of any and all statutes of limitation which might otherwise inure to Borrower's benefit, or be in any way applicable to Borrower's obligations under the terms of any and all instruments described herein. rJ r~ Initials 0056192891 Loan Mod Balloon Agrmnt. 0707 Page 2 of 4 FH6D50E (}00176 4. If all or any part of the Property or any interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by the Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed witlún which the Borrower must pay all sums secured by the Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by the Security Instrument without further notice or demand on Borrower. 5. Borrower also will comply with all other covenants, agreements and requirements of the Security Instrument, including without limitation, Borrower's covenants and agreements to make all payments of taxes, insurance premiums, assessments, escrow items, impounds, and all other payments that Borrower is obligated to make under the Security Instrument; however, the following terms and provisions are forever canceled, null and void, as of the date specified in paragraph No.1 above: (a) all terms and provisions of the Note and Security Instrument (if any) providing for, implementing, or relating to, any change or adjustment in the rate of interest payable under the Note; and (b) all terms and provisions of any adjustable rate rider, or other instrument or documents that is affixed to, wholly or partially incorporated into, or is part of, the Note or Security Instrument and that contains any such terms and provisions as those referred to in (a) above. 6. Nothing in this Agreement shall be understood or construed to be a satisfaction or release in whole or in part of the Note and Security Instrument. Except as otherwise specifically provided in this Agreement, the Note and Security Instrument will remain unchanged, and the Borrower and Lender will be bound by, and comply with, all of the terms and provisions thereof, as amended by this Agreement. 7. Borrower may prepay all or any part of the principal of the Note at any time, however, a Prepayment penalty may apply. Any prepayment of principal may result in tlús Note having an earlier maturity date than shown in Subparagraph 2 above, but will not affect Borrower's montWy payment obligation. If a Prepayment penalty is applicable, see attached Prepayment Penalty Addendum to Modification Agreement regarding prepayment of the loan. 8. No Oral Agreements: THE WRITTEN LOAN AGREEMENTS REPRESENT THE FINAL AGREEMENTS BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 9. This loan contains a Balloon feature. At the Maturity Date of the Note and Security Instrument (the "Maturity Date") stated in this Agreement, this loan is payable in full. See attached Addendum for information regarding refinancing the loan at that time. Initials 0056192891 Loan Mod Balloon Agrmnt. 0707 ~ CC Page 3 of 4 FH6D50F 000177 ACCEPTED AND AGREED TO BY THE OWNER AND HOLDER OF SAID NOTE FIRST HORIZON HOME LOANS, A DIVISIO OF F TENNESSEE BANK N.A. J a--- Borrower Its: Borrower State of WYOMING County of LINCOLN Before me, a Notary Public on this day personally appeared MICHAEL CODMAN & COLLEEN CODMAN ~ known to JyÓ I<>r:pro~ed to mÿ<>n the oath ';,r ~~ ' throu~/~ ~~ (des Iption of' entity card or other document) to be the person whose name is subscribed to the foregoing instrument and acknowledgement to me that he/she/they executed the same for the purposes and consideration therein expressed. _--- Gi:,::e::~~::,:::se:~iSOffice~p~1Îu DOHETIA WEBB NOTARY PUBLIC Notary Public (StlM')TY OF . STATE OF LINCOLN WYOMING ommissl n Ex Ires Februar 20.2010 Corporate Acknowledgement ----- State of \ ~ County of Mt7\ Before me, the undersigned authority, on this day appeared ~ VV\ ~ \r\ Vì I \J, P. of FIRST HORIZON HOME LOANS, A DIVISION OF FIRST TENNESSEE BANK N.A. subscribed to the foregoing instrument, and acknowledged to me that ~ executed the same for the purposes and consideration therein expressed as the act and deed of said corporation and in the capacity therein stated. Given under my hand and seal of this office this ,',...~...... (Seal) !I.'.....'\ S SA RI?;:',.. ..... ~v ......... '''<- \ ... _\.: .. .. I ~'.. l- '- -.! \1 ~o:..~J' V..'. . c, \ . PUB\..\ . .. '\ .p ... 0, ~#..~~.........~~ Loan Mod"J!?~.r-,~,,!.!r I,· ovr I"~ ','........,. \ i)~ day of ð\A\\J\ \['fu r~~~--h Notary Public '" t{\? 2000 , \2êwu q \ \2. \W\S Page 4 of 4 0056192891 FH6D50G