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Home My WebLink About942034 When recorded Mail To: Zions First National Bank Attn: Shipping Department 255 N Admiral Byrd Road Salt Lake City, UT 84116 ZMC#: 1420169847 RECEIVED 9/8/2008 at 11 :35 AM RECEIVING # 942034 BOOK: 704 PAGE: 315 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 00031.5 LOAN MODIFICATION AGREEMENT (Providing for Adjustable Interest Rate) This Loan Modification Agreement ("Agreement"), made on Ju I y 2~, 2008 CLAY PEAVLER by and between . ("Borrower") and Zions First National Bank, its successors and or assigns ("Lender"), amends and supplements (1) the Mortgage, Deed of Trust or Security Deed. (the "Security Instrument"), dated May 7, 2007 and recorded on May 10, 2007 in Instrument No. 929263 in book 657 and page 605 of the official records of County Recorder of LINCOLN County, WYOMING and (2) the Note ("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 HARMONY CREEK ROAD, AFTON, WY 83110 , and legally described as follows: TRACT SIX (6) OF PEAVLER FAMILY EXEMPTION SECOND FILING, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED ON AUGUST 4, 2004 AS INSTRUMENT NO. 901871 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. In consideration of the mutual promises and agreements exchanged, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree (notwithstanding anything to the contrary in the Note or Security Instrument) to modify the terms of the Note and Security Instrument as hereafter provided. 1. The maturity of the Original Note and Security Insturment is hereby amended to August 1. 2038 (the "Maturity Date"). The Originial Note shall hereafter be paid in accordance with the terms of this Loan Modification Agreement. 2. As of, Ju I Y 29, 2008 the amount payable under the Note and the Security Instrument is U.S. Dollars $ 247,000.00 (the "Unpaid Principal Balance"), consisting of the amount(s) loaned to Borrower by Lender together with any interest capitalized the date. Borrower promises to pay the Unpaid Principal Balance, plus interest, to the order of the Lender. Interest will charged on the Unpaid Principal Balance at the annual rate of 6.7500 %, commencing on Ju I y 29, 2008 Borrower Promises to make make monthly payments consisting of principal and interest in the amount of U.S. $ 1,602.04 beginning September 1, 2008 ("First Payment Date") and continuing thereafter on the same day of each succeeding month until all principal and interest together with any other amounts owing under the terms of the Note and Security Instrument are paid in full. If on August 1, 2038 (the "Maturity Date"), any amounts remain unpaid under the Note and the Security Instrument, as modified, amended and as provided in any riders and/or addendums, Borrower will pay these amounts in full on the Maturity Date. (B). The Interest Rate may change on the first day of August, 2013 (the "Change Date") and on that day every 12 months thereafter. The Interest Rate the Borrower will be required to pay on the first change date will not be greater than 8.7500 % or less than 4.7500 %. Thereafter the Interest Rate will never increase or decrease on any single change date more than Two percentage points ( 2.000 %) from the rate of interest established during the previous twelve months. The Interest Rate will never be greater than 16.7500 %. (C). Before each Change Date, (subject to the limitations set forth in the preceding paragraph) Lender will calculate the new Interest Rate. The New Interest Rate shall be calculated in the following manner: (1) the "New Interest Rate" will be based on an index. The "Index" is the one-year London Interbank Offered Rate ("LlBOR") which is the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the London market. The most recent index figure available as of ttle date 45 days before each Change Date is called the "Current Index." (2) The New Interest Rate will be calculated by adding Two and One-Quarter percentage points ( 2.2500 %) to the Current Index. (3) This amount will then be rounded, subject to the applicable Interest Rate Caps, to the nearest one-eighth (0.125%) percentage point. (4) The resulting figure will be the New Interest Rate until the next Change Date. 3. Borrower agrees to be bound by all the provisions of this Loan Modification Agreement. Borrower hereby reaffirms all of its obligations in the Note and Security Instrument and/or any riders and addendums of the Note and Security Instrument, and agrees to perform each and all of the covenants, agreements and obligations in the Note and Security Instrument and/or any riders and addendums to the Note and Security Agreement. ZFNB MORTGAGE LOAN MOD AGREEMENT ADJUSTABLE RATE UBOR INDEX UBM"'~' ~ 'v 9/2001 Page 1 - OOô31.G 4.Borrower will make payments at P.O. Box 0054 Palatine, IL 60055-0054 or at such other place as the lender may require. 5. If all or any part of the Property or any interest in it is sold or transferred, (or if a beneficial interest in the Borrower is sold or transferred and the Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, 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 within which time Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted in the Note or Security Instrument without further notice or demand on Borrower. Any notice provided for in this Loan Modification Agreement shall be deemed to have been given to Borrower when given as provided in this paragraph. 6. Borrower agrees to comply with all other covenants, agreements, and requirements of the Security Instrument, including without Hmitation, Borrower's covenants and agreements to make all payments of taxes, insurance premiums, assesments, escrow items, impounds, and all other payments that the Borrower is obligated to make under the Security Instrument. 7. Nothing in this Agreement shall be construed to be a satisfaction or release in whole or in part of the Note and Security Instrµment. Except as otherwise specifically modified in this Agreement, the Note and Security Instrument all riders and addendums will remain unchanged and in full force effect and Borrower and ~ender will be bound by and comply with all of the term~ and provisions thereof. Zions First National Bank By: & oS ¿J~_ tv¡s \i VICE PRESIDENT x~ CLAY PEAV R ) )SS: COUNTY OF ) I hereby certify that on this day, before me personallyappearedCLAY PEAVLER o-¡:o¡: 'Sl: A'rJW S3YldX3 NOlsSlww~I~~\~ !>NIIflJOAM . N10JNI ì ::10 31'\115 ::10 Al.Nfl0:J 1 . ~I1Bnd A~'\110N 511'\18 ~~ Y\ (l.. Ci, L. hoJ.L.> \ (notary), known to be the person(s) described in and who executed the foregoing instrument and acknowledged before me that he executed the same for the purpose therein expressed. Witness my hand and official seal this .1 '-I day of .:J '" l '-1 I .lDCV ì-v\ ~ <-- ß t>.ÅJL../' Notary Public Residing'at: I F\~ '" LJï My Commission Expires: "\"'ì .A 5 , J.. ~I 0 STATE OF \Å~ COUNTY OF ß6\\t- \)t~ ) S: I hereby certify that o.!),..Jhis day, before e, \v\ e1sÇC\ ~ \ \ Lv-\t- (notary), persona lIy appeared d?> ~c.e. ~. W d \ 1'1 \1\16 known to be the V ICE PRE SID ENT . . of the corporation named and th t E>he acknowledged executing the same freely and voluntarily under authority ~uly vested in t em by said corporation. Residing at: My commission Expires: o day of -:r v. \~ , 1..oo~ Witness my hand and official seal this NOTARY PUBLIC MELISSA ELLIOTT 255 N Admiral Byrd Rd Salt Lake City, UT 8411G. My Commission Expires March 21. 2011 STATE OF UTAH --....... ZFNB MORTGAGE LOAN MODIFICATION AGREE ENT ADJUSTABLE RATE UBOR INDEX UBMOD2 Rev 9/2001