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This Instrument was prepared by:
Sterling National Mortgage Co. Inc.
98 Cuttermill Road, Suite 200N
Great Neck, NEW YORK 11021
516-487-0018
RECEIVED 12/18/2008 at 4:44 PM
RECEIVING # 944233
BOOK: 711 PAGE: 373
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Return To:
Nationwide Title Clearing, Attn: Final Docs Unit
2100 AIt 19 N
Palm Harbor, FLORIDA 34683
úOô373
(Space Above This Line For Recording Data)
FHA Case Number:
591-1074655-703 - 203b
State of Wyoming
MORTGAGE
MIN: 100320300400304627
THIS MORTGAGE ("Security Instrument") is given on December 1~¡008.
The Mortgagor is Richard Burrup and Hollie BuR'&p iX-urup ~((1D
("Borrower"),
This Security Instrument is given to Mortgage Electronic Registration Systems, Inc. ("MERS"), (solely as nominee for Lender, as
hereinafter defmed, and Lender's successors and assigns), as mortgagee. MERS is organized and existing under the laws of Delaware,
and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS,
Sterling National Mortgage Co. Inc.,
is organized and existing under the laws of New York,
and has an address of98 Cuttermill Road, Suite 200N, Great Neck, NEW YORK 11021.
~i, Borrower owes Lender the principal sum of ONE HUNDRED TWENTY-ONE THOUSAND NINETY AND NO/IOO Dollars
(U.S. $121,090.00). 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, 2039, This Security Instrument secures to
Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b)
the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and ( c) the
perfonnance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does
hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors
and assigns ofMERS with power of sale, the following described property located in Lincoln County, Wyoming:
("Lender")
See Attached Exhibit "A"
Parcel ID Number:
which has the address of
21162313120500
1221 Beech Ave
Kemmerer, WYOMING 83101
("Property Address");
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures
now or hereafter a part of the property, All replacements and additions shall also be covered by this Security Instrument. All of the
foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to
the interests granted by Borrower in this Security Instrument; but, if necessary to comply with laws or custom, MERS, (as nominee for
Lender and Lender's successors and assigns), has the right: to exercise any or all of those interests, including, but not limited to, the right
to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing or canceling this
Security Instrument.
FHA Wyoming Mortgage with MERS - 4196
AmeJ'!t e.d.2I01 ~
Page 1 of6 Initials: ~
OOô374
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 the title to the Property against all claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines unifonn covenants for national use and non-uniform covenants with limited variations
by jurisdiction to constitute a unifonn security instrument covering real property.
Borrower and Lender covenant and agree as follows:
UNIFORM COVENANTS.
1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt
evidenced by the Note and late charges due under the Note.
2. Monthly Payment of Taxes, Insurance and Other Charges. Borrower shall include in each monthly payment, together with the
principal and interest as set forth in the Note and any late charges, a sum for (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 under paragraph 4.
In any year in which the Lender must pay a mortgage insurance premium to the Secretary of Housing and Urban Development
("Secretary"), or in any year in which such premium would have been required if Lender still held the Security Instrument, each monthly
payment shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a
monthly charge instead ofa mortgage insurance premium ifthis Security Instrument is held by the Secretary, in a reasonable amount to be
detennined by the Secretary. Except for the monthly charge by the Secretary, these items are called "Escrow Items" and the sums paid to
Lender are called "Escrow Funds."
Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that
may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U,S.C. Section 2601 et seq.
and implementing regulations, 24 CFR Part 3500, as they may be amended ftom time to time ("RESPA"), except that the cushion or
reserve pennitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the
account may not be based on amounts due for the mortgage insurance premium,
If the amounts held by Lender for Escrow Items exceed the amounts pennitted to be held by RESP A, Lender shall account to
Borrower for the excess funds as required by RESP A, If the amounts of funds held by Lender at any time are not sufficient to pay the
Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as pennitted by RESP A.
The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders to Lender
the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all installment items (a), (b), and
(c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall
promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender,
Borrower's account shall be credited with any balance remaining for all installments for items (a), (b), and (c).
3. Application of Payments. All payments under paragraphs I and 2 shall be applied by Lender as follows:
Eirst, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of
the monthly mortgage insurance premium;
fu:c.and, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums,
as required;
Third, to interest due under the Note;
Emu:th, to amortization of the principal of the Note; and
Eifth, 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, including fire, for which Lender requires insurance. This
insurance shall 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 Secretary. All insurance
shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include
loss payable clauses in favor of, and in a form acceptable to, 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. All or 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, first to any delinquent amounts applied in the order in
Page 2 ot6 InitlaIS:.Jß/
00\1375
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 thereto.
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 the Property; Borrower's Loan Application; Leaseholds.
Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this
Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as
Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause
undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify
Lender 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 or abandoned Property,
Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or
statements to Lender (or failed 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
Instrument 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. 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, first 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 ofthe monthly payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess
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 thereto,
7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal
charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time directly to the entity
which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender'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 perform 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 enforce 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,
Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by this Security
Instrument. These amounts shall bear interest ITom the date of disbursement, at the Note rate, and at the option of Lender, shall be
immediately due and payable.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to
the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends
against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or
(c) secures ITom the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender
determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give
Borrower a notice identifying the lien, Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of
the giving of notice.
8. Fees. Lender may collect fees and charges authorized by the Secretary.
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00v376
9. Grounds for Acceleration of Debt.
(a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment defaults, require
immediate payment in full of all sums secured by this Security Instrument 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 perfonn any other obligations contained in this Security
Instrument.
(b) Sale Without Credit Approval. Lender shall, if pennitted by applicable law (including Section 34l(d) of the
Garn-St. Gennain Depository Institutions Act of 1982, 12 V.S.C. l70lj-3(d» and with the prior approval of the Secretary,
require immediate payment in full of all sums secured by this Security Instrument if:
(i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise
transferred (other than by devise or descent), 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
Secretary ,
(c) No Waiver. If circumstances occur that would pennit Lender to require immediate payment in full, but Lender does not
require such payments, Lender does not waive its rights with respect to subsequent events.
(d) Regulations of BUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the
case of payment defaults, to require immediate payment in full and foreclose if not paid, This Security Instrument does not
authorize acceleration or foreclosure ifnot permitted by regulations ofthe Secretary.
(e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not detennined to be eligible for
insurance Wlder the National Housing Act within 60 days 1Ì'om the date hereof, Lender may, at its option, require immediate
payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary
dated subsequent to 60 days 1Ì'om the date hereof, declining to insure this Security Instrument and the Note, shall be deemed
conclusive proof of such ineligibility, Notwithstanding the foregoing, this option may not be exercised by Lender when the
unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary.
10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's
failure to pay an amoWlt due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are
instituted. To reinstate the Security Instrument, 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 shall 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.
11. Borrower Not Released; Forbearance By Lender Not a Waiver. 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 Borrower'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,
12. 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 9(b).
Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not
execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property
Wlder 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 accommodations with regard to the
tenns of this Security Instrument or the Note without that Borrower's consent.
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60û377
13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first
class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address
Borrower 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.
14. 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 or clause of this Security Instrument or the Note conflicts with applicable
law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the
conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable.
15. Borrower's Copy. Borrower shall be given one confonned copy of the Note and of this Security Instrument.
16. Hazardous Substances. Borrower shall not cause or pennit the presence, use, disposal, storage, or release of any Hazardous
Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of
any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities
of Hazardous Substances that are generally recognized to be appropriate to nonnal residential uses and to maintenance of the Property.
Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental
or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has
actual knowledge, If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of
any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance
with Environmental Law,
As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by
Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and
herbicides, volatile solvents, materials containing asbestos or fonnaldehyde, and radioactive materials, As used in this paragraph 16,
"Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or
environmental protection.
NON-UNIFORM COVENANTS, Borrower and Lender further covenant and agree as follows:
17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property.
Borrower authorizes 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 all rents and revenues of the Property 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 received 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 ftom
exercising its rights under this paragraph 17.
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 receiver 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 shall tenninate when
the debt secured by the Security Instrument is paid in full.
18. Foreclosure Procedure. If Lender requires immediate payment in full under paragraph 9, Lender may invoke the power
of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing
the remedies provided in this paragraph 18, 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 13. Lender shall publish the 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 the 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.
Page 5 of 6
InitiaIS:~
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If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in
full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage
Foreclosure Act of 1994 ("Act') (12 D.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to
commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the
Secretary of any rights otherwise available to a Lender under this Paragraph 18 or applicable law.
19. 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.
20. Waivers. Borrower waives all right of homestead exemption in the Property and relinquishes all rights of curtesy and dower in
the Property.
21. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security
Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of
this Security Instrument as if the rider(s) were a part ofthis Security Instrument. (Check applicable box(es».
D Condominium Rider D Graduated Payment Rider D Adjustable Rate Rider
D Planned Unit Development Rider D Growing Equity Rider D Other:
BY SIGNING BELOW, Borrower accepts and agrees to the tenns contained in this Security Instrument and in any rider(s) executed
by Borrower and recorded with it.
Witnesses:
_.,~-:ΕΎ~
_.4";.,,,""" ~
Richard Burrup
(Seal)
-Borrower
~ll(íLJP
Hollie~ßU_f(U-P M
(Seal)
-Borrower
State of WYOMING
County of , L-1l)(1~
This instrument was ac~~~ledged before me on
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, '?JFr:/2.:>
by Richard Burrup, and Hollie
(Seal, if any)
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Page 6 of6
EXHIBIT A
úOu379
Lot 4 of Block 66 of Second Addition to the Town of Kemmerer, Lincoln County, Wyoming as
described on the official plat thereof