HomeMy WebLinkAbout945115
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6010817460
Record and Return to:
1st Reverse Mortgage, USA
3609 S. Wadsworth Blvd #101
Lakewood, CO 80235
Attn: Final Docs
RECEIVED 2/6/2009 at 11 :24 AM
RECEIVING # 945115
BOOK: 714 PAGE: 856
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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[Space Above This Line For Recording Data]
State of WYOMING
FHA Case No. 591-10814]7-952
Loan No. 907901177
ADJUST ABLE RATE
HOME EQUITY CONVERSION MORTGAGE
.~i
THIS MORTGAGE ("Security Instrument") is given on February 2,2009. The Mortgagor is
Janice Sue Buck, Trustee of the Janice Sue Buck Revocable Trust dated January 30, 2002, whose
address is 374 SCRUB OAK DRIVE, STAR VALLEY RANCH, Wyoming 83127 ("Borrower").
This Security Instrument is given to Cherry Creek Mortgage Co., Inc., which is organized and
existing under the laws of Colorado, and whose address is 7600 East Orchard Road, Suite 250-N,
Greenwood Village, CO 80111 ("Lender"). Borrower has agreed to repay to Lender amounts which
Lender is obligated to advance, including future advances, under the terms ofa Home Equity
Conversion Loan Agreement dated the same date as this Security Instmment ("Loan Agreement"). The
agreement to repay is evidenced by Borrower's Adjustable-Rate Note dated the same date as this
Security Instrument ("Note"). This Security Instrument secures to Lender: (a) the repayment of the debt
evidenced by the Note, with interest at a rate subject to adjustment (interest), and all renewals,
extensions and modifications of the Note, up to a maximum principal amount of Three Hundred
Ninety Six Thousand, Seven Hundred Fifty Dollars and Zero Cents (U.S. $396,750.00 ); (b) the
payment of all other sums, with interest, advanced under paragraph 5 to protect the security ofthis
Security Instmment or otherwise due under the terms of this Security Instrument; and (c) the
performance of Borrower's covenants and agreements under this Security Instrument and the Note. The
full debt, including amounts described in (a), (b), and (c) above, if not due earlier, is due and payable on
June 2], 2093. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with
power of sale, the following described property located in LINCOLN County, WYOMING:
See legal description as Exhibit A attached hereto and made a part hereof for all intents and
purposes
which has the address of
374 SCRUB OAK DRIVE, STAR VALLEY RANCH, Wyoming 83127, ("Property Address")
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
rights, appurtenances, and fixtures now or hereafter a part ofthe 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 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. 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 uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of p,'incipal and Interest. Borrower shall pay when due the principal of, and interest on,
the debt evidenced by the Note.
2. Payment of Property Charges. Borrower shall pay all property charges consisting oftaxes, ground
rents, flood and hazard insurance premiums, and special assessments in a timely manner, and shall
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provide evidence of payment to Lender, unless Lender pays property charges by withholding funds ftom
monthly payments due to the Borrower or by charging such payments to a line of credit as provided for
in the Loan Agreement.
3. 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. This insurance shall be maintained in the amounts, to the extent and for the periods
required by Lender or the Secretary of Housing and Urban Development ("Secretary"). 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 to Lender instead of to Borrower and Lender jointly. Insurance
proceeds shall be applied to restoration or repair ofthe damaged Property, if the restoration or repair is
economically feasible and Lender's security is not lessened. If the restoration or repair is not
economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied
first to the reduction of any indebtedness under a Second Note and Second Security Instrument held by
the Secretary on the Property and then to the reduction of the indebtedness under the Note and this
Security Instrument. 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.
4. 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 after the execution of this Security Instrument and Borrower (or at least one
Borrower, if initially more than one person are Borrowers) shall continue to occupy the Property as
Borrower's principal residence for the term of the Security Instrument. "Principal residence" shall have
the same meaning as in the Loan Agreement.
Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the
Property to deteriorate, reasonable wear and tear excepted. 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.
5. 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. Iftailure
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. Borrower shall promptly discharge any
lien which has priority over this Security Instrument in the manner provided in Paragraph ¡2(c).
If Borrower fails to make these payments or the property charges 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
oftaxes, hazard insurance and other items mentioned in Paragraph 2.
To protect Lender's security in the Property, Lender shall advance and charge to Borrower all amounts
due to the Secretary for the Mortgage Insurance Premium as defined in the Loan Agreement as well as
all sums due to the loan selVicer for selVicing activities as defmed in the Loan Agreement. Any amounts
disbursed by Lender under this Paragraph shall become an additional debt of Borrower as provided for
in the Loan Agreement and shall be secured by this Security Instrument.
6. Inspection. Lender or its agent may enter on, inspect or make appraisals ofthe Property in a
reasonable manner and at reasonable times provided that Lender shall give the Borrower notice prior to
any inspection or appraisal specifYing a purpose for the inspection or appraisal which must be related to
Lender's interest in the Property. If the Property is vacant or abandoned or the loan is in default, Lender
may take reasonable action to protect and preselVe such vacant or abandoned Property without notice to
the Borrower.
7. Condemnation. The proceeds ofanv award or claim for damages, direct or consequential, in
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connection with any condemnation, or other taking of any part ofthe Property, or for conveyance in
place of condemnation shall be paid to Lender. The proceeds shall be applied first to the reduction of
any indebtedness under a Second Note and Second Security Instnunent held by the Secretary on the
Property, and then to the reduction ofthe indebtedness under the Note and this Security Instrument. 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.
8. Fees. Lender may collect fees and charges authorized by the Secretary.
9. Grounds for Acceleration of Debt.
(a) Due and Payable, Lender may require immediate payment-in-full of all sums secured by this
Security Instrument if:
(i) A Borrower dies and the Property is not the principal residence of at least one surviving
Borrower; or
(ii) All of a Borrower's title in the Property (or his or her beneficial interest in a trust owning
all or part of the Property) is sold or otherwise transferred and no other Borrower retains title
to the Property in fee simple or retains a leasehold under a lease for not less than 99 years
which is renewable or a lease having a remaining period of not less than 50 years beyond the
date of the 100th birthday of the youngest Borrower or retains a life estate (or retaining a
beneficial interest in a tmst with such an interest in the Property).
(b) Due and Payable with Secretary Approval. Lender may require immediate payment-in-full
of all sums secured by this Security Instrument, upon approval of the Secretary, if:
(i) The Property ceases to be the principal residence of a Borrower for reasons other than
death and the Property is not the principal residence of at least one other Borrower; or
(ii) For a period oflonger than 12 consecutive months, a Borrower fails to occupy the
Property because of physical or mental illness and the Property is not the principal residence
of at least one other Borrower; or
(iii) An obligation of the Borrower under this Security Instrument is not perfonned.
(c) Notice to Lender. Borrower shall notity Lender whenever any of the events listed in this
Paragraph 9 (a)(ii) and (b) occur.
(d) Notice to Secretary and Borrower. Lender shall notifY the Secretary and Borrower whenever
the loan becomes due and payable under Paragraph 9 (a)(ii) and (b). Lender shall not have the
right to commence foreclosure until Borrower has had 30 days after notice to either:
(i) Correct the matter which resulted in the Security Instrument coming due and payable; or
(ii)Pay the balance in filII; or
(iii) Sell the Property for the lesser of the balance or 95% of the appraised value and apply
the net proceeds of the sale toward the balance; or
(iv) Provide the Lender with a deed-in-lieu offoreclosure.
(e) Trusts. Conveyance ofa Borrower's interest in the Property to a trust which meets the
requirements of the Secretary, or conveyance of a trust's interests in the Property to a Borrower,
shall not be considered a conveyance for purposes of this Paragraph 9. A tmst shall not be
considered an occupant or be considered as having a principal residence for purposes of this
Paragraph 9.
(I) Mortgage Not Insured. Borrower agrees that should this Security Instmment and the Note not
be eligible for insurance under the National Housing Act within eight (8) months ftom the date
hereof, ifpennitted by applicable law 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 eight (8) months from the date hereof, declining to insure this
Security Instmment 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. No Deficiency Judgments. Borrower shall have no personal liability for payment of the debt
secured by this Security Instrument. Lender may enforce the debt only through sale of the Property.
Lender shall not be pennitted to obtain a deficiency judgment against Borrower if the Security
Instrument is foreclosed. If this Security Instrument is assigned to the Secretary upon demand by the
Secretary, Borrower shall not be liable for any difference between the mortgage insurance benefits paid
P.
HECM First MOi
CO\i858
to Lender and the outstanding indebtedness, including accrued interest, owed by Borrower at the time of
the assignment.
II. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate
payment-in-full. This right applies even after foreclosure proceedings are instituted. To reinstate this
Security Instrument, Borrower shall correct the condition which resulted in the requirement for
immediate payment-in-full. Foreclosure costs and reasonable and customary attorney's fees and
expenses properly associated with the foreclosure proceeding shall be added to the principal balance.
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 Security Instrument.
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12. Lien Status.
(a) Modification,
Borrower agrees to extend this Security Instrument in accordance with this Paragraph 12(a).
If Lender detennines that the original lien status of the Security Instrument is jeopardized
under state law (including but not limited to situations where the amount secured by the
Security Instrument equals or exceeds the maximum principal amount stated or the
maximum period under which loan advances retain the same lien priority initially granted to
loan advances has expired) and state law pennits the original lien status to be maintained for
future loan advances through the execution and recordation of one or more documents, then
Lender shall obtain title evidence at Borrower's expense. If the title evidence indicates that
the property is not encumbered by any liens (except this Security Instrument, the Second
Security Instrument described in Paragraph 13(a) and any subordinate liens that the Lender
detennines will also be subordinate to any future loan advances), Lender shall request the
Borrower to execute any documents necessary to protect the lien status of future loan
advances. Borrower agrees to execute such documents. If state law does not pennit the
original lien status to be extended to future loan advances, Borrower will be deemed to have
failed to have perfonned an obligation under this Security Instrument.
(b) Tax Deferral Programs.
Borrower shall not participate in a real estate tax deferral program, if any liens created by the
tax deferral are not subordinate to this Security Instrument.
(c) Prior Liens.
Borrower shall promptly discharge any lien which has priority over this Security Instrument
unless Borrower: (a) agrees in writìng 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 forfeiture of any part of the Property; or (c) secures
rrom the holder of the lien an agreement satisfactory to Lender subordinating the lien to all
amounts secured by this Security Instrument. If Lender detennines 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.
13, Relationship to Second Security Instrument.
(a) Second Security Instrument. In order to secure payments which the Secretary may make to or
on behalf of Borrower pursuant to Section 255(i)(1)(A) of the National Housing Act and the Loan
Agreement, the Secretary has required Borrower to execute a Second Note and a Second Security
Instrument on the Property.
(b) Relationship of First and Second Security Instruments, Payments made by the Secretary
shall not be included in the debt under the Note unless:
(i) This Security Instrument is assigned to the Secretary; or
(ii) The Secretary accepts reimbursement by the Lender for all payments made by the
Secretary .
If the circumstances described in (i) or (ii) occur, then all payments by the Secretary,
including interest on the payments, but excluding late charges paid by the Secretary, shall be
included in the debt under the Note.
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(c) Effect on Borrower. Where there is no assignment or reimbursement as described in (b) (i) or
(ii) and the Secretary makes payments to Borrower, then Borrower shall not:
(i) Be required to pay amounts owed under the Note, or pay any rents and revenues of the
Property under Paragraph 19 to Lender or a receiver of the Property, until the Secretary has
required payment-in-full of all outstanding principal and accrued interest under the Second
Note; or
(ii) Be obligated to pay interest or shared appreciation under the Note at any time, whether
accrued before or after the payments by the Secretary, and whether or not accrued interest
has been included in the principal balance under the Note.
(d) No Duty of the Secretary. The Secretary has no duty to Lender to enforce covenants of the
Second Security Instrument or to take actions to preserve the value of the Property, even though
Lender may be unable to collect amounts owed under the Note because of restrictions in this
Paragraph 13.
14. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or
remedy shall not be a waiver ofar preclude the exercise of any right or remedy.
15. Successors and Assigns Bound; Joint and Several Liability. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender. Borrower may not
assign any rights or obligations under this Security Instrument or under the Note, except to a trust that
meets the requirements of the Secretary. Borrower's covenants and agreements shall be joint and
several.
16. 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 all Borrowers jointly designate.
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 16.
17. 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 ofthis 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.
18. Borrower's Copy, Borrower shall be given one confonned copy ofthe Note and this Security
Instrument.
NON-UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
19. 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 a 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 this 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 19.
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 ofthe Property shall tenninate when the debt
secured by this Security Instrument is paid in full.
20. Foreclosure Procedure. If Lender requires immediate payment-in-full under Paragraph 9,
Lender at its option may require immediate payment in full of all sums secured by this Security
Instrument without further demand and may invoke the power of sale and any other remedies
permitted by applicable Lender shall be entitled to collect all expenses incurred in pursuing the
remedies provided in this Paral!raph 20, includin !, but not limited to, reasonable attorneys' fees
úOii860
HECM First M
and costs of title evidence.
If lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower to
the person in possession of the Property, if different, in accordance with applicable law. Lender
shall give notice of sale to BOl"rower in the manner provided in Paragraph 16, 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.
OOûB61.
21. Lien Priority. The full amount secured by this Security Instrument shall have the same priority over
any other liens on the Property as if the full amount had been disbursed on the date the initial
disbursement was made, regardless of the actual date of any disbursement. The amount secured by this
Security Instrument shall include all direct payments by Lender to Borrower and all other loan advances
peooitted by this Security Instrument for any purpose. This lien priority shall apply notwithstanding any
State constitution, law or regulation, except that this lien priority shall not affect the priority of any liens
for unpaid State or local governmental unit special assessments or taxes.
22. Adjustable-Rate Feature. Under the Note, the initial stated interest rate of3.151 % which accrues
on the unpaid principal balance ("Initial Interest Rate") is subject to change, as described below. When
the interest rate changes, the new adjusted interest rate will be applied to the total outstanding principal
balance. Each adjustment to the interest rate will be based upon the average of interbank offered rates
for one-month U.S. dollar denominated deposits in the London Market ("LIB OR"), as published in The
Wall Street Journal ("Index") plus a margin. If the Index is no longer available, Lender will be required
to use any index prescribed by the Department of Housing and Urban Development. Lender will give
Borrower notice of new index.
Lender will perf ann the calculations described below to detennine the new adjusted interest rate. The
interest rate may change on May 1,2009 and on the first day of each succeeding month. "Change
Date" means each date in which the interest rate could change.
The value of the Index will be detennined, using the most recent Index figure available thirty (30) days
before the Change Date ("Current Index"). Before each Change Date, the new interest rate will be
calculated by adding a margin to the Current Index. The sum of the margin plus the Current Index will
be called the "Calculated Interest Rate" for each Change Date. The Calculated Interest Rate will be
compared to the interest rate in effect immediately prior to the current Change Date (the "Existing
Interest Rate").
The Calculated Interest Rate will never increase above 13.151 %
The Calculated Interest Rate will be adjusted if necessary to comply with the rate limitation(s) described
above and will be in effect until the next Change Date. At any change date, ifthe Calculated Interest
Rate equals the Existing Interest Rate, the interest rate will not change.
23. 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.
24. Waivers. Borrower waives all right of homestead exemption in the Property and relinquishes all
rights of curtesy and dower in the Property.
25. Obligatory Loan Advances. Lender's responsibility to make Loan Advances under the tenns of
the Loan Agreement, including Loan Advances of principal to Borrower as well as Loan Advances of
interest, MIP, Servicing Fees, and other charges shall be obligatory.
26. 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 Other [SpecifYl
W Planned Unit Development Rider
Manufactured Home Rider
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.
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(;ice Sue BU:
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[Space Below This Line For Acknowledgment)
State of WYOMING
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Date
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Date
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This instrument ~as acknowledged before me this 0~ ~), .:{ 00 9 (date), by
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EXHIBIT A
Exhibit A to the Mortgage made on February 2,2009, by Janice Sue Bnck, Trustee of the Janice
Sne Buck Revocable Trust dated January 30, 2002 ("Borrower") to Cherry Creek Mortgage Co.,
Inc. ("Lender"). The Property is located in the county of LINCOLN, state of Wyoming, described as
00û863
Description of Property
Lot 28 of Star Valley Ranch Plat 5, Lincoln County, Wyoming as described on the official plat filed on
June 3D, 1971 as instrument No. 431709 of the records of the Lincoln County Clerk.
Pue 8 0(8
HECM FirsL MortGage
Planned Unit Development Rider
(Home Equity Conversion Mortgage)
OOû864
THIS PLANNED UNIT DEVELOPMENT RIDER is made on 2/2/2009 and is incorporated into
and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed ("Security
Instrument") ofthe same date given by the undersigned ("Borrower") to secure Borrower's Note ("Note")
to Cherry Creek Mortgage Co., Ine,("Lender") of the same date and covering the Property described
in the Security Instrument and located at:
374 SCRUB OAK DRIVE, STAR VALLEY RANCH, Wyoming 83127
The Property is a part of a planned unit development ("PUD") known as
STAR VALLEY RANCH
PUD COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as follows:
A. So long as the Owners Association (or equivalent entity holding title to common areas and
facilities), acting as trustee for the homeowners, maintains, with a generally accepted insurance carrier, a
"master" or "blanket" policy insuring the property located in the POO, including all improvements now
existing or hereafter erected on the mortgaged premises, and such policy is satisfactory to Lender and
provides insurance coverage in the amounts, for the periods, and against the hazards Lender or the
Secretary require, including fire and other hazards included within the term "extended coverage," and
loss by flood, to the extent required by the Secretary, then: (i) Lender waives the provision in Paragraph
2 of this Security Instrument forthe payment of the premium for hazard insurance on the Property, and
(ii) Borrower's obligation under Paragraph 3 of this Security Instrument to maintain hazard insurance
coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the
Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hazard
insurance coverage and of any loss occurring from a hazard. In the event of a distribution of hazard
insurance proceeds in lieu of restoration or repair following a loss to the Property or to common areas
and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to
Lender for application to the sums secured by this Security Instrument, with any excess paid to the entity
legally entitled thereto.
B. Borrower promises to pay all dues and assessments imposed pursuant to the legal instruments
creating and governing the PUD.
C. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them.
Any amounts disbursed by Lender under this paragraph C shall become additional debt of Borrower
secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these
amounts shall bear interest from the date of disbursement at the Note rate.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in
this PUD Rider.
¿J:!-:?2.2.:.é'Ý
Date
??:?,~Ç?g:.q 9
Date
PUDRitlcr
Manufactured Home Rider
To Mortgage, Deed of Trust Or Other Security Instrument
000865
THIS MANUFACTURED HOME RIDER is made this February 2,2009 and is incorporated into and
shall be deemed to amend and supplement that certain Mortgage, Deed of Trust or Other Security Instrument (the
"Security Instrument") of the same date hereof given by the undersigned ("Borrower(s)") to secure Borrower's
Promissory Note Manufactured Home Retail Installment Contract) to Cherry Creek Mortgage Co., Inc. (the
"Note Holder") of the same date hereof (the "Noten) and relating to the property described in the Security
I nstrument and located at:
374 SCRUB OAK DRIVE, STAR VALLEY RANCH, Wyoming 83127
The following provisions are applicable to the Security Instrument, including those marked and completed
(where appl icable):
1. ~ DESCRIPTION OF REAL PROPERTY. The description of the real property set forth in the Security
Instrument is amended by the addition of the following:
"Together with all improvements constructed upon, affixed to or located upon the above described real property.
including without limitation any residential dwelling located upon or to be located thereon. which dwelling is or
may be a manufactured home, as herein below described, which manufactured home is or upon placement and
affixation shall be conclusively deemed to be real estate (the "Manufactured Homen).
Make: OAKWOOD
Model:
Serial Number: GO OR 23N27073
Year Built: 2002
Width and Length: 0' X 41'
o No Certificate of Title has been issued
[!] Certificate ofTitle No. ORE 439224 & 439225
2. 0 MANUFACfURED HOME AS PERSONAL PROPERTY SECURITY. The Note is also secured by
a security interest in favor of Note Holder in the following described manufactured home ("Manufactured
Homen), which is real property described in the Security Instrument.
Make:
Model:
Serial Number:
Year Built:
Width and Length:
o No Certificate of Title has been issued
o Certificate ofTitle No.
3. ~ADDJTlONAL COVENANTS OF BORROWER(S) RELATING TO MANUFACTURED HOME
If Paragraph I has been marked and completed, Borrower(s) agree(s) to comply with all State and local laws and
regulations relating to the affixation of the Manufactured Home to the real property described herein including,
but not limited to, surrendering the Certificate of Title (if required), obtaining any governmental approval and
executing any documentation necessary to classify the Manufactured Home as real property under State and local
law.
The Manufactured Home shall be at all times and for all purposes permanently affixed to and part of the real
property described herein and shall not be removed from said real property. Borrower(s) covenant(s) that
affixing the Manufactured Home to the real property described herein does not violate any zoning laws or other
.~~¿¿¿~
anice Sue Buck
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anice Sue Buck, Trustee ~
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