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HomeMy WebLinkAbout945116 d ~- 6010B17460 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# 945116 BOOK: 114 PAGE: 866 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Specific header for WY OOû866 [Space Above This Line For Recording Data] State of WYOMING FHA Case No. 591-10814] 7-952 Loan No. 907901177 ADJUSTABLE RATE HOME EQUITY CONVERSION SECOND MORTGAGE -"" THIS MORTGAGE ("Security Instrument" or "Second 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 DRIYE, STAR V ALLEY RANCH, Wyoming 83127 ("Borrower"). This Security Instrument is given to the Secretary of Housing and Urban Development, whose address is 451 Seventh Street, SW, Washington, DC 20410 ("Lender" or "Secretary"). Borrower has agreed to repay and warrants to Lender amounts which Lender is obligated to advance, including future advances, under the tenns of a Home Equity Conversion Loan Agreement dated the same date as this Security Instrument ("Loan Agreement"). The agreement to repay is evidenced by Borrower's Adjustable-Rate Note dated the same date as this Security Instrument ("Second Note"). This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Second 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 of this Security Instrument or otherwise due under the tenns of this Security Instrument; and (c) the perfonnance of Borrower's covenants and agreements under this Security Instrument and the Second Note. The full debt, including amounts described in (a), (b), and (c) above, ifnot due earlier, is due and payable on June 21, 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 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 COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is only encumbered by a First Security Instrument given by Borrower and dated the same date as this Security Instrument ("First Security Instrument"). 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-unifonn covenants with limited variations by jurisdiction to constitute a unifonn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Second Note. 2. Payment of Property Charges. Borrower shall pay all property charges consisting of taxes, ground rents, flood and hazard insurance premiums, and special assessments in a timely manner, and shall HECM Second M( 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. Lender may require Borrower to pay specified property charges directly to the party owed payment even though Lender pays other property charges as provided in this Paragraph. 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. 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 Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a fonn acceptable to, Lender. In the event ofloss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss ifnot 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 the Second Note and this Security Instrument. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Second 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 ofthe 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) and shall continue to occupy the Property as Borrower's principal residence for the tenn 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 infonnation or statements to Lender (or failed to provide Lender with any material infonnation) 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. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly fi.trnish 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 12(c). If Borrower fails to make these payments or the property charges 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 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. 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 servicer for servicing 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 of the 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 preserve such vacant or abandoned Property without notice to the Borrower. 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. shall be paid to Lender. The proceeds shall be applied first to the reduction of P......, ..rR 000867 HFTM ~~r.nnfi Mnrfpapl': any indebtedness under the Second Note and this Security Instrument. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Second 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 for the Home Equity Conversion Mortgage Insurance Program. 9. Grounds for Acceleration of Debt. (a) Due and Payable. Lender may require 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 ofa 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 beneficiål interest in a trust with such an interest in the Property); or (iii) 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 (iv) 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 (v) An obligation of the Borrower under this Security Instrument is not perfonned. (b) Notice to Lender. Borrower shall notity the Lender whenever any of the events listed in Paragraph 9(a)(ii)-(v) occur. (c) Notice to Borrower. Lender shall notity Borrower whenever the loan becomes due and payable under Paragraph 9(a)(ii)-(v). 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 full; or (iii) Sell the Property for the lesser ofthe balance or 95% ofthe appraised value and apply the net proceeds ofthe sale toward the balance; or (iv) Provide the Lender with a deed-in-lieu offoreclosure. (d) Trusts. Conveyance of a Borrower's interest in the Property to a trust which meets the requirements ofthe Secretary, or conveyance ofa trust's interests in the Property to a Borrower, shall not be considered a conveyance for purposes of this Paragraph 9. A trust shall not be considered an occupant or be considered as having a principal residence for purposes of this Paragraph 9. 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. 11. 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 ofthe Security Instrument. 12. Lien Status. (a) Modification. HECM Second Mo ûOô868 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 the First Security Instrument described in Paragraph I3(a), this Second Security Instrument 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 penn it 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 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 ofthe lien or forfeiture of any part ofthe Property; or (c) secures from 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 ofthe giving of notice. 13. Relationship to First 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)(I)(A) ofthe National Housing Act and.the Loan Agreement, the Secretary has required Borrower to execute a Second Note and this Second Security Instrument. Borrower also has executed a First Note and First Security Instrument. (b) Relationship of First and Second Security Instruments. Payments made by the Secretary shall not be included in the debt under the First Note unless: (i) The First Security Instrument is assigned to the Secretary; or (ii) The Secretary accepts reimbursement by the holder ofthe First Note for all payments made by the Secretary. Ifthe 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 First Note. (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 First Note, or pay any rents and revenues of the Property under Paragraph 19 to the holder of the First Note or a receiver ofthe 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 First 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 First Note. (d) No Duty of the Secretary. The Secretary has no duty to the holder ofthe First Note to enforce covenants of the Second Security Instrument or to take actions to preserve the value of the Property, even though the holder of the First Note may be unable to collect amounts owed under the First Note because of restrictions in this Paragraph 13. (e) Restrictions on Enforcement. Notwithstanding anything else in this Security Instrument, the Borrower shall not be obligated to comply with the covenants hereof, and Paragraph 19 shall have Paø,.4nrR HPrM ,'::I':,..nnri Mnl'fttl'øl'! OOúS69 no force and effect, whenever there is no outstanding balance under the Second Note. 14. Forbearance by Lender Not a Waiver. 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. 15. Successors and Assigns Bound; Joint and Several Liability, Borrower may not assign any rights or obligations under this Security Instrument or the Second 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 the Secretary shall be given by first class mail to the HUD Field Office with jurisdiction over the Property or any other address designated by the Secretary. 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 Instmment or the Second Note conflicts with applicable law, such conflict shall not affect other provisions ofthis Security Instmment or the Second Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Second Note are declared to be severable. 18. Borrower's Copy. Borrower shall be given one confonned copy of the Second 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 ofthe 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, except as provided in the First Security Instrument. 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 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 Paragraph 20, 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 to the person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of sale to Borrower 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. 21. Lien Priority. The full amount secured by this Security Instrument shall have a lien priority subordinate only to the full amount secured by the First Security Instmment. 22. Adjustable-Rate Feature. Under the Note, the initial stated interest rate of3.151 % which accrues p, - HECM Second Mor' ûO&870 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 (ULlBOR"), as published in The Wall Street Journal ("Index") plus a margin. Ifthe 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 perfonn 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 ofthe 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, if the Calculated Interest Rate equals the ExÎsting 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 of this Security Instrument. [Check applicable box(es).] D Condominium Rider 00 o Other rSpecifYl Manufactured Home Rider Planned Unit Development 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. ð:2- -ð,;l -c7 9' Date EAL) ~ h ~ -¿; .;z. --¿y r Date 000871 I-lpr~A <::.....".... ~A^...n..n.. [Space Below This Line For Acknowledgment) State of WYOMING Countyof~~ 00&872 This instrument ~as acknowledged before me this ~ ~ :(ðO~date), by ~~.~!) Úh~) aA'Jda,o ~ 1-(;A; ~~.~ ~C¿~ ~ oéi:cI. /-30-02- Notary Public Á f)" ' }!) M.I/.P /) LJ /' My Commission Expires: ~oJU.Æ:J.) y, ~ _ / ......~ t'""~'~:' ê::';~;::!J,,_~,</I:~~:~:Ó!~;:.::: _;,~!/,,,,,,~,,,.~.'" ..' (,'GLORI/\ fC. ByEFiS'· i"'crA':'" ') 'I .. ~ COLlnt}1 of ð~'~¡~';;0Ä"'-" ¡ \ , l·,.. " 1~i~':{.-~' {~ S tdte o{ ~ Lincoln ~1i'- jf)) WyorninU ;.; _.~1xÇ~n~!l1is~¡Y) ~:::;:~:';;:!~~~~'iolìlbœ -¡ 5, ~'r:: ., :~..-!<, -~ p, HECM Second Mo l' EXHIBIT A Exhibit A to the Mortgage made on February 2,2009, by Janice Sue Buck, Trustee of the Janice Sue Buck Revocable Trust dated January 30, 2002 ("Borrower") to the Secretary of Housing and Urban Development, and whose address is 451 Seventh Street, S.W., Washington, D.C. 20410, ("Lender" or "Secretary"). The Property is located in the county of LINCOLN, state of Wyoming, Description of Property Lot 28 of Star Valley Ranch Plat 5, Lincoln County, Wyoming as described on the official plat filed on June 30, 1971 as instrument No. 431709 of the records of the Lincoln County Clerk. 00&873 Planned Unit Development Rider (Home Equity Conversion Mortgage) 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") of the same date given by the undersigned ("Borrower") to secure Borrower's Note ("Note") to the Secretary of Housing and Urban Development ("Lender" or "Secretary") of the same date and covering the Property described in the Security Instrument and located at: ûOû874 374 SCRUB OAK DRIVE, STAR VALLEY RANCH, Wyoming 83127 The Property is a part ofa 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 asthe 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 PUD, 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 tenn "extended coverage," and loss by flood, to the extent required by the Secretary, then: (i) Lender waives the provision in Paragraph 2 ofthis Security Instrument for the payment ofthe premium for hazard insurance on the Property, and (ii) Borrower's obligation under Paragraph 3 ofthis Security Instrument to maintain hazard insurance coverage on the Propert¥ 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 trom 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 tenns of payment, these amounts shall bear interest trom the date of disbursement at the Note rate. BY SIGNING BELOW, Borrower accepts and agrees to the tenns and provisions contained in this PUD Rider. ~/~8~ ¡œ'~B"'" ~d.¿¿¿¿ -LlAKß ce Sue Buck. Tmstee ~ . ¿J)e2~¿2.;í.~ c(f Date él.':¡'~ª¿~t2f Date PlfI\O;,I... Manufactured Home Rider To Mortgage, Deed of Trust Or Other Security Instrument 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 Instrtlment") of the same date hereof given by the undersigned ("Borrower(s)") to secure Borrower's Promissory Note Manufactured Home Retail Installment Contract) to the Secretary of Housing and Urban Development ("Lender" or "Secretary") of the same date hereof (the "Note") and relating to the property described in the Security Instrument and located at: 374 SCRUB OAK DRIVE, STAR VALLEY RANCH, Wyoming 83127 ûOD875 The following provisions are applicable to the Security Instrument, including those marked and completed (where applicable): 1. [KJ 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 Home"). Make: OAKWOOD Model: Serial Number: GOOR 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 MANUFACTURED 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 Home"), 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 of Title No. 3. [KJADDITIONAL 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 pennanently 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 ó.~:-::âg=ç:l9 Date ð.2-::á.2-=?2 9 Date ß....... I Af I ... ~_.."nn...._.JU__nD :.tn_