HomeMy WebLinkAbout947957RECEIVED 6/25/2009 at 10:03 AM
RECEIVING # 947957
BOOK: 726 PAGE: 207
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
0®020'
Loan Number: 1044889743
MODIFICATION AGREEMENT
THIS MODIFICATION AGREEMENT, is made and entered into on 04/17/2009, by and
between DWAYNE RIDGWAY (hereinafter "Borrower") and First Franklin Financial
Corporation, (hereinafter "Note Holder").
WHEREAS, Note Holder is the holder of a Mortgage, Security Deed or Deed of Trust
(hereinafter the "Security Instrument") from the Borrower encumbering property known as
38 PINE ST, ALPINE, WY, 83128 (the "Property") dated 05/31/2007 and recorded 6/1/2007 in
Book or Liber 660 Pg 309 at the office of the Recorder of Deeds of LINCOLN County securing
an obligation evidenced by a promissory note (the "Promissory Note") executed by Borrower on
05/31/2007 in the original principal amount of $390,000.00; and
WHEREAS, the current balance due and owing on the Promissory Note and Security Instrument
is as follows:
Principal: $389,739.15
Interest through 04/30/2009: $28,056.41
Escrow $4,188.51
Attorney Fees $591.60
Less Mortgagor Contribution: ($0.00)
Less Suspense: 0.00
New Principal Balance: $422,575.67
Corporate advances such as prior attorney fees and costs and/or property inspections and late
charges in the amount of $244.32, are also due on Promissory Note and Security Instrument.
This amount, while not accruing interest, or any additional fees, is still due and owing to the Note
Holder and will be added to the payoff figure in the event of a payoff of this loan. At the end of
the monthly payments under this Modification Plan, the additional corporate advances will then
be due as a lump-sum payment.
WHEREAS, Borrower and Note Holder desire to modify the repayment terms of said Promissory
Note secured by the Security Instrument as set forth herein;
NOW, THEREFORE, in consideration of the agreements set forth herein and other good and
valuable consideration, in hand paid, each party to the other, receipt and sufficiency of which is
hereby acknowledged, and with each of the parties hereto intending to be legally bound by the
terms of this Modification Agreement; the parties hereby agree as follows: 0400208
1. Beginning on 05/01/2009 the interest rate on said Promissory Note for the
remainder of the term and until such time as all of Borrower's obligations are
satisfied will be 9.000% per year. In the event that interest on the Promissory
Note being modified hereby was originally adjustable on a periodic basis,
Borrower understands and consents to the conversion of said adjustable rate
loan to that of a fixed rate loan, at the rate set forth above. All terms and
provisions (if any) of the Promissory Note and Security Instrument providing
for, implementing, or relating to, any change or adjustment in the rate of
interest payable under the Promissory Note and all terms and provisions of any
adjustable rate rider that is affixed to, wholly or partially incorporated into, or a
part of, the Promissory Note or Security Instrument that contains any such
terms relating to adjustment of interest rate are deemed forever cancelled, null
and void as of the date first set forth above.
2. Borrower's monthly principal and interest payment shall be $3,400.14; such
installments shall be due and payable on the 1st day of each month of the
extension period, beginning 06/01/2009.
3. Pursuant to the terms of said Promissory Note, the unpaid principal balance of
said Promissory Note, plus all accrued and unpaid interest shall be due and
payable on 05/01/2039.
4. Borrower agrees to the establishment and maintenance of an escrow account
for the payment of taxes is required for the remaining life of the loan.
5. Borrower and Note Holder hereby agree that all terms and conditions of said
Security Instrument and Promissory Note, and other loan documents relative to
said loan shall remain in full force and effect except as otherwise specifically
modified herein. By executing this Modification Agreement, Borrower hereby
ratifies and confirms all terms and conditions of the Promissory Note and
Security Instrument not specifically amended herein. If said Promissory Note,
secured by the Security Instrument was accompanied by a Prepayment Note
Addendum, the terms and conditions of that document remain in full force and
effect and are not modified in any way as a result of this agreement.
6. Borrower and Note Holder further agree that this Modification does not
constitute a waiver or notation of the Promissory Note, Security Instrument or
their terms and shall not adversely affect the validity or lien priority of the
Security Instrument or any other mortgage or other instrument executed and
delivered as security for the indebtedness now evidenced by this Modification,
which mortgage liens and/or security interest are hereby agreed to be continued
in full force and effect.
7. If the loan is a Dividend Access Loan the execution of the loan modification
agreement will cancel the dividend feature. This will eliminate the payment of
all current and future dividend payments to borrower or borrowers.
By placing their initials here, the borrower indicates that he/she wishes to
eliminate the dividend feature on this loan
N/A
000209
006210
IN WITNESS WHEREOF, the parties hereto have executed this Modification Agreement on the
day first above written.
WITNESS:
AOL ilbsa~~aLl~z
BORROWER:
AYNE RID
STATE OF
ss:
4 <<~ )
COUNTY OF -I-(
On this, the =J S day of
personally appeared
who executed the foregoing instrument for
c~ `l before me, a Notary Public,
purposes therein contained.
IN WITNESS WHEREOF, hereunto set my hand and official seal.
Notary Public
My commission expires: S - - 2c, 'L
LEETO NOTARY PUBLIC
STATE OF
WYOMING 1
N EXPIRES MAY 1, 2012
0OV- 211
Home Loan Services, Inc.
,/_4
Mark tzman
Assistant Vice President
STATE OF Pennsylvania )
) ss:
COUNTY OF Allegheny )
On this, the ~ day of AM IL,
, o7Gb~ , before me,
_ US6 ,-/vs,-ar«H , Notary Public, personally appeared MARK
KAUTZMAN, personally known to me (or proved to me on a basis of satisfactory
evidence) to be the ASSISTANT VICE PRESIDENT of Home Loan Services, Inc., a
corporation, and that (e)he as such officer, being authorized to do so, executed the
foregoing instrument for the purposes therein contained by signing the name of the
corporation by him/bet self as such officer.
WITNESS my hand and official seal.
COMMONWEALTH OF PENNSYLVANIA
Notary Public Notarial Seal
Rose Hostovich, Notary Public
My commission expires:0(~ City of Pittsburgh, Allegheny County
My Commission Expires June 30, 2012
Member, Ponnsybanla Association of Notaries
Lender: First Franklin Financial Corporation
Borrower(s): DWAYNE RIDGWAY
Property Address: 38 PINE ST
ALPINE, WY 83128
Loan Number: 1044889743
ERROR AND OMISSIONS / COMPLIANCE AGREEMENT
LOAN MODIFICATION
STATE OF
SS:
COUNTY OF
000' 212
The undersigned borrower for and in consideration of the Loan Modification dated 04/17/2009, agrees to fully
cooperate and adjust for clerical errors made within the Loan Modification paperwork if deemed necessary or
desirable in the reasonable discretion of Lender to sell, convey, seek guaranty or market said loan to any entity or
investor.
The undersigned borrower do hereby so agree and covenant in order to assure that this loan documentation executed
this date will conform and be acceptable in the marketplace in the instance of transfer, sale or conveyance by Lender
of its interest in and to said loan documentation.
DATED effective this
day of 20t: .
DWAYNE RIDGWAY
Sworn to and subscribed before me this *2.-L day of 61), 20 0- J .
(Notary Public)
My Commission Expires: . 5
LETETON NOTARY PUBLIC
STATE OF
WYOMING
N EXPIRES MA Y 1, 2012