HomeMy WebLinkAbout948373RECEIVED 7/17/2009 at 3:26 PM
RECEIVING # 948373
BOOK: 727 PAGE: 676
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
When recorded mail to: MPG ; O JG /6
Equity Loan Services, Inc.
Loss Mitigation Title Services- LMTS
1100 Superior Ave., Ste 200
Cleveland, OH 44114 UU
Attn: National Recordings 1120
Please cross-reference to: Deed Book 642, Page 198, LINCOLN County, State of Wyoming.
LOAN MODIFICATION AGREEMENT
This Loan Modification Agreement ("Agreement") made this June 15, 2009 between
TYLER F JONES & ELLIE LEE JONES, HUSBAND AND WIFE, (referred to jointly and
severally as "Borrower") and MidFirst Bank, located at 999 NW Grand Blvd, Suite 100,
Oklahoma City, OK 73118 (successor in interest to First Horizon Home Loan Corporation)
its successors and assigns ("Lender") and Mortgage Electronic Registration. Systems, Inc, as
mortgagee of record solely as nominee for Lender and Lender's successors and assigns,
P.O. Box 2026, Flint, Michigan 48501-2026 (hereinafter referred to as "Mortgagee") renews,
amends, supplements, and extends (1) the Mortgage, Deed of Trust or Security Deed (the
"Security Instrument") recorded December 05, 2006 in Book 642, page 198, in LINCOLN
County, Wyoming, and (2) the Note, in the original principal amount of U.S. $161,791.00,
bearing the same date as and secured by, the Security Instrument (and other loan documents
typically referred to as "addenda" or "riders" (collectively referred to herein as the "Loan
Documents"), which covers the real and personal property described in the Security Instrument,
and defined therein as the "Property," located at 1208 REEVES SCHWAB ROAD, SMOOT,
WY 83126, the legal description of the Property being set forth as follows:
See Exhibit "A" attached hereto and made a part hereof;
Parcel #30180620003701
(herein defined as "Property").
Capitalized Amount: $4,231.98
Page 1 of 10 of the Loan Modification Agreement
Loan #52353279
Order # 5162959
The Note and the Security Instrument may be collectively referred to herein as the "Loan
Documents." Borrower now desires to extend or rearrange the time and/or manner of repayment
or payment of the Note and to extend and carry forward the lien(s) on the Property, whether
created by the Security Instrument or otherwise. Lender, the legal holder and owner of the Note
and of the lien(s) securing the same, has agreed at the request of the Borrower to extend or
rearrange the time and manner of payment of the Note.
In consideration of the mutual promises and agreements exchanged, and other good and valuable
consideration paid by each of the parties to the other, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree to modify, renew and extend the Note and
Security Instrument and any other Loan Documents, as follows (notwithstanding anything to the
contrary contained in the Note or Security Instrument or other Loan Documents):
1. Acknowledgement of Unpaid Principal Balance: Borrower acknowledges that as of
June 01, 2009, the total amount payable under the Note and the Security Instrument
is U.S. $161,709.36, consisting of the unpaid amount(s) loaned to Borrower by
Lender an outstanding principal balance oN157,477.38, plus accrued unpaid interest
of $3,280.76, and other amounts capitalized, which may include escrow shortage
(consisting of unpaid hazard insurance, taxes and/or mortgage insurance premiums
and herein referred to as "Escrow") of $951.22 (collectively referred to as "Modified
Principal Balance"). The Borrower hereby renews, extends and promises to pay the
Modified Principal Balance, plus interest, to the order of Lender. Interest will be
charged on the Modified Principal Balance until the full amount of the Modified
Principal Balance has been paid in accordance with the terms and conditions of the
Note and other Loan Documents.
2. Monthly Payment Amount Timing of Payment, and Maturity Date:
a. The, Borrower promises to pay the Modified Principal Balance, plus interest,
to the order of Lender, its successors and assigns in US Dollars. Interest will
be charged on the Modified Principal Balance at the yearly rate of 6.250%
from June 01, 2009 until paid in full. The Borrower promises to make
monthly payments of principal and interest of U.S. $995.67 beginning on the
1St day of JULY, 2009 and continuing thereafter on the same day of each
succeeding month until principal and interest are paid in full.
b. In addition, if an Escrow account has been established under the terms and
conditions of the Note or other Loan Documents, Borrower will make an
Escrow payment each month on each payment due date. _ The current Escrow
payment is $237.81 per month, which is subject to change depending on the
amounts attributable to taxes, insurance and other Escrow Items. The initial
combined monthly principal, interest, and Escrow payment will be $1,233.48,
if such an Escrow has been established, and shall be payable as set forth under
Section 2(a), above.
Page 2 of 10 of the Loan Modification Agreement
Loan #52353279
Order # 5162959
c. If on June 01, 2039 (the "Maturity Date"), the Borrower still owes amounts
under the Note, and the Security Instrument, and other Loan Documents, as
amended by this Agreement, the Borrower will pay these amounts in full on
the Maturity Date.
3. Place of Payment: The Borrower agrees to will make such payments at the following
address or at such other place as the Lender may require:
Midland Mortgage Co.
Attn: Cashiers
P.O.268888
Oklahoma City, OK 73126-8888
4. Sale or Transfer of Property by Borrower:
a. If all or any part of the Property or any interest in it is sold or transferred (or if
a beneficial interest in the Borrower is sold or transferred if the Borrower is
not a natural person) without the Lender's prior written consent, the Lender
may require immediate payment in full of all sums secured by this Security
Instrument without further notice or demand on the Borrower.
b. If the Lender exercises this option, the Lender shall give the Borrower notice
of acceleration. The notice shall provide a period of not less than 30 days
from the date the notice is delivered or mailed within which the Borrower
must pay all sums secured by the Security Instrument. If the Borrower fails to
pay these sums prior to the expiration of this period, the Lender may invoke
any remedies permitted by the Security Instrument without further notice or
demand on the Borrower.
5. Renewal and Extension: It is the intention of the parties that all liens and security
interests described in the Security Instruments are hereby renewed and extended until
the Principal Balance evidenced by the Note, as renewed, modified, and extended
hereby, has been fully paid. The Borrower and Lender acknowledge and agree that
such extension, renewal, amendment, modification or rearrangement shall in no
manner affect or impair the Note or the liens and security interests securing same, the
purposes of this Agreement being simply to extend, modify, amend or rearrange the
time and manner of payment of the Note and the indebtedness evidenced thereby, and
to carry forward all liens and security interests securing the Note (including, if
applicable, any and all vendor's liens securing the Note), which are expressly
acknowledged by Borrower to be valid and subsisting, and in full force and effect to
fully secure the payment of the Note. Borrower hereby expressly waives the benefit
of any and all statutes of limitations which might otherwise inure to Lender's benefit,
or be in any way applicable to Lender's obligations under the terms of any and all
Page 3 of 10 of the Loan Modification Agreement
Loan #52353279
Order # 5162959
instruments described herein. Borrower further expressly waives any right of set-off
or counterclaim, or any defense to the obligations of the Note or Security Instrument.
6. No Waiver of Lender's Rights Regarding Default: All of the rights and remedies,
stipulations, and conditions contained in the Security Instrument relating to default in
the making of payments under the Security Instrument shall also apply to default in
the making of the modified payments hereunder. This Agreement shall in no way be
deemed to be a waiver of Lender's rights and remedies by reason of any default by
Borrower under the Note and Security Instrument as herein modified, including
without limitation future payment defaults, and nothing contained herein shall be
deemed to be a waiver by Lender of any terms or conditions of the Note and Security
Instrument as modified herein. Nothing herein shall constitute an agreement by
Lender to any future modification of the Note and Security Instrument and Lender
expressly reserves the right to refuse to agree to any future modifications.
7. Nothing in this Agreement shall be understood or construed to be a novation,
satisfaction or release in whole or in part of the Note and Security Instrument. Except
as otherwise specifically modified in this Agreement, the Note and Security
Instrument will remain unchanged, and the Borrower and the Lender will be bound
by, and comply with, all of the terms and provisions thereof, except as modified by
this Agreement.
8. This Agreement shall in no way be deemed to be a waiver of Lender's rights and
remedies by reason of any default by Borrower under the Note and Security
Instrument as herein modified, including without limitation future payment defaults,
and nothing contained herein shall be deemed to be a waiver by Lender of any terms
or conditions of the Note and Security Instrument as modified herein. Nothing herein
shall constitute an agreement by Lender to any future modification of the Note and
Security Instrument and Lender expressly reserves the right to refuse to agree to any
future modifications.
9. Release and- Waiver of Other Claims: As an express inducement to Lender's
agreement to this Agreement, Borrower, jointly and severally, hereby unconditionally
releases Lender, its legal representatives, affiliates, subsidiaries, parent companies,
agents, officers, employees, attorneys, successors and assigns (collectively the
"Released Parties") from any and all claims, demands, actions, damages and causes
of actions which Borrower has asserted or claimed or might now or hereafter assert or
claim against all or any of the Released Parties, whether known.or unknown, arising
out of, related to or in any way connected with or based upon any Prior Related Event
(as such term is hereinafter defined). As used herein, the term "Prior Related Event"
shall mean any act, omission, circumstance, agreement, loan, extension of credit,
transaction, transfer, payment, event, action or occurrence between or involving
Page 4 of 10 of the Loan Modification Agreement
Loan #52353279
Order # 5162959
1680
Borrower or Borrower's property and all or any of the Released Parties and which
was made or extended or which occurred at any time or times prior to the execution
of this Agreement, including without limiting in any respect the generality of the
foregoing: (i) any action taken to obtain payment of any indebtedness or to otherwise
enforce or exercise any right or purported right of Lender as a creditor of Borrower;
and (ii) any payment or other transfer made to GrantorLender by or for the account of
Borrower. Borrower agrees and acknowledges that this release is not to be construed
as or deemed an acknowledgement or admission on the part of any of the Released
Parties of liability for any matter or as precedent upon which liability may be
asserted.
10. Bankruptcy. If, since inception of this loan through date of this Agreement, the
Borrower has received a discharge in a Chapter 7 bankruptcy and there has been no
valid reaffirmation of the underlying debt, the Lender is not attempting to re-establish
any personal liability for the underlying debt by entering into this Agreement.
However, the parties acknowledge that the Lender retains certain rights, including but
not limited to the right to foreclose its interest in the property under appropriate
circumstances. The parties agree that the consideration for this Agreement is the
Lender's forbearance from presently exercising its right and pursuing its remedies
under the Security Instrument as a result of the Borrower's default of its obligations
thereunder.
11. Loan Documents Remain In Full Force and Effect: As amended herein, the
provisions of the Note and Security Instrument shall continue in full force and effect,
and Borrower acknowledges and reaffirms Borrower's liability to Lender thereunder.
In the event of any inconsistency between this Agreement and the terms of the Note
and Security Instrument, this Agreement shall govern. Nothing in this Agreement
shall be understood or construed to be a novation, satisfaction or release in whole or
in part of the Note and Security Instrument. Except as otherwise specifically
modified in this Agreement, the Note and Security Instrument will remain unchanged,
and the Borrower and the Lender will be bound by, and comply with, all of the terms
and provisions thereof, except as modified by this Agreement.
12. Grantee represents under penalty of perjury that Grantee IS the occupant of the
Property.
13. Execution of Additional Documents: Borrower agrees to make and execute such
other documents or papers as may be necessary or required to effectuate the terms and
conditions of this Agreement which, if approved and accepted by Lender, shall bind
and inure to the heirs, executors, administrators, and assigns of the Borrower.
Page 5 of 10 of the Loan Modification Agreement
Loan #52353279
Order # 5162959
14. Grantee represents under penalty of perjury that the Property has no physical
conditions that will adversely affect Grantee's continued use of the Property or
interfere with Grantee's ability to maintain the payments referred to in Paragraph No.
2.
15. Costs and Expenses: All costs and expenses incurred by Lender in connection with
this Agreement, including recording fees, title examination, and attorney's fees, shall
be paid by the Borrower and shall be secured by the Security Instrument, unless
stipulated otherwise by Lender.
16. Miscellaneous
a. Lender does not, by execution of this Agreement, waive any rights it may have
against any person not a party to the Agreement.
b. If any provision in this Agreement shall to any extent be determined by a court
of law to be invalid, the remainder of the Agreement shall not be affected
thereby, and shall continue in full force and effect to bind the parties.
c. This Agreement may be executed simultaneously in any number of
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same agreement.
d. This Agreement shall be governed by the laws of the State where the Property
is located.
IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS LOAN MODIFICATION
AGREEMENT, TOGETHER WITH THE LOAN DOCUMENTS AND ANY EXHIBITS AND
SCHEDULES THERETO, REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND CONTROL OVERWITH RESPECT TO THE SUBJECT MATTER THEREOF
AND SUPERSEDE ALL PRIOR NEGOTIATIONS, AGREEMENTS AND UNDERTAKINGS
BETWEEN THE PARTIES WITH RESPECT TO SUCH MATTER. ONLY THOSE TERMS
IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT
CONTAINED IN THIS WRITTEN AGREEMENT MAY BE LEGALLY ENFORCED. THIS
LOAN MODIFICATION AGREEMENT MAY BE AMENDED ONLY BY AN
INSTRUMENT IN WRITING EXECUTED BY THE PARTIES OR THEIR PERMITTED
ASSIGNEES.
Page 6 of 10 of the Loan Modification Agreement
Loan #52353279
Order # 5162959
TYLER F JONES
T
ELLIE LEE JONES
Acknowledgement
STATE OF Wyoming
) SS:
COUNTY OF LINCOLN
On the day o , 20(f, before me, the undersigned, a notary public
in and for said state, perso lly appeared TYLER F JONES & ELLIE LEE JONES,
personally known to me or proved to me on the basis of satisfactory evidence to be the
individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to
me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s) or the person upon behalf of which the
individual(s) acted, executed the instrument.
In witness whereof, I hereunto set my d f1 ' 1 al.
otary Public
Printed name of notary
County of Residence:, ~2c~c'1 V
Commission Number:
My Commission Expires: LEE R. DE I . PUBLIC
C.'ounty s State of
a Lincoln Wyoming
a
finny Cor~nus ;ar;q:,ire:;. ,i.iji.ist 25, 20,12
4 'ka+nt++xJ06b.K4srhe2n^tM.~a+s.:1J^.iub'4V:so'samJ^F'4e'A~~"
Page 7 of 10 of the Loan Modification Agreement
Loan #52353279
Order # 5162959
Ze~r
Printed: Jason Lane
Title: Vice President
MidFirst Bank, Successor In Interest To
First Horizon Home Loan Corporation
STATE OF OKLAHOMA )
) SS:
COUNTY OF OKLAHOMA )
On the 30 day of , 200 ` , before me, the undersigned, a notary public
in and for said state, p sonally appeared Jason Lane , who acknowledged
himself/herself/themselves to be a Vice President of MidFirst Bank, and who is personally
known to me or proved to me on the basis of satisfactory evidence to be the individual whose
name is subscribed to the within instrument and acknowledged to me that he/she/they executed
the same in his/her/their capacity as Vice President of MidFirst Bank, and that by his/her/their
signature on the instrument, the individual or the person upon behalf of which the individual
acted, executed the instrument.
In witness whereof, I hereunto set a and official s
i
f
Notary Public
-------==s====-________,
`r CHARLOTTE A. CAUGHRON
Notary Public
State of Oklahoma
Commission #09003957 Expires 05/07/13
Charlotte A. Caughron
Printed Name of Notar
County of Residence.
My Commission Expires:
Page 8 of 10 of the Loan Modification Agreement
Loan #52353279
Order # 5162959
Mort ecord:
y:
Printed: Jason Lane
Title: Vice President
Mortgage Electronic Registration Systems, Inc.,
As Nominee For Lender
STATE OF OKLAHOMA )
) SS:
COUNTY OF OKLAHOMA )
On the day of , 200 before me, the undersigned, a notary public
in and for said state, pe onally appeared Jason Lute , who acknowledged
himself/herself/themselves to be a Vice President of Mortgage Electronic Registration Systems
Inc., and who is personally known to me or proved to me on the basis of satisfactory evidence to
be the individual whose name is subscribed to the within instrument and acknowledged to me
that he/she/they executed the same in his/her/their capacity as Vice President of Mortgage
Electronic Registration Systems Inc., and that by his/her/their signature on the instrument, the
individual or the person upon behalf of which the individual acted, executed the instrument.
In witness whereof, I hereunto set 5and and official eal.
- CHARL tSTT A.'CAUGHRON Notary Public
1 ASe,:L
Notary Public
•.~s•,•,,.•r State of Oklahoma
Commission # 09003957- Expires 05/07/13
Charlotte A- Caughron
Prmted Name of Notary
County of Residence: NAU
My Commission Expires:
Document Prepared by: Stephanie Wright
Midfirst Bank
999 NW Grand Blvd. Suite 100
Oklahoma City, OK 73118-6116
1-800-552-3000
Page 9 of 10 of the Loan Modification Agreement
Loan #52353279
Order # 5162959
Exhibit "A"
The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is
described as follows:
A tract of land located within GLO Lot 5, of Section 6, Township 30 North, Range 118 West,
Lincoln County, Wyoming, with boundaries more specifically described as follows:
BEGINNING at a point along the centerline of the Reeves-Schwab County Road, No. 12-149,
said point bearing South 55°49'26" West, a distance of 1136.52 feet from the NWI/16 corner of
Section 6;
thence running North 89°29'11" East, parallel to and 60 feet to the South of the South
boundary line of that tract of record in the Office of the Lincoln County Clerk in Book
493PR, page 548, a distance of 400.00 feet;
thence due South a distance of 200.00 feet;
thence South 89°29'11" West, a distance of 312.73 feet to the centerline of the said County
Road;
thence North 23°39119" West, along said centerline, a distance of 217.49 feet to the Point of
Beginning.
car Manufacturer's Name Model Name or Model No.
JONES
40876487
FIRST AMERICAN'ELS
MODIFICATION AGREEMENT
WY
P3JJ 7G
Length x Width
Page 10 of 10 of the Loan Modification Agreement
Loan #52353279
Order # 5162959