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HomeMy WebLinkAbout952757RECEIVED at 3:16 PM RECEIVING 952757 BOOK: 744 PAGE: 840 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Iry .1 E WYOMING TIrLE Esc/tow A MOTHER 1-,0OR COMPANY tbove This Line For Recording Data] LOAN MODIFICATION AGREEMENT (Providing for Fixed Interest Rate) 000440 Loan Number: 207728376 MIN: 100025500003334016 MERS Phone: 1- 888 -679 -6377 This Loan Modification Agreement "Agreement made this 24th day of March, 2010, between T. Blake Stanton, a single man "Borrower and Bank of Jackson Hole( "Lender"), Mortgage Electronic Registration Systems, Inc. "MERS amends and supplements (1) the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument and Timely Payment Rewards Rider, if any, dated 10/27/2009 and granted or assigned to Mortgage Electronic Registration Systems, Inc. as mortgagee of record (solely as nominee for Lender and Lender's successors and assigns, PO Box 2026, Flint Michizan 48501 -2026 and recorded in Book or Liber 734, at page(s) 738, of the Doc 950264 Records of Lincoln County Clerk and (2) the Note, bearing the same date as, and secured by, the Lincoln County WYOMING Security Instrument, which covers the real and personal property described in the Security Instrument and defined as the "Property", located at 31 Lance Leaf Road Unit 23 ALPINE WY 83128 Formally recorded as UNIT 31 Targhee Landing Phase 1 correcting LEGAL DESCRIPTION to the real property to UNIT 23 Targhee Landing Phase 1 described being set forth as follows: Unit 23 of Targhee Landing Phase I, Lincoln County, Wyoming, as described on the.Official Plat filed on June 3, 2009 as instrument no. 947535 of the records of the Lincoln County Clerk. In consideration of the mutual promises and agreements exchanged, the parties hereto agree as follows (notwithstanding anything to the contrary contained in the Note or Security Instrument): 1. As of October 27, 2009, the amount payable under the Note and the Security Instrument (the "Unpaid Principal Balance is U.S. $220,000.00, consisting of the unpaid amount(s) loaned to Borrower by Lender plus any interest and other amounts capitalized. 2. Borrower promises to pay the Unpaid Principal Balance, plus interest, to the order of Lender. Interest will be charged on the Unpaid Principal Balance at the yearly rate of 4.875 Borrower promises to make monthly payments of principal and interest of U.S. $1164.26, beginning on the 1st day of December, 2009, and continuing thereafter on the same day of each succeeding month until principal and interest are paid in full. The yearly rate of 4.875% will remain in effect until principal and interest are paid in full. If on November 1, 2039 (the "Maturity Date Borrower still owes amounts under the Note and the Security Instrument, as amended by this Agreement, Borrower will pay these amounts in. full on the Maturity Date. 3. If all or any part of the Property or any interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by the Security Instrument. If Lender exercises this option, Lender shall give 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 Borrower must pay all sums secured by the Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by the Security Instrument without further notice or demand on Borrower. 4. Borrower also will comply with all other covenants, agreements, and requirements of the Security Instrument, including without limitation, Borrower's covenants and agreements to make all payments of taxes, insurance premiums, assessments, escrow items, impounds, and all other payments that Borrower is obligated to make under the Security Instrument; however, the following terms and provisions are forever canceled, null and void, as of the date specified in paragraph No. 1 above: LOAN MODIFICATION AGREEMENT Single Family— Fannie Mae Uniform Instrument Form 3179 1/01 (rev. 6/06) (page 1 of 3) S (a) all terms and provisions of the Note and Security Instrument (if any) providing for, implementing, or relating to, any change or adjustment in the rate of interest payable under the Note, including, where applicable, the Timely Payment Rewards rate reduction, as described in paragraph 1 of the Timely Payment Rewards Addendum to Note and paragraph A:1. of the Timely Payment Rewards Rider. By executing this Agreement, Borrower waives any Timely Payment Rewards rate reduction to which Borrower may have otherwise been entitled; and all terms and provisions of any adjustable rate rider, or Timely Payment Rewards Rider, where applicable, or other instrument or document that is affixed to, wholly or partially incorporated into, or is part of; the Note or Security Instrument and that contains any such terms and provisions as those referred to in (a) above. (b) 5. Borrower understands and agrees that: (a) All 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. (b) All covenants, agreements, stipulations, and conditions in the Note and Security Instrument shall be and remain in full force and effect, except as herein modified, and none of the Borrower's obligations or liabilities under the Note and Security Instrument shall be diminished or released by any provisions hereof, nor shall this Agreement in any way impair, diminish, or affect any of Lender's rights under or remedies on the Note and Security Instrument, whether such rights or remedies arise there under or by operation of law. Also, all rights of recourse to which Lender is presently entitled against any property or any other persons in any way obligated for, or liable on, the Note and Security Instrument are expressly reserved by Lender. (c) Borrower has no right of set -off or counterclaim, or any defense to the obligations of the Note or Security Instrument. (d) Nothing in this Agreement shall be understood or construed to be a satisfaction or release in whole or in part of the Note and Security Instrument. 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. (e) 000841 LOAN MODIFICATION AGREEMENT Single Family— Fannie Mae Uniform Instrument Form 3179 1/01 (rev. 6/06) (page 2 of 3) (f) Loan Numb MIN: 100 giecli 2077 550000 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. (Seal) ortgagee) (Seal) Mo j age Electronic Registration Systems Michael Sillman, Senior Loan Officer Bank of Jackson Hole STATE OF WYOMING COUNTY OF E7 4- 0/ 4 This instrument was acknowledged before me by Mike Sillman as Vice President of Bank of Jackson Hole and Mortgage Electronic Registration Systems on this 3 0 day of 2010. Notary Public: My Commission Expires: T. Blake Stanton MERS Phone: 1- 888 679 -6377 71 0r P i r CHRISTINA COUNTY OF MY COP MISS :O J i..: .,,4„0,......,:.„....,,,,...... STATE OF t'E 1,31059LUh COUNTY OF CI kl b= 6 N This instrument was acknowledged before me by T. Blake Stanton on this 2b 14) day of P1P Rcg 010. Notary Public: My Commission Expires: COMMONWEALTH OF PENNSYLVANIA NOTARIAL SEAL GLORIA J. REINSTADTLER, NOTARY PUBLIC BRIDGEVILLE BOROUGH, ALLEGHENY CO MY COMMISSION EXPIRES MAY 29, 2011 LOAN MODIFICATION AGREEMENT Single Family— Fannie Mae Uniform Instrument 000842 Form 3179 1 /01 (rev. 6/06) (page 3 of 3) 'NOTARY PUBLIC STATE OF F WYOMING II'`1B3ER 11, 2010 4.