HomeMy WebLinkAbout954675This Document Prepared By:
WELLS FARGO BANK, N.A.
1003 E. BRIER DRIVE X0501 -04G
SAN BERNARDINO CA ,924082862
When Recorded Mail To:
WFHM FINAL DOCS X2599 -024
405 SW 5TH STREET
DES MOINES, IA 50309 -4600
[Space Above This Line For Recording Data]
whose address is
167 EVERGREEN DRIVE STAR VALLEY RANCH WY 83127
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0 2008 First American Real Estate Solutions LLC
FALPS 37QR: 05/08
NMFL #8914WY (QLWY) Rev 01/2010
Page 1
RECEIVED 8/3/2010 at 2:25 PM
RECEIVING 954675
BOOK: 751 PAGE: 512
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
State of Wyoming FHA Case No.591- 1167859 952
Loan No. 0302499629
ADJUSTABLE RATE
HOME EQUITY CONVERSION SECOND MORTGAGE
THIS MORTGAGE "Security Instrument" or "Second Security Instrument is given on
07/28/10 The mortgagor is
JOHN H. TITENSOR, A MARRIED PERSON
"Borrower This Security Instrument
is given to the Secretary of Housing and Urban Development, whose address is 451 Seventh Street,
S.W., Washington, DC 20410 "Lender" or "Secretary Borrower has agreed to repay to Lender
amounts which Lender is obligated to advance, including future advances, under the terms 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 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
SIX HUNDRED SEVENTY FIVE THOUSAND AND 00 /100
Dollars (U.S. 675,000.00 );(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 terms of this Security Instrument; and (c) the performance 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, if not due earlier, is due and payable
o nJUNE 28TH 2095 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:
Wyoming HECM ARM Second Security Instrument
SEE ATTACHED
which has the address of 167 EVERGREEN DRIVE
STAR VALLEY RANCH
[City]
WY 83127
[State] [Zip Code]
[Street]
..'S13
"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 seized 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 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 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 provide evidence of payment to Lender, unless Lender pays property charges by
withholding funds from 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 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 of the 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
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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 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. If
failure 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 12(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 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 defined 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,
j 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 any indebtedness under a 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.
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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 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 of longer than twelve (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 performed.
(b) Notice to Lender. Borrower shall notify Lender whenever any of the events listed in
Paragraph 9(a)(ii) -(v) occur.
(c) Notice to Borrower. Lender shall notify 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 thirty (30) days after notice to either:
(1) 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 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 of foreclosure.
(d) Trusts. Conveyance of a 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
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 permitted 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 attorneys' 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 permit 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 determines 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 permits 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 13(a), this
Second Security Instrument and any subordinate liens that the Lender determines 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 permit the original lien
status to be extended to future loan advances, Borrower will be deemed to have failed to
have performed 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 of the lien or forfeiture of any part
of the 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 determines 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 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)(1)(A) of the 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 of the First Note 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 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 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 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 of the First Note to
enforce covenants of the Second Security Instrument or to take actions to preserve the
value of the Property, even
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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 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 Instrument or the Second Note conflicts with applicable law, such conflict shall not
affect other provisions of this Security Instrument 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 conformed 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 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 an 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 perform
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
terminate 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 law. 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
and to the person in possession of the Property, if different, in accordance with applicable law.
Lender shall give
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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 Instrument.
22. Adjustable Rate Feature. Under the Second Note, the initial interest rate of
2.527 which accrues on the unpaid principal balance "Initial Interest Rate is
subject to the 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 "LIBOR as published in The Wall Street
Journal, rounded to three digits to the right of the decimal point, "Index plus a margin. If the
Index is no longer available, Lender will use as a new Index any index prescribed by the Secretary.
Lender will give Borrower notice of the new Index.
Lender will perform the calculations described below to determine the new adjusted interest
rate. The interest rate may change on the first day of OCTOBER 2010 and on that
day of each succeeding year the first day of each succeeding month "Change Date un it the
loan is repaid in full.
The "Current Index" means the most recent Index figure available 30 days before the
Change Date, and if the day that is 30 days before the Change Date is not a Sunday or Monday and
not the first business day of the week, the Current Index will be the Index as published the first
business day of that week. If the day that is 30 days before the Change Date is a Sunday or
Monday and not the first business day of the week, the Current Index will be published the first
business day of the immediately prior week. 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
(Annually Adjusting Variable Rate Feature) The Calculated Interest Rate cannot be more than
2.0% higher or lower than the Existing Interest Rate, nor can it be more than 5.0% higher
or lower than the Initial Interest Rate.
(Monthly Adjusting Variable Rate Feature) The Calculated Interest Rate will never increase
above TWELVE AND 527/1000 percent 12.527
The Calculated Interest Rate will be adjusted if necessary to comply with these rate
limitation(s) and will be in effect until the next Change Date. At any Change Date, if the 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. Borrower shall pay any recordation costs. Lender may charge
Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for
services rendered and the charging of the fee is permitted under applicable law.
24. Waivers. Borrower waives all right of homestead exemption in the Property and
relinquishes all rights of courtesy and dower in the Property.
25. Obligatory Loan Advances. Lender's responsibility to make Loan Advances under the
terms of the Loan Agreement, including Loan Advances of principal to Borrower as well as Loan
Advances for 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).]
Other (Specify)
El Condominium Rider Planned Unit Development Rider
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Wyoming HECM ARM Second Security Instrument
BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security
Instrument and in any rider(s) executed by Borrower and recorded with it.
7 L 7
OHN H TITENSOR
If G _,,..L.'
DE TITENSO
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(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
(Seal)
(Seal)
(Seal)
(Seal)
Wyoming HECM ARM Second Security Instrument
JtF z\,/
State of WYOMING
County of c\
This instrume t was acknowledged a before me on
(name(s) of person(s)).
(Seal, if any)
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[Space Below This Line For Acknowledgement]
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(date) by
Page 9
Title (and ran
My Commission Expires.
Wyoming HECM ARM Second Security Instrument
JAI
Exhibit "A"
Lot 55 of Amended Plat of Star Valley Ranch Plat 1, Lincoln County, Wyoming as
described at Document No. 427346 of the Lincoln County Official Records.
521
THIS PLANNED UNIT DEVELOPMENT RIDER is made this 28TH day of JULY, 2010
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
WELLS FARGO BANK, N.A.
"Lender of the same date and covering the Property described in the Security Instrument and
located at:167 EVERGREEN DRIVE STAR VALLEY RANCH WY 83127
(Property Address]
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 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 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 for the 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 Toss 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.
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PLANNED UNIT DEVELOPMENT RIDER
(Home Equity Conversion Mortgage)
IName of Planned Unit Development]
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HECM Planned Unit Development Rider
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JOHN H TITENSOR
First American Loan Production Services
2008 First American Real Estate Solutions LLC
FALPS# MUHECM1PUD -2 Rev. 02 -23 -09
NMFL #8871 (PUDQ)
Page 2 of 3
5
C. If Borrower does not pay PUD clues 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.
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
HECM Planned Unit Development Rider
First American Loan Production Services
2008 First American Real Estate Solutions LLC
FALPS# MUHECM1PUD
NMFL #8871 (PUDQ)
Page 3 of 3
(Seal)
(Seal)
(Seal)
(Seal)
524
HECM Planned Unit Development Rider
1-