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HomeMy WebLinkAbout873004u1~~bS~01 :37 FAX 3037407615 Tim The crr Group/ Consumer Finance, Ina. WHEN REGOROEo MAIL TO The CIT Group/ Consumer Finance, Inc. P.O. Box 630 Marlton, NJ 08053-3941 ~NVER X020 I~ RECEIVED t..iN001-N COUNTY CLERK 873004 01 M1 1,! 1 JEW](: 'Vep-4UNER KEMMEREft, WYOMING KOOK 6? PR PAGE r RICHARD M TRUCE LINDA S CAMPBELL BORFiOWER(s) Ners) and Add►ass(as) 637 RICHARDSON CREEK AFTON, WY 83110 BER MORTGAGE a aware poratfon)Lender 5251 DTC PARKWAY Name sum 990 Address ENGLFWOOD, CO 80111 YRUSTEE'S NAME AND ADDHEsS Borrower owes Lender the principal sum shown in the Principal Balance box above. This debt is evidenced by Borrower's note dated the same date as this Mortgage ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on the Final Payment Date shown above. This Mortgage secures to Lender. (a) the repayment of the debt evidenced by the Note, with interest and adjun meats thereto, and all renewals, extensions and modifications, (b) the payment of all other sums, with interest, advanced under paragraph 2 to protect the security of this Mortgage; and (e) the performance of Borrower's covenants and agreements under this Mortgage and the Note. For this purpose, Borrower irrevocably grants and conveys to Lender, in trust, with power of sale, the following described property located in LINCOLN County, Wyoming: pa RELE4gg CR >E~a ltasF p~ This Mortgage SEE ATTACHED LEGAL DESCRIPTION'EXHIBIT A' This. Mortgage 36E fAD1L ,Of EEi gT6A6ES SEf 88D , Of NORTH90 which has the address of 637 RICHARDSON CREEK DRIVE {street} AFTON 'Wyoming 83110 ("Property Address"); {C'ry) (Zip Code) Together with all the improvements now or hereafter, erected on the property, and all easements, rights appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixhuw now or hereafter a part of the property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this Mortgage as the "property." Borrowet covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property. Borrower warrants that the lien created by this Mortgage is a valid and enforceable lien subordinate only to easements, liens and restrictions of record as of the date of this Mortgage, and that during the entire term of the indebtedness secured by this Mortgage Borrower will not permit this lien to become subordinate to anything else. Borrower warmts and will defend the title to the Property against all claims and demands except such casements, liens and restrictions of record as of the date of this Mortgage. SEE PAGES 2, 3, AND 4 FOR ADDITIONAL D4PORTANT TERMS 17.58 1260!3.9 2 7SqA 84.9 (498) Wjwmtng Masgage Inida Page of 4 04/25/01 ~:37 FAX 3037407615 ~NVER J yL!, 0 5 4 '2 Bouravver and Lander covenant and agree as follows: 1. Payment of Principal and Interest, prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. Z Taxes-Liens-Insurance-MQinUnaaee. Borrower will pay, when they are due and payable, all tares, liens or security titles (legal claims), assessments, obligations, water rates and any other charges against the Property, whether superior or inferior to the lien or security title of this Mortgage, including paying I andcr any costs, including outside attorney's fees incurred by Lender in defending any lawsuit by prior or later lienholdera or security title holders on she Properly, maintain hazard insurance on the Property in Lender's favor in a form and amount aadsfiactuny to Lender and maintain and keep the Property in good repair at all times during tie term of this Mortgage pursuant to paragraph 4 below. N Borrower fails to maintain the Property in good repair, Lender may enter the Property and make those repairs necessary to maintain the Property in good repair. Lender may pay any such tax, lien or security title, assessment, obligation, water rates, premium or other.charge necessary to maintain the Property in good repair, or any amounts required to purchase such insurance in Lender's own name, if Borrower fails to do so. The amount Lender pays will be due and payable to Lender on demand, will bear an interest charge at the interest rate set forth in the Note secured by this Mortgage if permitted by law, or, if not, at the highest lawful interest rate, will be an additional lien or security title on the Property and may be enforced and collected in the same manner as the other obligations secured by this Mortgage. The insurance carrier providing the insurance referred to above will be chosen by Borrower subject to Lender's approval which will not be unreasonably withheld. All insurance policies and renewals must be acceptable to Leader and must include a standard mortgagee clause. Lender will have the right to hold the policies and renewals. If Lander requires, Borrower will promptly give to Leader all receipts of paid premiums and renewal notices. In the event of a loss, Borrower will give prompt notice to the insurance carrier and Lender. Lender may file a proof of lose if not made promptly by Borrower. Insurance proceeds will be applied to the restoration or repair of the Property damaged or, at Lender's option, the Insurance proceeds will be applied to the sums secured by this Mortgage, whether or not than due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within tea (10) days, a notice from Larder that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Mortgage, whether or not theft due. The ten (10)-day period will begin when the notice is given. 3. Application of Payments. Unless applicable law provides otherwise, payments shall be fast applied to any ptpayment charges, then to any costs and expenses incurred under this Mortgage, then to interest then due and then to principal. 4. Preservation and Maintenance of ftopert , Leaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. N this Security Instrument is on a leasehold, Borrower shall comply with the provisions of tht+ lease, ad if Borrower acquizes fee title to the Property, the behold and fee title ahaall not wergc uulcm Leader agruca to the meager in writlug. 5. Mortgage Insurance. If Lender required mortgage insurance as it condition of making the loan secuted by this Mortgage, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminus in accordance with Borrower's and Lender's written agreement or applicable law. b. Inspection. Leader or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any pact of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the mum secured by this Mortgage, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Mortgage shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. U the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Aomwer fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to remradon or repair of the Property or to the sums secured by this Mortgage, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the payments referred to in paragraph 1 or change the amount of such payments. S. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or moditic44on of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any succ osor in interest or refuse to extend time for payment or otherwise modify amortization of tie sums secured by this Mortgage by reason of any demand made by the original Borrower or Borrower's successors in interest. 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. SEE PAGES It 3, AND 4 FOR ADDITIONAL 111VIE'ORTA NT TERMS RKMARD 2R&rWT WJ5101 17:18 1266139 2-2m.60 Pace 2 of4 0021 Fp- - - V1 I- 1J. vV marl OV01 4V 1 ViV till JVnAVr1A x'13 0~ - J 4 ;3 4. Successors and Assigns Hound; Joint w d Several Liability; Co-signers. The covenants and agreements of this Mortgage shall bind and benefit the successors and assigns of Lendcr and Borrower, subject to the provisions of paragraph 15. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Mortgage but does not execute the Note: (a) is co-signing this Mortgage only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Mortgage; (b) is not personally obligated to pay the sutras secured by this Mortgage; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Mortgage or the Note without that Borrower's consent. 10. Loan Charges. If the loan secured by this Mortgage is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 11. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision, of the Note or this Mortgage unenforceable according to its terms, Leader, at its option, may require immediate payment in full of all stuns secured by this Mortgage and may invoke any remedies permitted by paragraph 17. 12. Notices. Any notice to Borrower provided for in this Mortgage shall be given by delivering it or by mailing it by fast class mail. unless applicable law requires use of another method. Borrower requests that copies of any notices of default and sale be sent to Borrowers address which is the Property Address unless otherwise indicated on the front page of this Mortgage. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 13. Governing Law; Severability. This Mortgage shall be governed by Wyoming and applicable federal law. In the event that any provision or clause of this Mortgagc or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. To this end the provisions of this Mortgage and the Note are declared to be severable. 14. Borrower's Copy, Borrower shall be given one conformed copy of the Note and of this Mortgage. 15. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Mortgage. However, this option shall not be exercised by Leader if exercise is prohibited by federal law as of the date of this Mortgage. 16. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Mortgage discontinued at any time prior to the earlier of- (a) such period as applicable law may specify for reinstatement before sale of the Property pursuant to any power of sale contained in this Mortgage; or (b) entry of a judgment enforcing this Mortgage. Those conditions arc that Boxrowcr: (a) pays Lender all sums which them would be due under this Mortgage and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all capenscs incurred in enforcing this Mortgage, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien or security title of this Mortgage, Lenders rights in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unchanged. Upon reinstatement by Borrower, this Mortgage and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of accclerationunder paragraph 15. 17. Default. If Borrower defaults in paying any part of the indebtedness secured by this Mortgage or if Borrower defaults in any other way, the entire unpaid principal and any accrued and unpaid interest thereon and any other amounts Borrower then owes under the loan secured by this Mortgage will become due, if Lender desires. Lender may execute sad record, in the Office of the Recorder of each county in which the Property or some part is located, a written notice of the default and Lender's election to sell the Property secured by this Mortgage. Lender may rescind the notice before the Lender's sale by executing and recording a notice of rescission, which will cancel any prior notice of default and of any acceleration of the maturity of the indebtedness affected by any prior notice of default. Lender's rescission of a notice of default will not waive any existing or subsequent default nor impair Lender's right to execute any notice of default and election to cause the Property to be sold nor otlwrwise affect any of Lender's rights under this Mortgage. After the time required by law following the recording of the notice of default has elapsed, the Lender may give notice of sale as then required by law and, without demand on Borrower, sell the zeal estate at the time and place fixed in the notice of sale either as a whole or in separate parcels in whatever order the Lender deteru&03, at public auctiott to the highest bidder for cash. The Lender may postpone the sale from time to time by making a public anmouncement at the original or previously postponed time and place of sale, and without further notice, the Lender may make such sale at the time to which the sale may be so postponed. SEE PAGES 1, 2, AND 4 FOR ADDITIONAL MWORTANT TERMS WIARD 7RUCHOr Off2S'0J J718 I2MI39 2-2I84C tJ:1.J U z e Initial(s) page 3 of4 / 04/25/01 M5;38 FAX 3037407615 ~ENVER [j 023 544 The Linder will deliver to the purchaser a deed conveying the real est w sold, but without any covenant of warranty, express or implied. Any person, including Lender or Borrower, may bid at the sale and purchase the real estate. The proceeds of the. sale will be applied by the Lender first, to the payment of ail fees and expanses of the Lender and of this Mortgage; second to all autos exppended by Lander under the terms of this Mortgage which have not been repaid, with, accrued interest at the amount allowed by law; third to all other sums secured by this Mortgage; and any remainder to the persons legally entitled to it. 18. Under in Possession. Upon acceleration under paragraph 17 or abandonment of the person, by agent or by judicially appointed receiver) shall be entitled to enter may' Leader (in upon, raise possession of and managge the Property and to collect the rants of the Property including those past due. Any tents collected by Fender or the receiver shall be applied fast to payment of the costs of managemeat of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on r=iver's bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. 19. Reconveyanee. Upon payment of all sums secured by this Mortgage, Lender shall request the Lender to reeonvey the Property and shall surrender this Mortgage and all notes evidencing debt secured by this Mortgage to the Lender. Lender shall reconvey the Property without warranty,. The Lender may charge a fee for services rendered in connection with the preparation, execution or recordation of a reconveyaace, or request for a reconveyance, to the extent allowed by law. Such person; or persons shall pay any recordation costs. 20. Riders to this Mortgage. If one or more riders are executed by Borrower and recorded together with this Mortgage, the covenants and agreements of each rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider(s) were a part of this Mortgage. [Check applicable boa(s)], ® Adjustable Rate Rider Condominium Rider 2.4 Family Rider Graduated Payment Rider Planned Unit Development Rider ❑ Request for Copy of Notice of Default ❑ Other(a) (specify) 21. Tronsfer of Semeing. If the servicing of this Mortgage and the indebtedness by which it secures is ever transferred from one servicing agent to another servicing agent, each such servicing agent shall inform the Borrower of the transfer prior to the creation of any obligation on the part of the Borrower to pay the new servicing agent. By signing below, Borrower accepts and agiaeS to the terms and covenants contained is this Mortgage and in aW' tider(s) executed by Borrower and recorded with it. The u,tdersfigned(s) hereby release and waive all rights under and by virtue of the honm*aad exemption laws of this state. SEE ATTTACHED ARM RIDER TO DEED SEE PAGES 1, 2, AND 3 FOR A,DWIONAL IMPORTANT ®l ' /'Z" G GAG Witless STATE OF WYOMIN COUNTY OF h 9 Ss. Witness M Borrower on 60 / before tne, -L Lav,~L (Nary Name ad Title) - A Notary Public in and for the State of Wyoming, personally appeared IDCHARD M TRUCHOT AND LINDA S CAMPBELL personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me r he/sbe/they executed the same in hu/bet/their authadzed eapacity(ies), and that by hisjher/thelr signature() on the instrument the person(s), or the entity upon behalf of which the petmn(s) acted, executed the l VVTTNM my ha d and official seal. Signature (Notarial Seal) 227840 MIS 1746139 i ii - oust Page 4 of4 ftmv6d Censf~th~et~ r 545 SEE EXHIBIT "A" Lot 12 of Westhills Subdivision, according to that plat filed in the Office of the Lincoln County Clerk on June 12, 1992, Instrument No. 749847, as Plat No. 343. 04/25/01 WED 15:41 FAX. 3037407615 CIT DENVER 0,P,73004 Job ADJUSTABLE RATE RIDER THIS ADJUSTABLE RATE RIDER is made this 25TH day ofAPRII. , 2001 , and is incorporated into and shall be deemed to amond and supplement the Mortgage, Deed of fn-ust, or similar instrument (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Promissory Note (the "Note") to THE CIT GROUP/CONSUMER FINANCE, INC. , (the "Lender") of the sauce date and covering the Property described in the Security Instrument and located at: 637 RICHARDSON CREEK DRIVE AN'I'ON, WY 831.10 PropertyAddress THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND TSE MONTHLY PAYMENT. THE NOTE MUTS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT. ANY ONE TVAE AND THE MAMWW RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in ft Security Instrument, Borrower and Lender further covenant and agree as follows: The Note provides for an initial interest rate of 7.75 The Note provides for changes in the interest rate and the monthly payments, as follows. The interest rate I will pay may change on 04(30104 and on that day every 6 month(s) thereafter. Each date on which my interest rate could change is called a "Change Date." Beginning with the first Change Date, my interest will be based on an Index. The "Index" is the average of the interbank offcrcd rates for six month U.S. Dollar deposits in the London market based on quotations of 5 major hanks (LIBOR), as published in the Wall Street Saumal. If the Ibex is no longer available, the Note Holder will choose it new Index which is based upon comparable information. The Note Holder will give me notice of this choice. The most recent Index figure available as of the date 45 days before cacti Change Date is called the "Current Index." Before rwh Change Date, the Note Holder will calculate my new interest rate by adding 5.75 % % to the Current Index. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Datc at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. The interest rate I am requited to pay at the first Changc Date will not be greater than 10.75 % or less than 4.75 Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than 1.00 % from the Late: of interest I have been paying for the preceeding 6 months. My interest rate will never be greater than 13.75 % My new interest rate will ewme effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Datc until the amount of my monthly payment changes again. Ibc Note Holder will deliver or mail to me a notice of any changes in my intetest rate and the amount of my monthly paymcnt before the effective date of any change. The notice will include information required by law to be given to me and possibly certain other information as well. BY SIGNING BELOW, Borrower accepts and Adjustable Rate hider. (Seal) RICHARD M TRUCHOT -Borrower (Seal) -Borrower o"51oT 17:58 1266139 82-4383 (Z=) Muldltk Adho=ble Rate Mortgage Rider - LIBOR agrees to the terms and covenants contained in this (Seal) L A S CAMPBELL -Borrower (Seal) -Borrower IM 029