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MONTANA MORTGAGE COMPANY
1327 HIGHWAY 2 WEST
KALISPELL, MONTANA 59901
Attn.: SIIIPPING DEPT./DOC. CONTROL
Loan No.: 11C491
Prepared By:
State of Wyoming
MIA Mortgage with MRS WY
4N(WY) (0803)
w lh ertd
(Space Above This Lino For Recording Dotal.
MORTGA GE
Page 1 of 10
RECEIVED 10/8/2010 at 4:03 PM
RECEIVING 955912
BOOK: 755 PAGE: 146
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
C;o3..j9.46
FHA Case No.
591 1182249 -703
MIN 1003455 0000113439 -5
MERS TELEPHONE: (888) 679 -6377
THIS MORTGAGE "Security Instrument is given on October 7, 2010, The Mortgagor is .Ronald
Alexander and Ronald E. Alexander ("Borrower"). This Security Instrument is given to Mortgage Electronic
Registration Systems, Inc. "MERS (solely as nominee for Lender, as hereinafter defined, and Lender's
successors and assigns), as mortgagee. MERS is organized and existing under the laws of Delaware, and has an
address and telephone number of P.Q. Box 2026, Flint, MI 48501 -2026, tel. (888) 679 -MERS. MONTANA
MORTGAGE COIYIPANY, a MONTANA Corporation, "Lender is organized and existing under the laws
of the State of MONTANA, and has an address of 1327 HIGHWAY 2 WEST, KALISPELL, MONTANA
59901. Borrower owes Lender the principal sure of Two hundred Fifty Six Thousand Five Hundred Forty
Five And 00 /100 Dollars (U.S. 5256,545.00). This debt is evidenced by Borrower's note dated the same elate as
this Security Instrument "Note which provides for monthly payments, with the full debt, if not paid earlier,
due and payable on October 1, 2040. This Security Instrument secures to Lender: (a) the repayment of the debt
evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment
of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument;
and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note.
For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender
and Lender's successors and assigns) and to the successors and assigns of MERS with power of sale, the
following described property located in .LINCOLN County, Wyoming:
Revised 4/96
Amended 2/01
Initials: 1
Lot 10 of Eubank Foothill Estates Subdivision, Lincoln County, Wyoming as described on the official
plat filed on March 6, 1985 as Instrument No. 681486 and Map Number 314 of the records of the
Lincoln County Clerk.
Property Tax ID Number: 12- 2612- 29 -01- 006.00
which has the address of 446 Bondurant Road [Strect]La Barge [City], Wyonung 83123 [Zip Code] "Property
Address
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
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 m this Security Instrument as the
"Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by
Borrower in this Security Instrument; but, if necessary to comply with I.aw or custom, NIERS, (as nominee for
Lender and Lender's successors and assigns), has the right: to exercise any or all of those interests, including,
but not limited to, the right to foreclose and sell. the Property; and to take any action required of Lender
including, but not limited to, releasing or canceling this Security Instrument.
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 unencumbered, except for
enctunbrances of record. 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.
Borrower and Lender covenant and agree.as follows:
UNIFORM COVENANTS.
1, Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of,
and interest on, the debt evidenced by the Note and late charges due under the Note.
2, Monthly Payment of Taxes, Insurance and Other Charges. Borrower shall include in each
monthly payment, together with the principal and interest as set forth in the Note and any late charges, a sum for
(a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground
rents on the Property, and (c) premiums for insurance required under paragraph 4. In any year in which the
]..ender must pay a mortgage insurance prenuum to the Secretary of Housmg and Urban Development
"Secretary or in any year in which such premium would have been required if Lender still held the Security
Instrument, each monthly payment shall also include either: (i) 0 sum for the annual mortgage insurance
premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a iortgage insurance
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premium if this Security Instrument is held by the Secretary, in a reasonable amount to be determined by the
Secretary. Except for the monthly charge by the Secretary, these items are called "Escrow Items" and the sums
paid to Lender are called "Escrow Fluids."
Lencler niay, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to
exceed the maximum amount that may be required for Borrower's escrow account under the Real Estate
Settlement Procedures Act of 1974, 12 U.S.O. Section 2601 et seq. and implementing regulations, 24 CFR Part
3500, as they may be amended from time to time "RESPA except that the cushion or reserve permitted by
RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the
account may not be based on amounts due for the mortgage insurance premium.
If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA,
Lender shall account to Borrower for the excess funds as required by RESPA, If the amounts of funds held by
Lender at any time are not sufficient to pay the Escrow Items when due, Lencler may notify the Borrower and
require BoiTower to make up the shortage as permitted by RESPA.
The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument.
If Borrower tenders to Lender the frill payment of all such sums, Borrower's account shall be credited with the
balance remaining for all installment items (a), (b), and (c) and any mortgage insurance premium installment that
Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess fluids to
Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's
account shall be credited with any balance remaining for all installments for items (a), (b), and (c).
3. Application of Payments. Ali payments under paragraphs 1 and 2 shall be applied by Lender as
follows:
First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly
charge by the Secretary instead of the monthly mortgage insurance premium;
Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other
hazard insurance premiums, as required;
Third, to interest due under the Note;
Fourth, to amortization of the principal of the Note; and
Fifth, to late charges due under the Note.
4, 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, for which Lender requires insurance. This insurance shall be maintained in the amounts and for
the periods that Lender requires. Borrower shall also insure all improvements on the Property, whether now m
existence or subsequently erected, against loss by floods to the extent required by the Secretary. All insurance
shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by
Lender and shall include loss payable clauses m favor of, and in a form acceptable to, Lender.
In the event of loss, Borrower shall give Lender immediate nonce by mail. Lender may snake proof of
loss if not made promptly by Borrower, Each insurance company concerned. is hereby authorized and directed
to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly, All or any part
of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness
under the Note and this Security Instriment, first to any delinquent amounts applied in the order in paragraph 3,
and then to prepayment of principal, or (b) to the restoration or repair of the damaged Property. Any application
of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are
referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an
Revised 4/90
Amended 2/01
initials;__[°
amount required to pay all outstanding indebtedness under the 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 m and to insurance policies in force shall
pass to the purchaser.
5. 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 within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or
transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least
one year after the date of occupancy, unless Lender detemmnes that requirement will cause undue hardship for
Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall
notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or
substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted.
Lender may inspect 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. 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 tease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be
merged unless Lender agrees to the merger m writing.
6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in
connection with any condemnation or other taking of any part of the Properly, or for conveyance m place of
condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the
indebtedness that remains unpaid under the Not and this Security Instrument. Lender shall apply such proceeds
to the reduction of the Indebtedness under the Note and this Security Instrument, first to any delinquent amounts
applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of the
proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred
to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay
all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally
entitled thereto.
7. 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.
If Borrower fails to make these payments or the payments 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.
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Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower
and be secured by this Security Instilment. These amounts shall bear interest from the date of disbursement, at
the Note rate, and at the option of Lender, shall be mnmediately due and payable.
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 m 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 (c) secures from the holder of
the lien an agreement satisfactory to Lender subordinating the lien to 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.
8. Pees. Lender may collect fees and charges authorized by the Secretary.
9. Grounds for Acceleration of Debt.
(a) Default, Lender may, except as limited by regulations issued by the Secretary, in the case of
payment defaults, require immediate payment m full of all sums secured by this Security Instrument
(i) Borrower defaults by failing to pay in f1111 any monthly payment required by this Security
Instrument prior to or on the clue date of the next monthly payment, or
(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations
contained in this Security Instrument.
(b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section
341(4) of' the Giun -St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j -3(d)) and
with the prior approval of the Secretary, require immediate payment in full of all sums secured by
this Security Instninuent if:
(i) All or part of the Property, or a beneficial interest in a trust owning all or part of the
Property, is sold or otherwise transferred (other than by devise or descent), and
(u) The Property is not occupied by the purchaser or grantee as his or her principal residence, or
the purchaser or grantee does so occupy the Property but his or her credit has not been
approved in accordance with the requirements of the Secretary.
(t) No Waiver, If circumstances occur that would penult Lender to require unmediate payment in
full, but Lender does not require such payments, Lender does not waive its rights with respect to
subsequent events.
(d) Regulations of HUD Secretary, In many circumstances regulations issued by the Secretary
will limit Lender's rights, m the case of payment defaults, to require immediate payment in full and
foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not
permitted by regulations of the Secretary.
(e) 1VIort gage Not Insured. Borrower agrees that if this Security Instrument and the Note are not
determined to be eligible for insurance under the National Housing Act within 60 days from the date
hereof, Lender may, at its option, require immediate payment m full of all sums secured by this
Security hlstrument. A written statement of any authorized agent of the Secretary elated subsequent
to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be
deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not
be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to
remit a mortgage insurance premium to the Secretary.
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10. Reinstatement, Borrower has a right to be reinstated if Lender has required innnediate payment in
frill because of Borrower's failure to pay an amount due under the Note or this Security Instalment. This right
applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall
tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are
obligations of Borrower under this Security lnstmiment, foreclosure costs and reasonable and customary
attorneys' fees and expenses properly associated with the foreclosure proceeding. 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 lien created by this
Security Instrument.
11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of
payment or modification of amortization of the sums secured by this Security hnstrument granted by Lender to
any successor m interest of Borrower shall not operate to release the liability of the original Borrower or
Borrower's successor m interest. Lender shall not be required to commence proceedings against any successor
in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this
Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in
interest. Any forbearance by Lender in exercising any nght or remedy shall not be a waiver of or preclude the
exercise of any right or remedy.
12. Successors and Assigns Bound; Joint and Several Liability; Co- Signers, The covenants and
agreements of this Security Instniment shall bind and benefit. the successors and assigns of Lender and
Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be Joint and
several. Any Borrower who co -signs this Security Instilment but does not execute the Note: (a) is co- signing
this Security Iristniment only to mortgage, grant and convey that Borrower's interest in the Property under the
terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security
Instrument; 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 Security Instilment or the Note without that Borrower's
consent.
13, 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 Borrower designates by notice to Lender. Any
notice to Lender shall he given by first class mail to Lender's address stated herein or any address Lender
designates by notice to Borrower. Any notice provided for m this Security Instrument shall be deemed to have
been given to Borrower or Lender when given as provided in this paragraph.
14. Governing Law; Severability. This Security Instrument shall be governed by Federal law anti the
law of the junsdiction in which the Property is located. In the event that any provision or clause of this Security
Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of' this
Security Instrument or the Note which can be given effect without the conflicting provision. To this end the
provisions of this Security Instnlment and the Note are declared to be severable.
15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security
Instrument.
16. .Hazardous Substances. Borrower shall not cause or pemut the presence, use, disposal, storage,
or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to
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do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences
shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that
are generally recognized to be appropriate to nonnal residential uses and to maintenance of the Property.
Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or
other action by any governmental or regulatory agency or private party involving the Property and any
Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower teams, or is
notified by any governmental or regulatory authority, that any removal or other remecliation of any Hazardous
Substances affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in
accordance with Environmental Law.
As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or
hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable
or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or
formaldehyde, and radioactive materials. As used in this paragraph 16, `Environmental Law" means federal
laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental
pro tection.
NON UNIFORM COVENANTS, Borrower and Lender further covenant and agree as follows:
17, 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 m 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 the Security Instrument; (b)
Lender shall be entitled to collect and receive all of the rents attic Property; and (c) each tenant of the Property
shall pay all rents due and unpaid to Lender or Lender's agent on Lender'; 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 17.
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 the
Security Insintment is paid in fall.
18.. Foreclosure Procedure. If Lender requires immediate payment in full under paragraph 9,
Lender 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 18,
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 an possession of the Property, if different, in accordance with applicable law, Lender
shall give notice of the sale to Borrower in the manner provided in paragraph 13. 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
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following order: (a) to all expenses of the sate, 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.
If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary
requires 'immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power
of sale provided in the Single Family Mortgage Foreclosure Act of 1994 "Act (12 U.S.C. 3751 et seq.) by
requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the
Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any
rights otherwise available to a Lender under this Paragraph 18 or applicable law.
19, Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this
Security Instrument without charge to Borrower. Bon shall pay any recordation costs.
20. Waivers, Borrower waives all rights of homestead exemption in the Property and relinquishes all
rights of cutesy and dower in the Property
21. 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 nder(s) were a part of
this Security Instrument. [Check applicable box(es)).
Condominium Rider Growing Equity Rider Other [specify]
Planned Unit Development Rider Graduated Payment Rider
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BY SIGNING BELOW, Borrower accepts and agrees to the temas contained in this Security Instrument
and in any rider(s) executed by Borrower and recorded with 1t.
Witnesses:
FFIA Mortgage wil h MERS WY
onald Alexander
4N(WY) (0803) Page 9 of 10
Ronald E. Alexander
(Seat)
Borrower
(Seal)
Borrower
Revised 4/96
Amended 2/01
4.54
STATE OF WYOMING,
This instrument was acknowledged before me on
by Ronald Alexander and Ronald E. Alexander.
My Commission Expires: Qo2l /,20/7
COUNTY OF
LINCOLN
LORI KALAN NOTARY PUBLIC
STATE Of
WYOMING
My Commission Expires Feb. 26, 2011
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County ss:
Notary Public
Title (and Rank)
r
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Amended 22)001
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