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HomeMy WebLinkAbout955994MORTGAGE Derick Nebeker, A single person, of Fairview, Wy, 83119, (herein collectively called `MORTGAGOR to secure the payment of 169,000.00, with interest thereon, as provided in and evidenced by a promissory note of even date herewith (the ultimate maturity date of which is and all renewals, modification and extensions thereof, do hereby mortgage unto Terryl Lancaster and Shelly Lancaster of Smoot, WY, 83126 (herein called "MORTGAGEE the following described real property, situate in the County of Lincoln, State of WY, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, to -wit: LOT (TWENTY) 20 OF THE AMENDED COTTONWOOD SUBDIVISION, LINCOLN COUNTY, WYOMING MORTGAGOR agrees to pay the indebtedness hereby secured; to pay all taxes, assessments and charges levied against the property, as the same become due and payable; to secure, maintain and furnish MORTGAGEE evidence thereof, insurance with an insurance carrier or carriers acceptable to MORTGAGEE, covering the insurance improvements on the Property against loss by fire and earthquakes, with extended coverage, in an amount not less than the unpaid balance of the debt hereby secured, or the insurable value (replacement cost) of such improvements, whichever is less, which insurance shall contain an appropriate loss payable provision protecting MORTGAGOR and MORTGAGEE as their respective interests may appear from time to time. In the event MORTGAGOR fails to pay such taxes or assessments, or fails to keep and maintain such insurance as herein provided, MORTGAGEE may pay such taxes and assessments and may secure and pay for such insurance, and all sums so paid shall be added to and considered a part of the indebtedness hereby secured and shall draw interest at the same rate. In case default shall be made in the payment of the above sums hereby secured, or in the payment of the interest thereon, or any part of such principal or interest, when the same shall become due; or in case of default shall be made in any of the covenants and agreements thereof, or in the event MORTGAGOR sells or conveys the Property, or any part thereof, or any interest therein, without the prior written consent of the MORTGAGEE first had and obtained, then the whole indebtedness hereby secured, with interest thereon, shall become due and payable, at the option of MORTGAGEE, and MORTGAGEE'S legal representatives and assigns, may proceed by advertisement and sale /or as otherwise authorized by governing law, to foreclose on and sell the Property, and out of the proceeds of such sale, MORTGAGEE shall pay all sums due hereunder, together with all costs of sale including reasonable attorney's fees. If the proceeds of the foreclosure sale are insufficient to pay the indebtedness hereby secured and foreclosure costs, MORTGAGEE shall be entitled to a deficiency judgment. 000336 RECEIVED 10/14/2010 at 12:54 PM RECEIVING 955994 BOOK: 755 PAGE: 336 JEANNE WAGNER LINCOLN COUNTY CLE.._ __.VIMERER, WY In the event of any default whereby the right of foreclosure occurs hereunder, MORTGAGEE shall at once become entitled to exclusive possession, use and enjoyment of the Property, and to all rents, issues and profits from the accruing of any such rights and during the pendency of the foreclosure proceedings, and the period of redemption, if any there be. MORTGAGOR warrants title to the Property as to parties claiming, by, through or under the MORTGAGOR only. Witness our hands this f day of Se rJOYs JQ Derick Nebeker State of L)\-f) County of Li This Instrument was acknowledged before me on i 6 5epi t p-2010, By Derick Nebeker ,1 Notary Public My Commission Expires: t 3 NOTE Lot (Twenty) 20 of the amended Cottonwood Subdivision, Lincoln County, Wyoming 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay the principal sum of One Hundred Sixty Nine Thousand and no 00/00 (U.S. $169,000.00 plus interest, to the order of Lender. The Lender is Terryl Lancaster and Shelly Lancaster. I understand the Lender may transfer this note. The Lender or anyone who takes the note by transfer and who is entitled to receive payments under this note is called the "Note Holder." 2. INTEREST Interest will be charged on unpaid principal until the full amount of principal has been paid. I will pay interest at the rate of Five and Three Quarters percent 5.75 per year. 3. MANNER OF PAYMENT (A) Time I will make a payment of principal and interest to Note Holder on the TENTH clay of each month beginning on October 10` 2010. Any principal and interest remaining on September 10, 2035 will be due on that date, which is called the "Maturity Date." (B) Place I will make my payments at Bank of Star Valley Afton, WY, 83110 or at a different place if required by the Note Holder. (C) Amount Each monthly payment of principal and interest will be in the amount of 1,082.00 4. BORROWER'S RIGHT TO PREPAY I have the right to make payments of principal at any time before they are due. A payment of principal only is known as a "prepayment When I make a prepayment, I will tell the Note Holder in writing that I am doing so. I may make a hull prepayment or partial prepayments without paying any prepayment charge. The Note Holder will use all of my prepayments to reduce the amount of principal that I owe under this note. If I make a partial prepayment, there will be no changes in the clue elate or in the amount of my monthly payments unless the Note Holder agrees in writing to those changes. 5. BORROWER'S FAILURE TO PAY (A) Late Charge for Overdue Payments If Note Holder has not received the full amount of any monthly payment by the end of 15 calendar days after the payment is clue, I will pay a late charge in the amount of percent 5 of the overdue amount of each payment. I will pay this late charge promptly but only once on each late payment. FI-IA Multistate Fixed Rate Note HUD Rev. 10/95 Initial(s) Page 1 of 2 Effective 6/96 Rev. 9/10/2010 (B) Default If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date of which the notice is delivered or mailed to me. (C) No Waiver by Note Holder Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. (D) Payment of Note Holder's Costs and Expenses If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by law. Those expenses include, for example, reasonable attorney's fees. Loan Number: 6. WAIVERS X 0631 I and any other person who has obligations under this Note waive the rights of presentment and notice of dishonor. "Presentment" means the right to require Note Holder to demand payment of amounts due. "Notice of dishonor" means the right to require Note Holder to give notice to other persons that amounts due have not been paid. 7. GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class nail to me at the property address above or at a different address if I give the Note Holder a notice of my different address. Any notice that must be given to Note Holder under this Note will be given by first class mail to Note Holder at the address stated in Paragraph 3(B) or at a different address if I am given a notice of that different address. 8. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note. 9. UNIFORM SECURED NOTE This Note is a tuiiform instrument with limited variations in some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security Instrument"), dated the same elate as this Note, protects the Note Holder from possible losses which might result if I do not keep the promises which I make m this Note. That Security Instrumient describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as follows: If all or any part of the Property or any Interest m the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest m Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. 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 given m accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. BY SIGNING BELOW, I accept and agree to the terms and covenants contained in this Note. 'Fil' S Derick Nebeker FHA Multistate Fixed Rate Note HUD Rev. 10/95 Initial(s) Page 2 of 2 Effective 6/96 Rev. 9/10/2010 Loan Number: