HomeMy WebLinkAbout957495When recorded mail to: #:6297419
First American Title 1111111111111111 11111111
Loss Mitigation Title Services 1348.1
P.O. Box 27670
Santa Ana, CA 92799
RE: BUSCHOW PROPERTY REPORT
Please cross reference to: Deed Book 662, Page 737, LINCOLN County, State of Wyoming.
Parcel #37182940737500
LOAN MODIFICATION AGREEMENT
See Exhibit "A" attached hereto and made a part hereof;
RECEIVED 1/5/2011 at 2:37 PM
RECEIVING 957495
BOOK: 760 PAGE: 70
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
000070
This Loan Modification Agreement "Agreement made this November 22, 2010
between ROGER L BUSCHOW LYNN J BUSCHOW, HUSBAND AND WIFE, (referred
to jointly and severally as "Borrower and MidFirst Bank, located at 999 NW Grand Blvd, Suite
100, Oklahoma City, OK 73118 (transferee of FIRST HORIZON HOME LOANS, A
DIVISION OF FIRST TENNESSEE BANK, N.A.) its successors and assigns "Lender and
Mortgage Electronic Registration Systems, Inc, as mortgagee of record solely as nominee
for Lender and Lender's successors and assigns, P.O. Box 2026, Flint, Michigan 48501-
2026 (hereinafter referred to as "Mortgagee renews, amends, supplements, and extends (1) the
Mortgage, Deed of Trust or Security Deed (the "Security Instrument June 20, 2007 in Book
662, page 737, in LINCOLN County, Wyoming, and (2) the Note, in the original principal
amount of U.S. $201,157.00, bearing the same date as and secured by, the Security Instrument
(and other loan documents typically referred to as "addenda" or "riders" (collectively referred to
herein as the "Loan Documents which covers the real and personal property described in the
Security Instrument, located at 152 PARKWAY DRIVE, ALPINE, WY 83128, the legal
description of the Property being set forth as follows:
defined as "Property
Capitalized Amount: $12,734.69
Borrower now desires to extend or rearrange the time and/or manner of repayment or payment
of the Note and to extend and carry forward the lien(s) on the Property, whether created by the
Security Instrument or otherwise. Lender, the legal holder and owner of the Note and of the
Loan #52448689
000071
lien(s) securing the same, has agreed at the request of the Borrower to extend or rearrange the
time and manner of payment of the Note.
In consideration of the mutual promises and agreements exchanged, and other good and valuable
consideration paid by each of the parties to the other, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree to modify, renew and extend the Note and
Security Instrument and any other Loan Documents, as follows (notwithstanding anything to the
contrary contained in the Note or Security Instrument or other Loan Documents):
1. Acknowledgement of Unpaid Principal Balance: Borrower acknowledges that as of
November 01, 2010, the total amount payable under the Note and the Security
Instrument is U.S. $207,849.60, consisting of the unpaid amount(s) loaned to
Borrower by Lender of $195,114.91, plus accrued unpaid interest of $10,365.50, and
other amounts capitalized, which may include escrow shortage (consisting of unpaid
hazard insurance, taxes and/or mortgage insurance premiums and herein referred to as
"Escrow of $2,369.19 (collectively referred to as "Modified Principal Balance
The Borrower hereby renews, extends and promises to pay the Modified Principal
Balance, plus interest, to the order of Lender. Interest will be charged on the
Modified Principal Balance until the full amount of the Modified Principal Balance
has been paid in accordance with the terms and conditions of the Note and other Loan
Documents.
2. Monthly Payment Amount, Timing of Payment, and Maturity Date:
a. Borrower promises to pay the Modified Principal Balance, plus interest, to the
order of Lender, its successors and assigns in US Dollars. Interest will be
charged on the Modified Principal Balance at the yearly rate of 5.000% from
November 01, 2010 until paid in full. The Borrower promises to make
monthly payments of principal and interest of U.S. $1,115.78 beginning on
the 1 day of DECEMBER 2010 and continuing thereafter on the same day
of each succeeding month until principal and interest are paid in full.
b. if an Escrow account has been established under the terms and conditions of
the Note or other Loan Documents, Borrower will make an Escrow payment
each month on each payment due date. The current Escrow payment is
$237.16 per month, which is subject to change depending on the amounts
attributable to taxes, insurance and other Escrow Items. The initial combined
monthly principal, interest, and Escrow payment will be $1,352.94, if such an
Escrow has been established, and shall be payable as set forth under Section
2(a), above
c. If on November 01, 2040 (the "Maturity Date Borrower still owes amounts
under the Note, Security Instrument, and other Loan Documents, as amended
by this Agreement, the Borrower will pay these amounts in full on the
Maturity Date.
Page 2 of 9 of the Loan Modification Agreement
Loan #52448689
Order 6297419
Midland Mortgage Co.
Attn: Cashiers
P.O. 268888
Oklahoma City, OK 73126 -8888
000072
3. Place of Payment: The Borrower agrees to make such payments at the following
address or at such other place as the Lender may require:
4. Sale or Transfer of Property by Borrower:
a. If all or any part of the Property or any interest in it is sold or transferred (or if
a beneficial interest in the Borrower is sold or transferred if the Borrower is
not a natural person) without the Lender's prior written consent, the Lender
may require immediate payment in full of all sums secured by this Security
Instrument without further notice or demand on the Borrower.
b. If the Lender exercises this option, the Lender shall give the Borrower notice
of acceleration. The notice shall provide a period of not less than 30 days
from the date the notice is delivered or mailed within which the Borrower
must pay all sums secured by the Security Instrument. If the Borrower fails to
pay these sums prior to the expiration of this period, the Lender may invoke
any remedies permitted by the Security Instrument without further notice or
demand on the Borrower.
5. Renewal and Extension: It is the intention of the parties that all liens and security
interests described in the Security Instruments are hereby renewed and extended until
the Principal Balance evidenced by the Note, as renewed, modified, and extended
hereby, has been fully paid. The Borrower and Lender acknowledge and agree that
such extension, renewal, amendment, modification or rearrangement shall in no
manner affect or impair the Note or the liens and security interests securing same, the
purposes of this Agreement being simply to extend, modify, amend or rearrange the
time and manner of payment of the Note and the indebtedness evidenced thereby, and
to carry forward all liens and security interests securing the Note (including, if
applicable, any and all vendor's liens securing the Note), which are expressly
acknowledged by Borrower to be valid and subsisting, and in full force and effect to
fully secure the payment of the Note. Borrower hereby expressly waives the benefit
of any and all statutes of limitations which might otherwise inure to Lender's benefit,
or be in any way applicable to Lender's obligations under the terms of any and all
instruments described herein. Borrower further expressly waives any right of set -off
or counterclaim, or any defense to the obligations of the Note or Security Instrument.
6. No Waiver of Lender's Rights Regarding Default: All of the rights and remedies,
stipulations, and conditions contained in the Security Instrument relating to default in
the making of payments under the Security Instrument shall also apply to default in
the making of the modified payments hereunder. This Agreement shall in no way be
Page 3 of 9 of the Loan Modification Agreement
Loan #52448689
Order 6297419
000073
deemed to be a waiver of Lender's rights and remedies by reason of any default by
Borrower under the Note and Security Instrument as herein modified, including
without limitation future payment defaults, and nothing contained herein shall be
deemed to be a waiver by Lender of any terms or conditions of the Note and Security
Instrument as modified herein. Nothing herein shall constitute an agreement by
Lender to any future modification of the Note and Security Instrument and Lender
expressly reserves the right to refuse to agree to any future modifications.
7. Release and Waiver of Other Claims: As an express inducement to Lender's
agreement to this Agreement, Borrower, jointly and severally, hereby unconditionally
releases Lender, its legal representatives, affiliates, subsidiaries, parent companies,
agents, officers, employees, attorneys, successors and assigns (collectively the
"Released Parties from any and all claims, demands, actions, damages and causes
of actions which Borrower has asserted or claimed or might now or hereafter assert or
claim against all or any of the Released Parties, whether known or unknown, arising
out of, related to or in any way connected with or based upon any Prior Related Event
(as such term is hereinafter defined). As used herein, the term "Prior Related Event"
shall mean any act, omission, circumstance, agreement, loan, extension of credit,
transaction, transfer, payment, event, action or occurrence between or involving
Borrower or Borrower's property and all or any of the Released Parties and which
was made or extended or which occurred at any time or times prior to the execution
of this Agreement, including without limiting in any respect the generality of the
foregoing: (i) any action taken to obtain payment of any indebtedness or to otherwise
enforce or exercise any right or purported right of Lender as a creditor of Borrower;
and (ii) any payment or other transfer made to Lender by or for the account of
Borrower. Borrower agrees and acknowledges that this release is not to be construed
as or deemed an acknowledgement or admission on the part of any of the Released
Parties of liability for any matter or as precedent upon which liability may be
asserted.
8. Bankruptcy.If, since inception of this loan through date of this Agreement, the
Borrower has received a discharge in a Chapter 7 bankruptcy and there has been no
valid reaffirmation of the underlying debt, the Lender is not attempting to re- establish
any personal liability for the underlying debt by entering into this Agreement.
However, the parties acknowledge that the Lender retains certain rights, including but
not limited to the right to foreclose its interest in the property under appropriate
circumstances. The parties agree that the consideration for this Agreement is the
Lender's forbearance from presently exercising its right and pursuing its remedies
under the Security Instrument as a result of the Borrower's default of its obligations
thereunder.
Page 4 of 9 of the Loan Modification Agreement
Loan #52448689
Order 6297419
Page 5 of 9 of the Loan Modification Agreement
Loan #52448689
Order 6297419
000074
9. Loan Documents Remain In Full Force and Effect: As amended herein, the provisions
of the Note and Security Instrument shall continue in full force and effect, and
Borrower acknowledges and reaffirms Borrower's liability to Lender thereunder. In
the event of any inconsistency between this Agreement and the terms of the Note and
Security Instrument, this Agreement shall govern. Nothing in this Agreement shall be
understood or construed to be a novation, satisfaction or release in whole or in part of
the Note and Security Instrument. Except as otherwise specifically modified in this
Agreement, the Note and Security Instrument will remain unchanged, and the
Borrower and the Lender will be bound by, and comply with, all of the terms and
provisions thereof, except as modified by this Agreement.
10. Execution of Additional Documents: Borrower agrees to make and execute such
other documents or papers as may be necessary or required to effectuate the terms and
conditions of this Agreement which, if approved and accepted by Lender, shall bind
and inure to the heirs, executors, administrators, and assigns of the Borrower.
11. Costs and Expenses: All costs and expenses incurred by Lender in connection with
this Agreement, including recording fees, title examination, and attorney's fees, shall
be paid by the Borrower and shall be secured by the Security Instrument, unless
stipulated otherwise by Lender.
12.Miscellaneous
a. Lender does not, by execution of this Agreement, waive any rights it may have
against any person not a party to the Agreement.
b. If any provision in this Agreement shall to any extent be determined by a court
of law to be invalid, the remainder of the Agreement shall not be affected
thereby, and shall continue in full force and effect to bind the parties.
c. This Agreement may be executed simultaneously in any number of
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same agreement.
d. This Agreement shall be governed by the laws of the State where the Property
is located.
IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS LOAN MODIFICATION
AGREEMENT, TOGETHER WITH THE LOAN DOCUMENTS AND ANY EXHIBITS AND
SCHEDULES THERETO, REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND CONTROL OVER ALL PRIOR NEGOTIATIONS, AGREEMENTS AND
UNDERTAKINGS BETWEEN THE PARTIES WITH RESPECT TO SUCH MATTER.ONLY
THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL
PROMISES NOT CONTAINED IN THIS WRITTEN AGREEMENT MAY BE LEGALLY
ENFORCED. THIS LOAN MODIFICATION AGREEMENT MAY BE AMENDED ONLY
BY AN INSTRUMENT IN WRITING EXECUTED BY THE PARTIES OR THEIR
PERMITTED ASSIGNEES.
Page 6 of 9 of the Loan Modification Agreement
Loan #52448689
Order 6297419
000075
STATE OF Wyoming
SS:
COUNTY OF LINCOLN
On the ?t74 day of,,, ec 20 before me, the undersigned, a notary public
in and for said state, personally appeared ROGER L BUSCHOW LYNN J BUSCHOW,
personally known to me or proved to me on the basis of satisfactory evidence to be the
individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to
me that he /she /they executed the same in his/her /their capacity(ies), and that by his/her /their
signature(s) on the instrument, the individual(s) or the person upon behalf of which the
individual(s) acted, executed the instrument.
TERPA
In witness whereof, I hereunto set my hand and officia seal.
State of
Wyoming
i'tJBLIC
.'rxl�cnV^�*?;d4LY �.�r✓•IIJK Sa; �e �e *ww�§v^R�'va�' "a+
My Commission Expires:
Page 7 of 9 of the Loan Modification Agreement
Loan #52448689
Order 6297419
Acknowledgement
Notary Public
MY ra MAW
W
Printed name of notary
County of Residence:
Commission Number:
urco
000076
Lender:
By:
Printed: Jason Lane
Title: Vice President
MidFirst Bank, transferee of
FIRST HORIZON HOME LOANS,
A DIVISION OF FIRST TENNESSEE BANK, N.A.
STATE OF OKLAHOMA
SS:
COUNTY OF OKLAHOMA
On the I j day of R. 200 before me, the undersigned, a notary public
in and for said state, personally appeared Jason Lane
who acknowledged
himself/herself /themselves to be a Vice President of MidFirst Bank, and who is personally
known to me or proved to me on the basis of satisfactory evidence to be the individual whose
name is subscribed to the within instrument and acknowledged to me that he /she /they executed
the same in his/her /their capacity as Vice President of MidFirst Bank, and that by his/her /their
signature on the instrument, the individual or the person upon behalf of which the individual
acted, executed the instrument.
In witness whereof, I hereunto set my d and offici. seal.
LYNN ft I ICCARTT
Nullify Public
State of Oklahoma
Commission 010005679 Expires 07116/14
My Commission Expires:
Page 8 of 9 of the Loan Modification Agreement
Loan #52448689
Order 6297419
Public
Lynn R. McCartt
Printed Name of Notary
000077
Cleveland County of Residence:
Mortgagee Of Record:
Printed: Brian Laskie
Title: Vice President
Mortgage Electronic Registration Systems, Inc.,
As Nominee For Lender
STATE OF OKLAHOMA
COUNTY OF OKLAHOMA
SS:
On the S day of 02._c— 20 a re n me. tths uri ddeersigneo acknow ed public
in and for said state, personally appeared PC i g
himself/herself/themselves to be a Vice President of Mortgage Electronic Registration Systems
Inc., and who is personally known to me or proved to me on the basis of satisfactory evidence to
be the individual whose name is subscribed to the within instrument and acknowledged to me
that he /she /they executed the same in his/her /their capacity as Vice President of Mortgage
Electronic Registration Systems Inc., and that by his/her /their signature on the instrument, the
individual or the person upon behalf of which the individual acted, executed the instrument.
In witness whereof, I hereunto set my
LYNN R, MCCARTT
Notary Public
State of Oklahoma
Com 10005679 Expires 07/18/14
My Commission Expires:
Document Prepared by: Justin Hayes
Midfirst Bank
999 NW Grand Blvd. Suite 100
Oklahoma City, OK 73118 -6116
1- 800 -552 -3000
Page 9 of 9 of the Loan Modification Agreement
Loan #52448689
Order 6297419
d offic seal.
y Public
Lynn R. McCartt
Printed Name of Notary
County of Residence: Cleveland
000078
000079
Exhibit "A"
Lot 402 of Palis Park Fourth Addition, to the Town of Alpine, Lincoln County,
Wyoming, according to that plat filed December 8, 2000 as Instrument No. 870179,
in the Office of the Lincoln County Clerk.
Loan #52448689