HomeMy WebLinkAbout957509When recorded mail to: #:6379254
First American Title I1111111111111111111111111111111111 11111111
Loss Mitigation Title Services 1348.1
P.O. Box 27670
Santa Ana, CA 92799
RE: RUTHERFORD PROPERTY REPORT
Please cross reference to: Deed Book 635, Page 97, LINCOLN County, State of Wyoming.
This Loan Modification Agreement "Agreement made this December 06, 2010
between ROBERT LLOYD RUTHERFORD, SINGLE, (referred to jointly and severally as
"Borrower and MidFirst MidFirst Bank, located at 999 NW Grand Blvd, Suite 100, Oklahoma
City, OK 73118 its successors and assigns "Lender renews, amends, supplements, and extends
(1) the Mortgage, Deed of Trust or Security Deed (the "Security Instrument recorded
September 27, 2006 in Book 635, page 97, in LINCOLN County, Wyoming, and (2) the Note,
in the original principal amount of U.S. $187,852.00, 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, and defined therein as the "Property," located at
191 CANYON VIEW DRIVE, ALPINE, WY 83128, the legal description of the Property
being set forth as follows:
See Exhibit "A" attached hereto and made a part hereof;
Parcel #37182940420300
LOAN MODIFICATION AGREEMENT
RECEIVED 1/6/2011 at 2:39 PM
RECEIVING 957509
BOOK: 760 PAGE: 123
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
000123
(herein defined as "Property
Capitalized Amount: $24,927.93
The Note and the Security Instrument may be collectively referred to herein as the "Loan
Documents." Borrower now desires to extend or rearrange the time and /or manner of repayment
Page 1 of 9 of the Loan Modification Agreement
Loan #52861978
Order 6379254
000124
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 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
December 01, 2010, the total amount payable under the Note and the Security
Instrument is U.S. $205,504.44, consisting of the unpaid amount(s) loaned to
Borrower by Lender an outstanding principal balance of $180,576.51, plus accrued
unpaid interest of $18,584.28, escrow shortage (consisting of unpaid hazard
insurance, taxes and /or mortgage insurance premiums) of $4,823.65, and certain
outstanding foreclosure legal fees and costs of $1,520.00 (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. The 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 4.875%
from December 01, 2010 until paid in full. The Borrower promises to make
monthly payments of principal and interest of U.S. $1,087.55 beginning on
the 1 day of JANUARY 2011 and continuing thereafter on the same day of
each succeeding month until principal and interest are paid in full.
b. In addition, 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 $235.32 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 $1,322.87,
if such an Escrow has been established, and shall be payable as set forth under
Section 2(a), above.
c. If on December 01, 2040 (the "Maturity Date the Borrower still owes
amounts under the Note, and the Security Instrument, and other Loan
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Order 6379254
000125
Documents, as amended by this Agreement, the Borrower will pay these
amounts in full on the Maturity Date.
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:
Midland Mortgage Co.
Attn: Cashiers
P.O. 268888
Oklahoma City, OK 73126 -8888
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 Instnunent.
Page 3 of 9 of the Loan Modification Agreement
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Order 6379254
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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
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
Page 4 of 9 of the Loan Modification Agreement
Loan #52861978
Order 6379254
000127
under the Security Instrument as a result of the Borrower's default of its obligations
there under.
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 there under. 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: Any outstanding fees and costs that are not included in the
Modified Principal Balance identified in Paragraph one (1) above, including all costs
and expenses incurred by Lender in connection with this Agreement, 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 OVERWITH RESPECT TO THE SUBJECT MATTER THEREOF
AND SUPERSEDE ALL PRIOR NEGOTIATIONS, AGREEMENTS AND UNDERTAKINGS
Page 5 of 9 of the Loan Modification Agreement
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Order 6379254
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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 #52861978
Order 6379254
STATE OF Wyoming
SS:
COUNTY OF LINCOLN
On the 5 4 day of V ece,J J7e r 20 /o, before me, the undersigned, a notary public
in and for said state, personally appeared ROBERT LLOYD RUTHERFORD, 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.
In witness whereof, I hereunto set my ha
M. KEVIN VOYLES NOTARY PUBLIC
COUNTY OF
STATE OF
LINCOLN WYOMING
MY COMMISSION EXPIRES JULY 16, 2011
My Commission Expires:
Lei /1; I Zo
Page 7 of 9 of the Loan Modification Agreement
Loan #52861978
Order 6379254
Acknowledgement
an officia
ublic
Notary
000129
ROBERT LLOYD RUTHERFORD
sea
vayL
Printed name of notary
County of Residence: ZINC -0
Commission Number:
MidFirst Bank:
By:
Printed:
Title: Vice President
(Lender)
Jason Lane
STATE OF OKLAHOMA
SS:
COUNTY OF OKLAHOMA
On the day of 20 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 m hand and official seal.
LYNN R. MCCARTT
Notary Public
State of Oklahoma
Commission 10005679 Expires 07/16114
My Commission Expires:
Document Prepared by: Julie Smith
Midfirst Bank
999 NW Grand Blvd. Suite 100
Oklahoma City, OK 73118 -6116
1- 800 -552 -3000
Page 8 of 9 of the Loan Modification Agreement
Loan #52861978
Order 6379254
tary Public
Lynn R. McCartt
Printed Name of Notary
County of Residence:
Cleveland
000130
Page 9 of 9 of the Loan Modification Agreement
Loan #52861978
Order 6379254
Exhibit "A"
00013,1
LOT 33, PALIS PARR SUBDIVISION, ACCORDING TO PLAT NO.165 BEING A
PART OF THE N1 /2SE1 /4 AND THE SW1 /4NE1 /4 OF SECTION 29, T37N,R118W,
6TH P.M., LINCOLN COUNTY, WYOMING