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HomeMy WebLinkAbout960235Z J Mortgage This Mortgage "Security Instrument is given and shall be effective on July 26, 2011. The mortgagors are Kay Cox and Susan Cox, husband and wife, whose address is Brookview Lane, PO Box 78, Smoot, Wyoming 83126 "Borrower This Security Instrument is given to Joshua Fielding and Kristin Fielding, husband and wife, whose address is 2609 240 Street, DeWitt, Iowa 52742 "Lender Borrower owes Lender the principal sum of $19,921.19. This debt is evidenced by Borrower's Note dated the same date as this Security Instrument (the "Note which provides for $400.00 monthly payments, with the full debt, if not paid earlier, due and payable on July 1, 2016. This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions, and modifications; (b) the payment of all other sums, with interest, advanced under Section Seven to protect the security of this Security Instrument; (c) any other future advances of monies made by the Lender to or for the benefit of the Borrower or to or for the benefit of Disaster Cleanup of Wyoming, LLC and (d) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does now mortgage, grant, pledge and convey to Lender the following- described Property located in Smoot, Wyoming Beginning at a point 12 rods East of the Northwest Corner of the Northeast Quarter of the Northeast Quarter of Section 6, Township 30 North, Range 118 West of the 6"' Principal Meridian, Lincoln County, Wyoming, and running thence East 12 rods thence South 14 rods, thence West 12 rods, thence North 14 rods to the point of beginning. which has the street address of 195 County Road 148, Smoot, Wyoming 83126 (the "Property Address and whose tax identification number is 3018- 06 -1 -00- 007.00; Together with all the improvements now or to be erected on the Property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or later a part of the Property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower covenants that Borrower is lawfully seised of the estate conveyed by this Security Instrument and has the right to mortgage, grant, and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. Borrower and Lender further covenant and agree as follows: SECTION ONE. PAYMENT OF PRINCIPAL AND INTEREST; PREPAYMENT Page 1 of 8 00 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. Borrower may prepay any amounts due under the Note at any time without penalty. Furthermore, Borrower shall promptly pay when due w the principal of and interest on any future advances of money which Borrower shall make to Lender 2 with any such future advances to be memorialized in a new Note. Borrower shall be entitled to prepay M W W any amounts due under any future new Notes secured by this Mortgage at any time without penalty. Q Z Q SECTION TWO. FUNDS FOR TAXES AND INSURANCE 'S W W U Borrower shall establish a tax reserve account to be retained in such amount deemed sufficient by Z the Lender and shall pay monthly into that reserve account an amount equivalent to one twelfth of the Lij z Z annual real estate taxes, as estimated by the Lender, so as to provide sufficient funds for the payment of each year's taxes one month prior to the date when such taxes become delinquent. The undersigned U shall further pay monthly a pro rata share of all assessments, future hazard insurance, and any other Z charges which may accrue against the property securing this indebtedness. If the amount so estimated o and paid shall prove to be insufficient to pay such taxes, insurance, assessments, and other charges, the U undersigned promise to pay the difference on demand. SECTION THREE. APPLICATION OF PAYMENTS Unless applicable law provides otherwise, all payments received by Lender under Section One shall be applied: first, to late charges due under the Note (including, but not limited to, any attorney's fees and costs incurred in the collection of such sums); second, to amounts payable under Section Two; third, to interest due; and last, to principal due. SECTION FOUR. CHARGES; LIENS Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property that may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien that 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 in 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 forfeiture of any part of the Property; 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 that 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 ten (10) days of the giving of notice. SECTION FIVE. HAZARD INSURANCE At all times Borrower shall keep the improvements now existing or to be erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be withheld unreasonably. All insurance policies and renewals shall be acceptable to Lender and shall include a standard Mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to the restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within thirty (30) days a notice from Lender 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 Security Instrument, whether or not then due. The thirty (30) day period will begin when the notice is given. 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 Sections One and Two or change the amount of the payments. If under Section Nineteen the Property is acquired by Lender, Page 2 of 8 000008 Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. SECTION SIX. PRESERVATION AND MAINTENANCE OF PROPERTY; LEASEHOLDS Nothing shall be done on or in connection with the Property that may impair Lender's security under this Security Instrument. Borrower will not commit, permit, or suffer waste, impairment, or deterioration of the Property or any part of the Property, and the Property shall be continuously maintained in good and sightly order, repair, and condition by Borrower at Borrower's expense. SECTION SEVEN. PROTECTION OF LENDER'S RIGHTS IN THE PROPERTY If Borrower fails to perform the 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, probate, for condemnation, or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien that has priority over this Security Instrument, appearing in court, paying reasonable attorney's fees, and entering on the Property to make repairs. Although Lender may take action under this paragraph, Lender does not have to do so. Any amounts disbursed by Lender under this Section Seven shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, on notice from Lender to Borrower requesting payment. SECTION EIGHT. INSPECTION Lender or its agent may make reasonable entries on 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. SECTION NINE. CONDEMNATION 000009 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 Property, or for a conveyance in lieu of condemnation, are assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, 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 Security Instrument 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. If 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, Borrower fails to respond to Lender within thirty (30) days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to the restoration or repair of the Property or to the sums secured by this Security Instrument, 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 Sections One and Two or change the amount of those payments. Page 3 of 8 SECTION TEN. BORROWER NOT RELEASED; FORBEARANCE BY LENDER NOT A WAIVER Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument 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 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 right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. SECTION ELEVEN. SUCCESSORS AND ASSIGNS BOUND; JOINT AND SEVERAL LIABILITY; COSIGNERS The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of Section Seventeen. Borrower's covenants and agreements shall be joint and several. Any Borrower who cosigns this Security Instrument but does not execute the Note: (a) is cosigning this Security Instrument 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 Instrument or the Note without that Borrower's consent. SECTION TWELVE. LOAN CHARGES If the loan secured by this Security Instrument 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 that 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. SECTION THIRTEEN. LEGISLATION AFFECTING LENDER'S RIGHTS If the enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by Section Nineteen. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of Section Seventeen. SECTION FOURTEEN. 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 be given by first class mail to Lender's address stated in this Security Instrument or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. SECTION FIFTEEN. GOVERNING LAW; SEVERABILITY Page4of8 00001 This Security Instrument shall be governed by federal law and the law of the State of Wyoming. If any provision or clause of this Security Instrument or the Note conflicts with applicable law, the 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 Instrument and the Note are declared to be severable. SECTION SIXTEEN. BORROWER'S COPY Borrower shall be given one conformed copy of the Note and of this Security Instrument. SECTION SEVENTEEN. 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 Security Instrument. However, this option shall not be exercised by Lender if its exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than thirty days from the date the notice is delivered or mailed 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. SECTION EIGHTEEN. BORROWER'S RIGHT TO REINSTATE If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) five (5) days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums that then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorney's fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. On reinstatement by Borrower, this Security Instrument and the obligations secured by it shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Sections Thirteen or Seventeen. SECTION NINETEEN. ACCELERATION; REMEDIES Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Sections Thirteen and Seventeen unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than ten (10) days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums Page 5 of 8 000011 secured by this Security Instrument without further demand and 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, including, but not limited to, reasonable attorney's fees and the 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 in 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 Section Fourteen. 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 following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorney's fees and costs; (b) to all sums secured by this Security Instrument (including but not limited to attorney's fees and costs, accrued interest and principal); and (c) any excess to the person or persons legally entitled to it. SECTION TWENTY. LENDER IN POSSESSION On acceleration under Section Nineteen, or abandonment of the Property, and at any time prior to the expiration of any period of redemption following judicial sale, Lender (in person, by agent, or by judicially appointed receiver) shall be entitled to enter on, take possession of, and manage the Property and to collect the rents of the Property including those past due. Any rents collected by Lender or the receiver shall be applied first to the payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds, and reasonable attorney's fees, and then to the sums secured by this Security Instrument. SECTION TWENTY -ONE. RELEASE On payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. SECTION TWENTY -TWO. WAIVERS Borrower waives all rights of homestead exemption or any other exemption permitted by law in the Property and relinquishes all rights of curtesy and dower in the Property. Borrower accepts and agrees to the terms and covenants contained in this Security Instrument. In further consideration, Borrower further waives and relinquishes any claims (whether legal or equitable), causes of actions, choses of action or rights that it may have against Lender as of the effective date of this Mortgage. SECTION TWENTY THREE. RENTS, ISSUES, AND PROFITS In case of default in any of the payments stipulated in the Note, Borrower, as further security for this Security Instrument and the Note secured by this Security Instrument, assigns, sets over, and conveys to Lender all rents, issues, and profits from the Property. SECTION TWENTY -FOUR. LIENS, CHARGES, AND ATTORNEY'S FEES This Security Instrument is also intended to secure, and does secure, payment of all liens, encumbrances, charges, and attorney's fees and costs to become payable and be allowed if suit is commenced to foreclose this mortgage. SECTION TWENTY -FIVE. TRANSFER OF PROPERTY Page6of8 000012 Lender Except as prohibited by law, at the option of Lender, this Security Instrument and the Note shall become due and payable in full in the event of the sale or transfer of the Property either by deed or contract for deed. [f the Property is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness secured by this Security Instrument, Borrower is bound personally to pay the unpaid balance, and Lender will be entitled to a deficiency judgment. The covenants contained in this Security Instrument shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. Borrower r." vim' Susan Cox Brookview Lane PO Box 78, Smoot, Wyoming 83126 SECTION TWENTY -SIX. DEFICIENCY SECTION TWENTY- SEVEN. BINDING EFFECT Date: t 16 It Date: ..7 2 l a /s/ a Date: Kay Cox Brookview Lane PO Box 78, Smoot, Wyoming 83126 Date: 7 Page 7 of 8 000013 State of Wyoming County of Lincoln The foregoing instrument was acknowledged before me by Jos /i k, this ,6 of 0 20 (t k 6- Suss' C Witness my hand and official seal. Notary Public My commission expires: 7u.( ot-o/ y� Page 8 of 8 DEBORAH SCHWAB NOTARY PUBLIC County of State of Lincoln Wyoming 000014 My Commission Expires July 21, 2014