HomeMy WebLinkAbout871852After Recording Return To:
COMMUNITY FIRST
NATIONAL BANK
200 NORTH CENTER STREET
ROCK SPRINGS, WY
82901
DEFINITIONS
(A) "Security Instrument" means this document, which is dated
together with all Riders to this document.
(B) "Borrower" is TERRY RAY RIPPLE AND CAROLYN
RIPPLE, HUSBAND AND WIFE
Borrower is the mortgagor under this Security Instrument.
(C) "Lender" is COMMUNITY FIRST NATIONAL BANK
871852
MORTGAGE
(1
BOOK pR PAGE
[Space Above This Line For Recording Data]
RIPPLE
LOAN NUMBER:
PARCEL NUMBER:
c:.(,'.... YoEliING
Words used in multiple sections of tliis document are defined below and other words are defined in Sections 3, 11,
13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Sectioyq 16.
FEBRUARY 26, 4 28$4
Lender is a CORPORATION organized and existing under the
laws of THE UNITED STATE OF AMERICA Lender's address is 200
NORTH CENTER STREET ROCK SPRINGS, WY 82901
Lender is the mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated FEBRUARY 26, 2000
The Note states that Borrower owes Lender
SEVENTY —THREE THOUSAND AND 00 /100
Dollars (U.S. 73, 000.00 plus interest. Borrower has promised to pay this
debt in regular Periodic Payments and to pay the debt in full not later than MARCH 1, 2031
(E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property."
(F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due
under the Note, and all sums due under this Security Instrument, plus interest.
WYOMING Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01
Doculwvt (Page 1 of 12 pages)
DOCUiW21.vTX 11/04/2000
AI
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G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are
to be executed by Borrower [check box as applicable]:
E] Adjustable Rate Rider
0 Balloon Rider
El 1 -4 Family Rider
(11) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and
administrative rules and orders (that have the effect of law) as well as all applicable final, non appealable judicial
opinions.
(I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges
that are imposed on Borrower or the Property by a condominium association, homeowners association or similar
organization.
(J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft,
or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or
magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term
includes, but is not limited to, point -of -sale transfers, automated teller machine transactions, transfers initiated by
telephone, wire transfers, and automated clearinghouse transfers.
(K) "Escrow Items" means those items that are described in Section 3.
(L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any
third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or
destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in
lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and /or condition of the Property.
(M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan.
(N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note,
plus (ii) any amounts under Section 3 of this Security Instrument.
(0) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing
regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or
successor legislation or regulation that governs the same subject matter. As used in this Security Instrument,
"RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage
loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA.
(P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that
party has assumed Borrower's obligations under the Note and/or this Security Instrument.
TRANSFER OF RIGHTS IN THE PROPERTY
E] Condominium Rider 0 Second Home Rider
Planned Unit Development Rider 0 Biweekly Payment Rider
G Other(s) [specify]
TAX EXEMPT FINANCING RIDER
This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and
modifications of the Note; and (ii) 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 Lender and
Lender's successors and assigns, with power of sale, the following described property located in the
COUNTY
(Type of Recording Jurisdiction) of LINCOLN
(Name of Recording Jurisdiction)
LOT 7 OF BLOCK 4 OF THE LINCOLN
HEIGHTS SUBDIVISION TO THE TOWN OF
KEMMERER, LINCOLN COUNTY, WYOMING AS
DESCRIBED ON THE OFFICIAL PLAT THEREOF.
which currently has the address of 1123 THIRD WEST AVENUE
KEMMERER ,Wyoming 83101
[City] [Zip Code]
DOCUIwY2 (Page 2 of 12 pages)
DOCV1WY2.V?X 11/04/2000
[Street]
x 6 ;3
"Property Address
WYOMING Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1 /01
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required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by
Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of
Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan,
Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower,
and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices
of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender
waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's
obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing.
In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow
Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender
receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make
such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in
this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to
pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item,
Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under
Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any
time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all
Funds, and in such amounts, that are then required under this Section 3.
Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the
Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under
RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of
expenditures of future Escrow Items or otherwise in accordance with Applicable Law.
The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality,
or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan
Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender
shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying
the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make
such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds,
Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree
in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an
annual accounting of the Funds as required by RESPA.
If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower
for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under
RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount
necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is
a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by
RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with
RESPA, but in no more than 12 monthly payments.
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to
Borrower any Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable
to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the
Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items
are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
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, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or
defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the
enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; 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 can attain priority over this
Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which
WYOMING Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1 /01
DOCUIWY4 (Page 4 of 12 pages)
DOCU1WY4.vTX 11/04/2000
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are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the
Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.
6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence
within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as
Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in
writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are
beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not
Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from
deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or
restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further
deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the
taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has
released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single
payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds
are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the
completion of such repair or restoration.
Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable
cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at
the time of or prior to such an interior inspection specifying such reasonable cause.
8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process,
Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent
gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender
with material information) in connection with the Loan. Material representations include, but are not limited to,
representations concerning Borrower's occupancy of the Property as Borrower's principal residence.
9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a)
Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal
proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security
Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien
which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has
abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's
interest in the Property and rights under this Security Instrument, including protecting and /or assessing the value of
the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a)
paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c)
paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument,
including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to,
entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from
pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off.
Although Lender may take action' under this Section 9, Lender does not have to do so and is not under any duty or
obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this
Section 9.
Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured
by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and
shall be payable, with such interest, upon notice from Lender to Borrower requesting payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If
Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to
the merger in writing.
10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan,
Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the
Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously
provided such insurance and Borrower was required to make separately designated payments toward the premiums
for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to
WYOMING Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01
DOCUIWY6 (Page 6 of 12 pages)
DOCUIWY6.VTX 11/04/2000
TO /I TSO£ wao3
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2G 9
In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value
of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the
amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in
value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be
reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of
the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market
value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid
to Borrower.
In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value
of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the
sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender
otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security
Instrument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing
Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to
respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the
Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security
Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous
Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds.
Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the
Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has
occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that,
in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the
Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are
attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in
the order provided for in Section 2.
12. 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 Borrower or
any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in
Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of
Borrower or to 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 any Successors in Interest of
Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's
acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than
the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy.
13. Joint and Several Liability; Co- signers; Successors and Assigns Bound. Borrower covenants and
agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co -signs this
Security Instrument but does not execute the Note (a "co- signer (a) is co- signing this Security Instrument only to
mortgage, grant and convey the co- signer'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 can agree to extend, modify, forbear or make any accommodations with regard to the terms of this
Security Instrument or the Note without the co- signer's consent.
Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's
obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's
rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and
liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and
agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and
assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for services performed in connection with
Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security
Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any
WYOMING Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1 /01
DOCUIWY8 (Page 8 of 12 pages)
DOCU1WY8.VTX 11/04/2000
10 /I TS0£ m
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loo Leo4
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security
Instrument and in any Rider executed by Borrower and recorded with it.
CAROLYN RIPPLE
(Seal) (Seal)
Borrower Borrower
STATE OF WYOMING
COUNTY OF LINCOLN
Witness my hand and official seal.
(Seal)
[Space Below This Line For Acknowledgment]
The foregoing instrument was acknowledged before me by TERRY RAY RIPPLE
AND CAROL RIPPLE, HUSBAND AND WIFE
this 26TH day of FEBRUARY, 2000
Notary P blic
My Commission Expires: January 11, 2004
LAURIE McKEE NOTARY PUBLIC
COUNTY OF
LINCOLN
WYOMING Single Family Fannie MaelFreddie Mac UNIFORM INSTRUMENT
DOCUIWYI2 (Page 12 of 12 pages)
DOCU1WYC.VTX 11/04/2000
(Seal)
Borrower
(Seal)
Borrower
4 /4
Borrower TERRY 7
i
(Seal)
Borrower
Form 3051 1 /01
Borrower
MORTGAGE ADDENDUM
The following is an Addendum to the Mortgage. The addendum shall be
incorporated into, and recorded with, the Mortgage.
TAX EXEMPT FINANCING RIDER
This Tax Exempt Financing Rider is incorporated into and shall be deemed to
amend the terms of the Mortgage to which it is attached.
In addition to the covenants and agreements made in the Security instrument,
Borrower and Lender further covenant and agree as follows:
Lender, or such of its successors or assigns as may, by separate instrument,
assume responsibility for assuring compliance by the Borrower with the
provisions of this Tax Exempt Financing Rider, may require immediate
payment in full of all sums secured by this Security Instrument if:
All of part of the Property sold or otherwise transferred (other than
by devise, descent or operation of law) by Borrower to a purchaser
or other transferee:
i) Who cannot reasonably be expected to occupy the property
as a principal resident within a reasonable time after the sale
or transfer, all as provided in Section 143(c) and (1) (2) of the
Internal Revenue Code; or
ii) Who has had a present ownership interest in a principal
residence during any part of the three year period ending on
the date of the sale or transfer, all as provided in Section
143(d) and (i) (2) of the Internal Revenue Code; or
iii) At an acquisition cost which is greater than 90 percent of the
average area purchase price (greater than 110 percent for
targeted area residences), all as provided in Section 143(e)
and (1) (2) of the Internal Revenue Code; or
iv) Whose family income exceeds applicable income limits as
provided in Section 143(1) and (i) (2) of the Internal Revenue
Code.
b) Borrower fails to occupy the property described in the Security
Instrument without prior written consent of the lender or its
successors or assigns described at the beginning of this Tax
Exempt Financing Rider, or
c) Borrower omits or misrepresents a fact that is material with
respect to the provisions of Section 143 of the Internal Revenue
Code in an application for the loan secured by this Security
Instrument.
References are to the Internal Revenue Code as amended, in effect on the date
of execution of the Security Instrument and are deemed to include the
implementing regulations.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions
in this Tic Exempt Financing Rider.
MPP 210 -B (Revised 12/95)