HomeMy WebLinkAbout87111703014291
WHEN RECORDED MAIL TO:
NORTH AMERICAN MORTGAGE COMPANY
P.O. BOX 808031
PETALUMA, CA 94975 -8031
FINAL REVIEW AU 052
3051
H04
,IVY ®p
ASS- /2
This Mortgage
S6E Mo1L
OVUM
ONE HUNDRED NINETY TWO THOUSAND AND 00/100
[Space Above This Line For Recording Data]
RELEASE
This M ort gu ge
SfL BOOK z a Of Ni!citl30 Ez
871117
t' F:
59 PR PAGE
MORTGAGE
THIS MORTGAGE "Security Instrument is given on
THOMAS E. REESE, AN UNMARRIED MAN
"Borrower This Security Instrument is given to NORTH AMERICAN MORTGAGE COMPANY
which is organized and existing under the laws of DELAWARE and whose
address is 3883 AIRWAY DRIVE SANTA ROSA CA 95403
"Lender" Borrower owes Lender the principal sum of
Dollars (U.S. 192,000.00 This debt is evidenced by Borrower's note dated the same date as this Security
Instrument "Note which provides for monthly payments, with the full debt, if not paid earlier, due and payable on
FEBRUARY 01 2031 This Security Instrument secures to Lender: (a) the repayment of the debt
evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all
other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c)
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, with power of sale, the following described
property located in L I NCOLN County, Wyoming:
LOT EIGHTY -FOUR (84) IN STAR VALLEY RANCH PLAT SIX (6) AS PLATTED
AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING.
which has the address of 107 OAK DRIVE, THAYNE
Wyoming 83127 [Zip Code] "Property Address
WYOMING-Single Family- Fannie Mae /Freddie Mac UNIFORM
INSTRUMENT Form 3051 9/90
l- 6H(WY) (9403).01 Amended 12/93
VMP MORTGAGE FORMS (8001521 -7291
Page 1 of 6 Initials
1111
1
1
JANUARY 26, 2001
1
1
u
RECEIVED
LINCOLN COUNTY CLERK
O! FEB-2 PH 1:22
JEANNF WAGNER
KEMMERER, WYOMING
Ilul
11
viii
The mortgagor is
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1
4482836 -930
101
[Street, City],
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0(30 a
,711
t) 99
5. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on
the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards,
including floods or flooding, 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 unreasonably withheld. If Borrower fails to maintain coverage described
above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with
paragraph 7.
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 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 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 30 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 monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments.
If under paragraph 21 the Property is acquired by Lender, 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.
6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty 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. Borrower
shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property.
Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's
good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this
Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in
paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith
determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien
created by this Security Instrument or Lender's security interest. Borrower shall also be in default if Borrower, during
the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to
provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not
limited to, representations concerning Borrower's occupancy of the Property as a principal residence. 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.
7. 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 forfeiture 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 which has priority over this
Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs.
Although Lender may take action under this paragraph 7, Lender does not have to do so.
Any amounts disbursed by Lender under this paragraph 7 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, upon notice from Lender to Borrower
requesting payment.
8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this
Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any
reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the
premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost
substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an alternate
mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available,
Borrower shall pay to Lender each month a sum equal to one of the yearly mortgage insurance premium being
paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these
payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required,
6H(WY) 19403).01 Page 3 of 6
Form 3051 9 9
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14- 6HIWY)c94o31o P•g• 5 of 6
((i� 7
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security in
17. 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 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 30 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.
18. 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) 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 which then would be due under this Security Instrument and the Note as if no
acceleration had 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 attorneys' 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. Upon reinstatement
by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration
had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraph 17.
19. Sale of Note; Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security
Instrument) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity
(known as the "Loan Servicer that collects monthly payments due under the Note and this Security Instrument. There
also may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan
Servicer, Borrower will be given written notice of the change in accordance with paragraph 14 above and applicable law.
The notice will state the name and address of the new Loan Servicer and the address to which payments should be made.
The notice will also contain any other information required by applicable law.
20. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of
any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting
the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence,
use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be
appropriate to normal residential uses and to maintenance of the Property.
Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by
any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or
Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or
regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is
necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law.
As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances
by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products,
toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive
materials. As used in this paragraph 20, "Environmental Law" means federal laws and laws of the jurisdiction where the
Property is located that relate to health, safety or environmental protection.
NON COVENANTS. Borrower and Lender further covenant and agree as follows:
21. 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 paragraph 17 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 30 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 non existence 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 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
21, including, but not limited to, reasonable attorneys' fees and 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 paragraph 14. 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
Form 3051
Initials.
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LEGAL DESCRIPTION
LOT EIGHTY —FOUR (84) IN STAR VALLEY RANCH PLAT SIX (6) AS PLATTED
AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING.
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causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith
determination, precludes forfeiture of the Borrower's interest in the Property or other material
impairment of the lien created by this Security Instrument or Lender's security interest.
Borrower shall also be in default if Borrower, during the loan application process, gave
materially false or inaccurate information or statements to Lender (or failed to provide Lender
with any material information) in connection with the loan evidenced by the Note, including,
but not limited to, representations concerning Borrower's occupancy and use of the Property as
a second home. 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.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in
this Second Home Rider.
eft-365U (9705)
al)
Borrower
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
09
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
Page 2 of 2 Form 3890 9/90