HomeMy WebLinkAbout870284First Bank of Idaho
P. O. Box 12860
Jackson, WY 83002
Loan No: 190011189
whose address is 152 Parkway Drive
Alpine, WY 83128
is given to First Bank of Idaho
WYOMING Single Family Fannie Mae /Freddie Mac Uniform Instrument
Form 3051 9/90
Laser Forms Inc. (800) 446 -3555
LFI #FNMA3051 1/99 Page 1 of 7 Initials:
Recorded at /4rc�a? .12M
In Boos, 4.4,11„ Ra e,,,,,,}, Kemmerer, WY
No. j 1 Jeanne Wagner, Clerk
[Space Above This Line For Recording Data]
MORTGAGE
THIS MORTGAGE "Security Instrument is given on December 12, 2000 The mortgagor
is Brandon J. Phelps and Holly Phelps, husband and wife
"Borrower This Security Instrument
and whose
which is organized and existing under the laws of Wyoming
address is P. O. Box 12860
Jackson, WY 83002 "Lender
Borrower owes Lender the principal sum of One Hundred Thirteen Thousand Five Hundred DOLLARS
and Zero CENTS
Dollars (U.S. 113,500.00 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 January 1, 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 the Lender, with power of sale, the following described property located in
Lincoln County, Wyoming:
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.
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under paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to
amounts payable under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late
charges due under the Note.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable
to the Property which may attain priority over this Security Instrument, and leasehold payments or ground
rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in
that manner, 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. If Borrower makes these payments
directly, Borrower shall promptly furnish to Lender receipts evidencing the payments.
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; (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 (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 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 10 days of the giving of notice.
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 -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 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
WYOMING Single Family Fannie Mae /Freddie Mac Uniform Instrument
Form 3051 9/90
Laser Forms Inc. (800) 446 -3555
LFI #FNMA3051 1/99 Page 3 of 7 Initials:
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41
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.
12. Successors and Assigns Bound; Joint and Several Liability; Co- signers. 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 paragraph 17. Borrower's covenants and agreements shall be joint and
several. Any Borrower who co -signs this Security Instrument but does not execute the Note: (a) is co- signing
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.
13. 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 which 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.
14. 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 herein 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.
15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law
of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security
Instrument or the Note conflicts with applicable law, such 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.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security
Instrument.
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
WYOMING Single Family Fannie Mae /Freddie Mac Uniform Instrument
Form 3051 9/90
Laser Forms Inc. (800) 446 -3555
LFI #FNMA3051 1/99 Page 5 of 7 Initials:
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El S.LMVNHAOO 1AI1IOdINI1-1■IOM
Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded
together with this Security Instrument, the covenants and agreements of each such rider shall be incorporated
into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s)
were a part of this Security Instrument. [Check applicable box(es)]
Q Adjustable Rate Rider
E Graduated Payment Rider
Balloon Rider
n Other(s) [specify]
Witnesses:
STATE OF WYOMING,
The foregoing instrument was acknowledged before me this
by Brandon J. Phelps and HoIIy Phelps, husband and wife
f r
YJ J
icr'JSS my hand and official seal.
y co)rtmission expires: 2- .)D- 02_.
cap
ti
Condominium Rider
Planned Unit Development
Rate Improvement Rider
HoIIy Phelps
(person acknowledging)
WYOMING Single Family Fannie Mae /Freddie Mac Uniform Instrument
Form 3051 9/90
Laser Forms Inc. (800) 446 -3555
LFI #FNMA3051 1/99 Page 7 of 7
Rider
328
1 -4 Family Rider
Biweekly Payment Rider
Second Home Rider
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security
Instrument and in any rider(s) executed by Borrower and recorded with it.
Brandon J. Phelps
[Space Below This Line For Acknowledgment]
(date)
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
Teton County ss:
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Notary Public
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Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage provided by
the master or blanket policy.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss
to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby
assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security
Instrument, with any excess paid to Borrower.
C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the
Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of
coverage to Lender.
D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to
Borrower in connection with any condemnation or other taking of all or any part of the Property or the
common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security
Instrument as provided in Uniform Covenant 10.
E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior
written consent, either partition or subdivide the Property or consent to:
(i) the abandonment or termination of the PUD, except for abandonment or termination required
by law in the case of substantial destruction by fire or other casualty or in the case of a taking by
condemnation or eminent domain;
(ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express
benefit of Lender;
(iii) termination of professional management and assumption of self management of the Owners
Association; or
(iv) any action which would have the effect of rendering the public liability insurance coverage
maintained by the Owners Association unacceptable to Lender.
F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay
them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower
secured by the 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.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD
Rider.
Brandon J. Phelps
MULTISTATE PUD RIDER- Single Family Fannie Mae /Freddie Mac UNIFORM INSTRUMENT
Form 3150 9/90
Laser Forms Inc. (800) 446 -3555
LFI #FNMA3150 1/99 Page 2 of 2
'330
(Seal)
Borrower
(Seal)
Ho ly Phel r Borrower
(Seal)
Borrower
(Seal)
Borrower