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HomeMy WebLinkAbout973083The Security Instrument is modified as follows: A. Secured Debt. The secured debt provision of the Security Instrument is modified to read: (1) Secured Debts. The term "Secured Debts" includes and this Security Instrument will secure each of the following: (a) Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 01700848, dated August 26, 2013, from Mortgagor to Lender, with a modified loan amount of $516,592.81 and maturing on August 1, 2031. (b) All Debts. All present and future debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to or of a different type than this debt. If more than one person signs this Security Instrument, each agrees that it will secure debts incurred either individually or with others who may not sign this Security Instrument. Nothing in this Security Instrument constitutes a commitment to make additional or future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide any required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument. This Security Instrument will not secure any debt for which a non possessory, non purchase money security interest is created in "household goods" in connection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive credit practices. This Security Instrument will not secure any debt for which a security interest is created in "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law governing securities. This Modification will not secure any other debt if Lender fails, with respect to that other debt, to fulfill any necessary requirements or limitations of Sections 19(a), 32, or 35 of Regulation Z. (c) Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 3. CONTINUATION OF TERMS. Except as specifically amended in this Modification, all of the terms of the Security Instrument shall remain in full force and effect. SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in this Modification. Mortgagor also acknowledges receipt of a copy of this Modification. Colette J Jensen' i Individually LENDER: 6.e„, The Bank Of Star Valley La e P. Robinso Vice Preside Kevin H Jens Wyoming e Estate Modification WY /4XPT MAN00000000000665012082813N I VIII VIII VIII VIII VIII VIII8 4IIII8 I I III1 VIII VIII I III i I III VIIIVIIIVIIIVIIIVIII 0 VIII II I IIII 0520 Wolters Kluwer Financial Services 1996, 2013 Bankers SystemsTe Page 2 ACKNOWLEDGMENT. 771)1 r This instrument was acknowledged bore me this 2 6 day of Kevin H Jensen spouse of Colette J Jensen, and Colette J Jensen r Acknowledgme OF OF OF My commission expires: LANCE P. ROBINSON NOTARY PUBLIC COUNTY OF STATE OF LINCOLN I WYOMING MY COMMISSION D(PIRES MARCH 18, 2016 This instrument was ac owled. -d before me t Lance P. Robinson as Vice President of The Ban My commission expires: Kevin H Jensen Wyoming Real Estate Modification WY/ 4XPTOLMAN00000000000665012082813N Ad 1111111 1 1 7 111111191IIIIII111111IIIIIIIIIIIIIIII11111111 1111I 8 11111111 6 2 1111111111111 0 1 11111 3 1111 /1 Jensen. ss. 1.10 eiia�' /;i e /1" ry Public) spouse OF 97-// Of Star V t ic -Ct) ss. (Notary Public) NOTARY PUBLIC ✓r y STATE OF F iNCOLiki :VY0MEN(a i IViYCUhifvHSS;U; tXNIR[5 ti1NRCH 13, 2014 Wolters Kluwer Financial Services 1996, 2013 Bankers SystemsTM 0527 by ;to/ 5 by Page 3 PRIOR OBLIGATION INFORMATION LOAN NUMBER 01700848 ACCT. NUMBER NOTE DATE NOTE AMOUNT 0124593 08/26/13 $0.00 MATURITY DATE 12/01/13 AMENDED OBLIGATION INFORMATION LOAN NUMBER 01700848 MATURITY DATE 08/01 /31 ACCT. NUMBER MODIFICATION DATE August 26, 2013 INDEX Iw /margin) INTEREST RATE Wall Street Journal Prime plus 5.500% 1.000% Creditor Use Only NOTE AMOUNT $516,592.81 INITIALS LPR CBR DATE AND PARTIES. The date of this Debt Modification Agreement (Modification) is August 26, 2013. The parties and their addresses are: LENDER: THE BANK OF STAR VALLEY 384 Washington P.O. Box 8007 Afton, WY 83110 Telephone: (307) 885 -0000 BORROWER: KEVIN H JENSEN PO Box 1669 Afton, WY 83110 COLETTE J JENSEN PO Box 1669 Afton, WY 83110 Kevin H Jensen Debt Modification Agreement WY/ 4XPTOLMAN00000000000665012082813N 1110 ulll III I011101110111I111 01111111 11110111110101110111100111111111111111111111111111111111111111 DEBT MODIFICATION AGREEMENT 0528 1. DEFINITIONS. In this Modification, these terms have the following meanings: A. Pronouns. The pronouns "I," "me," and "my" refer to each Borrower signing this Modification, individually and together with their heirs, executors, administrators, successors, and assigns, and each other person or legal entity (including guarantors, endorsers, and sureties) who agrees to pay this Loan. "You" and "your" refer to the Lender, with its participants or syndicators, successors and assigns, or any person or entity that acquires an interest in the Modification or the Prior Obligation. B. Amended Obligation. Amended Obligation is the resulting agreement that is created when the Modification amends the Prior Obligation. It is described above in the AMENDED OBLIGATION INFORMATION section. C. Loan. Loan refers to this transaction generally. It includes the obligations and duties arising from the terms of all documents prepared or submitted in association with the Prior Obligation and this modification, such as applications, security agreements, disclosures, notes, agreements, and this Modification. D. Modification. Modification refers to this Debt Modification Agreement. E. Prior Obligation. Prior Obligation refers to my original agreement described above in the PRIOR OBLIGATION INFORMATION section, and any subsequent extensions, renewals, modifications or substitutions of it. 2. BACKGROUND. You and I have previously entered into a Prior Obligation. As of the date of this Modification, the outstanding, unpaid balance of the Prior Obligation is $516,592.81. Conditions have changed since the execution of the Prior Obligation instruments. In response, and for value received, you and I agree to modify the terms of the Prior Obligation, as provided for in this Modification. A. Previous Modifications. noe 3. CONTINUATION OF TERMS. I agree and understand that all other terms and provisions in the Prior Obligation survive and continue in full force and effect, except to the extent that they are specifically and expressly amended by this Modification. The express amendment of a term does not amend related or other terms even if the related or other terms are contained in the same section or paragraph of the Prior Obligation. For illustration purposes only, a modification of the interest rate to be paid during the term of the loan would not modify the default rate of interest even though both of those terms are described in the Prior Obligation in a common section titled "Interest The term "Prior Obligation" includes the original instrument and any Previous Modifications. 4. TERMS. The Prior Obligation is modified as follows: A. Interest. Our agreement for the payment of interest is modified to read: Wolters Kluwer Financial Services ©1996, 2013 Bankers SystemsTM Page 1 (1) INTEREST. Interest will accrue on the unpaid Principal balance of the Loan at the rate of 5.500 percent (Interest Rate) until February 26, 2017, after which time it may change as described in the Variable Rate subsection. (a) Variable Rate. The Interest Rate may change during the term of this transaction. (1) Index. Beginning with the first Change Date, the Interest Rate will be based on the following index: the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks known as the Wall Street Journal U.S. Prime Rate. The Current Index is the most recent index figure available on each Change Date. You do not guaranty by selecting this Index, or the margin, that the Interest Rate on the Loan will be the same rate you charge on any other loans or class of loans you make to me or other borrowers. If this Index is no longer available, you will substitute a similar index. You will give me notice of your choice. (2) Change Date. Each date on which the Interest Rate may change is called a Change Date. The Interest Rate may change February 26, 2017 and monthly thereafter. (3) Calculation Of Change. On each Change Date you will calculate the Interest Rate, which will be the Current Index plus 1.000 percent. Subject to any limitations, this will be the Interest Rate until the next Change Date. The new Interest Rate will become effective on each Change Date. The Interest Rate and other charges on the Loan will never exceed the highest rate or charge allowed by law for the Loan. (4) Limitations. The Interest Rate changes are subject to the following limitations: Lifetime. Subject to the initial discount rate, the Interest Rate will never be greater than 17.000 percent or less than 6.000 percent. (5) Effect Of Variable Rate. A change in the Interest Rate will have the following effect on the payments: The amount of the final payment will change. B. Maturity and Payments. The maturity and payment provisions are modified to read: (1) PAYMENT. I agree to pay the Loan on demand, but if no demand is made, I agree to pay the Loan in 215 payments. A payment of 83,000.00 will be due October 1, 2013, and on the 1st day of each month thereafter. A final payment of the entire unpaid balance of Principal and interest will be due August 1, 2031. Any changes in the Interest Rate will affect the amount of this payment. Payments will be rounded to the nearest 5.01. With the final payment I also agree to pay any additional fees or charges owing and the amount of any advances you have made to others on my behalf. Payments scheduled to be paid on the 29th, 30th or 31st day of a month that contains no such day will, instead, be made on the last day of such month. C. Fees and Charges. As additional consideration for your consent to enter into this Modification, I agree to pay, or have paid these additional fees and charges: (1) Late Charge. If a payment is more than 15 days late, I will be charged 825.00. I will pay this late charge promptly but only once for each late payment. D. Insurance. I understand and agree that any insurance premiums paid to insurance companies as part of this Amended Obligation will involve money retained or paid to you as commissions or other remuneration. (1) Flood Insurance. Flood insurance is not required at this time. It may be required in the future should the property be included in an updated flood plain map. If required in the future, I may obtain flood insurance from anyone I want that is reasonably acceptable to you. 5. WAIVER. 1 waive all claims, defenses, setoffs, or counterclaims relating to the Prior Obligation, or any document securing the Prior Obligation, that I may have. Any party to the Prior Obligation that does not sign this Modification, shall remain liable under the terms of the Prior Obligation unless released in writing by you. 6. REASON(S) FOR MODIFICATION. extend maturity and rate change 7. SIGNATURES. By signing, I agree to the terms contained in this Modification. I also acknowledge receipt of a copy of this Modification. LENDER: olette J Jensen Individually The Bank Of Star Valley By Lance P. Robinson, Vice President Kevin H Jensen Debt Modification Agreement WY/ 4XPTOLMAN00000000000665012082813N Ililll VIII1 IIII VIII IIII VIII VIII IIII I I IIII VIII II IIII) I I III II IIVIII III IVIII2 III�I1 I I (III Wolters Kluwer Financial Services 1996, 2013 Bankers SystemsTM Page 2 /2/2009 Exhibit A File 6010817319 Description OOv+882 The and referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows; A portion of the property as referred to In the Deed recorded in Book 493PR, on page 384, with the Office of the Clerk of Lincoln County, within the Northeast Quarter of Section 18, Township 33 North, Range 118 West of the 6' P.M. Lincoln County, Wyoming, the Metes and Bounds being more particularly described as follows: BEGINNING at an Aluminum Cap on an Iron Pipe marking a point in the South line of said Northeast Quarter, said Point of Beginning being 552.49 feet South 88 °41'43" East, along said South line, from the B.L.M. Type Monument marking the Lloyd B. Baker PE /LS 698, 1998 location for the Southwest Corner of said Northeast Quarter; thence North 0° East 1,900.28 feet to a point In the approximate Center Line of Willow Creek; thence Easterly, along said Center Line, the following: South 71 55'46" East 47.42 feet, South 12 °40'52" East 79.16 feet, South 53 °03'59" East 29.69 feet, North 52 °12'48" East 69,17 feet, North 3 °06'23" West 94.40 feet, North 36 °36'38" East 62.48 feet, South 67 °31'IZ" East 90.82 feet, South 51 °11'39" East 273.89 feet, South 77 14'31" East 118.66 feet, South 88 °15'58" East 91.54 feet, South 75 °42'55" East 129.13 feet and South 42 °11'51" East 48.08 feet; thence South 0° West 1,693.49 feet to an Aluminum Cap on an Iron Pipe marking a point in the South line of said Northeast Quarter; thence North 88 41'43" West, along said South line, 835.24 feet, to the Point of Beginning.