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HomeMy WebLinkAbout868389'c.� This Mort gage SEE BfOLs,,:—.11f MORTLAIEE Ph1E_ F State of Wyoming LOAN NO. 802671 THIS MORTGAGE "Security Instrument is given on September 15, 2000 The Mortgagor is Gregory D. Naab and Dayna Naab, husband and wife "Borrower This Security Instrument is given to Shoshone First Bank, a state bank FHA Wyoming Mortgage 4/96 Pape 1 of 8 ELF- 4R(WY) (9604) 868389 c BOOK J' PR PAGE 1 1 [Space Above This Line For Recording Data] MORTGAGE 1 RECF(VFD CEO SP, r V1 I N G FHA Case No. 591 0879863 which is organized and existing under the laws of State of Wyoming and whose address is 1401 Sheridan, P.O. Box 1330, Cody, WY 82414 "Lender Borrower owes Lender the principal sum of One Hundred Twenty Four Thousand Twenty Five Dollars and Zero Cents Dollars (U.S. 124, 025.00 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 October 1, 2030 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 ELECTRONIC LASER FORMS, INC. (800) 327-0545 Initials s�eniu� 8 abed (P096) (AM)/D-A13 8986L80 -T69 'oN ese3 VHd „•spund Moaos3„ pelleo eae aepuaq of pled swns eq; pue „swell Moaos3„ pelleo ale swell esegl 'Aaeleioe9 agl Aq e6aego AlLiluow eql aol ldeox3 •Aaeleaoes eql Aq peulwaalep eq of lunowe elgeuoseea a u! 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Section 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time "RESPA except that the cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium. If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender shall account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by RESPA. The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all installment items (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments for items (a), (b), and (c). 3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows: First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance premium; Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; Third, to interest due under the Note; Fourth, to amortization of the principal of the Note; and Fifth, to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order in paragraph 3, and then to prepayment of principal, or (b) to the restoration or repair of the damaged Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. FHA Case No. 591-0879863 ELF- 4R(WY) (9604) Page 3 of 8 Initials 16: .slemut 8 q e6ed (P096) (AM)lib-d13 C9861.80 I6S 'ON ese0 VHd •eol ;ou ;o 6u!n!6 ay lo sAep o; u!q ;Inn enoge Lilo; ;es suo! ;oe ay ;o eJow Jo euo emu; Jo ue!! eq; A ;s! ;es hays JeMOJJOg 'Lieu ey; 6u!AMuep! eo! ;ou a JOMOJJog en!6 Aew Jepuei ;uewnJ;sul A;IJnoag s!y; Jeno A;uo!Jd u!e ;e Aew go!gM ue!! a o; ;oe qns s! ApedoJd ay; 10 fed Aue ;ey; seu!wae;ep Jepue i ;l ;uewnJ;sul A ;unoeg s!q; o; ue!! eq; 6u! ;eu!paogns Jepue o; AJO;oe ;s! ;es ;ueweeJ6e ue ue!! eq; ;o Jeploq eq; woJ; seanoes (o) Jo :ue!! eq; ;O ;uaweoao ;ue eq; ;ueneid o; a;eaedo uo!u!do s,aepue- ey; u! gown s6u!peeooad !e6e! `u! ue!! eq; ;0 ;ueweoao;ue ;su!e6e spue ep Jo 'Aq ue!! eq; Li ;!e; pooh u! s;se;uoo (q) !Jepuei o; e ge;deooe Jeuuew a u! ue!! eq; Aq peinoes uol ;e6!!4o aq ;o ;uewAed eq; o; 6ul ;IJM u! seea6e (e) :aennoJJoe sselun ;uewna ;sul A;IJnoeg sty; Jeno A ;!JO!Jd say golgM ue!! 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Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(d) of the Garn -St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of 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 Bor •wer or FHA Case No. 591 ELF- 4R(WY) (9604) 165 Page 5 of 8 Initials •uo!loaload Isluewuoa!Aue JO Alamss 'yliseq of alelea lug palsool s! 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(e) :eloN ay} einoaxe lou seop inq luawnalsul Ai!anOas sly; su6ls -o3 o(M aaMoaaog Auy •ieaenes pus lu!of aq Hugs slueweea6s pus slueuenoo s,JeMOaao9 •(q)6 gdea6sasd jo suo!s!noad ayl of loefgns `aaMOaaoe pus aapua su6!sss pus saosseoons ayl i!jeueq pus pup let's luawnalsul Al!anoas slueweaa6s pus slusuanoo ayl •saau6!S -00 :A1!I!gef manes pue ;ulor :punoe su6!ssy pue saossaoonS 'ZL Apewei JO ig6u Aus ;o es!Oaaxe eql apnloaad JO aan!SM e aq lou Hsu Apewea .10 ig6!a Aus 6u!s!Oaaxe u! aepuei Aq eOUeaeagaoj Auy •Isaaelu! u! saosseoons s,JeMOaao9 JO aaMOaao9 lsu!6uo eyl Aq epsw puswap Aus uoseaa Aq luewnalsui AlunOeS s!ql Aq peanoes scans uo!iszipows A ;!pow es!Maeglo ao luewAsd aoj ew!i pue xe of asn ;aa ao Iseialui u! aosse3Ons Aus Isu!s6e s6ulpeeooad eouewwoo of pea!nbea eq lot' Hsu aepue •1seaelg u! aosseoons s,JeMOaao9 g109e6ed (boss) (AM)!ib-n'13 8986L80 169 °N ese3 V 1L9Z08 •0N NVO1 OS4i8389 RP? LOAN NO. 802671 NON UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this paragraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. If Lender requires immediate payment in full under paragraph 9, Lender 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 18, 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 13. 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 attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. If the Lender's interest In this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided In the Single Family Mortgage Foreclosure Act of 1994 "Act (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided In the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or applicable law. 19. Release. Upon 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. 20. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. 21. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants 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)]. FHA Case No. 591-0879863 ELF- 4R(WY) (9604) Condominium Rider Growing Equity Rider fX Other [specify] Planned Unit Development Rider Graduated Payment Rider Pape 7 of 8 WCDA High Cost Rider Tax Exempt n ncin Rider Initia (/v r (ewep) 000Z `tagivaidaS 3o .ap 1 .14S1 :ss A unoO uo�aZ 810sB6ed JeM0JJ08- JeMOJJ08- (IeeS) (tees) J8MOJJ08- J0M0JJ08- (IeeS) (Iee JeMOJJ08- JBMOJJ08- (Ie8S) (IeeS) J9MOJJ08- (IeeS) pu/Cpa ---p )14/ JeMOJJ08- qe i� �('uo6aua (Ie 99T 8986L80 16S •°N ese0 VHd ZOOZ `9Z 'qa3 :saJ►dx3 uolsslwwo0 /W (64peIMotme uosjed) geeN euA'ea pup gem •a /Cuo6au9 itq sly ew mpg pe6pelnnowloe seen luewnnsul 6ulo6eioi eyl `ONIINOAM AO 31VIS :sesseu }IM l! yl!nn pepxoeJ pue Jannojioe Jtq pe noexe (s)Japp Aue ul pue }uewn fsul /SlIJnoas sly ui paulewoo swiel °LAI seeJ6e pue s}deooe Jennouoe `M0138 ONINOIS A8 1L9Z08 'ON NVO1 ObO Printed MPP -208 (i) WYOMING COMMUNITY DEVELOPMENT HIGH COST AREA SET -ASIDE RIDER 1 C As long as this mortgage is held by Wyoming Community Development Authority, Casper, Wyoming, the Mortgage Lender may declare all sums secured by this mortgage to be immediately due and payable if: (a) all or part of the property is sold or otherwise transferred (other than by devise, descent or operation of law) by Borrower to a purchaser or other transferee: who cannot reasonably be expected to occupy the property as a principal residence within a reasonable time after the sale or transfer; 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; or (iii) at an acquisition cost which is in excess of that established by the Wyoming Community Development Authority under its applicable regulations or program guidelines in effect on the date of the sale; or (iv) who has an income in excess of that established by the Wyoming Community Development Authority under its applicable regulations or program guidelines in effect on the date of the sale; or; (b) Borrower fails to occupy the property described in the mortgage without Mortgage Lender's prior written consent; or (c) Borrower omits or misrepresents a material fact in an application for this mortgage. NOTICE TO MORTGAGOR: This document substantially modifies the terms of this Loan. Do not sign it unless you have read and understand it. I hereby consent to the modifications of the terms of the Mortgage and Note which are contained in the Rider. Dated this day of 19 Sign..r; Signature Printed geeN euRea •iepla 6uloueuld ;dwex3 xel SILO ul suolslnoad pue swaa; eq; o; seea6e pue s;deooe aeMOaaog 'M0138 ONINOIS A8 •suol ;eln6ei 6ul;uawaldwl ay; apnloul o; pawaap ale pue ;uawna;sul Allmon eq; ;o uol ;noexe ;o amp ay; uo;oa; ;a ul 'pepuewe se epo3 anuanaEJ Ieuaa;ul ay; o; aae seouaaa;aEl ;uawna ;sul al;unoes sly; /Sq peanoes ueol ay; ao; uol ;eolldde ue ul epoo anuanad lewd ;ul ay; ;o €y; uol ;oas ;o suolslnoad ay; o ;;oedsaa y;!M lelaa ;ew st leg; ;OBI a s;ueseidaaslw JO s ;Iwo aaMoaaog (o JO 'iepla 6uloueu13 ;dwex3 xel sly ;o 6uluul6eq NI le peglaosep su6lsse ao saossaoons s ;I ao aapuel ay; ;o ;uesuoo ua ;lJM aolad ;noy ;lM ;uawna ;sul A;Ianoes in ul peglaosep i(pedoad ay; i(dn000 o; slle; aaMOaaog (q •epoo enueneEi lewd ;ul eq; ;o (Z)(l) pue (;O; uol ;oes ul papinoad se s ;Iwll awooul algsolidds spaaoxe awooul /tllwe; asoLM (A! 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