HomeMy WebLinkAbout973452When recorde #:8064226
First American Title IIIIIII1111 1111111111111111111101
Loss Mitigation Title Services 1348.10
P.O. Box 27670
Santa Ana, CA 92799
RE: RUTHERFORD PROPERTY REPO
;es
Document Prepared by:
Justin Hayes
MidFirst Bank
999 N.W. Grand Boulevard, Suite 100
Oklahoma City, OK 73118 -6116
1- 800 552 -3000
IIIIIHI IIlI OII
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RECEIVED 9/26/2013 at 3:06 PM
RECEIVING 973452
BOOK: 821 PAGE: 311
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
IlIII 10 0Ill 0ll I0Il0 11010101101 Ill 00
Please cross reference to: Book 635 on Page 97, LINCOLN County Wyoming.
LOAN MODIFICATION AGREEMENT
FIXED RATE LOAN
This Loan Modification Agreement "Agreement made this July 29, 2013, between ROBERT
LLOYD RUTHERFORD "Borrower and MidFirst Bank, a federally chartered savings
association located at 501 N.W. Grand Blvd. Oklahoma City, OK 73118 "Lender renews,
amends, supplements and extends: (1) the Mortgage, Deed of Trust, or Security Deed (the
"Security Instrument recorded 9/27/2006, in Book 635 on Page 97, in LINCOLN County,
Wyoming and (2) the Promissory Note (the "Note in the original principal amount of
$187,852.00 bearing the same date and secured by, the Security Instrument and other loan
documents typically referred to as "addenda" or "riders" (collectively referred to herein as the
"Loan Documents which covers the real and personal property described in the Security
Instrument, located at 191 CANYON VIEW DRIVE, ALPINE, WY 83128, the real property
described being set forth as follows:
Borrower Initial Lines
Page 1 of the Loan Modification Agreement `Please add the appropriate number of initial lines for each
Order Number: 8064226 signatory over 4
MDLMP R 36 E 36 S 1 of3
0311
See Exhibit "A" attached hereto and made a part hereof.
Parcel 37182940420300
(Herein defined as "Property
Capitalized Amount: $0.00
Borrower is in default or at imminent risk of default under the Loan Documents and desires the
Lender forbear from the exercise of its rights under the Loan Documents, to extend or rearrange
the time and manner of repayment or payment of the Note and other obligations due to Lender
under the Loan Documents and to extend and carry forward the lien(s) on the Property, whether
created by the Security Instrument or otherwise. Lender, the legal holder and owner of the Note
and of the lien(s) securing the same has agreed to the request of the Borrower to so forbear, to
extend or rearrange the time and manner of payment of the Note and to grant certain other
financial accommodations pursuant to the terms of this Agreement.
In consideration of the mutual promises and agreements exchanged, and other good and
valuable consideration paid by each of the parties to the other, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree to modify, renew and extend the Note
and Security Instrument and any other Loan Documents, as follows (notwithstanding anything to
the contrary contained in the Note or Security Instrument)
1. Acknowledgement of Unpaid Principal Balance and Expenses:
Borrower acknowledges that as of 07/29/2013 the Borrower owes the Lender the unpaid
principal balance of $202,069.15, in addition to the other fees, charges and expenses
described in paragraph 2 hereof. Borrower acknowledges that $20,387.32 of the Unpaid
Principal Balance shall be deferred (the "Deferred Principal Balance and repaid to HUD
according to the terms of the HUD Partial Claim which is memorialized in a Promissory
Note and Subordinate Mortgage /Deed of Trust between Borrower and the Department of
Housing and Urban Development "HUD "HUD Partial Claim Documents Borrower
shall not be required to make monthly payments on the Deferred Principal Balance but
rather shall repay that amount to HUD according to the terms of the HUD Partial Claim
Documents.
After application of the Deferred Principal Balance, the amount owed by Borrower under
the terms of this Modification Agreement is $176,138.05, "Modified Principal Balance
Borrower hereby renews, extends and promises to pay the Modified Principal Balance,
plus interest, to the order of Lender. Interest will be charged on the Modified Principal
Balance until the full amount of the Modified Principal Balance and the other amounts
due hereunder and under the Loan Documents have been paid in accordance with the
terms and conditions of the Loan Documents, as modified hereby. All references in the
Loan Documents to "Principal" shall be deemed to refer to the Modified Principal
Balance.
2. Acknowledgement of Unpaid Fees and Costs:
Borrower Initial Lines
Page 2 of the Loan Modification Agreement *Please add the appropriate number of initial lines for each
Order Number: 8064226 signatory over 4
MDLMP R 36 E 36 S 1 of 3
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MDLMP R 36 E 36 S 1 013
The Borrower has agreed to pay all outstanding late charges, recording fees, title° 3
examination, attorney's fees and other costs, fees and expenses the Lender incurred as
a result of this modification, as well as all other costs, fees and expenses now due and
owing on the Loan plus such other charges; costs, fees and expenses incurred hereafter
(the "Fees and Costs
The Lender has agreed to postpone the collection of the outstanding Fees and Costs
that are not paid in advance and that are not included in the Modified Principal Balance
as set forth in paragraph 1, all of which remain due and payable to the Lender and shall
be paid by the Borrower, with interest as permitted by the Loan Documents. Said Fees
and Costs shall be payable to the Lender on demand of Lender and shall be secured by
the Security Instrument to the extent so provided in the Security Instrument and
otherwise permissible under applicable laws and requirements.
3. Interest Calculation:
Interest will be calculated at a fixed yearly interest rate of 4.000
4. Payment Amounts, Time of Payments And Maturity Date:
a. Borrower acknowledges and agrees that Borrower shall, beginning on 9/1/2013,
through the Maturity Date, make monthly payments of U.S. $840.91 for principal and
interest and shall continue to make such payments in accordance with the terms and
conditions set forth in the Loan Documents until the Modified Principal Balance is
paid in full.
b. An Escrow account has been established under the terms and conditions of the Note
and other Loan Documents. Borrower will make an Escrow payment each month on
each payment due date. The Escrow payment currently is $217.39 per month, which
is subject to change depending on the amounts attributable to taxes, insurance and
other escrow items as provided herein. The present combined Monthly Payment
and Escrow Payment will be $1,058.30. The Escrow payment will be re- analyzed
from time to time in accordance with the terms of the Note and other Loan
Documents to determine if there is any change in the amount due to changes in
amounts due for taxes, insurance and other escrow items and said Escrow payment
will be combined with the monthly payment established in Paragraph 4 herein.
c. The Maturity Date of the Loan is extended to 8/1/2043. If on the new Maturity Date,
Borrower still owes amounts to the Lender, Borrower will pay these amounts in full
on the Maturity Date.
5. Place of Payment:
Borrower agrees to make payments at the following address or such other place as the
Lender may require:
Midland Mortgage A Division of MidFirst Bank
Attn: Cashiers
P.O. 268888
Borrower Initial Lines
Page 3 of the Loan Modification Agreement *Please add the appropriate number of initial lines for each
Order Number: 8064226 signatory over 4
Oklahoma City, OK 73126 -8888
6. Adjustable Rate Loan Provisions:
If the interest rate is calculated as provided in the Note, any rate and payment
adjustment provisions in the Note will apply. If the interest rate is fixed, any rate and
payment adjustment provisions of the Note will not apply.
7. Sale or Transfer of Property by Borrower:
a. If all or any part of the Property or any interest in it is sold or transferred (or if a
beneficial interest in the Borrower is sold or transferred if the Borrower is not a
natural person) without the Lender's prior written consent, the Lender may require
immediate payment in full of all sums secured by this Security Instrument without
further notice or demand on the Borrower.
b. If the Lender exercises this option, the Lender shall give the 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 the Borrower must pay all sums
secured by the Security Instrument. If the Borrower fails to pay these sums prior to
the expiration of this period, the Lender may invoke any remedies permitted by the
Security Instrument without further notice or demand on the Borrower.
8. Compliance with Loan Documents:
Borrower represents that, except for the payments described in paragraphs 1 and 2
above, Borrower is in full compliance with the covenants in the Loan Documents and
that all of the representations and warranties contained in the Loan Documents are true,
correct or satisfied as of the date hereof.
9. Renewal and Extension:
It is the intention of the parties that all liens and security interests described in the Loan
Documents are hereby renewed and extended until the Modified Principal Balance and
other obligations to Lender, have been fully paid. The Borrower and Lender
acknowledge and agree that the extension, amendment, modification or rearrangement
effected by this Agreement shall in no manner affect or impair the Note or the liens and
security interests securing same, the purposes of this Agreement being simply to extend,
modify, amend or rearrange the time and manner of payment of the Loan Documents
and the indebtedness evidenced thereby, and to carry forward all liens and security
interests securing the Loan Documents (including, if applicable, any and all vendor's
liens securing the Loan Documents), which are expressly acknowledged by Borrower to
be valid and subsisting, and in full force and effect to fully secure the payment of the
Note. Borrower hereby expressly waives the benefit of any and all statutes of limitations
which might otherwise inure to Borrower's benefit, or be in any way applicable to
Borrower's obligations under the terms of any and all instruments described herein.
Borrower further expressly waives any right of set -off or counterclaim, or any defense to
the obligations of the Note or Security Instrument.
10. No Waiver of Lender's Rights Regarding Default:
Borrower Initial Lines
Page 4 of the Loan Modification Agreement *Please add the appropriate number of initial lines for each
Order Number: 8064226 signatory over 4
MDLMP R 36 E 36 S 1 of3
0314
All the rights and remedies, stipulations, and conditions contained in the Loan
Documents relating to default in the making of payments under the Loan Documents
shall also apply to default in the making of the modified payments hereunder. This
Agreement shall in no way be deemed to be a waiver of Lender's rights and remedies by
reason of any default by Borrower under the Loan Documents as herein modified,
including without limitation future payment defaults, and nothing contained herein shall
be deemed to be a waiver by Lender of any terms or conditions of the Loan Documents
as modified herein. Nothing herein shall constitute an agreement by Lender to any
future modification of the Loan Documents and Lender expressly reserves the right to
refuse to agree to any future modifications.
11. Release and Waiver of Other Claims:
As an express inducement to Lender's agreement to this Agreement, Borrower, jointly
and severally, hereby unconditionally releases Lender, its legal representatives,
affiliates, subsidiaries, parent companies, agents, officers, employees, attorneys,
successors and assigns (collectively the "Released Parties from any and all claims,
demands, actions, damages and causes of actions which Borrower has asserted or
claimed or might now or hereafter assert or claim against all or any of the Released
Parties, whether known or unknown, arising out of, related to or in any way connected
with or based upon any Prior Related Event (as such term is hereinafter defined). As
used herein, the term "Prior Related Event" shall mean any act, omission, circumstance,
agreement, loan, extension of credit, transaction, transfer, payment, event, action or
occurrence between or involving Borrower or Borrower's property and all or any of the
Released Parties and which was made or extended or which occurred at any time or
times prior to the execution of this Agreement, including without limiting in any respect
the generality of the foregoing: (i) any action taken to obtain payment of any
indebtedness or to otherwise enforce or exercise any right or purported right of Lender
as a creditor of Borrower; and (ii) any payment or other transfer made to Lender by or for
the account of Borrower. Borrower agrees and acknowledges that this release is not to
be construed as or deemed an acknowledgement or admission on the part of any of the
Released Parties of liability for any matter or as precedent upon which liability may be
asserted.
12. Bankruptcy:
If, since inception of this loan through date of this Agreement, the Borrower has received
a discharge in a Chapter 7 bankruptcy and there has been no valid reaffirmation of the
underlying debt, the Lender is not attempting to re- establish any personal liability for the
underlying debt by entering into this Agreement. However, the parties acknowledge that
the Lender retains certain rights, including but not limited to the right to foreclose its
interest in the property under appropriate circumstances. The parties agree that the
consideration for this Agreement is the Lender's forbearance from presently exercising
its right and pursuing its remedies under the Security Instrument as a result of the
Borrower's default of its obligations thereunder.
13. Loan Documents Remain In Full Force and Effect:
Borrower Initial Lines
Page 5 of the Loan Modification Agreement *Please add the appropriate number of initial lines for each
Order Number: 8064226 signatory over 4
MDLMP ft 36536 S 1 013
As amended herein, the provisions of the Loan Documents shall continue in full force
and effect, and Borrower acknowledges and reaffirms Borrower's liability to Lender
thereunder subject to the Bankruptcy exception in Paragraph 12 above. In the event of
any inconsistency between this Agreement and the terms of the Loan Documents, this
Agreement shall govern. Nothing in this Agreement shall be understood or construed to
be a novation, satisfaction or release, in whole or in part, of the Loan Documents.
Except as otherwise specifically provided in this Agreement, the Loan Documents will
remain unchanged, and Borrower and Lender will be bound by and comply with all of the
terms and provisions thereof, except as amended by this Agreement.
14. Execution of Additional Documentation:
Borrower agrees to make and execute such other documents or papers as may be
necessary or required to effectuate the terms and conditions of this Agreement which, if
approved and accepted by Lender, shall bind and inure to the heirs, executors,
administrators, and assigns of the Borrower.
15. Miscellaneous:
a. Lender does not, by execution of this Agreement, waive any rights it may have
against any person not a party to the Agreement.
b. If any provision in this Agreement shall to any extent be determined by a court of law
to be invalid, the remainder of the Agreement shall not be affected thereby, and shall
continue in full force and effect to bind the parties.
c. This Agreement may be executed simultaneously in any number of counterparts,
each of which shall be deemed an original but all of which together shall constitute
one and the same agreement.
d. This Agreement shall be governed by the laws of the State where the Property is
located.
16. Effective Date:
This Agreement shall be effective upon the execution of this Agreement by Lender and
Borrower
IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS LOAN MODIFICATION
AGREEMENT, TOGETHER WITH THE LOAN DOCUMENTS AND ANY EXHIBITS AND
SCHEDULES THERETO, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND CONTROL OVER ALL PRIOR NEGOTIATIONS, AGREEMENTS AND UNDERTAKINGS
BETWEEN THE PARTIES WITH RESPECT TO SUCH MATTER. ONLY THOSE TERMS IN
WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT
CONTAINED IN THIS WRITTEN AGREEMENT MAY BE LEGALLY ENFORCED. THIS LOAN
MODIFICATION AGREEMENT MAY BE AMENDED OR CHANGED ONLY BY AN
INSTRUMENT IN WRITING EXECUTED BY THE PARTIES OR THEIR PERMITTED
ASSIGNEES.
Borrower Initial Lines
Page 6 of the Loan Modification Agreement *Please add the appropriate number of initial lines for each
Order Number: 8064226 signatory over 4
MDLMP 636 E 3661 of3
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BORROWER
6 R. L 1-) (3)(itkeekti
ROBERT LLOYD RUTHERFORD
STATE OF Wyoming
Notary Public
J
l..�lC2Gz c t P v5 n
Printed name of notary
CLAUDIA AN"
NOTARY PUBLR iING
Lincoln
::5, 2014
CLAUDIA ANDERSON
NOTARY PUBLIC WYOMING
Lincoln County
M Commission Ex 'res Ma 25, 2014
Page 7 of the Loan Modification Agreement
Order Number: 8064226
Acknowledgement
Date
SS:
COUNTY OF LINCOLN n
On the r `f day of ,4 -c t sf 20 I�, before me, the undersigned, a notary public in and
for said state, personally appeared ROBERT LLOYD RUTHERFORD, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to
the within instrument and acknowledged to me that he /she /they executed the same in his /her /their
capacity(ies), and that by his /her /their signature(s) on the instrument, the individual(s) or the person upon
behalf of which the individual(s) acted, executed the instrument.
In witness whereof, I hereunto set my hand and official seal.
County of Residence:
Commission Number:
4 1`14. CO/
My Commission Expires: S 5" y
MDLMP R 36 E 36 S 1 of3
0317
LENDER
MidFirst Bank, a federally chartered savings association located at 501 N.W. Grand Blvd.
Oklahoma City, OK 73118
Vice President, MidFirst Bank, a federally chartered
savings association located at 501 N.W. Grand Blvd.
Oklahoma City, OK 73118
Printed Name
STATE OF OKLAHOMA
COUNTY OF OKLAHOMA
SS:
On the C2 7day of 20 before me, the undersigned, a notary public in and
for said state, personally appeared Chris Weeks who acknowledged
himself /herself /themselves to be a Vice President of MidFirst Bank, a federally chartered savings
association located at 501 N.W. Grand Blvd. Oklahoma City, OK 73118 and who is personally known to
me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed
to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their
capacity as Vice President of MidFirst Bank, a federally chartered savings association located at 501
N.W. Grand Blvd. Oklahoma City, OK 73118 and that by his /her /their signature on the instrument, the
individual or the person upon behalf of which the individual acted, executed the instrument.
In witness whereof, I hereunto set my hand and official seal.
Carla Sherrill
Printed Name of Notary
Page 8 of the Loan Modification Agreement
Order Number: 8064226
Chris Weeks
Acknowledgement
County of Residence: Canadian
My Commission Expires:
MDLMP R 36 E 36 S 1 013
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Page 9 of the Loan Modification Agreement
Order Number: 8064226
Exhibit "A"
LOT 33, PALIS PARK SUBDIVISION, ACCORDING TO PLAT NO. 165 BEING A PART OF
THE N1/2SE1/4 AND THE SW1 /4NE1/4 OF SECTION 29, T37N, R118W, 6TH P.M., LINCOLN
COUNTY, WYOMING.
IIIIIIIIIIIIIIIIO RUTHERFORD
4755443
FIRST AMERICAN ELS
MODIFICATION AGREEMENT
IIII IIII II III I IIIIII IIIIIIIIIIII N111111111111111111111111
WY
WHEN RECORDED,IT INSURANCE CO.
FIRST AMERICAN
1100 SUPERIOR AVENUE, SUITE 200
CLEVELAND, OHIO 44114
NATIONAL RECORDING
MDLMP R 36 E 36 S 1013
0319