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HomeMy WebLinkAbout866805RtELEASg d� This .,Mort gage SEE 850 I�1 :ef IMOIT&ACES i WHEN RECORDED MAIL TO: COMMUNITY FIRST NATIONAL BANK 200 NORTH CENTER STREET ROCK SPRINGS, WY 82901 ATTN :PHYLLIS LLjj pp BOOT 4& PR PAGE 1 4 5 This Security Instrument is given to COMMUNITY FIRST NATIONAL BANK LOT 4 OF BLOCK 4 OF THE LINCOLN HEIGHTS 4TH SUBDIVISION TO THE CITY OF KEMMERER, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Wyoming WYOMING— Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUIWYI DOCU1WY1.VTX 10/08/99 83101 "Property Address [Zip Code] 866685 [Space Above This Line For Recording Data] MORTGAGE LOAN NUMBER: THIS MORTGAGE "Security Instrument is given on JUNE 30, 2000 The mortgagor is TYSON R. GULBRANDSON AND MATESE R. GULBRANDSON, HUSBAND AND WIFE which is organized and existing under the laws of and whose address is 200 NORTH CENTER STREET, ROCK SPRINGS WY 82901 "Lender Borrower owes Lender the principal sum of SEVENTY FIVE THOUSAND ONE HUNDRED AND 00 /100 Dollars (U.S. 75,100.00 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 JULY 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 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, following described property located in LINCOLN which has the address of' 1433 SEVENTH WEST AVENUE KEMMERER [Street] RECEIVED ._INCCl..N 00! NTH 00 JUN .3Q PH If t JEANI1 iw WAGNER KEMMERER, WYOMING County, Wyoming: [City] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Page I of 6 Initials: (2 (`I i k' "Borrower Form 3051 9/90 06/6 IS0£tuJOI 9 17 T 66/80/0T xSA'Z]twtnoca 930 Z a2ud ZAMInJOU gotgm uatl a of 10argns st ,Claadoad 2141 to 1.1ed Cu ,e mil sautuaalap aapuaj ti •luaunalsul ,Cltanoas step 01 uatl ow dutlgurpaogns 1apua7 01 £ro1Oetstles luawaaage ue tail 2141 t0 aapjoq alp wont samoas (o) 10 `°uatj 2141 JO 1uawa0aotua atp 1uanaad 01 algaado uotutdo s iapuaq atp ut gotgm autpaa3oad taat `ut uatj alp to luauaOaotua lsutege spuatap JO `,Cq uati alp 41tet pool ut slsaluoo (q) `.aapua-1 o1 ajq idaooe aauu11w a ut uatl alp Cq pamoas uotlOtlgo atp to luaw,ied atp 01 2utlum ut saaa211 (u) :aamoaaog ssajun luawnn;sul (ltanoas sup aan0 ,iluoud seq g0tgm ualt Aug a;Ii gostp ,Cjlduoad putts aamoaaog •sluauigd 2141 2utouaptna sldtaoaa aapua-1 o1 gstutnt (Ildwoad pugs aamoaaog `Alloaitp sluauz,Ced asagl smut aamoaaog 31 •gduafeaed step aapun mud aq o1 slunoue to saotlou i1e aapua-1 01 gstuant Alldutoid pugs aamoaaog luaw,Cgd pamo uosaad 241 01 ,Ciloaztp aup uo uagl /Cud pegs aamoaaog `aauugu Mill ut mud 1ou it so `Z gdga5eaed ut paptnoad .tauueut atp ut suotlatlgo asagl ,Cud pugs 1 M0110g ",Cue tt `s11101 punoa 10 sluaut,Cud pjogaseal pu11 luawnalsul ,C1t.tnoaS sup aano ,Cltaotad utel;g Amu glum ,Claadoad atp 01 ajgeingtalle suojltsodutt pue sauit `sa1ugo `sluaussassu `saxul jje ,Cud pugs aamo1JOg 'man :sa2aeg0 .atoll 211 aapun anp sa mtto art Aug 01 `lsel pug !anp jedtouud o1 'wino; `.anp Isamu! 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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 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 twelfth 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 DOCU1WY3 DOCU1WY3.VTX 10/08/99 Page 3 of 6 147 Form 3051 9/90 Initials: m C 7) 11rM w 1- :5(Et1iUj 66/80/01 XSA'1.MTfDO0 06/6 ISO£ l 1 9 3o b a$Ed oxm[npoa sup Aq palnoas sums jig jo IIn3 ut luauiAud alutpauutut annbal `uotido sit ig `Sum lapua-i `luasuoo uallum loud s,lapuarj inoynm (uos.iad igJn u a l0U st 1amo11og pug pa11aJsug11 10 Nos st 1amo11og ut Isamu! 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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- UNIFORM 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 will 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 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. 22. 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. Page 5 of 6 F m 3051 9/90 Initials;m 11' 1 E1 149 06/6 TS0£ w103 .tannot.tog- (Ieas) .tanno.t.tog- (IeaS Jomouog- (IeaS) 6299- 96- 0ZS :NSS NOSaNVHg'IIIJ 1 rZSSSBW £9££-TT- OZS :NSS NOSa w wIfe NOSH 9 30 9 abed •uospuaagTnD •g esegPw puP uosput.LgTnE •g uosAS Aq '000Z eunr ;o APP 'qq0£ sTT.l1 aut aaogaq pabpeIMou}[oa SEM TuawnagsuT buTobggao3 etas [;nawa8pa1MompV aoj aurj spa mpg aasds] aapRI awog puooag Jam Iuawi(ed, pj Mig JaP! I J t OgT .tamouog- (Ieas) iapig IuawanotdWT owl" .taptg Iuauzdopnau llUn pauueld Japr wniunuopuoO ZOO SZ LI31EW :saazdxe uoisszwwO3 A 66/80/01 RSA'91tMtflOOa 9AM[naoQ N100N11 JO AWN N'IOONI'I 30 ASNQOO ONIWOAM 30 3ZKlS :NSS :NSS :sass li gun' paptooai pue .tanno.uog Aq palnoaxa (s)i pu ,Cue ui pue luawnusui Xllinoos sup u► pauteluoo slueuanoo pue slum am of soo.ar pue sldaoae xaMouog `MO"I3g ONINDIS x I rap oueuij ldtuard xej, [zeds] (s)a700 .tapi2l uooiieg JaPRI IuawAed poirnprip 'taP!I mu algelsnfpy [(sa)xog a]gea11dde 3pogp] °luawnzlsui ,Clitnoos sup jo lied a of M (s)aapu alp 31 se Iuaum.usui kliunoos sup jo sulatuao.ar pue slueuanoa aql luawalddns pue pug= hugs pue olui pawiodiooui oq Begs .tape irons pro jo sluawaa.ar, pue slueuanoo aql `Iuawngsui Rlunoas sup gli^n lotpo2o1 papaooa.t pue Janno.uog /(q palnoaxa a.te &lapis a.iow .to auo 3i ;uauinisui ,f ;lamas slq; o; saaptg •bZ 11.tadotd aqj ui iomop pue Xsalmo ;o supp lle sogsinbu11at pue iil.tadotd aql ui uoildwaxa pealsawoq jo slqPti lie SO/VIM Jonnauog •saanlpM •£Z l'0899S0 086 805 151 The following is an Addendum to the Mortgage. The addendum shall be incorporated into, and recorded with, the Mortgage. MPP 210 -B (Revised 12/95) MORTGAGE ADDENDUM TAX EXEMPT FINANCING RIDER This Tax Exempt Financing Rider is incorporated into and shall be deemed to amend the terms of the Mortgage to which it is attached. In addition to the covenants and agreements made in the Security instrument, Borrower and Lender further covenant and agree as follows: Lender, or such of its successors or assigns as may, by separate instrument, assume responsibility for assuring compliance by the Borrower with the provisions of this Tax Financing Rider, may require immediate payment in full of all sus secured by this Security Instrument if aj All of part of the Property sold or otherwise transferred (other than by devise, descent or operation of law) by Borrower to a purchaser or other transferee: i) Who cannot reasonably be expected to occupy the property as a principal resident within a reasonable time after the sale or transfer, all as provided in Section 143(c) and (i) (2) of the Internal Revenue Code; or 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, all as provided in Section 143(d) and (i) (2) of the Internal Revenue Code; or iii) At an acquisition cost which is greater than 90 percent of the average area purchase price (greater than 110 percent for targeted area residences), all as provided in Section 143(e) and (I) (2) of the Internal Revenue Code; or iv) Whose family income exceeds applicable income limits as provided in Section 143(f) and (1) (2) of the Internal Revenue Code. b) Borrower fails to occupy the property described in the Security Instrument without prior written consent of the lender or its successors or assigns described at the beginning of this Tax Exempt Financing Rider, or c) Borrower omits or misrepresents a fact that is material with respect to the provisions of Section 143 of the Internal Revenue Code in an application for the loan secured by this Security Instrument. References are to the Internal Revenue Code as amended, in effect on the date of execution of the Security Instrument and are deemed to include the implementing regulations. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions in this Tax Exempt Financing Rider. X11 �Q u 1fYcX1^. Dat) Borrower