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Home My WebLink About86642102013623 AFTER RECORDING MAIL TO: The Jackson State Bank 112 Center St., PO Box 1788 Jackson, WY 83001 LOAN NO. 105 228 3861 8 86642! BOOK t4 PR PAGE 18 a RECEIVED JNC0!. N COUNTY 00 JUN 15 AM 11.5 5 JEANNE WAGNER KEMMERER. WYOMING [Space Above This Line For Recording Data] MORTGAGE THIS MORTGAGE "Security Instrument is given on June 1 4 2000 The mortgagor is Kenneth Richard Phillips. A Single Man "Borrower This Securitylnstrumentisgiven The Jackson State Bank, a State Bank which is organized and existing under the laws of t h e State of Wyoming. and whose address is 112 Center St.. PO Box 1788. Jackson, WY 83001 "Lender Borrower owes Lender the principal sum of Eighty Two Thousand Four Hundred Fifty Dollars and no /100 Dollars (U.S. 8 2 4 5 0 0 0 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 J u 1 y 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, the following described property located in L i n c o 1 n Wyoming: See Attached Legal Description marked "EXHIBIT A which has the address of 88 Mil 1 s County Road #407 Thayne [Street] [city] "Property Address Wyoming 8 3 1 2 7 [Zip Code] 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." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. WYOMING SINGLE FAMILY— FNMA/FHLMC UNIFORM INSTRUMENT FORM 3051 9/90 ISC /CMDTWY //0491/3051(9 -90) -L PAGE 1 OF 6 WYOMING SINGLE FAMILY-- FNMA/FHLMC UNIFORM INSTRUMENT ISC /CMD1WY //0491 051(9 -90) -L PA F 6 189 LOAN NO. 1 0 5 2 2 8 3 8 6 1 8 THIS SECURITY INSTRUMENT combines uniform covenants for national use and non uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum "Funds for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C§ 2601 et seq. "RESPA unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. However, Lender may require Borrower to pay a one -time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Instrument. If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender 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 FORM 3051 9/90 9 d0 E 3OVd 1406 450E /46170 /AM1aW0 /os1 06/6 490£ WHHOd IN3Wn111SNI W1iOdINn O1N1Hd/W1Nd 310NIS Aq pepinoad (sa_lnbaa aapuei ;0141 spo!_ad ay; ao; pue;unowe ay; u!) e6e_anoo eoue .1nsui e6e6pow p `_epue ;o uoi ;do eq ;e'paalnba.1 aq .1a6uol ou Aew s;uewAed eiuese.1 ssoi eoueansul e6e6pow ;o nail ui en.1esaa ssoi e se s;uewAed asap; ule ;0_ pue esn 'Wows II!M.1apue 'pep u! eq o; peseeo .10 pesdel e6e .1anoo aoueansul 814; uegM aaMoaaoB Aq pled 6ulaq wnlweid aoueansul a6e6pow ApeaA ay lo 'mew-euo o; lenbe wns a q;uow yoee aapuei o; Aed pegs aaMoaaoB 'algeilene ;ou sl 86ea8noo aoueansul e6e6pow ;ualenlnbe Allei ;ue;sgns ;I •aepue Aq panoadde aaJnsul a6e6pow a;eu .1e ;le ue wo .1; ;oa ;a u! 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Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a Toss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. 9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. 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 such payments. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for 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 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. 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Aue to eoRou u01lUM aepue ani6 /t1ldwoad is aeMOaaog Apedoad eta) to eoueue)u!ew o1 pus sesn le!)uepisea iewaou of eleudoadds eq of pez!u6009a /(peaeue6 eau ley) seouelsgns snopaezeH 10 se!muenb hews to pedoad ay) uo e6eao)s ao 'esn 'eouesead aql o1 Aidds lou !legs seoualuas OM16u!pa00ad 041 Meg leluswuoalnu3 uouelo!n u! s! lei)) Auedoad o41 6ul ;oalle 6u!yl/(ue 'op o) esie euoAue Mope aou 'op lou !pus aemaJJOe '/tJedoad eta) u! ao uo seouelsgns snopaezBH Aue to aseelea .10 'abeaols 'Iesods!p 'esn 'eouesead eq liwaed .10 esn lou Heys aemo.1ao8 •seoue;sgns snopaezeH 'OZ MU! elquoildde Aq pea!nbea uo!lewao)u! aeylo /(us u!u)uoo osie IUM eoRou 0141 spew aq pinotas sluewAed gol4M o1 sseappe eta) pus aso!naas usoi Mau 0141 to sseappe pus eweu eta) ems !!!M eoRou 0141 Mel algeolldde pue anoge ti tadea6e .1ed 141!M eouepa000e u! abueyo 041 to eo!lou wpm uan!6 eq II!M aaMoaaog `Jeo!naes ueo eta) to a6ueyo a s! my) 11 'e1ON eta) to ales e of peleienun aeolnaes ueog all to se6uuy3 eaow Jo euo eq Aew osie 0.10141 •luawnalsul /(lunoes s!yl pus eloN ay1 iepun enp sluewAed Aiyluow sloapoo ley) „aeoinaes ueoi ay1 se uMOU)!) 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Aue ao Auadaad 014110 pad Aue ao 11e )I 'aaMoaaog ul 400.101U1 Ielol ;sues a ao Apadoad 041 10 Ja;sueal 'LL •luewnalsul Alunoes s!tal to pus eloN 014410 Adoo pewaoluo0 euo uen!6 eq llegs.10MOaao8 Adoo s,.1aMOaaog •91. 8198C 90I 'ON NVO 7 6T s 193 LOAN NO. 105- 228 38618 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. 23. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. 24. 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)] 'II Adjustable Rate Rider ❑Condominium Rider ❑1 -4 Family Rider Graduated Payment Rider Planned Unit Development Rider Biweekly Payment Rider ['Balloon Rider Rate Improvement Rider Second Home Rider ®Other(s) [specify] TAX EXEMPT FINANCING 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. Witnesses: STATE OF WYOMING, Teton by Kenneth Richard Phillips My Commission expires: 'Lb. 21.0 2002. (Seal) Borrower (person acknowledging WYOMING— SINGLE FAMILY— FNMA/FHLMC UNIFORM INSTRUMENT ISC /CMDTWY /051(9 -90) -L PF 6 Kenneth Richard Phillips Social Security Number 209 The foregoing instrument was acknowledged before me this June 1 4 2 0 0 0 (date) Social Security Number Social Security Number Social Security Number [Space Below This Line For Acknowledgment] County ss: Notary Public FORM 3051 9/90 (Seal) Borrower (Seal) Borrower (Seal) Borrower itr"9 •buTuuTbas 3o qutod 9114 og '4aa3 OE•TLI 'auTT gseM pTes buoTe 'S,ILI,8000N aauagg :Agaadoad pTss 3o aauaoo 4safg4nos agg buTxaeuz gas adTd uoai Ue 04 4aa3 8t °t9Z 'A4aadoad pTgs 3o auTT 114110s 81 44 buoTe 'Mu6S,EE088N aaueg4 :Agaadoad pTes 3o aauaoa 4seag4n0s a11q buT4aeuz gas adTd Uoal Ue 04 4893 £0•ZLT 'auTT 4ses pTss buoTe 'M1LZ,80o0S aoUe144 :Agaadoad AeTuzI pTPs 3o auTT 4sea alp uT 4UTod a qe gas adtd uoai ue 04 4aa3 Lt•T9Z '3ut£,£r088S 90U9114 :(tts 9T /TMO) /TMSii /ISM pTss 3o aauaoo gsaMggaoM ago ao3 uoT4eOOT 869 S'I /Sd saaauTbu2 waxes agq buTxaeuz guauznuoyi adA4 ys z g agg uzoa3 Mu LT 80 0 0S 4aa3 0E•TLT butaq 4uTod pies 'seT4aadoad o4 paaaegaa anoge a114 3o auTT 4sem 0114 uT 4utod a 4e 4ag edtd uoal ue 4e DMINNIDSs :sMOTTO3 se pagtaosap ATaeTnotgaed aaouz buteq 'buTuzoAM 'A4uno3 uToOUTZ •N d 1 149 91 44 30 M6TT2i 'Nfi£1L 'TT uoT40ag 30 t /TMSt /TSN RIP uT TTe 'S5 abed uo '•g °d 5t1, xoos uT papaoOaa LE9S98 •oN quauznagsul uT 04 paaaa;aa A4aadoad APTuII 9114 3o uoT4aod V 17 61 I V J-)9 \1X3 \1 MORTGAGE ADDENDUM The following is an Addendum to the Mortgage. The addendum shall be incorporated into, and recorded with, the Mortgage. 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 futher 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 Exempt Financing Rider, may require immediate payment in full of all sums secured,by this Security Instrument 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: 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 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, all as provided in Section 143(d) and (i)(2) of the Internal Revenue Code; 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 (i)(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 Instrurrfent. 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. Kenneth Richard Phillips MPP 210 -B (Revised 12/95) 195