HomeMy WebLinkAbout86652703013469
AFTER RECORDING MAIL TO:
The Jackson State Bank
1 7
ICA n Ir0 N
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This M rtgage
Sit 111)1I.AiLi if MGRTRME!
PAif
Space Above This Line For Recording Data]
MORTGAGE
THIS MORTGAGE "Security Instrument is given on JUNE 19 2 0 0 0 The mortgagor is
KEN D. HARRIS and KAREN D. HARRIS, husband and wife
This Security Instrument is given to The Jackson State Bank.
a State Bank
which is organized and existing under the laws of the State of Wyoming. and whose address is
112 Center St.. PO Box 1788. Jackson. WY 83001 "Lender
Borrower owes Lender the principal sum of ONE HUNDRED FIFTY FOUR THOUSAND EIGHT HUNDRED DOLLARS an d no/1 0 0
Dollars (U.S. 154, 800.00 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, the following described property located in LINCOLN County
Wyoming:
LOT 28, FOREST MEADOW SUBDIVISION, ACCORDING TO THE OFFICIAL PLAT THEREOF,
RECORDED IN THE OFFICE OF THE COUNTY CLERK, LINCOLN COUNTY, WYOMING.
WYOMING— SINGLE FAMILY-- FNMA/FHLMC UNIFORM INSTRUMENT
ISC /CMDTWY//0491/3051(9 -90) -L PAGE 1 OF 6
866527
BOOK_ PR PAGE 410
RECEIVED
_INCC!..'I COUNTY C
00 JUN 20 P1112:
JEANNE v
KEMMERER, WYOMING
"Borrower
which has the address of 535 FOREST CIRCLE DRIVE ALPINE
[Street] [City]
Wyoming 83128 "Property Address
[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.
FORM 3051 9/90
06/6 ISM wand
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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 Toss, 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.
)AN NO. 7 136212
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 payments may no longer be required, at the
option of Lender, if mortgage insurance coverage (in the amount and for the periods that Lender requires) provided by
WYOMING-SINGLE FAMILY- FNMA/FHLMC UNIFORM INSTRUMENT
ISC /CMDTWY//0491/3051(9 -90) -L PAGE 3 OF 6
412
FORM 3051 9/90
06/61.50£ wand
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o1M aemaa08 /(uy •leaenes pue;ulof eq !legs s;ueweea6e pue s ;ueue/too sdemaao8 LG ydea6eaed ;o suolslnoad
eqi o;;oe[gns `JeMoaaoe pue aapua ;o su6isse pue saosseoons ay ;l ;aueq pue pup Heys wewna;sul /;!noes sly;
s ;ueweea6e pue s ;ueuanoo eta •sJeu6ls -o0 :l(;lllqufl lames puta;ulor :punog su6issy pue saosseoons •Zi
Apewei ao 1g61a /cue ;o esloaexe eqi epnioeid JO Jenlem B eq Heys /cpewea ao ;y6la /cue
6u1spJexe u! Jepuei /(q eoueaeagaol /(uy gsaga ;ul ul saosseoons s,JeMOaaos JO JeMOaaoe leul6po ay; /(q epew puewep
/cue to uoseea /(q;uewna ;sul ;lanoeg sly; /(q pamoes swns eLi; ;o uol ;ez!powe ;lpow eslmaay ;o Jo;uewi(ed ao; awl
pue ;xe 01 esnlea ao ;saaa ;u! u! aosseoons Rue ;su!e6e s6ulpeeooad eouewwoo o; paalnbei eq;ou !legs aepueq ;seaa ;ul
u! saosseoons s,aeMOaaoB JO aeM0.1J0e leu!6!Jo ay lo A1!I!ge1! eqi eseelea o; a ;eaado ;ou Heys J$MOaao8 ;o;seaeww
u! aosseoons i(ue o; aepue Aq pe ;uea6;uewn4sul ;lanoes sly; Aq pamoes swns ay ;o uol ;ez!Powe ;o uol ;eol ;!Pow
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•s ;uew/(ed
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ao pue;xe ;ou Heys ledloulad O; spaeooad ;o uol ;eolidde hue `6ul ;lJM ul eei6e asp/Pay ;o ISMOJJOEI pue.aapue sselu�
enp ueq;;ou JO aeg4e4M `;uewna;sui A;lalloes sly; /(q pamoes swns ay; o; JO /;Jaded
ay; ;o aledei JO uol;eao ;sea 04 aey ;le `uol ;do's ;l ;e `speeooad ay; Aldde pue ;oep0o o; pezpoy ;ne sl aepuei `uenl6 s! eol;ou
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o; sae};o aouwepuoo 844 aaM0aao8 0; iepue /(q aoRou Jelle 'dl JO `aeMoaaog /(q peuopuege s! /(ledoad 84111
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spun eouemsul e6e6;aow ao ;uewealnbea ay; !gun 'emese1 ssol a epinoad 0; ao Vella ul eoueansul e6e6pow ule ;u!ew
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i
DAN NO. 7136212 41 4
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest
in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums
secured by this Security Instrument. 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 may
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
WYOMING- SINGLE FAMILY- FNMA/FHLMC UNIFORM INSTRUMENT
ISC /CMDTWY //0491/3051(9 -90) -L PAGE 5 OF 6
FORM 3051 9/90
06/6 MOO INEIOd
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LOAN NO. 7136212
ADJUSTABLE RATE RIDER
(6 Month LIBOR Index -Rate Caps)
THIS ADJUSTABLE RATE RIDER is made thisl 9t h day of J u.n e2 0 0 0 and is incorporated
into and shall be deemed to amend and supplement the Mortgage, Deed of '1 rust or Security Deed (the "Security
Instrument of the same date given by the undersigned (the "Borrower to secure Borrower's Adjustable Rate Note
(the "Note to
(the "Lender of the same date and covering the property described in the Security Instrument and located
at:
535 Forest Circle Drive.Alpine.WY 83128
[Property Address]
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND
THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST
RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate of 1 1 0 0 0 0 The Note provides for changes in the
interest rate and the monthly payments, as follows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the first day of J u 1 y 2002 and on that day every
6th month thereafter. Each date on which my interest rate could change is called a "Change Date."
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the average of
interbank offered rates for six -month U.S. dollar- denominated deposits in the London market "LIBOR as
published in The Wall Street Journal. The most recent Index figure available as of the first business day of the month
immediately preceding the month in which the Change Date occurs is called the "Current Index."
If the Index is no longer available, the Note Holder will choose a new index which is based upon
comparable information. The Note Holder will give me notice of this choice.
(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding Six and Thirteen
Fortieths percentage points 6.325 to the Current Index. The Note
Holder will then round the result of this addition to the nearest one eighth of one percentage point (0.125
Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the
next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to
repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my
new interest rate in substantially equal payments. The result of this calculation will be the new amount of my
monthly payment.
(D) Limits on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than 12.500
Thereafter, my my interest rate will never be increased on any single Change Date by by more than one and
one half percentage points (1.5 from the rate of interest I have been paying for the preceding six months.
My interest rate will never be greater than 1 8 0 0 0
MULTISTATE ADJUSTABLE RATE RIDER —LIBOR Index Single Family- -FHLMC Uniform Instrument Form 3152 7/92
PAGE 1 OF 2
416
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sa6uet.10 Jo area 0AI100113 (3)
PLA" 'ED UNIT DEVELOPMENT 'DER LOAN NO. 7136212
THIS PLANNED UNIT DEVELOPMENT RIDER is made this 19 th day of JUNE, 2000 and is
incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the
"Security Instrument of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to
The Jackson State Bank, a State Bank
(the "Lender of the same date and covering the Property described in the Security Instrument and located at: 41 8
535 FOREST CIRCLE DRIVE, ALPINE, WYOMING 83128
[Property Address]
The Property includes, but is not limited to, a parcel of and improved with a dwelling, together with other such parcels
and certain common areas and facilities, as described in
covenants, conditions, and restrictions
(the "Declaration The Property is a part of a planned unit development known as
FOREST MEADOW SUBDIVISION
[Name of Planned Unit Development]
(the "PUD The Property also includes Borrower's interest in the homeowners association or equivalent entity owning
or managing the common areas and facilities of the PUD (the "Owners Association and the uses, benefits and
proceeds of Borrower's interest.
PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower
and Lender further covenant and agree as follows
A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent
Documents. The "Constituent Documents" are the: (1) Declaration; (11) articles of incorporation, trust instrument or any
equivalent document which creates the Owners Association; and (iii) any by -laws or other rules or regulations of the
Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the
Constituent Documents.
B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance
carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance
coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included
within the term "extended coverage then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one twelfth of the
yearly premium installments for hazard insurance on the Property; and
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is
deemed satisfied to the extent that the required coverage is provided by the Owners Association policy.
Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage provided by the
master or blanket policy.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the
Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and
shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, with any
excess paid to Borrower.
C. Public Liability Insurance.Borrower shall take such actions as may be reasonable to insure that the
Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to
Lender.
D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable
to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common
areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to
Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in
Uniform Covenant 10.
E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written
consent, either partition or subdivide the Property or consent to:
(i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the
case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain;
(ii) any amendment to any provision of the Constituent Documents" if the provision is for the express benefit
of Lender;
(iii) termination of professional management and assumption of self- management of the Owners Association;
or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by
the Owners Association unacceptable to Lender.
F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them.
Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the
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.
BY S IG ELOW, B ower accepts and agrees to the terms an rovisiops,eontained in this PUD Rider.
(Seal) (Seal)
NN Borrower Borrower
I (Seal) (Seal)
3 N D i FA i a Borrower -Borrower
FORM 3150 09/90
MULTISTATE PUD RIDER SINGLE FAMILY FNMA/FHLMC UNIFORM INSTRUMENT
ISC /CPU150(09 -90) -L