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HomeMy WebLinkAbout976504FHA- PARTIAL CLAIM This Document being ecorded by RockyMountain Title r n ukance Agency of Lincoln as a q.OURTESY only 976504 5/5/2014 3:02 PM LINCOLN COUNTY FEES: $30.00 PAGE 1 OF 7 BOOK: 831 PAGE: 830 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK 11111111IIIIII IIII IIIIII IIIII II 11III IID IIIII IIIII IIIII IIIII IIII111111IIII III! SPACE ABOVE FOR RECORDER USE WHEN RECORDED MAIL TO: Bank of America, N.A. 11802 Ridge Parkway, Suite 100 Broomfield, CO 80021 Prepared by: ry\ C s S Bank of America, N.A. ate- bo ?)(b0 U FHA Case No. 5911 9602703 5•02 Doc ID 0652135702777105B See Exhibit B for assignments of record if applicable (09 S96 8Z ORTGAGE THIS MORTGAGE "Security Instrument is given on March 13, 2014. The Mortgagor(s) are Carlton Stringer and Theresa Cope, whose address is 113 Gallup Dr, Etna, WY 83118 "Borrower This Security Instrument is given to the Secretary of Housing and Urban Development, and whose address is Department of Housing and Urban Development, Attention: C&L Service Corp./ Morris Griffin Corp. 2488 E 81st Street, Suite 700, Tulsa, OK 74137 "Lender Borrower owes Lender the principal sum of $4,057.16. This debt is evidenced by Borrower's note dated the same date as this Security Instrument "Note which provides for the full debt, if not paid earlier, due and payable on March 1, 2044. This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, and all renewals, extensions and modifications of the Note: (b) the payment of all other sums, with interest, advanced under Paragraph 2 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, warrant, grant and convey to the Lender, with power of sale, the following described property located in LINCOLN County, State of Wyoming: which has the address 113 Gallup Dr, Etna, WY 83118 (See Exhibit A for Legal Description if applicable) "Property Address more particularly described as set forth in Schedule A attached hereto and made a part hereof: WYOMING SUBORDINATE MORTGAGE 10/97 HUD INSTRUMENT Page 1 of 6 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 seized 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 or record. 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. Borrower shall pay when due the principal of the debt evidenced by the Note, together with interest or other charges as provided in the Note and the Security Instrument. 2. LENDER'S RIGHT TO TAKE ACTION TO PROTECT THE PROPERTY. If (A) Borrower does not keep all promises and agreements made in this Security Instrument, or (B) someone, including Borrower, begins a legal proceeding that may significantly affect Lender's rights in the Property (such as, for example, a legal proceeding in bankruptcy, in probate, for condemnation, 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 under this Paragraph 2 may include, for example, appearing in court, paying reasonable attorneys' fees, and entering on the Property to make repairs. Lender must give Borrower notice before Lender may take any of these actions. Borrower will pay to Lender any amounts, with interest, which Lender spends under this Paragraph 2. This Security Instrument will protect Lender in case Borrower does not keep this promise to pay those amounts with interest. Borrower will pay those amounts to Lender when Lender sends Borrower a notice requesting that Borrower do so. Borrower will also pay interest on those amounts at the same rate stated in the Note. Interest on each amount will begin on the date that the amount is spent by Lender. However, Lender and Borrower may agree in writing to terms of payment that are different from those in this paragraph. Although Lender may take action under this Paragraph 2, Lender does not have to do so. WYOMING SUBORDINATE MORTGAGE 10/97 HUD INSTRUMENT FHA- PARTIAL CLAIM Page 2 of 6 FHA- PARTIAL CLAIM 3. BORROWER NOT RELEASED; FORBEARANCES BY LENDER NOT A WAIVER. Extension of the time of payment 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 successor 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. 4. 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. 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 consigning 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 term of this Security Instrument or the Note without that Borrower's consent. 5. 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: Department of Housing and Urban Development, Attention: C &L Service Corp. /Morris Griffin Corp. 2488 IE 81st Street, Suite 700, Tulsa, OK 74137 or any 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. 6. 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. 7. BORROWER'S COPY. Borrower shall be given one conformed copy of the Note and of this Security Instrument. NON UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: WYOMING SUBORDINATE MORTGAGE 10/97 HUD INSTRUMENT Page 3 of 6 8. ACCELERATION; REMEDIES. If Borrower fails to keep any promise or agreement made in this Security Instrument, including the promise to pay, when due, the amount owed under the Note and under this Security Instrument, Lender, prior to acceleration, shall give notice to Borrower as provided in paragraph 5 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument foreclosure by judicial proceedings, and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums secured by this Security Instrument to be immediately due and payable without further demand and may foreclose this Security Instrument by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, court costs, and costs of documentary evidence, abstracts and title reports. FHA- PARTIAL CLAIM If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under the Paragraph 7 of the Subordinate Note, 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 or applicable law. WYOMING SUBORDINATE MORTGAGE 10/97 HUD INSTRUMENT Page 4 of 6 9. BORROWER'S RIGHT T REINSTATE. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to keep any promise or agreement made in this Security Instrument, including the promise to pay, when due, the amounts due under the Note and 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 the 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. 10. RELEASE. Upon payment of all sums secured by this Security Instrument, Lender shall cancel this Security Instrument without charge to Borrower. Borrower shall pay all costs of recordation, if any. 11. NO CLAIM OF CREDIT FOR TAXES. Borrower will not make or claim credit on or deduction from the principal or interest on the sums secured by this Security Instrument by reason of any municipal or governmental taxes, assessments or charges assessed upon the Property, nor claim any deduction from the taxable value of the property by reason of this Security Instrument. Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has priority over this Security Instrument to give Notice to Lender, at Lender's address set forth on page one of this Security Instrument, of any default under the superior encumbrance and of any sale or other foreclosure action. WYOMING SUBORDINATE MORTGAGE 10/97 HUD INSTRUMENT FHA- PARTIAL CLAIM REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Page5of6 By SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security Instrument and in any riders(s) executed by Borrower and recorded with it. NESS WHE IN WI T eresa Cope State of Wyoming County V.4_4)K The foregoing instrument was acknowledged before me by t l Sk-riNciar 4lturre5cd. (Borrower(s) Name Printed) this day of ri t Witness my hand and official seal. EOF, Borrower has executed this Security Instrument. 20 1' of notarial officer) v,..bl i G Title of Officer My Commission expires: oD t 1 •1S (Space Below This Line Reserved For Lender and Recorder) WYOMING SUBORDINATE MORTGAGE 10/97 HUD INSTRUMENT FHA- PARTIAL CLAIM Page 6 of 6 Exhibit A Legal Description Lot 197 of Nordic Ranches Division No, 13 Lincoln County, Wyoming a$ described on the official plat filed on October 3 2002 as instrument No, 884517 of the records of the Lincoln County Clerk.