HomeMy WebLinkAbout978240Prepared By:
PATRICK TYSON
MEW PENN FINANCIAL, LLC
4000 ciIE1 ICAL ROAD
vxxxouss MRFTING, PA 19462
(949) 930 -0204
After Recording Rerun To:
NEW PENN FINANCIAL, LLC
4000 CHEMICAL ROAD, SUITE
200
Przmornx 24EE PA 19462
ATTN: TRAILING DOCUMENTS
REA'Wyoming Mortgage- 12/13
41323
[Space Above This Line For Recording Data]
MORTGAGE PEA Case No
1
Page 1 of 9
IRS
978240 9/3/2014 11:03 AM
LINCOLN COUNTY FEES: $45.00 PAGE 1OF 12
BOOK: 838 PAGE: 804 MORTGAGE
JEANNE WAGNER, LINCOLN COUNT( CLERK
1III1111111111it1111111111111II111111I111111IIIIII11IIIIIIIIIIIIIIII1III11111111
591- 1313572 -703
ttonrs
Loan*: 4114070203
PIN: 3123110306300
MN:100754441140702038
MERS Phor= 1-588- 679 -6377
THIS MORTGAGE "Security Instrument is given on AUGUST 29, 2014. The mortgagor is
AtaD w EvDEINS A SINGLE MAN "Borrower"). This Security Instrument is given to Mortgage
Electronic Registration Systems, Inc. ("MERS (solely as nominee for Lender, as hereinafter defined, and
Lender's successors and assigns), as mort agee. MGRS is organized and existing under the laws of Delaware,
and has an address and telephone number of PO Box 2026, Flint, MI 48501-2026, teL (888) 679 -MERS. NEW
pENki FuusxrcrAt;, /az ('''Lender is organized and existing under the laws of BB, and has an address of
4000 CHEMICAL ROAD, SUITE 200, PLYMOUTH MEETING, PA 19462. Borrower owes Lender
the principal sum of ONE HUNDRED SIKTTY THO1D'SANb FIVE .HUNDEED THIRTY -EIGHT AND
0al100 Dollars (U.S. S160,538 .00). This debt is evidenced by Borrower's note dated the same date as
this Security Instnnnent "Note which provides for monthly payments, with the full debt, if not paid
earlier, due and payable on SEPTEMBER 1, 2044. This Security Tnstrianent secures to Lender: (a) the
repayment ofthe 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 BooroweeS covenants and agreements under this
Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to
MFRS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns
of MERS, with power of sale, the following described property located in LINCOLIaf County, Wyoming:
SEE ATTACI ED L GnT. DESCRIPTION
which has the address of 175 VISTA EAST DRIB STAR VALLEY RANCH, WY 83127 ("Properly
Address
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
4714070203
be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the
"Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by
Borrower in this Security Instrument; but, if necessary to comply with law or custom, MERS (as nominee for
Lender and Lender's successors and assigns) has the right to exercise any or all of those interests, including,
but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender
including, but not Iimited to, releasing or canceling this Security Instrument.
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.
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.
Borrower and Lender covenant and agree as follows:
UNTFOlRM COVENANTS:
1. Payment of Principal, Interest and Late Charge
Borrower shall promptly pay when due the principal of, and interest on, the debt evidenced by the Note
and late charges due under the Note.
2. Monthly Payment of Taxes, Insurance and Outer Charges
Borrower shall include in each monthly payment, together with the principal and interest as set forth in
the Note and any late charges, a sum for
(a) taxes and special assessments levied or to be levied against the Property,
(b) leasehold payments or ground rents on the Property, and
(c) premiums for insurance required under ?araa aph 4. In any year in which the Lender must pay a
mortgage insurance premium to the Secretary of Housing and Urban Development "Secretary"), or
in any year in which such premium would have been required if Lender still held the Security
Instrument, each monthly payment shall also include either
(i) a sum for the annual mort insurance premium to be paid by Lender to the Secretary, or
(i i) a monthly charge instead of mort insurance premium if this Security Instrument is held by
the Secretary, in a reasonable amount to be determined by the Secretary. Except for the monthly
charge by the Secretary, these items are called "'Escrow Items" and the sums paid to Lender are
called "Escrow Funds
Lender may, at any time, collect and hold amounts for Escrow Items in an aggrega±e amount not to
exceed the maximum amount that may be required for Borrower's escrow account under the Real Estate
Settlement Procedures Act of 1974,12 U.S.C. Sec. 2601 et seq. and implementing regulations, 12 C.P.R.
Part 1624, as they may be amended from time to time (RESPA), except that the cushion or reserve
permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments
are available in the account may not be based on amounts due for the mortgage insurance premium.
If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA,
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Lender shall deal with the excess funds as required by RESPA. Ifthe amounts of funds held by Lender at
any time are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and
require Borrower to make up the shortage as permitted by RESPA.
The Escrow Funds are pledged as additional security for all sutras secured by this Security Instrument. If
,Borrower tenders to Lender the full payment of all such sums, Borrowers account shall be credited with
the balance remaining for all installment items (a), (b), and (c) and any mortgage insurance premium
installment that Lender•has not become obligated to pay to the Secretary, and shall promptly
refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its
acquisition by Lender, Borrower's account shall be credited with any balance remaining for all
installments for items (a), (b), and (c).
3. Application of payments
All payments under Paragraphs 1 and 2 shall be applied by Lender as follows.
First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly
charge by the Secretary instead of the monthly mortgage insurance premium;
Seeond, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and
other hazard insurance premiums, as required;
Third, to interest due under the Note;
Fourth, to amortization of the principal of the Note; and
Fifth, to late charges due under the Note.
4. Fire, Flood, and Other hard Insurance
Borrower shall insure all improvements on the property, whether now in existence or subsequently
erected, against any ha•rards, casualties, and contingencies, including fire, for which Lender requires
insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires.
Borrower shall also insure all improvements on the Property, whether now in existence or subsequently
erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with
companies approved by Lender. The insurance policies and any renewals shall be held by Lender and
shall include loss payable elapses in favor of and in a form acceptable to Lender.
In the event of Ioss, Borrower shall give Lender immediate notice by mail. Lender may make proof of
loss if not made promptly by Bo rrower. Each insurance company concerned is hereby authorized and
directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly.
All or any part of the insurance proceeds may be applied by Lender, at its option, either
(a) to the reduction of the indebtedness under the Note and this Seeurity Instrument, first to any
delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal, or
(b) to the restoration or repair of the damaged Property. Any application of the proceeds to the principal
shall not extend or postpone the due date of the monthly payments which are referred to in.
Paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an
amount required to pay all outstanding indebtedness under the Note and this Security Instrument
shall be paid to the entity legally entitled thereto.
In the event of foreclosure of this Seeuaity Instrument or other transfer of title to the Property that
extinguishes the indebtedness, all right, title and interest ofBorrower in and to insurance policies in force
shall pass to the purchaser_
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5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Lan
Application; Leaseholds
Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty
days after the execution of this Security Instrment (or within sixty days of a later sale or transfer ofthe
Property) and shall continue to occupy the Property as Borrower's principal residence for at least one
year after the date of occupancy, unless Lender determines that requirement will cause undue hardship
for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower
shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy,
damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and
tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in
default. Lender may take reasonable action to protect and preserve such vacant or abandoned property.
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 Ioan 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 the provisions of the lease. If
Borrower acquires fee title to the Property, the leasehold and fee title shalt not be merged unless Lender
agrees to the merger in writing.
6. 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 place of condemnation,
are hereby assigned and shall be paid to Lender to the extent of the full amount ofthe indebtedness that
remains unpaid under the Note and this Security Instrument Lender shall apply such proceeds to the
reduction of the Indebtedness under the Note and this Security Instrument, first to any delinquent
amounts applied in the order provided itt Paragraph S, and then to prepayment of principal. Any
application of the proceeds to the principal shall not extend or postpone the due date of the monthly
payments, which are referred to in Paragraph 2, or change the amount of such payments. Any excess
proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security
Instrument shall be paid to the entity legally entitledthereto.
7. Charges to Borrower and Protection of Lender's Rights in the Property
Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in
Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the
payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request
Borrower shall promptly famish to Lender receipts evidencing these payments.
If Borrower fails to make thesepayments or the payments required by Paragraph 2, or fails to perform
any other 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, for
condemnation or to enforce laws or regulations), then. Lender may do and pay whatever is necessary to
protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard
insurance and other items mentioned in paragraph 2.
Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and
be secured by this Security Instrument These amounts shell bear Interest from the date of disbursement
at the Note rate, and at the option of Lender shall be immediately due and payable.
Borrower shall promptly discharge any Iien which has priority over this Security Instrument unless
Borrower:
.J
771
(a) agrees in writing to the payment of the obligation secured by the Iien in a manner acceptable to
Lender,
contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings
which in the Lenders opinion operate to prevent tare enforcement of the lien; or
secures from the holder of the lien, an agreement satisfactory to Lender subordinating the Hen to this
Security Instrument If Lender determines that any part of the Property is subject to a Iien which
may attenn 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.
S. Fees
Lender may collect fees and charges authorized by the Secretary.
9. Grounds for Acceleration of Debt
(a) Default. Lender may, except as Iintited by regulations issued by the Secretary in the case of
p defaults, require immediate payment in full of all sums secured by this Security Instrument
(b)
(i) Borrower defaults by failing to pay in full any monthly payment required by this Security
Instrument prior to or on•the due date of the next monthly payment, or
(ii) Borrower defaults by failing, fora period of thirty days, to perform any other obligations
contained in this Security Instrument.
Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section
341(d) of The Gant -St Germain Depository Institutions At of 1932,12 U.S.C. 170 ij -3(d)) and with
the prior approval of the Secretary, require immediate payment in full of all sums secured by this
Security Instrument if
(i) All or part of the Property, or a beneficial interest in a trust owning all or part of the property, is
sold or otherwise transferred (other than by devise or descent), and
(ii) The Property, is not occupied by the purchaser or grantee as his or her principal residence, or the
purchaser or grantee does so occupy the Property, but his or her credit has not been approved in
accordance with the requirements of the Secretary.
No Waiver. lf circumstances occur that would permit Lender to require immediate payment in full,
but Lender does not require such payments, Lender does not waive its rights with respect to
subsequent events.
Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary wilt
limit Lender rights, in the case of payment defaults, to require immediate payment in full and
foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not
permitted by regulations of the Secretary,
Islortgage Not Insured. Borrower agrees That if this Security Instrument and the Note are not
determined to be eligible for insurance under the National Housing Act within 60 days from the date
hereof Lender rnay, at its option, require immediate payment in full of all sums secured by this
Security Instrument A written statement of any authorized agent of the Secretary dated subsequent
to 60 days from the date hereof. declining to insure This Security Instrument and the Note, shall be
deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option May not be
exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a
mortgage insurance premium to the Secretary.
MIA. Wyonaiag Mortgage -12113
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(b)
(G)
(d
(e)
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10. Reinstatement
Borrower has a right to be reinstated if Lender has required immediate payment in full because of
Borrower's failure to pay an amount due under the Note or 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 attorney's 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 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
11. Borrower Not Released: Forbearance by Lender Not a W airver
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 Borrowers 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 shalt 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 ofParagaph 9(b). Borrowers covenants and
agreements shall be jointaand several. Any Borrower co- signs this Security Instrument but does not
execute the Note:
(a) is cosigning 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 Instruument; 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. Notices
Any notice to Borrower provided for in this Security Instrmnent shall be given by delivering it or by
mailing it by fast 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 olass•mail to Lender's address stated herein or any other address
Lender designates by notice to Borrower. Any notice provided for in this Security Instnanent shall be
deemed to have been even to Borrower or Lender when given as provided in this paragraph.
I4. Governing Law; Severability
This Security Instrument shall be governed by Federal Iaw 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
MA Wyoming Mortgage x7113
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41
conflicts with applicable law, subh conflict shall not affect other provisions ofthis 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.
15. Borrower's Copy
Borrower shall be given one conformed copy of the Note and of this Security Instrument
16. Ha zardous Substances
Borrower shall not cause or permitthe presence, use, disposal, storage, or release of any Hazardous
Substances on or in the Property. Borrower shall not do, no 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 noxntal residential uses and to maintenance ofthe Property.
Borrower shall promptly give Lender written notice of any Investigation, claim, demand, lawsuit or other
action by any governmental or resulatory agency or private party involving the Property and any
H. rdous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower
learns, or is notified by any governmental or reel ntoxy authority, that any removal or other remediation
of any Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all
necessary remedial actions in accordance with Environmental Law.
As used in this para raph 16, "Hazardous Substances" are those substances defined as toads or harardous
substances by Environmental Iaw 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 Paragmpli 16, '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 COVENA■TS Borrower and Lender further covenant and agree' as follows:
17..Assi„gnmext of Rents
Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property.
Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each
tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to
Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall
collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and
Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for
additional security only.
If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by
Borrower as trustee for benefit of Lender only, to be .applied to the stuns secured by the Security
Instrument; (b) Lender shall be entitled to collect and receive al! of the rents of the Property; and (c) each
tenant ofthe Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written
demand to the tenant,
Borrower has not executed any prior assignment of the rents and has not and will not perform any act
that would prevent Lender from exercising its rights under this Paragraph 17.
Lender shall not be required to enter upon, take control of or maintain the Property before or after giving
notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time
there is a breach. Any application of rents shall not cure or waive any default or invalidate any other
right or remedy of Lender. This assignment of rents Of the Property shalt terminate when the debt
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secured by the Security Instrument is paid in full.
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18. Foreclosure Procedure
If Lender requires immediate payment in full under Paragraph 9, Lender may foreclose this
Security Instrument either by advertisement and sale of the Property as provided by statute (the
power of sale provided for by statute being hereby expressly granted to Lender by Borrower) or
by an action in equity, and may invoke any other remedies permitted by applicable law. Lender
shall be entitled to collect all expenses incurred in pursuing the remedies provided in this
Paragraph 18, including, but not limited to, reasonable attorney's 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 afferent, in accordance with applicable law. Lender
shall eve notice of its intent to foreclose: to Borrower in the manner provided in Paragraph 13.
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, includin bat not limited
to, reasonable attorney's fees; (b) to all sums secured by this Security Instrument; and (c) any
excess to the person or persons legally entitled to it.
If the Lender's interest in this Security Instrument is held by the Secretary and tb e Secretary
requires immediate payment in full under paragraph 9, 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 *laxly rights otherwise available to a Lender under this Paragraph 18 or
applicable Iaw.
19. Release
Upon payment of all sums secured by this Security Instrument, Lender shall release this Security
Instrument to Borrower. Borrower shall pay any recordation costs. Lender may charge Borrower a fee
for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and
the charging of the fee is permitted under applicable law.
20. Waivers
Borrower releases and waives all rights under and by virtue of the homestead exemption laws of
Wyoming.
21. Riders to This Security Instrument
If one or more riders are executed by Borrower and recorded together witb.this Security Instrument, the
covenants 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)].
Condominium Rider 0 Growing Equity Rider 0 Adjustable Rate Rider
12 Planned Unit Development Rider Graduated Payment Rider
0 Other [specify)
C L J
411-4070203
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.
ANDREW 1:1(1EICTNS DATE
rSpate Below This Line For AdtnowkdmnentII
The foregoing instrument was acimowledged before me on 'i c',? C: j O\
4 4 by
I ltirlc� f <C L
JANE E, GEBI NOTARY PUBLIC
COUNTY OF r r STATE
CAMPBELL %�yl;., WYCMi
J
M Commission Exp es
FEU Wyoming Mortme -12113
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My Commission Expires- 1c) LC)1
MORTGAGE LOAN ORIGINATOR SHARON VaiKER
NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY IDENTIFICATION NUMBER
584317
MORTGAGE LOAN ORIGTHATION COMPANY'rete. BANK OE' STAR VALLEY, TEAgZ WY
BMX=
NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY IDENTIFICATION NUMBER
460498
Exhibit "A"
ALL OF' LOT 38 OF STAR VALLEY RANCH PLAT 9, LOCATED IN LINCOLN COUNTY,
'WYOMING, AS DESCRIBED ON TIE OFFICIAL MAP AND PLAT TIREOF FILED
MARCH 16, 1976 AS INSTRUMENT NO. 476272 IN THE OFFICE OF THE LINCOLN
COUNTY CLERK.
PLANNED UNIT DEVELOPMENT RIDER
ors
Loan 4114 070203
min 100754441140702038
FHA Case No: 591- 137.3572 -703
THIS PLANNED UNIT DEVELOPMENT RIDER is made this 29TH day of AUGUST
2014, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed
of Trust or Security Deed "Security Instrument of the same date given by the undersibned
"Borrower") to secure Borrower's Note ("Note to NEw PENN FINANCIAL, LLC "Lender
of the same date and covering the Property descxibed in the Security Instrument and located at:
175 vistA EAST DAVE, sTAR MILLET RANCH, via 8312'7 [Property Address]. The
Property Address is a part of a planned unit development "PUD known as STAR VALLEY
RANCE [Name of Planned Unit Development[.
PUD COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, Borrower and Lender further covenant and gree as follows:
A So long as the Owners Association (or equivalent entity bolding title to
common areas and facilities), acting as trustee for the homeowners, maintains,
with a generally accepted insurance carrier, a "master" or "blanket" policy insuring
the property located in the PUD, including all inzprovenients now existing or
hereafter erected on the mortgaged premises, and such policy is satisfactory to
Lender and provides insurance coverage in the amounts, for the periods, and
against the hazards Lender.requires, including fire and other hazards included
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6/96
1
within the term "extended covet -age," and loss by flood, to the extent required by
the Secretary, then_ (i) Lender waives the provision in Paragraph 2 of this Security
Instrument for the monthly payment to Lender of one twelfth of the yearly
premix= installments for hazard insurance on the Property, and (ii) Borrower's
obligation under Paragraph 4 of this Security Instrument 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 and
of any Loss occurring from a hazard. 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 for application to the smri< secured
by this Security Instrument, with any excess paid to the entity legally entitled
thereto.
B. Borrower promises to pay all dues and assessments imposed pursuant to the
legal instruments creating and governing the POD.
C. If Borrower does not pay PIJI) dues and assessments when due, then Lender
may pay them. Any amounts disbursed by Lender under this paragraph C 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.
Y SIGNING r Le Borrower accepts and agrees to the terms and provisions
co sa d in P 'der.
50.14
ANDREW BUDKTt37S DATE
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