HomeMy WebLinkAbout979486ATEC 249212
After Recording Retum To:
Liberty Home Equity Solutions, Inc.
10951 White Rock Road, Suite 200
Rancho Cordova, CA 95670
Prepared By:
Liberty Home Equity Solutions, Inc.
10951 White Rock Road, Suite 200
Rancho Cordova, CA 95670
State of Wyoming
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979486 11/25/2014 2:56 PM
LINCOLN COUNTY FEES: $51.00 PAGE 1OF 14
BOOK: 844 PAGE: 35 MORTGAGE
JEANNE WAGNER, LINCOLN COUNTY CLERK
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Space Above This Line For Recording Data
FHA Case Number. 591- 1317180/962 -255
Loan Number: 70558
MIN: 1007992-0000070558-1
ADJUSTABLE RATE
HOME EQUITY CONVERSION MORTGAGE
THIS MORTGAGE "Security Instrument Is given on November 20, 2014 "Date The mortgagor is:
Frances D. Shinkle, a single woman, and Anita L. Ivie, a single woman, as joint tenants, with full
rights of survivorship whose address Is: 41 BARBERRY WAY, STAR VALLEY RANCH, WY 83127
"Borrower"). The mortgagee under this Security Instrument Is Mortgage Electronic Registration
Systems, Inc. ('MERS'). MERS is a separate corporation that is acting solely as nominee for Lender, and
Lender's successors and assigns. MERS is organized and existing under the laws of Delaware, and has
an address and telephone number of P.O. Box 2026, Flint, MI 48501 -2026, tel. (888) 679 -MERS. This
Security Instrument is given to: Liberty Home Equity Solutions, Inc. which is organized and existing
under the laws of THE STATE OF CALIFORNIA, and whose address is: 10951 White Rock Road, Suite
200, Rancho Cordova, CA 95670 "Lender"). Borrower has agreed to repay to Lender amounts which
Lender is obligated to advance, including future advances under the terms of a Home Equity Conversion
Loan Agreement "Loan Agreement dated the same date as this Security Instrument. The agreement to
repay is evidenced by Borrower's Note dated the same date as this Security Instrument "Note This
Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest
at a rate subject to adjustment, and all renewals, extensions and modifications of the Note, up to a
maximum principal amount of TWO HUNDRED FORTY THOUSAND AND NO /100 (U.S. $240,000.00);
(b) the payment of all other sums, with Interest, advanced under Paragraph 5 to protect the security of
this Security Instrument or otherwise due under the terms of this Security Instrument; and (c) the
performance of Borrower's covenants and agreements under this Security Instrument and the Note and
Loan Agreement. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (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 Lincoln County, Wyoming:
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Legal description attached hereto as Exhibit A and by this reference made a part hereof.
which has the address of: 41 BARBERRY WAY, STAR VALLEY RANCH, WY 83127 "Property
Address
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
rights, 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 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 limited to, releasing and 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.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest. Borrower shall pay when due the principal of, and interest on,
the debt evidenced by the Note.
2. Payment of Property Charges. Borrower shall pay all Property Charges consisting of taxes, hazard
insurance premiums, flood insurance premiums, ground rents, condominium fees, planned unit
development fees, homeowner's association fees, and any other assessments that may be required
by local or state law in a timely manner, and shall provide evidence of payment to Lender, unless
Lender pays Property Charges by withholding funds from monthly payments due to the Borrower or
by charging such payments to a line of credit as provided for in the Loan Agreement.
3. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property,
whether now in existence or subsequently erected, against any hazards, casualties, and
contingencies, including fire. This insurance shall be maintained in the amounts, to the extent and
for the periods required by Lender or the Secretary of Housing and Urban Development
"Secretary"). 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 clauses in favor of, and in a form acceptable to,
Lender.
In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of
Toss if not made promptly by Borrower. Each insurance company concerned is hereby authorized
and directed to make payment for such loss to Lender instead of to Borrower and Lender jointly.
Insurance proceeds shall be applied to restoration or repair of the damaged Property, if the
restoration or repair is economically feasible and Lender's security is not lessened. If the restoration
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or repair is not economically feasible or Lender's security would be lessened, the insurance
proceeds shall be applied first to the reduction of any indebtedness under a Second Note and
Second Security Instrument held by the Secretary on the Property and then to the reduction of
indebtedness under the Note and this Security Instrument. 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 Security Instrument or other transfer of title to the Property that
extinguishes the Indebtedness, all right, title and interest of Borrower In and to insurance policies in
force shall pass to the purchaser.
4. 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 after the execution of this Security Instrument and Borrower (or at (east one
Borrower, if initially more than one person are Borrowers) shall continue to occupy the Property as
Borrower's Principal Residence for the term of the Security Instrument. "Principal Residence" shall
have the same meaning as in the Loan Agreement.
Borrower shall not commit waste or destroy, damage or substantially change the Property or allow
the Property to deteriorate, reasonable wear and tear excepted. 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 Borrowers
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 shall not be merged unless Lender agrees to the merger in writing.
5. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all
govemmental 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 fumish to Lender receipts evidencing these payments. Borrower shall
promptly discharge any lien which has priority over this Security Instrument In the manner provided
in Paragraph 13(c).
6.
If Borrower fails to make these payments or the property charges 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 or MERS 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.
To protect Lender's security in the Property, Lender shall advance and charge to Borrower all
amounts due to the Secretary for the Mortgage Insurance Premium as defined in the Loan
Agreement as well as all sums due to the loan servicer for servicing activities as defined in the Loan
Agreement. Any amounts disbursed by Lender under this Paragraph shall become an additional
debt of Borrower as provided for in the Loan Agreement and shall be secured by this Security
Instrument.
Inspection. Lender or its agent may enter on, inspect or make appraisals of the Property in a
reasonab e manner and at reasonable times provided that Lender shall give the Bow notice
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prior to any Inspection or appraisal specifying a purpose for the inspection or appraisal which must
be related to Lender's interest in 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 without notice to the Borrower.
7. 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 shall be paid to Lender. The proceeds shall be applied first to the reduction
of any indebtedness under a Second Note and Second Security Instrument held by the Secretary on
the Property, and then to the reduction of indebtedness under the Note and this Security Instrument.
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 entitled thereto.
8. Fees. Lender may collect fees and charges authorized by the Secretary.
9. Non Borrowing Spouse. Not Applicable
10. Grounds for Acceleration of Debt.
(a)
Due and Payable Death.
(i)
Except as provided in Paragraph 10(a)(11), Lender may require immediate payment In full
of all sums secured by this Security instrument if a Borrower dies and the Property Is not
the Principal Residence of at least one surviving Borrower.
(ii) Lender shall defer the Due and Payable requirement under Paragraph 10(a)(i) above for
any period of time "Deferral Period in which a Non Borrowing Spouse identified in
Paragraph 9 resides In the Property as his or her Principal Residence and all of the
following conditions are, and continue to be, met:
a. Such Non Borrowing Spouse remained the spouse of the identified Borrower
for the duration of such Borrower's lifetime;
b. Such Non Borrowing Spouse has occupied, and continues to occupy, the
Property securing the Note as his or her Principal Residence;
c. Such Non Borrowing Spouse has established legal ownership or other
ongoing legal right to remain in the Property securing the Note;
d. All other obligations of the Borrower under the Note, the Loan Agreement and
this Security Instrument continue to be satisfied; and
e. The Note is not eligible to be called due and payable for any other reason.
Should any of these conditions for deferral of Due and Payable Status not be met at
any time, the deferral of the Due and Payable Status shall cease and the Note will
become immediately due and payable in accordance with the terms of the Note.
(b) Due and Payable Sale. Lender may require immediate payment in full of all sums secured by
this Security Instrument if all of a Borrower's title in the Property (or his or her beneficial interest
in a trust owning all or part of the Property) is sold or otherwise transferred and no other
Borrower retains title to the Property in fee simple or retains a leasehold under a lease for not
Tess than 99 years which is renewable or a lease having a remaining period of not Tess than 50
years beyond the date of the 100th birthday of the youngest Borrower or retains a life estate,
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(or retaining a beneficial interest in a trust with such an interest in the Property). A deferral of
Due and Payable Status is not permitted when a Lender requires immediate payment in full
under this Paragraph.
(c) Due and Payable with Secretary Approval. Lender may require immediate payment -in -full
of all sums secured by this Security Instrument, upon approval of the Secretary, if:
(e)
(f)
(g)
(1)
The Property ceases to be the Principal Residence of a Borrower for reasons other
than death and the Property is not the Principal Residence of at least one other
Borrower; or
(ii) For a period of longer than 12 consecutive months, a Borrower fails to occupy the
Property because of physical or mental illness and the Property is not the Principal
Residence of at least one other Borrower; or
(iii) An obligation of the Borrower under this Security Instrument is not performed.
A deferral of Due and Payable Status is not permitted when a Lender requires immediate payment
in full under Paragraph 10(c).
(d) Notice and Certification to Lender. Borrower shall complete and provide to the Lender on an
annual basis a certification, in a form prescribed by the Lender, stating whether the Property
remains the Borrower's Principal Residence and, if applicable, the Principal Residence of his or
her Non Borrowing Spouse. Where a Borrower has identified a Non Borrowing Spouse in
Paragraph 9, the Borrower shall also complete and provide to the Lender on an annual basis, a
Non Borrowing Spouse certification, in a form prescribed by the Lender, certifying that all
requirements for the application of a Deferral Period continue to apply and continue to be met.
During a Deferral Period, the Borrower's annual certifications, required by this Paragraph, must
continue to be completed and provided to the Lender by the Non Borrowing Spouse. The
Borrower shall also notify Lender whenever any of the events listed in this Paragraph 10 (b)
and (c) occur.
Notice to Secretary and Borrower. Lender shall notify the Secretary and Borrower whenever
the loan becomes due and payable under Paragraph 10 (b) and (c). Lender shall not have the
right to commence foreclosure until Borrower has had 30 days after notice to either:
(i) Correct the matter which resulted in the Security Instrument coming due and payable; or
(ii) Pay the balance in full; or
(iii) Sell the Property for the lesser of the balance or 95% of the appraised value and apply
the net proceeds of the sale toward the balance; or
(iv) Provide the Lender with a deed -in -lieu of foreclosure.
Notice to the Secretary and Non Borrowing Spouse. Lender shall notify the Secretary and
any Non Borrowing Spouse identified in Paragraph 9 whenever any event listed in Paragraph
10 (b) and (c) occurs during a Deferral Period.
Trusts. Conveyance of a Borrower's interest in the Property to a trust which meets the
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requirements of the Secretary, or conveyance of a trusts interests In the Property to a
Borrower, shall not be considered a conveyance for purposes of this Paragraph 10. A trust
shall not be considered an occupant or be considered as having a Principal Residence for
purposes of this Paragraph 10.
(h) Mortgage Not Insured. Borrower agrees that should this Security Instrument and the Note
not be eligible for insurance under the National Housing Act within 60 days from the date
hereof, Lender may, 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.
11. No Deficiency Judgments. Borrower shall have no personal liability for payment of the debt
secured by this Security Instrument. Lender may enforce the debt only through sale of the Property.
Lender shall not be permitted to obtain a deficiency judgment against Borrower if the Security
Instrument is foreclosed. If this Security Instrument is assigned to the Secretary upon demand by
the Secretary, Borrower shall not be liable for any difference between the mortgage insurance
benefits paid to Lender and the outstanding indebtedness, including accrued interest, owed by
Borrower at the time of the assignment.
12. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate
payment -in -full. This right applies even after foreclosure proceedings are instituted. To reinstate this
Security Instrument, Borrower shall correct the condition which resulted in the requirement for
Immediate payment -in -full. Foreclosure costs and reasonable and customary attomey's fees and
expenses properly associated with the foreclosure proceeding shall be added to the principal
balance. 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, (11) reinstatement will preclude foreclosure on
different grounds in the future, or (iii) reinstatement will adversely affect the priority of the Security
Instrument.
13. Lien Status.
(a)
Modification. Borrower agrees to extend this Security Instrument in accordance with this
Paragraph 13(a). If Lender determines that the original lien status of the Security Instrument is
jeopardized under state law (including but not limited to situations where the amount secured
by the Security Instrument equals or exceeds the maximum principal amount stated or the
maximum period under which loan advances retain the same lien priority Initially granted to
loan advances has expired) and state law permits the original lien status to be maintained for
future loan advances through the execution and recordation of one or more documents, then
Lender shall obtain title evidence at Borrower's expense. If the title evidence indicates that the
property is not encumbered by any liens (except this Security Instrument, the Second Security
Instrument described in Paragraph 14(a), and any subordinate liens that the Lender
determines will also be subordinate to any future loan advances), Lender shall request the
Borrower to execute any documents necessary to protect the lien status of future loan
advances. Borrower agrees to execute such documents. If state law does not pe mit the
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original lien status to be extended to future loan advances, Borrower will be deemed to have
failed to have performed an obligation under this Security Instrument.
(b) Tax Deferral Programs. Borrower shall not participate in a real estate tax deferral program, if
any liens created by the tax deferral are not subordinate to this Security Instrument.
(c) Prior Liens. 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 forfeiture of any part of the Property; or (c) secures from
the holder of the lien an agreement satisfactory to Lender subordinating the lien to all amounts
secured by this Security Instrument. If Lender determines that any part of the Property is
subject to a Tien 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 more of the
actions set forth above within 10 days of the giving of notice.
14. Relationship to Second Security Instrument.
Second Security Instrument. In order to secure payments which the Secretary may make to
or on behalf of Borrower pursuant to Section 255(i)(1)(A) of the National Housing Act and the
Loan Agreement, the Secretary has required Borrower to execute a Second Note and a
Second Security Instrument on the Property.
(b) Relationship of First and Second Security Instruments. Payments made by the Secretary
shall not be included in the debt under the Note unless:
(a)
(c)
(i) This Security Instrument is assigned to the Secretary; or
(ii) The Secretary accepts reimbursement by the Lender for all payments made by the
Secretary.
If the circumstances described in (i) or (i)) occur, then all payments by the Secretary, including
interest on the payments, but excluding late charges paid by the Secretary, shall be included in
the debt under the Note.
Effect on Borrower. Where there is no assignment or reimbursement as described in (b)(i) or
(ii) and the Secretary makes payments to Borrower, than Borrower shall not:
(i) Be required to pay amounts owed under the Note, or pay any rents and revenues of the
Property under Paragraph 21 to Lender or a receiver of the Property, until the Secretary
has required payment -in -full of all outstanding principal and accrued interest under the
Second Note; or
(ii) Be obligated to pay interest or shared appreciation under the Note at any time, whether
accrued before or after the payments by the Secretary, and whether or not accrued
interest has been included in the principal balance under the Note.
(d) No Duty of the Secretary. The Secretary has no duty to Lender to enforce covenants of the
Second Security Instrument or to take actions to preserve the value of the Pro' even
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though Lender may be unable to collect amounts owed under the Note because of restrictions
in this Paragraph 14.
15. Forbearance by Lender Not a Waiver. 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.
16. Successors and Assigns Bound; Joint and Several Liability. The covenants and agreements of
this Security Instrument shall bind and benefit the successors and assigns of Lender. Borrower may
not assign any rights or obligations under this Security Instrument or under the Note, except to a
trust that meets the requirements of the Secretary. Borrower's covenants and agreements shall be
joint and several.
17. 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 all Borrowers jointly designate. Any
notice to Lender shall be given by first class mail to Lender's address stated herein or any address
Lender designates by notice to Borrower. Any notice to a Non Borrowing Spouse 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. Any
notice provided for in this Security Instrument shall be deemed to have been given to Borrower,
Lender, or Non- Borrowing Spouse when given as provided in this Paragraph 17.
18. 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.
19. Borrower's Copy. Borrower shall be given one conformed copy of the Note and this Security
Instrument.
20. Third -Party Beneficiary. Except as set forth in Paragraph 10(a)(ii) and only for an identified
Non Borrowing Spouse in this document, this Mortgage does not and is not intended to confer any
rights or remedies upon any person other than the parties. Borrower agrees that it is not a
third -party beneficiary to the Contract of Insurance between HUD and Lender.
NON UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
21. Assignment 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 sums secured by this Security
Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c)
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each tenant of the 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 21.
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 shall terminate when
the debt secured by this Security Instrument Is paid in full.
22. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 10,
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 provided by applicable law. Lender shall be entitled to collect all expenses incurred
in pursuing the remedies provided in this Paragraph 22, including, but not limited to,
reasonable attorneys' fees and costs of title evidence.
If Lender Invokes the power of sale, Lender shall give notice of Intent to foreclose to
Borrower and to the person in possession of the Property, if different, in accordance with
Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in
Paragraph 17. 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.
23. Lien Priority. The full amount secured by this Security Instrument shall have the same priority over
any other liens on the Property as if the full amount had been disbursed on the date the Initial
disbursement was made, regardless of the actual date of any disbursement. The amount secured
by this Security Instrument shall include all direct payments by Lender to Borrower and all other loan
advances permitted by this Security Instrument for any purpose. This lien priority shall apply
notwithstanding any State constitution, law or regulation, except that this lien priority shall not affect
the priority of any liens for unpaid State or local govemmental unit special assessments or taxes.
24. Adjustable Rate Feature. Under the Note, the initial stated interest rate of 2.563% which accrues
on the Principal Balance (Initial Interest Rate") is subject to change, as described below. When the
Interest rate changes, the new adjusted interest rate will be applied to the total outstanding Principal
Balance. Each adjustment to the interest rate will be based upon the interbank offered rates for one
year U.S. dollar- denominated deposits in the London market "LIBOR as published on the first
business day of each week in the "Money Rates" section of The Wall Street Joumal( "Index plus a
margin. If the Index is no longer available, Lender will use as a new Index any Index prescribed by
the Secretary. Lender will give Borrower notice of the new Index.
Lender will perform the calculations described below to determine the new adjusted interest rate.
The interest rate may change on the first day of December, 2015, and on [X] that day of each
succeeding year the first day of each succeeding month "Change Date until the loan is paid In
full.
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The value of the Index will be determined, using the most recent Index figure available thirty (30)
days before the Change Date "Current Index Before each Change Date, the new interest rate will
be calculated by adding a margin to the Current Index. The sum of the margin plus the Current
Index will be called the "Calculated Interest Rate for each Change Date. The Calculated Interest
Rate will be compared to the interest rate in effect Immediately prior to the current Change Date
"the Existing Interest Rate
[X] Annually Adjusting Variable Rate Feature The Calculated Interest Rate cannot be more than
2.0% higher or lower than the Existing Interest Rate, nor can it be more than 5.0% higher or lower
than the Initial Interest Rate.
Monthly Adjusting Variable Rate Feature The Calculated Interest Rate will never increase
above N/A Percent (N /A
The Calculated Interest Rate will be adjusted if necessary to comply with these rate limitation(s) and
will be in effect until the next Change Date. At any Change Date, if the Calculated Interest Rate
equals the Existing Interest Rate, the interest rate will not change.
25. Release. Upon payment of all sums secured by thls Security Instrument, Lender shall release this
Security Instrument. 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.
26. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption
laws of Wyoming.
27. Obligatory Loan Advances. Lender's responsibility to make Loan Advances under the terms of
the Loan Agreement, including Loan Advances of principal to Borrower as well as Loan Advances
for interest, MIP, Servicing Fees and other charges, shall be obligatory.
28. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded
together with 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
Shared Appreciation Rider Other [Specify]
29. Nominee Capacity of MERS. MERS serves as mortgagee of record and secured party solely as
nominee, in an administrative capacity, for Lender and its successors and assigns and holds legal
title to the interests granted, assigned, and transferred herein. All payments or deposits with respect
to the Secured Obligations shall be made to Lender, all advances under the Loan Documents shall
be made by Lender, and all consents, approvals, or other determinations required or permitted of
Mortgagee herein shall be made by Lender. MERS shall at all times comply with the instructions of
Lender and its successors and assigns. If necessary to comply with law or custom, MERS (for the
benefit of Lender and its successors and assigns) may be directed by Lender to exercise any or all
of those interests, including without limitation, the right to foreclose and sell the Property, and take
any action required of Lender, including without limitation, a release, discharge or reconveyance of
this Mortgage. Subject to the foregoing, all references herein to "Mortgagee" shall i lu• Lender
1111
70558GEN302
Acconlure Mortgage Cadonce Document Cantor 0 0251 05/14
11111 I 11111111
[X] Planned Unit Development Rider
(10 of 11) Wyoming Mortgage HECM ADJUSTABLE RATE MERS
and its successors and assigns.
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.
Borrower Frances D. Shinkle
State of Wyoming
ss
County of
airvc.2./e) -acri /YLke2,)
The foregoing instrument was acknowledged before me by am v1 ainf.:ict.- �T 4
this 070 day of LVOV 20 4
Witness my hand and official seal.
(Signature of person taking acknowl
e 72.0 0 ,r,e/L)
Title of Officer
My Commission expires: 9 /5- /5
Origination Company: First Interstate Bank
NMLSR ID: 561537
Originator: Patterson, Patti
NMLSR ID: 707817
Lender: Liberty Home Equity Solutions, Inc.
NMLSR ID: 3313
111111111111 111
Accontum Mortga e Cadence Document Corder 0251 06/14
Space Below This Line for Acknowledgement
gment)
(Seal)
Borrower Anita L. !vie
(11 of 11) Wyoming Mortgage HECM ADJUSTABLE RATE MERS
GLORIA K. BYERS NOTARY PUBLIC
County of
Lincoln
State of
Wyoming
My Commisson Expires S&ptember 15, 2015
(Seal)
FHA Case No.: 591 1317180/962 -255
Loan 70558
PLANNED UNIT DEVELOPMENT RIDER
(Home Equity Conversion Mortgage)
THIS PLANNED UNIT DEVELOPMENT RIDER is made this 20th day of November, 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 undersigned "Borrower") to secure Borrower's
Note "Note to Liberty Home Equity Solutions, Inc. "Lender of the same date and covering the
Property described in the Security Instrument and located at:
41 BARBERRY WAY, STAR VALLEY RANCH, WY 83127
[Property Address]
The Property is a part of a planned unit development "PUD known as:
Star Valley Ranch
[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 agree as follows:
A. So long as the Owners Association (or equivalent entity holding 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 improvements 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 or
the Secretary require, including fire and other hazards included within the term "extended coverage,"
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 payment of the premium for hazard insurance on the
Property, and (ii) Borrower's obligation under Paragraph 3 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 (apse 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 Borownr ar
[I t i t 1111 11 11111 11 111 I f 1 111111111
Accantum Mortgage Cadonce Document Cantor 0351 (03/06) (1 al 2)
hereby assigned and shall be paid to Lender for application to the sums 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 goveming the PUD.
C. If Borrower does not pay PUD 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.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD
Rider.
A2Ate 1 (Seal)
Borrower Frances D. Shinkle Borrower Anita L. Ivie
Origination Company: First Interstate Bank
NMLSR ID: 561537
Originator: Patterson, Patti
NMLSR ID: 707817
Lender: Liberty Home Equity Solutions, Inc.
NMLSR ID: 3313
1 1111111 IIIIIIUII 1 111
70558GE302
Acconturo Mortgago Cadmic(' oocum ni Canter 0351403106) (2 of 2)
(Seal)
AUL
249212
EXHIBIT "A"
Lot 14 (14) in Star Valley Ranch Plat Five (5) as platted and recorded in the Official Records of
Lincoln County, Wyoming.
��a