HomeMy WebLinkAbout979728ATEC 239287
record and return to:
State of WYOMING
I st Reverse Mortgage, USA
3609 S. Wadsworth Blvd Suite 500
Lakewood, CO 80235
Attn: Final Does
979728 12/16/2014 9:52 AM
LINCOLN COUNTY FEES: $36.00 PAGE 1OF 9
BOOK: 844 PAGE: 799 MORTGAGE
JEANNE WAGNER, LINCOLN COUNTY CLERK
111111111111111111 I I I I l 11111111111111111 I I I I I 11111111111 11111111111111111111111
(Space Above This Line For Recording Data(
FHA Case No. 591-1320608-961
Loan No. 907907556
MIN: 1000302-0907907556-9
FIXED RATE
HOME EQUITY CONVERSION MORTGAGE
THIS MORTGAGE "Security Instrument is given on December 11, 2014. The Mortgagor is
Rosina G Stoner, whose address is 121 Canyon Pines Way, Star Valley Ranch, Wyoming 83127
"Borrower This Security Instrument is given to Mortgage Electronic Registration Systems, Inc.
"MERS which is organized and existing under the laws of Delaware, and whose address is P.O.
Box 2026, Flint, MI 48501-2026, telephone (888) 679 -MERS. Cherry Creek Mortgage Co., Inc. is
organized and existing under the laws of Colorado, and has an address of 7600 East Orchard
Road, Suite 250 -N, Greenwood Village, CO 80111 "Lender Borrower has•agrced to repay to
Lender amounts which Lender is obligated to advance, including future advances, under the terms of a
Horne Equity Conversion Loan Agreement dated the same date as this Security Instrument "Loan
Agreement The agreement to repay is evidenced by Borrower's Fixed -Rate Note dated the same date
as this Security Instrument "Note The mortgagee of this Security Instrument is MERS (solely as
nominee for Lender and Lender's successors and assigns) and the successors and assigns of
MERS. This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the
Note, with interest at a fixed rate (interest), and all renewals, extensions and modifications of the Note,
up to a maximum principal amount of Two Hundred Seventy Seven Thousand, Five Hundred
Dollars and Zero Cents (U.S. $277,500.00 (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. The full debt, including amounts described in (a), (b), and (c) above,
if not due earlier, is due and payable on July 22, 2074. For this purpose, Borrower does hereby
mortgage, grant and convey to MERS and to the successors and assigns of MERS, with power of sale,
the following described property located in LINCOLN County, WYOMING:
See legal description as Exhibit A attached hereto and made a part hereof for all intents and
purposes
which has the address of
121 Cunyon Pines Way, Star Valley Rauch, Wyoming 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. 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
Pine 1 uf8 HECM First Mongege.2014
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.
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
loss 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 attic damaged Property, 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
first to the reduction of any 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 least 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. l3orrower 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 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
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 furnish 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 I2(c).
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 may do and pay whatever
is necessary to protect the value of the Properly 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,
l'nue 2 8 HECM First Mom/Age-20 14
6. Inspection. Lender or its agent may enter on, inspect or make appraisals of the Property in a
reasonable manner and at reasonable times provided that Lender shall give the Borrower notice 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. I f 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 to the reduction of the
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. Fccs. Lender may collect fees and charges authorized by the Secretary.
9. Non Borrowing Spouse. Borrower, N/A is married to N/A "Non Borrowing Spouse who is not a
Borrower under the terms of the "Note," "Loan Agreement" or this Security Instrument.
10. Grounds for Acceleration of Debt.
(a) Due and Payable Death.
(i) Except as provided in Paragraph I 0(a)(ii), 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 I0(a)(i) above for any
period of time "Deferral Period in which a Non-I3orrowing Spouse identified in Paragraph 9
resides in the Property as [his/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 us [his /her] Principal Residence;
c. Such Non Borrowing Spouse has established legal ownership or other ongoing legal
right to remain in the property securing this Nole;
d. All other obligations elite Borrower under the Nole, the Loan Agreement and this
Security Instrument continue to be satisfied; and
c. 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 terns 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 less than
99 years which is renewable or a lease having a remaining period of not less than 50 years beyond
the date of the 100th birthday of the youngest Borrower or retains a life estate (or retaining a
beneficial interest in a trust with such an interest in the Property). A deferral of due and payable 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;
(i) The Property ceases to be the principal residence of a Borrower for reasons other than death
and the Property is not tha 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 is not permitted when a Lender requires immediate payment in
full under section I0(C).
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11ECM First Mongegc -2014
(d) Notice and Certification to Lcndcr. 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 ofa 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 Paragraph 10 (b) and (c)
occur.
(e) 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 Lcndcr with a decd -in -lieu of foreclosure.
(1) Notice to 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.
(g) Trusts. Conveyance ofa Borrower's interest in the Property to a trust which meets the
requirements of the Secretary, or conveyance ofa trust's 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 eight (8) months from the date
hereof, if permitted by applicable law 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 eight (8) months 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 rcquircd immediate
payment -in -full. This right applies even after foreclosure proceedings arc 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 attorney'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 in (i) Lender has accepted reinstatement after the commencement of
foreclosure proceedings within two years immediately preceding the commencement ofa current
foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or
(iii) reinstatement will adversely affect the priority of the Security Instrument.
rage 4 uf8 HECM First Mongage•2e I4
13. Lien Status,
(a) Modification.
Borrower agrees to extend this Security Instrument in accordance with this Paragraph 12(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, *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. lorrower agrees to execute such documents. If state
law dots not permit the 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
lnstrumcnt.
(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 lien which may attain priority over this Security Instrument, Lender
may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or
more of the actions set forth above within I 0 days of the giving of notice.
14. 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.
15. 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.
16. 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.
17. 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.
18. Borrower's Copy. Borrower shall be given one conformed copy of the Note and this Security
Instrument.
19.Third Party Beneficiary. Except as set forth in Paragraph I0(a)(ii) and only for an identified
Non Borrowing Spouse in this document, this Security Instrument 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
Poo urs HECM Fire MangugaZUi4
third -party beneficiary to the Contract of Insurance between HUD and Lender.
NON UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
20. 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 Properly 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 reccivc 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)
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 19.
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.
21. Foreclosure Procedure. If Lender requires immediate payment in full under I'aragraph 10,
Lender at its option may require immediate payment in full of all sums secured by this Security
Instrument without further demand and may invoice the power of sale and any other remedies
permitted by applicable 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 invoices the power of sale, Lender shall give notice of intent to foreclose to Borrower to
the person in possession of the Property, if'different, in accordance with applicable law. Lender
shall give notice of sale to Borrower in the manner provided in Paragraph 16. 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 Properly at any sale. The proceeds of the sale shall
be applied in the following order: (a) to all expenses of the sale, including, but not limited to,
reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess
to the person or persons legally entitled to it.
22. 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 madc, regardless of the actual dale of uny 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 governmental unit special assessments or taxes.
23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this
Security Instrument without charge to Borrower. Borrower shall pay any recordation costs.
24. Waivers. Borrower waives all right of homestead exemption in the Property and relinquishes all
rights of curtesy and dower in the Property.
25. 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 of
interest, MIP, Servicing Fees, and other charges shall be obligatory.
26. 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
Other [Specify)
e
Page 6 urg
Planned Unit Development Rider
HECM Firs' Mongogc -2014
27. Nominee Capacity of MERS. MERS Serves as mortgagee of record and secured party solely as
nominee for Lender and its successors and assigns and holds legal title to the interests granted, assigned,
and transferred herein. AU 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.
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.
7 rho, 6., A-by-viir
Rosina G Stoner
State of WYOMING
County of sZY2)
(SEAL)
ISpacc Below This Line For Acknowledgment]
1
Date
This instrument was acknowledged before me this ,(g p p/rnA /I y (date) by
/Y
Notary Public G'LO/c //9 9 S
My Commission Expires: 9 /.S
Loan Originator Organization
Mortgage Loan Originator Organization: The Bank of Star Valley
Nationwide Mortgage Licensing system and Registry Identification Number: 460498
Individual Loan Originator
Mortgage Loan Originator: Mindy L Lyman
Nationwide Mortgage Licensing system and Registry Identification Number: 584324
Pop 7 efa
GLORIA K. BYERS NOTARY PUBLIC
County of t ;7 State of
Lincoln Wyoming
My Commiseon Expires September 15, 2015
I-!ECM Firm Mongoge -2014
239287
EXHIBIT A
Exhibit A to the Mortgage made on December 11, 2014, by Rosina G Stoner "Borrower to
Mortgage Electronic Registration Systems, Inc. "MERS "Mortgagee The Property is located in
the county of LINCOLN, state of Wyoming, described as follows:
Description of Property
LEGAL DESCRIPTION IS ATTACHED HERETO AS EXHIBIT 'A' AND MADE A PART
HERETO
Lot 46 of Star Valley Ranch Plat 13, Lincoln County, Wyoming, as described on the official plat
filed on August 10, 1977 as Instrument No. 496704 of the records of the Lincoln County Clerk
Page 8 of 8 HECM Fri Mortgage•2014
Planned Unit Development Rider
(Home Equity Conversion Mortgage)
FHA Case Number 591 1320608 -961
THIS PLANNED UNIT DEVELOPMENT RIDER is made on 12/11/2014 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 Cherry Creek Mortgage Co., Inc.( "Lender of the same date and covering the
Property described in the Security Instrument and located at:
121 Canyon Pines Way, Star Valley Ranch, Wyoming 83127
The Property is a part of a planned unit development "PUD known as
STAR VALLEY RANCH
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 3 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 lapse in required hazard
insurance coverage and deny 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 sums secured by this Security Instrument, with any excess paid to the entity
legally entitled thereto.
13. Borrower promises to pay all dues and assessments imposed pursuant to the legal instruments
creating and governing 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 terns 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 terns and provisions contained in
this PUD Rider.
Rm.)/
Rosina G Stoner Date
L909 OMaor Company NMLS e: 400488
Loan Officer MILS 0: 684374
7009 -7014 a0wnaVelon.lnc 1494.098
Papa %al
Printed: 17/10/2314
P009180,9,00 19222