HomeMy WebLinkAbout877616 -[Space Above This Line For Recording Data]
State of Wyoming I FHA Case No.
AP# M13ROBBT2793752 MORTGAGE 591-0903696-703
LN# 2793752
THIS MORTGAGE ("Security Instrument") is given on November 19, 2001
The M°rtgag°r is ~A¥ }0 J. ROBERTS and BOBBIE JO ROBERTS, husband arid wife
('Borrower"). This Security Instrument is given to REPUBLIC MORTGAGE HOME LOANS, LLC
which is organized and existing under the laws of The State of Utah , and
whose address is 4516 SOUTH 700 EAST, SUITE 300, SALT LAKE CITY, UT 84107
("Lender"). Borrower owes Lender the principal sum of
Fifty Four Thousand Nine Hundred Seventy Nine and no/100
Dollars (U.S. $ 54,979.00 ).
This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which
provides for monthly payrnents, with the full debt, if not paid earlier, due and payable on December 1, 2031
· This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the
Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums,
with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance
FHA Wyoming Mortgage - 4/96
AP// M13ROBBT2793752 LN// 2793752
of Borrower's covenants and agreements under this Security Instrument and the Note. For this propose, Borrower
does hereby Inortgage, grant and convey to the Lender with power of sale, the following described property located
in L I NC 0 L N County, Wyoming:
LOT 10 AND THE WESTERLY 35 FEET OF LOT 11 OF BLOCK 6 OF THE WILLOW ADDITION TO
THE TOWN OF KEMMERER, LINCOLN COUNTY WYOMING AS DESCRIBED ON THE OFFICIAL PLAT
THEREOF. '
which bas the address of 214 EMERY STREET, KEMMERER lStreet, Cityl,
Wyoming 83 i 01 [Zip Code] CProperty Address");
TOGETHER WITH all the improve~nents now or hereafter erected on the property, vd~d all easements,
appurtenances and fixtures now or hereafter a part of the property. All replacements and additions shall also be
covered by this Security, Instrument. All of the foregoing is referred to in this Security Instrument as the "Property."
BORROWER COVENANTS that Bor/'ower is lawfully seized of the estate hereby conveyed and has the right to
mortgage, grant and convey the Pr. operty 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 an),
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:
UNIFORM COVENANTS.
1. Payment of Principal, Interest and Late Charge. Borrower shall 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 Other 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 Ca) taxes and
special assessments levied or to be levied against the Property, Cb) leasehold payments or ground rents on the
Property, and Cc) pre~niums lbr insurance required under paragraph 4. In any year in which the Lender must pay a
mortgage insurance premium to the Secretary of Housing and Urban Development ("Secretary"), 9r 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 mortgage insurance premium to be paid by Lender to the Secretary,
or (ii) a monthly charge instead of a mor'tgage insurance premimn if this Security Instrument is held by the Secretary,
in a reasonable amount to be deter~nined 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 auy time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the
maximum amount that may be required for Borrower's escrow account under the Real Estate Settlelnent Procedures
Act of 1974, 12 U.S.C. Section 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be
amended from time to time ("RESPA"), except that the cushion or reserve permitted by RESPA f6r unanticipated
disbursements or disbursements before the Borrower's payments are available in the account may not be based on
anlounts clue for the mortgage iusurance prenlium.
~(~4RJWY) (9604,.01 Page 2 al' 8 ~_(~
AP# M]3ROBBT2793752 LN# 2793752
If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender
shall account to Borrower for the excess funds as required by RESPA. If the 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 additioual security for all sums secured by this Security Instrument. If
.Borrower tenders to Lender the full payment of ail such sums, Borrower's account shall be credited with the balance
remaining for all instalhnent items (a), (b), and (c) and any mortgage insurance premium installment that Lender has
not become obligated to pay to the Secrefary, and Lender 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 mouthly charge by the
Secretary instead of the monthly mortgage insurance premium;
Second, to any taxes, special assesslnents, leasehold payments or ground rents, and fire, flood and other hazard
insurance premiums, as required;
Thirt[, to interest due under the Noie;
Fourth, to amortization of the principal of the Note; mid
Fir(Il, to late charges due tinder the Note.
4. 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, for which
Lender requires insurance. This insurance shall be maintained in the mnounts 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
clauses in favor 0f, 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 directly to Lender, instead of to Borrower and to Lender .jointly. All or any part of the insnrance
proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and
this Security 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 outstm~ding
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 mid to insurance policies in force shall pass to the
purchaser.
5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty
days after the execution of this Security Instrument (or withiu sixty days of a later sale or transfer of the Property)
and shall continue to occupy the Proper'ty as Borrower's principal residence for at least one year after the (late of
occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, Or unless extenuatiug
circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating
circumstances. Bon:ower 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
4R(WY) (96o4}.o~ Page 3 of 8
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AP# M13ROBBT2793752 LN# 2793752
abandoned Property. Borrower shall also he 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 occupancs; of the Property as a principal residence. If this Security Instrmnent is on a
leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, tl~e
leasehold and fee title shall not be merged unless Lender agrees to the merger in writing.
6. Condenmation. The proceeds of any award or claim for damages, direct or consequential, in connection with
any condenmation 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 of the 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 Instrmnent, first to any delinquent amounts applied in the order provided in
paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or
postpone the due date of fl~e monthly payments, which are referred to in paragraph 2, or cliange the amount of such
payments. Any excess proceeds over an amount required to pay all outstanding indebtednesg under the Note and this
Security Instrument shall be paid to the entity legally entitled thereto.
7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all
governlnental or gnunicipal 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 paytnent. If failure to pay wonld adversely affect
Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts
evidencing these paym~j~ts.
If Borrower fails to make these payments or the payments reqnired hy paragraph 2, Qr 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 bankrulJtcy, 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 becoxne an additional debt of Borrower and be
secured by this Security Instrument. These amounts shall bear interest fi'~m 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 lien which has priority over this Security Instrmnent 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 enforce~nent of the lien; or (c) secures from the holder of the lien an
agreement satisfactory to Lender subordinating the lien to this Security Instrmnent. 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 10 days of the giving of notice.
8. Fees. Lender may collect fees and charges authorized by the Secretary.
9. Grotmds for Acceleration of Deht.
(a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payxnent
defaults, require innnediate payment in full of all sums secured by this Security Instnunent if:
(i) Borrower defaults by fail'ing to pay in full any monthly pay~nent required by this Security Instrument
prior to or on tile due date of the next monthly payment, or
(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained
' in this Security Instrument.
(b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(d)
of the Garn-St. Germam Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior
approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument
if:
initials',-_
AP# M13ROBBT2793752 AP,# 2793752
(il 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), ,'md
(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.
(c) No Waiver. if 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.
(d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will Ii,nit
Lender's rights, in the case of payment defaults, to require inunediate 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.
(el Mortgage Not hlsured. Borrower agrees that if this Security Instrument and the NOte are uot determined
to be eligible for insurance under the Natioual Housing Act within 60 days from' the date hereof, Lender
may, at its option, require intmediate payment in full of all sums secured by thi~' Security Instrument. A
written statement of any authorized agent of the Secretary dated subseqnent to 6(I days from the date hei'eof,
declilfing to insure this Security Instrmnent and the Note, shall be deemed conclusive proof of such
ineligibility. Notwitbstandiug the foregoing, this optiou may not be exercised by Lender when the
unavailability of insurance is solely due to Lender's failure to remit a ~nortgage insurance prenfium to the
Secretary.
10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate pay~nent in full
because of Borrower's failure to pay an amount due under the Note or this Security Ins. trument. This right applies
even after foreclosure',proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a
lump sum all amouuts, required to bring B°rrower's account current including, to the extent they are obligations of
Borrower under this Security Instrument., foreclosure costs and reasonable and customary attorneys' fees and expenses
.properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and
the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full.
However, Lender is not required to permit reinstatement if: (il 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 Waiver. Extension of the time of 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 r. elease the liability of the original Borrower or Borrower's successor in
interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend
time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any
demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising
any right or remedy shall not be a waiver of or preclude the exercise of any right, or remedy.
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 of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who
co-signs this Security Instrument but d6es not execute the Note: (al is co-signing this Security Instrument only to
mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b)
is not personally obligated to pay the sums secured by this Security ·Instrument; and (c) agrees that Lender and any
other Bo,'rower may agree to extend, modify, forbear or make any acconunodations with regard to the terms of this
Security Instrument or the Note without that Borrower's consent.
(~4R(WY) (9604),01 Page 5 o~ 6 "ff.
AP// Fl13ROBBT2793752 LN# 2793752
I3. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or
by mailing it by first class ~nail unless applicable law requires use of another ~nethod. The notice shall be directed to
the Property Address or any other address .Borrower designates by notice ~o Lender. 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 provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when
given as provided in this paragraph.
14. Governi~tg Law; Se~'erability.'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 an), provision or clause of this Security Instrument
or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrumeut 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.
IS. l]orrower~s Copy. Borrower shall be given one conformed copy of the Note and of this Security
Instrument.
16. Hazardous Substa~ces. Borrower shall not cause or permit the presence, use, disibosal, storage, or release
of any Hazardous Substances on or irt the Property. Borrower shall not do, nor allow anyone else to do, anything
affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to
the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally
recognized to be appropriate to normal residential uses and to maintenax~ce of the Property.
Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action
by any governmental o,r regulatory agency or private party involving the Property and any Hazardous Substance or
Environmental Law of ~vhich Borrower has actual knowledge. If Borrower learns, or is notified, by any governmental
or'regulatory authority,' that any removal or other remediation of any Hazardous Substances affecting the Property is
necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law.
As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous
substances by Environmental Law and the following substances: gasoliue, kerosene, other flammable or toxic
petroleum products, toxic pesticides a~d herbicides, volatile solvents, materials containing asbestos or formaldehyde,
and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws and laws of the
jurisdiction where the Property is located that relate to health, safety or enviromnental protection.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
1'7. Assignment o[' Rents. Borrower unconditionally assigns and transfers to Lender all the reuts 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 Leuder's agents. However, prim' to Lender's notice to
Bon'ower 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 tile 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 the 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 Leuder or Lender's agent on Lender's written demand to the tenant.
Borrower has not executed any prioi' assigmnent of the rents trod has not and will not perform any act that would
preveut Lender from exercisi~ng its rights under this paragraph 17.
Lender shall not be required to enter upon, take control of or maintain thc Property before or after giving notice
of breach to Borrower. ttowever, Lender or a judicially appointed receiver may do so at any time there is a breach.
Arty application of rents shall not cure or waive any default or invalidate aery other right or remedy of Lender. This
assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full.
AP# M13ROBBT2793752 LN# 2793752
:18. Foreclosm-e I'rocedure. If Lender requires immediate payment ill full uuder paragraph 9, Lender may
invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect
all expenses incurred iu pursuing the remedies provided in this paragraph 18, 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 iutent 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 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 pm'chase the
Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to ali expenses Of the
sale, including, but not limited to, reasouable attorneys' fees; (b) to all sums secured by this Security
Instrument; aud (c) ally excess to tile person or persons legally entitled to it.
If the Lender's interest in this Security Instrument is held by the SecretarY, and tile Secretary requires
immediate payment in full under Paragraph 9, the Secretary lnay invoke the no,njudicial power of sale
provided ill the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting
a foreclosnre commissioner designated under the Act to commence foreclosure and to sell the Property as
provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise
available to a Lender under this Paragraph 18 or applicable law.
19. Release. Upou 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.
20. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of
curtesy and dower in the Property.
21. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together
with this Security Instrument, tile 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 Rkter [--] Growing Equity Rider [--~ Other [specify]
[~ Plammd Unit Development Rider ~ Graduated Payment Rider
~<~4R{WY);(96°q)'01 PaDe 7 o~ 8 Initials:~
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