HomeMy WebLinkAbout886678AFTER RECORDING MAIL TO:
iqajor Mortgage
1920 Thomes Ave., Ste 200
Cheyenne, WY 82001
TAYLOR. D2 AF
STATE OF WYOMING
S8559tl
PAGE
RECEIVED
'LINGOLI, I OCI..,,~,tT f CLERK
[8pace Above This Line For Recording Data]
Loan Number: 1527717
.WCDA DOWN PAYMENT LOAN MORTGAGE
This Mortgage ("Security Instrument") is given on N o v e m b e r 8 , 2002 . The Mortgagor is
Diana iq Taylor, A Single Woman
whoseaddressis152 A Alpine Drive,Alpine,WY 83128
Wyoming Corporation ("Borrower"). This Security Instrument is given to~ajor Mortgage, A
which is organized and existing under the laws ofw y o m i n g
and whose address i$1920 T h o m e s A v e.. S t e 200, C h e y e n n e. W Y 82001
("Lender"). Borrower owes Lender the principal sum of
Two Thousand Five Hundred Dollars and no/100
Dollars ($2.500.00 ,DC ) This debt is evidenced b B rr '
note dated the same date as this Security Instrument "N " . · y o ewers
( ote ), whl.c~rowdes for monthly payments, with the full debt,
if not paid earlier, due and payable on D e c e m b e r 1, :L~[~:~..OJ[O'his Security Instrument secures to Lender: (a)
the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the
payment of all other sums, with interest, advanced under Paragraph 6 to protect the security of this Security
Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the
Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following
described property located in L in c o 1 n County, Wyoming:
Unit A of Lost Elk Townhouse II Addition to
County, Wyoming according to that plat fil'ed
Offl'ce of County Clerk as Plat -No.
the Town of Alpine. Lincoln
October 25, 2002 in the
BOOK.
88667'8
RECEIVED
LINCOLN COI.)NTY CLERK'
03,.! N-3 8:52
which has the address of 1 5 3 A A 1 p i n e D r i v e A q p 1 n e
[Street] [City]
Wyoming 83128 ("Property Address");
[Zip Code]
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights,
appurtenances, rents, royalties, minera, oil and g&s dghts and profits, water rights and stock and afl fixtures now or
hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of
the foregoing is referred to in this Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to
mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record.
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any
encumbrances of record.
WCDA DOWN PAYMENT LOAN MORTGAGE
M PP-219 (01/94)
PAGE 1 OF 4 02/94 bmy
1. Payment of Pril~¢ipal, Interest and Late Char§e. Borrower shall pay when due the principal of, and interest
on, the debt evidenced by the Note, default interest, if applicable, and late charges due under the Note.
2. Payments of Taxes,. Insurance and Other Charges. Borrower shall make timely payment of any (a) taxes
and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the
Property, and (c) premiums 'for insurance required by Paragraph 4. The Borrower shall furnish proof of payment to
Lender upon request by the Lender.
3. Application of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows:
~ to interest due under the Note;
SECOND, to amortization of the principal of the Note;
THIRD, to late charges due under 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 amounts and for the periods that Lender requires.
Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected,
against loss by floods to the extent required by the Lender. All insurance shall be carried with companies approved by
Lender. The insurance policies and any renewals shall include loss payable clauses in favor of, and in a form
acceptable to, Lender. Borrower shall furnish a copy of the policy or policies of insurance to the Lender upon request
by the 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 insurance 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 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.
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 and shall continue to occupy the Property as Borrower's principal
residence for at least one year after the date of occupancy, unless the Lender determines this requirement will cause
undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control.
Borrower shall notify Lenders of any extenuating circumstances. Borrower shall not commit waste or destroy, damage
or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender
may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable
action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower,
during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to
provide Lender with any material information) in connection with the 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.
6. Charges to Borrower and Protection of Lender's Righta 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.
If Borrower fails to make these payments or the payments required by Paragraph 2, or falls to perform any other
covenants and agreements contained in this Security instrument, or there is a legal proceeding that may significantly
affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or
regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's
rights in the Property, including payment of taxes, hazard insurance.and other items mentioned in Paragraph 2.
Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and be
secured by this Security instrument. These amounts shall bear interest from the date of disbursement, at the Note rate,
or the default interest rate, and at the option of the Lender, shall be immediately due and payable.
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, 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 proceed~ to the reduction of the indebtedness under the
Note and this Security instrument, 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 the monthly payments, which are referred to in Paragraph 2, or change the amount of such payments. Any
excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security
Instrument shall be paid to the entity legally entitled thereto.
WCDA DOWN PAYMENT LOAN MORTGAGE
MPP-219 (01/94)
PAGE 2 OF 4 02/94 bmy
O~~'~ LOAN NO. ! 5 2 7),
8. Grounds for Acceleration of Debt. ~ 6 8 ~ '~'~ 3
(a) Default. Lender may require immediate payment in full of all sums secured by this Security instrument if:
(i) Borrower defaults bY failing to pay in full any monthly payment required by this Security Instrument prior
to or on the due date of the next monthly payment, or
(ii) Borrower defaults by failing, for a period of thirty days, to pedorm any other obligations contained in this
Security Instrument.
(b) Sale Without Credit Approval. Lender shall, if permitted by applicable law, require immediate payment in full
of all the sums secured by this Security Instrument if:
(i) All or pa~ of the Prope~y, or a beneficial interest in a trust owning all or pa~ of the Prope~y, is sold or
otherwise transferred (other than by devise or descent) by the Borrower, and
(ii) The Property is not ocrcupied by the purchaser or grantee as his or her principal residence, or the
purchaser or grantee does so occupy the Prope~y but his or her credit has not been approved in
accordance with the requirements of the Secretary.
(c) Default Interest. If Lender has not received the full monthly payment required by the Security Instrument by
the end of the thi~y calendar days after the payment is due, Lender may increase the interest rate as described in
Paragraph 2 of the Note*to twelve percent (12%). Lender may choose not to exercise this option without waiving its
right in the event of any subsequent default.
(d) 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.
9. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full
because of Borrower's failure to pay an amount due under the Note or this Securi~ Instrument. This right applies even
after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum
all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower
under this Security Instrument, foreclosure costs and reasonable and customa~ attorneys' fees and expenses properly
associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Securi~ 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, {il) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will
adversely affect the priority of the lien created by this Security Instrument.
10. Borrower Not Released; Forbearance by Lender Not a Waiver, Extension of the time of payment or
modification of amoAization of the sums secured by this Securi~ Instrument granted by Lender to any successor in
interest of Borrower Shall not operate to release the Ii'ability 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 othe~ise 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 Hght or remedy.
11. 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 8.b. Borrower's covenants and agreements shall be joint and several. Any Borrower who
co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to
modgage, grant and convey that Borrower's interest in the Prope~y under the terms of this Security Instrument; (b) is
not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other
Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security
Instrument or the Note without that Borrowers consent.
12. Notices. Any notice to Borrower provided for in this S~urity 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
Prope~y Address or any other address Borrower designates by notice to 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..
13. Governing Law; Severability. This Securl~ Instrument shall be governed by Federal law and the law of the
jurisdiction in which the Prope~y 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.
14. Borrower's Copy. Borrower shall be given one conformed copy of this S~urity Instrument.
15. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of
the Prope~y. 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 Prope~y 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 the Security Instrument; (b) Lender shall be entitled to
collect and receive all of the rents of the PropeAy; and (c) each tenant of the Prope~y 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 ~d will not pedorm any act that would
prevent Lender from exercising J.[s rights under this Paragraph 15. '
Lender shall not be required to enter upon, take control of or maintain the Prope~y 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 PropeAy shall terminate when the debt s~ured by the Security Instrument is paid in full.
The Lender or a judicially appointed receiver shall not be requir~ to post any bond or other security to enter upon,
take cont[ol of or maintain the prope~y.
WCDA DOWN PAYMENT LOAN MORTGAGE
MPP-219 (01/94)
PAGE 3 OF 4 02/94 bmy
TAYLOR. 02 AF
NON-UNIFORM COVENANTS. Borrower and Lender further covenant end agree as follows:
16. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 8, Lender may invoke
the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses
incurred in pursuing the remedies provided in this Paragraph 16, 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 12. Lender shall publish 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.
17, 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.
18. Waivers., Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of
curtesy and dower in the Property.
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 in a part of this Security Instrument.
[Check applicable box(es)]
F-] Condominium Rider
[--] Planned Unit Development Rider
Graduated Payment Rider
Other [Specify]
~-] Growing Equity Rider
[~] Other [Specify]
BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in pages 1 through 4 of this Security
Instrument and in any rider(s) executed by Borrower and recorded with it.
Witnesses:
~eal)
~rroeal)
war
E~Seal)
orrower
E[Seal)
orrower
STATE OF WYOMING,IL i n c o 1 n
The foregoing instrument was acknowledged before me this 8 t h
by Diana H Taylor, A Slngle Woman
day
County ss.'~~:z~
of November, 2002
No~ry Public C '
WCDA DOWN PAYMENT LOAN MORTGAGE
MPP-219 (01/94)
PAGE 4 OF 4
02/94 bmy