HomeMy WebLinkAbout88828488828L.,
RECEIVED
:LINCOLN COUNTY CLERK
WHEN RECORDED MAIL TO:
SECURITY STATE BANK
P.O. BOX 489
GILLETTE, WY 82717
Loan No.: 92389481
BOOK ~..Z~ PR PAGE
[Space Above This Line For I:~cording [2eta]
MORTGAGE
591-0928488-703
THIS MORTGAGE (" Security Instrument") is given on MARCH 7, 2003 The mortgagor
isRAYMOND L. MCKENZIE AND HEIDEE B. MCKENZIE, HUSBAND AND WYFE
whose address is 110 LARIAT CIRCLE
ETNA, WY 83118
is given to SECURITY STATE BANK
(" Borrower" ).
This Security Instrument
which is organized and existing under the laws of THE STATE OF WYOMING , and whose
address is 2124 SO. DOUGLAS HIGHWAY/P.O BOX48
GILLETTE, WY 82717 (" Lender").
Borrower owes Lender the principal sum of
ONE HUNDRED FORTY-SEVEN THOUSAND NINE HUNDRED TEN AND 00/100
Dollars (U.S. $ 147,910.00 ). Tlfis debt is evidenced by Borrower's note dated the same date as
this ,Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid
earlier, due and payable on APRIL 1, 2033 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 h~strument; 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 the Lender, with power of sale, the following described property located in
LINCOLN County, Wyoming:
LOT 39 OF NORDIC RANCHES, DIVISION NO. 10, LINCOLN COUNTY, WYOMING AS
DESCRIBED ON THE OFFICIAL PLAT THEREOF; TOGETHER WITH ALL IMPROVEMENTS
THEREON.
VVYOMING - Single Family - FHA Security Instrument
Form 94151 1/96
Laser Forms Inc. (800) 446-3555
LFI #FHA94151 1/99 Page '1 of 7
xvhich has the address of 110 LARIAT CIRCLE ETNA
[Street] [City]
Wyoming 83118 ("Property Address");
[Zip Code]
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also
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. Borroxver 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. Borroxver and Lender covenant and agree as follows:
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 ~nonthly
payment, together with the principal and interest as set forth in the Note and any late charges, a sum for (a)
taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground
rents on the Property, and (c) premiums for insurance required under paragraph 4. In any year in which the
Lender must pay a mortgage insurance prenfium to the Secretary of Housing and Urban Development
("Secretary"), or in any year in which such prenfium 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 mortgage insurance
prenfium if this Security Instrument is held by the Secretary, in a reasonable amount to be determined by the
Secretary. Except for the monthly charge by the Secretary, these items are called "Escrow Items" and the
sums paid to Lender are called "Escrow Funds".
Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed
the maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement
Procedures Act of 1974, 12 U. S.C. § 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 for
unanticipated disbursements or disbursements before the Borro~ver' s payments are available in the account may
not be based on amounts due for the mortgage insurance premium.
If the mnounts held by Lender for Escro~v 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 xvhen due, Lender may notify the Borrower and
require Borrower to make up the shorhqge as permitted by RESPA.
The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If
Borrower tenders to Lender the full pay~nent of all such sums, Borrower' s account shall be credited with the
balance remaimng for all installment items (a), (b), and (c) and any mortgage insurance premium installment
that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess
funds to Borrower. hnmediately 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
folloxvs:
Firs[, to the mortgage insurance prenfium to be paid by Lender to the Secretary or to the monthly charge
by the Secretary instead of the monthly mortgage insurance premium;
Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other
hazard insurance prenfiums, as required;
Third, to interest due under the Note;
Fourth, to amortization of the principal of the Note; and
Fifth, to late charges due under the Note.
WYOMING - Single Family - FHA Security Instrument
Form 94151 1/96
Lase- Forms Inc. (800) 446-3555
LFI #FHA94151 1/99 Page 2 of 7
t)888254: 495
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 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 inm~ediate 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 Co) 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 Instrmnent 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 Borroxver 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 (or within sixty days of a later sale
or transfer of the Property) and shall continue to occupy the Property as Borrower' s principal residence for at
least one year after the date of occupancy, m~less Lender determines this requirement will cause undue
hardship for Borrower, or unless extenuating circmnstances exist ~vhich are beyond Borrower's control.
Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy,
damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear
excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default.
Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall
also be in default if Borrower, during the loan application process, gave materially false or inaccurate
information or statements to Lender (or failed to provide Lender with any material information) in connection
with the 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 tee title to the Property, the leasehold and
fee title shall not be merged unless Lender agrees to the merger in xwiting.
6. Condemnation. The proceeds of any award or claim for damages, direct of consequential, in
connection with any condemnation or other taking of any part of the Property, or for conveyance in place of
condenmation, 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 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
anmunt required to pay all outstanding indebtedness 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
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 xvould
adversely affect Lender' s interest in the Property, upon Lender' s request Borrower shall promptly furnish to
Lender receipts evidencing these payments.
It' Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any
other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may
significantly affect Lender' s rights in the Property (such as a proceeding in bankruptcy, for condemnation or
to enforce laws or regulations), then Lender may do and pay xvhatever 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.
WYOMING - Single Family - FHA Security Instrument
Form 94151 1/96
Lase' Forms inc. (800) Zl46-3555
LFI #FHA94151 1/99 Page 3 of 7 Initials:
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, and at the option of Lender shall be immediately due and payable.
Borrower shall promptly discharge any lien xvhich 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 enlbrcement of the lien in, legal proceedings
which in the Lender' s opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of
the lien an agreement satisfactory to the Lender subordinating the lien to 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 10 days of the giving of notice.
8. Fees. Lender may collect fees and charges authorized by the Secretary.
9. Grounds for Acceleration of Debt.
(a) Default. Lender may, except as limited by regulations issued by the Secretary in the case of
payment defaults, require immediate payment in tull of all sums secured by this Security Instrument if:
(i) Borroxver 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 tailing, 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 Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with
the prior approval of the Secretary, require inmmdiate payment in lull of all the sums secured by this
Security Instnm~ent if:
(i) All or part of the Property, or a beneficial interest in a trust owning all or part of the
Property, is sold or otherwise transferred (other than by devise or descent), and
(ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or
the purchaser or grantee does so occupy the Property, but his or her credit has not been approved
in accordance with the requirements of the Secretary.
(c) No Waiver. If circtm~stances occur that would permit Lender to require inunediate payment in
full, but Lender does not require such payments, Lender does not xvaive its rights with respect to
subsequent events.
(d) Regulations of HUD Secretary. In many circulnstances regulations issued by the Secretary will
limit Lender's rights, in the case of payment defaults, to require inm~ediate 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.
(e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not
determined to be eligible for insurance under the National Housing Act within 90 DY DAYS
from the date hereof, Lender may, at its option require inunediate payment in full of all sums secured
by this Security Instrument. A written statement of ,any authorized agent of the Secretary dated
subsequent to 90 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 pre,mum to the Secretary.
i0. Reinstatement. Borrower has a right to be reinstated if Lender has required inunediate payment in
full because of Borroxver' s failure to pay an amount due under the Note or this Security Instrument. This right
applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall
tender in a himp sum all amounts required to bring Borrower' s account current including, to the extent they
are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary
attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by
Borro~ver, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had
not required inunediate payment in full. However, Lender is not required to permit reinstatement if:
WYOMING - Single Family - FHA Security Instrument
Form 94151 1/96
Laser Forms Inc. (800) 446-3555 Initials:
LFI #FHA94151 1/99 Page 4 of 7 , .
(i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years
inunediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement ~vill 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 release the liability of the original Borroxver or
Borrower' s successor in interest. Lender shall not be required to conm~ence 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 Liabili~; 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 Instrmnent but does not execute the Note: (a) 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 Borrower may agree to extend, modify,
forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without
that Borrower' s consent.
13. Notices. Any notice to Borrower provided for in this Security 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 Borro~ver 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.
14. 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 laxv, such conflict shall not affect other provisions of
this Security Instrument or the Note which can be given effect xvithout the conflicting provision. To this end
the provisions of this Security Instrument and the Note are declared to be severable.
15. Borrower's Copy. Borro~ver shall be given one contbrmed copy of the Note and of this Security
Instrument.
16. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or
release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to
do, anything affecting the Property that is in violation of any Enviromnental 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 maintenance of the
Property.
Borrower shall promptly give Lender xvritten notice of any investigation, claim, demand, lawsuit or other
action by any govermnental or regulatory agency or private party involving the Property and any Hazardous
Substance or Enviromnental Law of which 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
Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in
accordm~ce with Enviromnental 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: gasoline, kerosene, other flmmnable or toxic
petroleum products, toxic pesticides and 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 environmental
protection.
VVYOMING - Single Family - FHA Security Instrument
Form 94151 1/96
Laser Forms Inc. (800) 446-3555
LR #FHA94151 1/99 Page 5 of 7
Inlials:
NON-UNIFORM COVENANTS. Borroxver and Lender further covenant and agree as follows:
17. 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 lents 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 assigmnent 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 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 fi.om exercising its rights under this paragraph 17.
Lender shall not be required to enter upon, take control of or maintain the Property before or after giving
notice of breach to Borro~ver. 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 the
Security Instrument is paid in full.
18. Foreclosure Procedure. If Lender requires innnediate payment in full under 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 in 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 poYver 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 laxv. Lender shall give notice
of the sale to Borrower in the mariner provided in paragraph 13. Lender shall publish the notice of sale, and
the Property shall be sold in the manner prescribed by applicable laxv. 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.
If the Lender's interest in this Security Instrtunent is held by the Secretary and the Secretary requires
inunediate payment in tull under paragraph 9, the Secretary may invoke the nonjudicial poxver of sale provided
in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U. S.C. 3751 et seq.) by requesting a
foreclosure commissioner designated under the Act to conunence foreclosure and to sell the Property as
provided in the Act. Notlfing in the preceding sentence shall deprive the Secretary of any rights otherwise
available to a Lender under this paragraph 18 or applicable laxv.
19. Release. Upon payinent 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 doxver in the Property.
WYOMING - Single FamiLy - FHA Security Instrument
Form 94151 1/96
Laser Forms Inc. (800) 446-3555
LFI #FHA94151 1/99 Page 6 of 7
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)],
[----] Condonfinium Rider ['--] Growing Equity Rider
~ Graduated Payment Rider [---] Planned Unit Development Rider
[~] Other [specify] WCDA HIGH COST AREA SET-ASIDE RIDER
BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security Instrument and
m any rider(s) executed by Borrower and recorded with it.
Witnesses:
r~'9~p'L. MCKEN~Ik ' - -Borrower
HEIDE~E B. MCKENZIE -Borrower
(Seal)
-Borrower
[gpace Below This Line For Ac.~,,~edgment]
STATE OF WYOMING, LINCOLN /
The foregoing instrument was acknowledged bef~ me this 7TH DAY OF MARCH, 2003
· / (date)
by RAYMOND L. MCI{~ENZIE AND H/~E B. MCKENZIE, HUSBAND AND WIFE
/ (person acknowledging)
WITNESS my hand and off, seal.
My conumssion expires:~
(Seal)
-Borrower
County ss:
- Not ac,/ Public
WYOMING - Single Family - FHA Security Instrument
Form 94151 1/96
Laser Forms Inc. (800) 446-3555
LF] #FHA94151 1/99 Page 7 of 7
STATE OF IDAHO ) 50{)
)ss.
COUNTY OF BONNEVILLE )
On ~-//~,_.~ , before me, the undersigned, personally appeared
Raymond L. McKenS. ie and Heidee B. McKenzie, known or identified to me to be the
person(s) whose name(s) are subscribed to the within instrument, and acknowledged to
me that they executed the same.
~ A~'OS~kY FOR THE STATE OF"~AH~
. // / C ommlssion Expires:
My Commission Expires: 03115/08
WYOMING COMMUNITY DEVELOPMENT
HIGH COST AREA SET-ASIDE RIDER
As long as this mortgage is held by Wyoming Comnmnity Development
Authority, Casper, Wyoming, the Mortgage Lender may declare all sums secured by this
mortgage to be immediately due and payable if:
(a)
all or part of the property is sold or otherwise transferred (other than by
devise, descem or operation of law) by Borrower to a purchaser or other
transferee:
(i)
who cannot reasonably be expected to occupy the property as a
principal residence within a reasonable time after the sale or
transfer; or
(ii)
who has had a present ownership interest in a principal residence
during any part of the three-year period ending on the date of the
sale or transfer; or
(iii)
at an acquisition cost which is in excess of that established by the
Wyoming Community Development Authority under its applicable
regulations or program guidelines in effect on the date of the sale;
or
(iv)
who has an income in excess of that established by the Wyoming
Community Development Authority under its applicable
regulations or program guidelines in effect on the date of the sale;
or;
(b)
Borrower fails to occupy the property described in the mortgage without
Mortgage Lender's prior written consent; or
(c)
Borrower omits or misrepresents a material fact in an application for this
mortgage.
NOTICE TO MORTGAGOR: This document substantially modifies the terms
of this Loan. Do not sign it unless you have read and understand it.
I hereby consent to the modifications of the terms of the Mortgage and Note
which are contained in the Rider.
Dated this 7 day of
RAYMOND L. MCKENZIE
MARCH, 2003
Signature
HEIDEE B. MCKENZIE
Printed Printed
MPP-208