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HomeMy WebLinkAbout888918BOOK __ THIS MORTGAGE is made this 2 8'I'1t day of ,3uuzC11 THOMAS BROWN ARD BILLEE JF.A}~ BROWN, HUSBARD Al, ID WIFE 2003 / ~ECEIVED ' LINCOLN COUNTY CLERK 03 - t 12:01 '.[LY >:,. ~ , b~ween ~c Mortgagor, WELLS FARGO HOME MORTGAOE, INC. existing under the laws of THE STATE OF CALIFORNIA P.O. BOX 10304, DEll MOIN~S, IA 50]060304 WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ indebtedness is evidenced by Borrower's note dated l, tkRCl{ 2 8, 2 0 0 3 (herein "Borrower"), and the Mortgagee, corporation organized and , whose address is (herein "Lend~"). ********* ***8,200.00 , which and extensions and renewals thereof (herein "Note"), providing for rrmnthly installments of pnncipal and interest, with the balance of indebtedness, if not sooner paid, due and payable on APRIL 01, 2011 ; TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the performance of the covenants and agreements of Borrower herein contained, Borrower does hereby nmrtgage, grant and convey to Lender, with power of sale, the following described property located in the County 0fr-INCOI, N , State of Wyoming: LOT 174 OF NORDIC ILANCKI~S DIVISION NO. 12, LINCOLN COUNTY, WYOMING AS DI1SCRIBKD ON THE OFFICIAL TH.EKIIOF FROWN AS 1618 SADDLE DRIVe, ETNA, WYOMING 83116 which has the address of LOT 174SADDLE DRIVE , ETNA [Sueet] [Ci~] Wyoming 83118 01ere[ll "Property Address"); {ZIP Codes TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and remain a part of the property covered by thi~ Mortgage; and all of the foregoing, together with said property (or the le~ehold estate if this MortGage is on a leasehold) are hereinafter referred to as the "Property." Borrower covenants that Borrower is lawfully ~eised 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 covenants that Borrower warrants and will defend generally the title to the Property again$1 ail claims and demands, subject to encumbrances of record_ UNIFORM COVENANTS, Borrower and Lender covenant and agree ~ follows: 1. Payment of Principal and Interest, Borrower shall promptly pay when due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note, ~. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay rD Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, s sum (herein "Funds") equal to one-twelfth of the yearly {axes and assessments (including condominium and planned unit development assessments, if any) which may attain priority over thb Mortgage and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazaxd insurance, plus one-twelfth of yeazly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof, Borrower shall not be obligated to make such payments of Flmds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender. - SECOND MORTGAGE- 1180 - FNMA/FHLMC UNIFORM INSTRUMENT [ ' ./'"(~sl:orm 3851 WYOMING VMp MORTGAGE FORMS - (8OOJ621-72Sl SO'd E~OS~E~80EI6 0l 9~9E SEG EO~ NH3M ~ 68:81 E00E 82 ~UN ~ ~v~ [oo~# [B~I~ ~ OMVD ~IA~M~O~<- f~:~ ~O/~/¢ :O~AI~O~M If Borrower pays l%nds to Lender, the Funds shall be held in an institution the deposits or accounts of which axe insured or gnarenteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance pr~niums and ground rents. Lender may not charge for $o holding and applying the Funds, analyzing said account or verifying and compiling said assessment,s and bills, unless Lender pays Borrower interest on the Funds and applicable, law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be requi~ed to pay Borrower any interest or earnings on thc Funds. Lender shall give to Borrower, without charge, an annual accounting of the Punds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The l~und~ are pledged as additional security for the sums secured by this Mortgage. If the amount of the l%nds held by Lender, together with the future monthly instillments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly ir~tallments of Fund~. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any arn~unt necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Pvopc'~y or iu acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3, Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then'to interest payable on the Note, and then to the principal of the Note. 4, Prior Mortgage~ and D~ds of Trust; Charge~; Liens. Borrower gaall perform all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which ha~ priority over this Mortgage, including Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and impositiot~ attributable to the Property which may altain a priority over this Mortgage, and leasehold payments or ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and such other haxazds aa Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shill be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender, Lender shill have the right to hold the policies and renewals thereof, subject to the term~ of any mortgage, deed of tntat or other security agreement with a lien which has priority over this Mortgage. In the event of loss, Borrower shill give prompt notice to the insurance carrier and Lender. Lertder may make proof of loss if not made promptly by Borrower. · If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance cartier offers to settle a claLrn for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. 6, Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments, Borrower shall keep the Property in good repair and shill not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. 7, Protection of Lender's Security, If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, dishu~e such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender requh-~d mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums requh'ed to maintain such insurance in effect until such time as the requirement for such insurance resonates in accoldance with Borrower's and Lender's written agreement or applicable law. Any arnaunts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Moagage. Unless Borrower and Lender agree to other terms of payment, such amounts shill be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph ? shall require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made ~ea~onable envies upon and inspections of the Property, provided that Lender shill give Borrower notice prior to any such inspection specifying reasonab[e cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any awaxd or claim for damage, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shill be paid to Lender, subject to the term~ of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the SUlVa secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, o~ordO:l by 706 :O3AI303W 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers, The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several, Any Borrower who co-signs this Mortgage, but does not execute the Note, (a) is co-signing this Moagage only to mortgage, grant and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Mortgage or the Note without that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that Borrower's interest in the Property. 12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided tbr in this Mortgage shall be given by delivering it or by mailing such notice by ret-dried mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severability. The state and local laws applicable to this Mortgage shall be the laws of ~e jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used herein, 'costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by.applicable law or limited herein. 14. Borrower's Copy, Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof, 15, Rehabilitation Loan Agreement, Borrower shall fulfill all of Borrower's obligations under any home rehabilitation, improvement, repair, or other loan agreement which Borrower ente~ into with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Leader, in a form acceptable to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements made to the Proper~y. 16. 'Transfer of the Property or a Beneficial Interest ia Borrower. If all or any part of the Property or any interest in it is sold or tra.nsferred (or if a beneficial interest in Borrower is sold or u'ansferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require Unmediate payment in full of all sums secured by this Mortgage. l-Iowever, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. If Lender exercises this option, Lender shall give Borrower notice of acceleration, The notice shall provide a period of not less than 30 days f~om the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Mortgage without further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sarans secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower at provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not l~s than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (a) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. The notice shall turther inform Borrower of the fight to reinstate after acceleration and the right to bring a c~urt action to as~'t the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the ~-tuns secured by this Mortgage lo be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fees. If Lender invokes the power of sale, Leader shall give notice of intent to forxxlnse to Borrower and to the person in po~ession of the Property, if different, in accordance with applicab!e law. Lender shall mail a copy of a notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale a.nd the Property shall be sold in the manner prescribed by applicable law. Lender or Lender's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable attorney~' fe~ and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the ,=xc~s, if any, to the person or persons legally entitled thereto. 18, Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage duc to Borrower's breach, Borrower shall have the right to have a~y proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the eaxlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches or' any other covenants or agreerr~nt~ of Borrower contained ia this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paxagraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that thc lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay ~e sums secured by this Mortgage shall continue unimpaired, Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 19. Assignment of Rents; Appointa-nent of Receiver; Lender in Possession. As additional security hereunder, Borrower hereby assigns to Lender the r~nts of the Property, provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. 707 LO'd Z 3~Wd ~OO~# ~39111 ~ ON~9 399IA3NNO~- ~dB~:~ ~0/~/~ :O3AI303W Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration of any period of redemption following judicial sale, Lender, in p=son, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Propc'~cty including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the coats of management of the Property and collection of rents, including, but not limited to, receiver's fees, premitum on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and the riw,~eiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21, Waiver of Homestead, Borrower hereby waives all right of homestead exemption in the Property, ?0 8 REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR- MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender,. at Lender's-address set forth on page one of this Mortgage. of any default under the superior encumbrance md of any sale or other forcclosuxe ac_tion./*'3 ~ IN WITNESS WHEREOF, Borrower has executed~thi~~/~ / t ~~ (Seal) (Scal) -Borrower (Sign Original Only) STATE OF WYOMING, / County sa: The foregoing instrument was a~'~gedbeforc me this ms. RCH 20, 2003 / by X~0~AS BROWN AND BIM~ JEAN BROWN, H~JSBA~D ~ WIF]I / My Commission Expires: / ./r Notary Pabllc [Space Below This Line R~serv~ ~or Lender am:l Recorder] Form 3851 ELOB~ESBOEIG Ol 9~92 9CS '' WH~M ~ 0l:8l E00~ ...... STATE OF IDAHO COUNTY OF BONNEVILLE ) )ss. ) On March 28, 2003, before me, the undersigned, personally appeared Thomas Brown and Billee Jean Brown, known or identified to me to be the person(s) whose name(s) is/are subscribed to the within instrument, and acknowledged to me that they executed the same. ~~/~~~?" ' f ........ ,~' ~ '"'-'}~/, /7 ..--/~ /fqOT~RY FOR TI~E ST.~TE/O~ IDAI,(O ~../" ' / ~ommission Expires: ~ JE_A~NEE NANGL,E ~ ~ . _ STATE OF !DAHO ~ My Commission t::xpire~; 03/15/0~1