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HomeMy WebLinkAbout889402WHEN RECORDED RETURN TO: U.S. BANK CONSUMER FINANCE DIV. 16 NINTH AVE. NORTH HOPKINS, MN 55343-7617 BOOK ~1_~ PR PAGE 4 3 2 THIS MORTGAGE is made this 17th BILL L. KOLP AND CHRIS M. KOLP, HUSBAND AND WIFE '889L, 02 MORTGAGEI day of April 2003 RECEIVED LINCOI ,~ ,_l',, CFdI~T'( CLERK , between the Mortgagor, U.S. BANK NATIONAL ASSOCIATION ND existingunderthelawsofTHE UNITED STATES OF AMERICA 4325 - 17TH AVENLFE SW, FARGO, ND 58103 WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ (herein "Borrower"), and the Mortgagee, , a corporation organized and , whose address is (herein "Lender"). 55,600. O0 , which indebtedness is evidenced by Borrower's note dated April 17, 2003 and extensions and renewals thereof (herein "Note"), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on April 17, 2018 ; 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 perfmmance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in the County of LINCOLN State of Wyoming: ' SEE"ATTACHMENT A" which has the address of 1561 COUNTY l:tJ3 120 [Street] THAYNE [City], Wyoming 83127 [Zip Code] ("Property Address"); 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 this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are l}ereinafter referred to as the "Property." Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, and that the Property is unencumbered, except for encumbrances of record. Borrower covenants that Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borro~ver shall promptly pay ~vhen due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note. 2. Fnuds for Taxes and Insurance. Subject to applicable la~v or a written xvaiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) which may attain priority over this lvlortgage and ground rents on the Property, if any, plus one-twelfth of yearly premimn instalhnents for hazard insurance, plus one-twelfth of yearly 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 thereol: Borroxver shall not be obligated to make such payments of Funds 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. IWYOMING SECOND MORTGAGE - 1/80 - FNMA/FHLMC UNIFORM INSTRUMENT (~)®-76(WY) (8912).03 Page 1 of 4 VMP MORTGAGE FORMS - (800)521-7291 Form 3851 Initials:~~ If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed 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 prmniums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law pernfits Lender to make such a charge. Borrower and Lender may agree in svriting at the time of execution of this Mortgage that interest on the Fnnds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the propose for which each debit to the Fuuds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the mnount of the Funds held by Lender, logether svith the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount requited 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 Bon-ower on monthly installments of Funds. 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 mnount 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 inm~ediately prior to the sale of the Property or its 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 Lender Fast 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 Mortgages and Deeds of Trust; Charges; LienS. Borrower shall perform all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has 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 ,'md impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements nov., existing or hereafter erected on the Property insured against loss by fire, hazards included within the ten-n "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be choseu by Borrower subject to approval by Lender; provided, that such approval shall not be um:easonably witlflmld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of aud in a form acceptable to Lender. Lender shall have the right to hold the policies and renexvals thereof, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may ~nake proof of loss if not made promptly by Borrower. If the Property is abandoned by Borrower, or if Borro~ver fails to respond to Lender ;vitlfin 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a ciatrn 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 Properly; Leaseholds; Co~dontiniums; Plmmed Unit Developments. Borrower shall keep the Property in good repair and shall not conumt xvaste or permit inrpairnrent or deterioration of the Property and shall comply xvith the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a plmmed unit development, Borrower shall perlbnn all of Borroxver'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 tiffs Mortgage, or if any action or proceeding is cormnenced which ~naterially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Bon-ower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender Io Borroxver requesting payment thereo£ Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coudenrnation. The proceeds of any award or clain~ for damages, direct or consequential, in connection with any condmm~ation or other .taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms 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 lbr 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 mmmer, the liability of the original Borrower and Borroxver's successors in interest. Lender shall not be required to conunence proceedings against such successor or refuse to extend time for payment or otherwise modify alnortization of the sums secured by this Mortgage by reasou 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, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. (~®-76(WY) (8912).03 Page 2 or4 11. Successors and Assigns Bound; Joint and Several Liability; Co-siguers. The covenm]ts 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 lhis Morlgage, but does not execute the Note, (a) is co-signing tlfis Mortgage 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 ;nay 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 for in this Mortgage shall be given by delivering it or by mailing such notice by certified 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 the 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 m~d the Note are declared to be severable. As used herein, "costs," "expenses" and "atton~eys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Borrower shall be fi~rnished a conformed copy of tile Note and of this Mortgage at the time of execntion or after recordation hereof. IS. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, 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 Property. 16. Trausfer of the Property or a Beneficial Interest ill Borrower. If all or any part of tile Property or any interest in it is s01d or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Mortgage. However, 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 from 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 Borro~ver's breach of any covenant or agreement of Borrower ill this Mortgage, includiug the covenants to pay when due ally sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided itl paragraph 12 hereof specifying: (1) the breach; (2) the actiou required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to. · Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before tile date specified in the notice may result in acceleration of the sums secured by this Mortgage. The notice shall further inform Borro~ver of the right to reinstate after acceleration and the right to bring a court action to assert the nouexistence of a default or auy other defense of Borrower to acceleration aud sale. If tile breach is uot cured on or before the date specified iu the notice, Lender, at Lender's option, may declare all of the sums secured by this 1Vlortgage to be immediately due aud payable without fi;rther demand and inay invoke the power of sale and any other remedies permitted by applicable law. Leuder shall be entitled to collect all reasonable costs aud expenses incurred in pursuiug the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fees. If Leuder invokes the power of sale, Lender shall give notice of intent to foreclose to Borro~ver and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a notice of the sale to Borrower ill the inanner provided ill paragraph 12 hereoL Lender shall publish the notice of sale and the Property shall be sold in the mauner prescribed by applicable la;v. Lender or Leuder's designee may purchase the Property at any sale. Tile proceeds of tile sale shall be applied iu the followiug order: (a) to all reasouable costs aud expenses of the sale, including, but not liinited to, reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if aLLy, to the person or persons legally entitled thereto. 18. Borrower's Right to Reiustate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day belbre 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 of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in tiffs Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unhnpaired. 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; Appointment of Receiver; Lender in Possessiou. As additional security hereunder, Borrower hereby assigns to Lender the rents 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. (~®-76(WY) (8912).03 Page 3 of 4 initials~.~.~ ~ ~.~ 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 person, by agent or by judicially appointed receiver, shall be entitled to euter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fee% premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and the receiver 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. 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 Leuder's address set lbrth on page one of this Mortgage, of any default under the superior encumbrance and of any sale or other foreclosure action. IN WITNESS WHEREOF, Borrower has executed this Mortgage. .,9' BILL L. KOLP [ CHRIS M. ~{OLP (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Sign Original Only) STATE OF WYOMING, LINCOLN County ss: The foregoing instrument was acknowledged before me this 17th day of Apr±l, 2003 by Bill L. Kolp and Chris M. Kolp My Conmaission Expires: NOvember 4, 2006 Notmy Public [Space Below This Line Resc~wed For Lender mid Recmdcr] (~®-76(VVY) (8912).03 Page 4 of 4 Form 3851 43G Borrower: KOLP Loan Number: 00000510366101 ATTACHMENT "A" Property Description [ bank. A portion of the property referred to in Deed recorded in Book 390PR on page 433 with the Office of the Clerk of Lincoln County, Wyoming within the SW~ASE~A of Section 8, T34N Rll8W of the 6th P.M., Lincoln County, Wyoming, the metes and bound being more particularly described as follows: Beginning at the B.L.M. type monument found marking the Baker Engineers PE/LS 698, 1989 location for the Southwest Corner of said SW ~A SE xA; thence N 1°18'46'' E, along the West line of said SW~ASE~A, 626.65 feet; thence S 89°38'19" E, parallel with the south line of said SW~ASE~A, 693.76 feet to a point in the east line of said property; thence S 1°02'37" W, 626.61 feet to an iron pipe marking a point in the south line of said SW1ASE1A; thence N 89°38'19.' W, along said South line, 696.70 feet, to the point of beginning. Loan Number: 00000510366101 BALLOON RIDER (Full Repayment Required at Maturity) TInS LOAN IS PAYABLE IN FULL AT MATURITY. YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAID INTEREST THEN DUE. LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN AT THAT TIME. YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER ASSETS THAT YOU MAY OWN, OR YOU WILL HAVE TO FIND A LENDER, WHICH MAY BE THE LENDER'YOU HAVE THIS LOAN WITH, WILLING TO LEND YOU THE MONEY. IF YOU REFINANCE THIS LOAN AT MATURITY, YOU MAY HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN EVEN IF YOU OBTAIN REFINANCING FROM THE SAME LENDER. THIS BALLOON RIDER is made tlfis 17th day of April, 2003 and is incorporated into ,and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed to Secure Debt (the "Security Instrument") of the stone date given by the undersigned (the "Borrower") to secure the Borrower's Note to U.S. BANK NATIONAL ASSOCIATION ND (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 1561 COUNTY RD 120 THAYNE, WY 83127 The interest rate stated on the Note is called the "Note Rate". The date of the Note is called the "Note Date". I understand ti~e Lender may transfer the Note, Security Instrument and tiffs Rider. The Lender or anyone who takes the Note, the Security Instrument rind tlfis Rider by transfer m~d who is entitled to receive payments under the Note is called the "Note Holder". The Note is a Balloon Note which metros that the amount of my montidy payment is insufficient to repay the Note in frill by Maturity. Therefore, the final payment will be sig~fificantly larger tim the other payments under the Note. I understand that the Lender is under no obligation to refinance the Note or to modify the Note or reset the Note Rate or to extend the Note Maturity Date or fl~e Maturity Date of tlfis Security Instrument, m~d that I will have to repay the Note from my own resources or find a lender willing to lend me the money to repay fl~e Note. I further understand that should I not mpa), the Note on or before the Maturity Date, I will be in default, and the Lender will have the right to exercise all of its rights against me because of my default, including the right to foreclosure of the Security Instrument, or other remedies penmtted by law. BY SIGNING BELOW, Bon~ower accepts and agrees to the teru~s and covenants contmned in tiffs Balloon Rider. BILL L. K6LI~ . ! CH'IHSd~I'KOLP (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower MULTIS/ATE BALLOON RIDER - Single Family Form USBBALRD - Rev. 12/200