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HomeMy WebLinkAbout87803604015168 ""-""<~ . ,. , - , - .... -"~ ~.,~v.~' l-,q, yIVll~ly| Book 474 Page 474 --~ ' Loan Number: 070260~38~2 This Mo~gage ("Securit Instr ,, . Y_. ument ) ~s g~ven on 10/04/01 Whose address is 195 ("Borrower"~ Th' ~ ],. ts ~ecurity Instrumen~n Fi ........ ~ , ~ organized and existi~ ~ _ _ is 1001 Main ~unue[ the laws of Unite~~ .... .... zvanston, ~Americ~nd whose address Borrower owed Lender the principal sum of ~ou'San("Lender"). ($ 4 ~ 0_00.00 ...... ~ This debt is evidenced by Borrower's Note dated the same date as this ' ' Dollars Secumy I~ote,,), which provides for monthly payments, with the ~11 debt, if not paid earlier, due and payable on 11/01/09 _. this 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, Bo~ower does hereby mortgage, grant and convey to Lender, with power of sale, the following described prope~y located in Lincoln County, Wyoming: Beginning at the Southeat Corner of Lot 4 in Block 28 in Alton, Wyoming Townsiee SUrvey; Running thence Wese 83 1/2 fee~; thence North 96 1/2 feet; 6hence gas~ 83 1/2 fete; ~hence South 96 1/2 feet ~o ~he poin~ of beginning. · his Real Estate Mortgage is second and subject ONLY go a First Real Estate Mortgage recording concurrenely herewith in favor of First National Bank - West dated October 4 2001 in the original amount of $88,500.00. , I?'106 "'<' ,'.~- . .... which has tile address of 19~ ~,~...~.~.--_. ..... "' '" CLF'RI< code) ("Property Address");~Aft°n [; 1;;;,- ~ "t. ,, 2wyom'ing~ ~ ~')0 (zip TOGET~R WITH all the improvements now or hereafter'~'~i~'~.thd prope~y, and all easements, rights, appurtenances, rents, royalties, mineral, oit and gas rights and profits, water rights and stock and all fixtures now or hereafter a pan of the property. All replacements and additions shall also be COvered by this Security Instmmem. All oFthe foregoing is referred to in this Security Instrument as"Property,,. BORROWER CO~NANTs that Borrower is lawfifily 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 Bo~ower wa~ants and will defend generally MPP Form 219 ]. 4?5 Payment of Priucipal, Interest, Default Interest and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note, dethuh interest, if' applicable, and late charges due under the Note 2. Payment 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.byApplicati°nLender as Offollows.Payments All payments under Paragraphs 1 and 2 shall be applied First, to interest due under the Note; Second, to amortization of the principal of the Note ,- Third, to late charges due under the Note. 5 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 Borl~ower. 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 indebtednessPr°ceeds maYunderbe appliedthe NotebY :Lender,and thisatseitS option,, either (a) to the reduction of the ,a,m, ounts applied in the orde,- ~,, n ..... c_unty Instrument, first to a ' ,~ o . - ,,, r~agra n 3 a ny dehnqu~,~t / ) to the restoration or re,~ai,- ,-.v ,~.~ ~_ , n,d then to prepayment of principal or t-. - ,.,, mc uamagea 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 tiffs Security Instrument shall be paid to the entity legally entitled hereto. In the event of fbreclosure 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 4pplication; Leaseholds. Borrower shall occupy, establish, and use the Properly as Borrower's principal residence within sixty days after the 2 exec, ution al''lhis Security h~slrument and shall continue to occ~py the Property as 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 ex~st 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 Properly is vacant or abandoned or the loan is m 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 tile 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 leai'e. If Borrower acquires fee title to the Property, the leasehold and fee title shall ni%t,~e $B,ej'g~ed unless Lender agrees to the merger in writing. 6. Charges to Borrower and Protectio, 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 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 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 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 Lender, shall be immediately due and payable. 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 proceeds to the redtmtion 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 3 Initial ~/ff/'~ Proceecls ovel aa anloun[ required to pay all oulsiar~ding im[cblcdiiess t~nder lhe Note and thi? Sccmi~y hlstrullleat shall be paid to the entity legally entitled thereto. (j&'i, tc~,~,~;,~ · Grounds for Acceleralion of Debt. 4 7 7 (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 reqmred ~ 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 perform any ~ C~' {b) SMe Wil. hom Credh &ppr~val. Lender shall, if permitted by applicable law, '~'" (i) ^II or pa~ of the Prope~y, or a bene~¢ial interest in a trust owning all or ~ lj ~! pa~ o£the Prope~y, is sold or othen~,ise trans£erred {other than by devise or descent) by the Borrower, and principal residence, or the purchaser or grantee doe~ so occupy the ~rope~y but his or her credit has no~ been approved in accordance with payment is due, Lender may increase the interest rate as described in ~aragraph 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 ifs rights with respect to subsequent events. 9. !!einstatement. Borrower has the right to be reinstated if Lender has required ~mmediate payment in full because of Borrower'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 lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Securit Instrument, foreclosure costs and reasonable and customary attorneys' fees an~ · expenses properly associated with the foreclssure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations, that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (0 Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the COmmencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the Priority of the lien created by this Security Instrument. 4 · .Initial d:7'// t'~ lO', Borrower Not Released; l,'orbearance by Lender Not a Wavier. Extension of the ....time of paymeni or modification of amortization of the sums secured by this Security 7[{,O~ Instrument granted by Lender t0 any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest.. Lender shall not be required to Commence proceedings against any successor in interest or refuse to extend t~me 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 preclu'de the exercise of any right 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 does not exectl.te the Note: is co-signing this Security Inst , Borrower's intere ' rumen, t only to mort a e .(a) st In the Property under the term° ,-e,g~:-g~' gra..nt .and convey that not personally obligated to pay the sums secured by 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 Bc~rrower's consent. 12. 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 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 Security Instrument shall be governed by Federal law and the law of the jurisdicti on ~n which the Property 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 provision of this Security Instrument and the Note are declared to be severable. 14.lnstrument.B°rr°wer's Copy· Borrower shall be given one conformed copy of this Security 15. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorized 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 Property as trustee t"or Ihe beuefi! of Lender and Bon-owcr. This assignment or' I'ents col~sututes an absolute assignment and not an assignment for additional security only. 7~:x,,:,~,~ If Lender gives notice of breach to Borrower: (a) all rents receive by Borrower shall 479 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 from exercising its rights under this Paragraph 15. Lender shall not be. required to enter upon, take control of or maintain the Property be~:bre or ~lter giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there ts a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy oFLender This assignment of rents of the property shall terminate when the debt secured by the Security Instrument is paid in full. The Lender or a judicially appointed receiver shall not be reqmred to post any bond or other security to enter upon, take control of or maintain the property. NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows: ' ? 16.1 oreclosure Procedure. If Lender reqmres 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 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 6 incorporated into and shall amend and stlpl)lement the covenants and agreements of this Security Instrument as if the rider(s) applicable space(s)], were in a paa of this Security Instrument. [Check '~ ~'"'~ Condominium Rider ~ ~Graduated Payment Rid er Growing Equity Rider __ Planned Unit Development Rider __ Other [Speci~] ~ Other BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in pages 1 t~ough 7 of this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: Borrower STATE OF WYOMING, ~,incoln .Countyss: The foregoing instrument was acknowledged before me this 4t, h of Oct, ober, 2001 --by Wade d'a~k: Harmon & d'enn].-er · ,a ,, My Commission Expires: 09/18/03 PENNY JONES County of [~,~ State of 7 040151~i,8 *** ~Is Is TO commcT ASS~-t,m~ RECORDED OCT 1, 2001 BOOK 474 PAGE 808 PAGE '~ ~%- r · , FOR VALUE ~CEIVED, the FIRST NATIONAL BANK-W :' EST, a: Natmn~l Ba~ing Co~oration, organized and existing under THE LAWS OF THE ~ITED STATES OF AME~CA, the mortgagee named in that certain mortgage hereina~er descri bed, does hereby transfer, assign, set over and convey all right, title and interest in and to said mo~gage, which was given to said mortgagee b{ ~d appears recorded in Booker mo~gages, begi~ing on Page47a office of the County Clerk of Lincoln County, Wyoming, and which covers prope~y described as follows: Beginnig at the Southsast Corner of LOt 4 in Block 28 in ~fton, Wyomin~ Wownsi~ Survey; runnin~ thencs Wsst 83 1/2 fee~; thence North 96 1/2 feet; thenc~ East 83 1/2 f'eet; thence South 96 1/2 fee~ to the point of bewinnin~. Together with the note or notes secured thereby, to the WYOMING COMMUNI~ DEVELOPldENT AlYEItORITY Its successors and assigns, subject however, to all of the agreements, conditions, covenants and stipulations therein contained, as well as all rights of redemption provided by law. Dated this 4-~h day of_October ,20 01_. ATTEST: FIRST NATIONAL BANK - WEST ) ss COUNTY OF Lincoln _) The foregoing instrument was acknowledged before me by Penny Jones this 4th dayof__ October 2001 OFFICIAL SEAL. ' Notary Public SEAL.. WCDA FORM NUMBER 203