HomeMy WebLinkAbout890488 ADDENDUM TO THE NOTE AND DEED OF TRUST RECF_ VED
BETWEEN LIi'4COLI',~ COL LTY
RODNEY FARNES AND ANGELINA W. FARNES, HUSBAND & WIFE
,K ,)¢:~r:-'PR PAGE_ ':- ~k~) ti 0 $
THE BANK OF COMMERCE
(Your institution's name) ' ~-- ~ :'
DATED: MAY 29, 2003
CLERK
Note: This Addendum to be recorded with the Deed of Trust
This home was partially financed with proceeds from a grant from the Federal Home Loan Bank
of Seattle CFHLB Seattle") in the amount of $5.000.00. In order to retain this housing as
affordable housing, the following restrictions on the transfer of this property are in place: ** SEE
The FHLB Seattle orTHE BANK OF COl'ffiERCF(your institution's name) must be notified of any ATTACHED LEGAL
sale or refinancing of this property that occurs within five years of recording the Deed of Trust. DESCRIPTION
If the property described in the Deed of Trust is sold or refinanced within five Years of the date
the Deed of Trust is recorded, the FHLB Seattle funds advanced for this home must be repaid to
THE BAI, m OF COmlERCE (your institution's name) by the original borrower according to the
following schedule:
The outstanding amount will be reduced by 1/5 per year.
This requirement is void if: (1) the property is sold for less than the unpaid principal balance of
the mortgage; or (2) if refinanced, the property continues to be subject to a deed restriction; or (3)
the property is sold to a borrower whose income meets the restrictions of the original program
and the property continues to be subject to a deed restriction; or (4) the Promissory Note is
assumed by a borrower whose income meets the restrictions of the original program. After the
fifth year anniversary of the date the attached Deed of Trust is recorded, no funds need to be
repaid. The FHLB Seattle funds are fully subordinated to the first loan. In situations (2) and (3),
avoidance of the repayment requirement shall be conditioned on a replacement addendum being
recorded with the deed of trust granted by the homeowner in connection with the refinance or
sale, with such replacement addendum being identical in form to this one except that the term of
such new addendum shall be five years commencing from the recording date of this addendum
with the attached Deed of Trust.
If this form is being used as a replacement addendum in connection with a refinance or
sale, indicate here the date the original Deed of Trust and addendum were recorded (the
date the retention period commenced): ., 19 /20
OTHER RESTRICTIONS: Anyone assuming the Promissory Note and Deed of Trust must
receive PRIOR written approval of Tttg BANK OF (your institution's name) or agent.
COMMERCE
I (we) understand and agree to the conditions placed on the above-referenced Promissory
No,9~ da½ed .5/29/03 __ in the amount of $89,000.00 and Deed of Trust:
Signature ~ate0
RODNEY FARNES - ANGELINA W. FARNES
State of k_,~)~t%~,'. ,~ Countyof k
Signed or attested before ,ne on
C00NTY OF, ~ ,~ . SIAl[ICl [
(Signature)
(Title)
My appointment expires
(This could be recorded separately and if so, the legal description should be referenced in
paragraph 2 and attached to t'he document.)
EXHIBIT 'A'
PART OF LOT 2 OF BLOCK 26 OF THE TOWN OF AFTON, LINCOLN COUNTY,
WYOMING, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT WHICH IS 7 ½ RODS NORTH OF THE SOUTHWEST CORNER
OF SAID LOT 2 AND RUNNING THENCE NORTH 4 1/2 RODS; THENCE EAST 10 RODS;
THENCE SOUTH 4 V2 RODS; THENCE WEST 10 RODS TO THE POINT OF BEGINNING.