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HomeMy WebLinkAbout89033705/23/2003 16:13 FAX PR~I I 890337 · 'BOOK, .~,~-c PR PAGE ~]027 R~z,_,E IVED LI~',~COLN COUNTY CLERK State of Wyoming LOAN NO. £1444 [Space Above This Line For Recording Data] MORTGAGE FHA Case No. 591-0931231 THIS MORTGAGE ("Security Instrument") is given on The Mortgagor is Cf~DY COZ[AH and-PATR]]CK COZIAH, Hay 23, 2003 WIFE AND HUSBAND ("Borrower"). This Security Instrument is..gi~en to PRIHARY RES[DENT[AL /qORTGAGE. INC, A NEVA-DA C0~)RA:I-I0'N ...................... , which is organized and existing under the laws of THE STATE OF NEVADA , and whose address is 1725 S BERRY KNOLL BLVD. CENTENNIAL PARY. AZ 86021 ("Lender"). Borrower owes Lender the principal sum of Eighty Six Thousand Two Hundred Twenty Four Dollars and Zero Cents Dollars (U.S. $ 86,224.00 ~ ). This debt is evidenced by Borrower's note dated the same date as this Securily Instrument ("Note"), Which provides for monthly payments, with the full debt, if not paid earlier, due and payable, on June 1o 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 FHA Wyoming Mortgage - 4lB6 Pa~e ~ of. [ ~ 05/23/2003 16:13 FA~ PR~I LOAN NO. 21444 Security Instrument; .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 itc the Lender with power of sale, the following described property located in , LINCOLN i SEE A'FFACHED County, Wy?ming: which has the address of 2;16 N NORTON LANE CO RD 132. AUBURN Wyoming 83111 [Zip Code] ("Property Address"); [Street, city], TOGETHER WIT-I all the improvements now or hereafter erected on the property, and all ease:ments, appurtenances and fi>:tures 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 ihas the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower 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. Borrower and Lender covenant and agree as follows: UNIFORM COVENANTS. 1. Paymenl of Principal, Interest and Late Charge. Borrower sha/{ 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 monthly payment, together with the principal and interest as set fodh in the Note and any late charges, a sum for (a) taxes anc spec, iai assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Properly, and (c) premiums for insurance required under paragraph 4. In any year in which the Lender must pay a mortgage nsurance premium to the Secretar of Housi ,Urban Development ("Secretary"), or in any year in which such premium would havTbeen reqnuigleadn~f Lender still held the Security. Instrument, each monthly payment shall also include either: (i) a sum fo,r the annual mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurance premium 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." ' FHA Case No. 591- 093] 231- 703 ,~. ELF-4R(WY) (9604) Pa~e 2' of 8 Jnitials~.? 05/23/2003 16:13 FAX ?R~I 029 282 LOAN NO. 21444 Lender may, at any time, collect and hold amounts for Escrow Items in an aggre§ate amount not to exceed the maximum amount that may be required for Borrower's escrow account under the Fieali'Estate Settlement Procedur.~s Act of 1974, 12 U.S.C. Section 2601 et seq. and implementing regulations ~24 OFF{ Part 3.500, as they may be amended from time to time ("FIESPA"), except that the cushion or reserve permitted by FIESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the account may not be ba.~ed on amounts due for the mortgage insurance premium. If the amounts h,.~ld by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, . Lender shall account to Borrower for the excess funds as required by F{ESPA. If the amounts of fun~s held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by RESPA. The Escrow Funds are pledged as additional security for all sums secured by this Security Instrlument. If Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with. the balance remainirg for all installment items (a), (b), and (c) and any mortgage insurance premium installment that Len£er has not become obligated to pay to the Secretary, and Lender shall premptly refund any excess f.mds to Borrower. Immediately 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. Ali payments under paragraphs 1 and 2 shall be applied by Le~der as follows: i .F. Irst, to the morlgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly modgage insurance premium; Secon~ to any t~xes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; ~ to interest due under the Note; Fourth, to amorti;mtion of the principal of the Note; and Fifth, to late char!~]es due under the Note. 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 amounis 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 immediate notice by mail. Lender may make proof of loss if not made prorrptly 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 paragrapl'~ 3, and then to prepayment of principal, or (b) 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 I:,ayments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds ever an amount required to pay all outstanding indebtedness under the Note and this Security instrument shall be paid to the entity legally entitled thereto. In the event of fo'eclosure of this Security Instrument or other transfer of .title to the Property that extinguishes the indebtedness, all right, title and interest o! Borrower In and to insurance policies in force shall pass to the purchaser. FHA Case No. 591- 093[.231- 703 05/23/2003 16:14 FAX PRMI ~o3o LOAN NO. 21444 ,18 3 5. Occupancy, Pre.~ervation, 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 Iaier sale or transfer of the ProPerty) and shall continue to occupy the Property as Borrower's principal residence for at Ieast one year aftEr the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which 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 'lake 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 slatements 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 fee titfe to the Property, the leasehold and fee titlE, shall not be merged unless Lender agrees to the merger in writing. 6. Condernnati¢,n. The proceeds of any award or claim for damages, direct or consequen!tial, 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 redpction 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 proceed.,; 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 amount 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 Bc,rrower and Protection of Lender's Rights in the Property. Borrower shai'l pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligalions on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's .inferest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails lc, make these payments or the payments required by paragraph 2, or fails to p~rform 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 it6ms mentioned in paragraph 2. Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by ~:his 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 pn)mptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees ir 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 enforcement 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 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 r~ore of the actions set fodh above within 10 days of the giving of notice. FHA Case No. 591-093].231- 703 05/23/2003 16:14 FAX PRMI ~o31 LOAN NO. 21444 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 full of all sums secured by this Security instrument if: (i) Borrower defaults by failing to pay in full any monthly payment required by this S~curity Instrument 3riot to or on the due date of the next monthly payment, or (ii) Borrow~r defaults by failing, for a period of thirty days, to perform any other obligations contained irl this Security InstrUment. (b) Sale Without Credit Approval. Lender shall, if permitted by applicabre law (including Section 341(d) of the (-;am-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or par: of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or othe'wise 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 purcha.,.er or grantee does so occupy the Properly but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) 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 its rights with respect to subsequent aw;hts. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's lights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid..This Security Instrument does not authorize acceleration or foreclosure if not permitted by requlat ons of the Secretary. (e) Mortgage Not Insured. Borrower agrees that it this Security Instrument and the Note are not determined to I:.e eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender may, at its option, require immediate payment in full of' all sums secured by this Security Instrument A written statement of any authorized agent of the Secretary dated subsequent to 60 days frorT, the (late hereof, declining to insure this Security Instrument and the Note, shall be deemed conclu:;ive 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 premium to the Secretary. i · 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate 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 Iump sum all amounts required to bring Borrower's account current inciudin'g 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 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: (i) 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. 11o Borrower Ne.t 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 Borrower or FHA Cas. No. 591- 093:.231 - 703 ELF-4 RONY) (9§04) Paga 5 of 05/23/2003 16:14 FA~ ~032 LOAN NO. 21444 Borrower's success(ir in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amodization of th~ 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 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 lhe provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note': (a) is co-signing this Secu'ity Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the lerms 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 direct,.~d 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 nolice provided for in this Security Instrument shall be deemed to have b(len 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 ~nd 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.law, such conflict sha~ not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security instrument and the Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one confOrmed 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 Environmental 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 g,.~neratfy recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental 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 Substances affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used ~n this I:aragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, 'other flammable or toxic p~;troleum 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 Iaws Of the jurisdiction where the Property is located that relate to health, safety or environmental protection. No. 591- 093L231-703 ELF-4R(WY) (9~o4) Page 6 o~ 8 · I 05/23/2003 16:14 FAX PRI~I I 033 LOAN NO. 21444 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rehts 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 rents to Lender or Lenders' agents. However,' prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement m 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 assignment o! rents constitutes an absolute assignment and not an assignment for additicmal 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 Propert,/shall pay all rents due and unpaid to Lender or Lender s agent on Lender's .written demand to the tenantl I Borrower has not executed any prior assignment of the rents and has not and will not per/otto any act that would prevent Le'~der from exercising its rights under this paragraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before oI after giving notice of breach to Borrower. 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 an~, other dght 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 immediate 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 net limited to, reasonable attorneys' fees and costs of title evidence. [o r If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to B rrowe and to the person Jn 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 13. :Lender shall publish the notice of sale, and the Property shall be sold in the manner prescri'bed by applicable law. Lendler 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 attonqeys' 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 Instrument is held by the Secretary and the Secretary requires immediate 13ayment in full under Paragraph 9, the Secretary may invoke the nonjudicial power 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 commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentenCe shall deprive the Secretary of any rights otherwise available to a Lender under this Paragrapl~ 18 or applicable law. 19. 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. 20. Waivers. Borrower waives all rights of homestead exemption in the Properly and relinquishes all rights of curtesy and dower in the Property. 21. 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 pad of this Security Instrument. [Check applicable box(es)]. [] Condominium Flider [] Planned Unit Dovel0pment Rider Growing Equity Rider Graduated Payment Rider FHA Case No. 591-093~.231-703 ELF-4R(WY) [] Other [specify] 05/23/2003 16: 15 FAX PRMI ,2 8 7 LOAN NO. 21444 BY SIGNING BELOW, Borrower acCepts and agrees to the terms contained in this Security Instrument and in any rider(s) exBcuted by Borrower and recorded with it. ' Witnesses: (Seal) -Borrower (Seal) -Borrower PATRICK ~-- - (Seal) -Borrower '(Seal) -Borrower lSeal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower STATE OF WYOMING, Lincoln County ss: The foregoing instrument was acknowledged before me this 24th day of Hay, (date) by CINDY COZIAH and PATRICK COZIAH 2003 My Commission Expires: February 2, FHA Case No. 591-0931231-703 ELF-4R(WY) (sso4) (person acknowledging) 2006 ~otary Page 8 of 8 LEGAL DESCRIPTION That parn of the NW~SE~ of Section 35, T33N RllgW of the 6th P.M., Lincoln County, Wyoming, being all of that tract of record in the Office of the Clerk of Lincoln County in Book 244PR on page.12 and part of that tract of record in the said Office in Book 263pR on page 80, described as follows: BEGINNING at a 3/8" x 12" steel spike on the west line of said NW~SE~, S 00°26.8' E, 749.24 feet from the center one-quarter corner of said Section 35 found as described in that Certified Land Corner Recordation Certificate filed in the said Office; thence N 88o57.5, E, 29.73 feet to the northwest corner of said tract of in Book 244, marked by a pipe; thence continuing N 88057.5' E, 204.13 feet to the northeast corner of said tract of record in Book 244, marked by a pipe; thence S 00047.9, E, 299.89 feet to the southeast corner of said tract of record in Book 244, marked by a pipe; thence continuing S 00°47.9' E, 23.05 feet to a 3/8" x 12" steel spike on the south line of the north 32.5 acres of said NW~SE~; thence S 89°39.1, W, 235.83 feet along the said south line to an intersection with the west line of said NW~SE~; thence N 00°26.8' W, 320.10 feet along the said west line to the SPIKE OF BEGINNING.