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HomeMy WebLinkAbout890602DATE: NOTE: Date: June 25, 2001 Original Amount: $139,000.00 RECEIVED MODIFICATION AND EXTENSION OF DEED OF TRUST l'g~'E, ~q~l}~][P( CLERK January 25, 2003 890602 Maker: DOUGLAS LAWTON and wife, KRISTIN ANN LAWTON Payee: A.O. HALE, JR. and DEE ARLENE HALE, CO-TRUSTEE REVOCABLE TRUST OF THE A.O. HALE, JR. Unpaid Principal: $137,317.87 Original Date of Maturity: June 25, 2006 HOLDER OF NOTE AND LIE, N: A.O. HALE, JR. and DEE ARLENE HALE, CO-TRUSTEE OF THE A.O. HALE, JR. REVOCABLE TRUST HOLDER'S MAILING ADDRESS: 8 0 9 Kemp, Texas 75143 __ Heatherwood Drive OBLIGOR: DOUGLAS LAWTON and wife, KRISTIN ANN LAWTON OBLIGOR'S MAILING ADDRESS: 1243 Hmtdman Road Thayne, Wyoming 83127 Lincoln, Wyoming NOTE AND LIEN ARE DESCRIBED IN THE FOLLOWING INSTRUMENTS: Mortgage (Deed of Trust) recorded in Volume 467 Page 462 of the Property Records of Lincoln County, Wyoming. PROPERTy SUBJECT TO LIEN: Lot 140 of STAR VALLEY RANCH Plat 18, Lincoln County, Wyoming as described on the official plat thereof. TOGETHER WITH all improvements thereon, or hereafter to be placed thereon, and all and singular the rights, hereditaments and appurtenances to the same belonging or in anywise incideut or appertaining; which has the address of 1243 Handman Road, Thayne, Wyoming 83127 ("Property Address"); EXTENDED MATUI~TY DATE OF NOTE: JANUARY 25, 2008 TERMS OF MODIFICATION AND EXTENSION: Obligor has requested and Note Holder has agreed to modify and extend the Note ,'md Liens, as provided in this Modification and Extension of the Deed of Trust Note and Liens (the Agreement)' NOW THEREFORE, for in consideration of the premises and the mutual covenants contained herein, Obligor (a) promises to pay to the order of A.O. HALE, JR. and DEE ARLENE HALE, CO-TRUSTEE OF THE A.O. HALE, JR. REVOCABLE TRUST, at Henderson County, Texas, the sum of $137,317.87 (being the unpaid principal balance of said note), together with interest, accruing at the fixed rate of 6.50 % per annum on the unpaid principal balance of said note. Principal and accrued interest will be due on or before JANUARy 25, 2008, the extended "Maturity Date", under said note as hereinafter set forth by the legal owner and holder thereof; (b) acknowledges that Obligor is primarily liable for the payment of the indebtedness evidenced by, and the performance of the obligations of the note and this modification and extension agreement. TERMS OF PAYMENT (Principal and Interest): Fixed monthly installments of principal and interest as follows: The payments of principal of this note and the interest accruing hereunder shall be amortized over a period of fifteen years (15) beginning with the execution date of this agreement ~hereinafier the "Amortization Period") and shall be due and payable in full over five years (5) as more fully set forth below, to-wit; PAGE - 2 - MODIFICATION AND EXTENSION OF DEED OF TRUST NOTE AND LIEN CONT. The principal of this note and the interest accruing hereunder shall be due and payable in Fifty-nine (59) consecutive monthly installments of ONE THOUSAND ONE HUNDRED NINETY-SIX AND 19/100 DOLLARS ($1,196.19) each and one (1) final installment payment in an amount equal to the entire unpaid principal balance, together with all accrued but unpaid interest, if any, then remaining due on this note. The first Fifty-nine (59) monthly instalhnent payments due under the terms of this note shall be due and payable on the 25th day of each and every calendar month, beginning February 25, 2003, and continuing on the 25th day of each and every calendar month thereafter until and including December 25, 2007. The final installment payment shall be in an amount equal to the entire unpaid principal balance then remaining due on this note, together with accrued but unpaid interest, if any, then remaining due on this note and shall be due and payable in full on January 25, 2008. The Note is secured by liens against the Property. Whether Obligor is primarily liable on the Note or not, Obligor nevertheless agrees to pay the Note and comply with the obligations expressed in the Lien Documents. For value received, Obligor promises to pay to the order of Holder of Note and Liens the unpaid principal and accrued interest by the Extended Maturity Date of Note. Obligor also extends and modifies the liens described in the Lien Documents. The Note and the Lien Documents continue as written, except as provided in this agreement. Obligor warrants to Holder of Note and Lien that the Note and the Lien Documents, as modified and exteuded, are valid and enforceable and represents that they are not subject to rights of offset, rescission, or other claims. Obligor agrees to pay all cost and expenses incurred by Note Holder in connection with this modification and extension of the Note and Lien. Any default by Obligor in the performance of their obligations under this agreement constitutes a default under the Note and Lien and will allow Note Holder to exercise all of its remedies set forth in the Note and Lien. Note Holder does not, by its execution of this agreement, waive any rights it may have against any person not a party to this agreement. Obligor promises to pay to the order of Holder of Note and Lien, according to the terms of modification, the unpaid principal and accrued interest at maturity. When the context requires, singular nouns and pronouns include the plural. THIS LOAN IS PAYABLE IN FULL AT MATURITY. YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAID INTEREST THEN DUE. A.O. HALE, JR. and DEE ARLENE HALE, CO-TRUSTEE OF THE A.O. HALE, JR. REVOCABLE TRUST 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 ANOTHER 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 COST NORMALLY ASSOCIATED WITH A NEW LOAN EVEN IF YOU OBTAIN REFINANCING FROM THE SA~E LENDER. "Tiffs written loan agreement represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreemeuts of the parties." "There are no unwritten oral agreements between the parties." D,O~JG~S bligor 356 PAGE - 3 - MODIFICATION AND EXTENSION OF DEED OF TRUST NOTE AND LIEN CONT. KRIS'~IIk ANN LAWTON, Obligor A.O. HALE, JR. and DEE ARLENE HALE, CO-TRUSTEE OF THE A.O. HALE, JR. REVOCABLE TRUST: BY: A.O. HALE, JR. BY: DEE ARLENE HALE, Co-Trustee STATE OF TEXAS § COUNTY OF HENDERSON § THIS Instrument was acknowledged before me on the V day of March, 2003, by A.O. HALE, JR. and DEE ARLENE HALE, CO-TRUSTEE OF THE A.O. HALE, JR. REVOCABLE TRUST. NOTARY PUBLIC s~t~ ~ T~s ] ':~t?' Comm. Exp. 01-17-2005 STATE OF WYOMING COUNTY OF THIS Instrument was acknowledged before me on the ~ day of March, 2003, by DOUGLAS LAWTON and wife, KRISTIN ANN LAWTON. 8ta~e of Wyoming-Notary Pu{:~¢ ~ C~y o! U~ln 4-} ~'~otao, Publie, ~ of kVyoming AFTER RECORDING RETURN TO: