HomeMy WebLinkAbout890817J U N
F R I..d F ~ F~
402 536 2601 TO 913~)78779602
P.03
890817
RECEIVED
;LtNOOLN COUNTY CLERK
BOOK 5~ ~R PAGF. 009
State of Wyoming
Above This Line For Rt~ording Daul-
MORTGAGE
9Ca~e No,
-0935539 703
THIS MORTGAGE ("Security Instrument") is given on Jm, m 13,
The Mongagor is ~ETT~ J. BZLLS, A SIlqG'-]~ I'~SON
2003
("Borrower"). This S~.urity Instrument is given to hELLS FARGO KOl4lg MORTGAGE, 'ri,lC,
which is organized and existing under the laws of TEll STJ~TE OF CAT,TI*ORNIA, arid
whose address is P.O. BOX 10304, DES MoIIq'E$, IA 503060304
("Lender"). Borrower owes Lender the principal sum of
PIFTY TWO TKOUSAND O14-g I-~RED llIGItTY ON'E AND 00/100
Dollar$ (U.S.
This debt is evidenced by Borrower's note dated the same date as this Security Instrum6mt ("Note"), which
provides for monChly payments, with the full debt, if not paid earlier, due and payable on J'ryh¥ oz, 2033
This Security Instrument secures to Leader: (a) the repayment of the debt evidenced by the
Note, with interest, and ~1 renewals, extension~ and modificatiom of the Note; (b) the payment of all other
with interest, advanced under paragraph 7 to protect the security of this Security Instrument; znd (c) the performmce
0026384081
FI-IA Wyoming Mortgage - 4/96
J U ~..l
13 2003 15:11FR.kJFHN 402 536 2601 TO 91307877~6~2 P.04
0890 i.T ' 010
of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower
does hereby mortgage, grant and convey to the Lender with power of sale, the following described property located
in ~x~t¢or.~ County, Wyoming:
SEE ATTACHED LEGAL DESCRIPTION:
THIS IS /% PURCHASE MONEY SECURITY INflTRUM]~NT. TAX STATE~(ENTS SHOULD BE SENT TO:
W~LLS FARGO HO~E MORTGAGE, INC., P.O. BOX 10304, DF.S MOINES, IA 503060304
which has the address of 1010 SAGE AVENUe, KgMI,~RER lSrree~, City],
Wyoming 8310.1 [zip Code] ("Property Address");
TOGETHER %VITH all the improvemm~ts now or hereafter erected on the property, and all easetnents,
appurtenances and fiKtures 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 has the fight to
mortgage, grant and conv~ 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, subj~t 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, Payment of Prindpal, Interest and Late Charge. Borrow¢,r shall 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 forth in the Note and any late charges, a sum for (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 under paragraph 4. In any year in which the Lender must pay a
mortgage insurance premium to the Secretary of Housing and Urban Development ("$ecreta.~"), or in any year in
which such premium would have been required if Lender still held the Security Instrument, each monthly payment
shall also include either: (i) a sum for 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 axe called "Escrow hems" and the sums pa/d to Lender are called "Escrow Funds."
Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate an-tount not to exceed the
maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures
Act of 1974, 12 U.S.C. Section 2601 e~ seq. and implementing regulations, 24 CFR Part 3500, as they may be
amended from time to time ('RESPA"), except that the cushion or reserve permitted by RESPA for unanticipated
disbursements or disbursements before the Borrowt-r's payments are available in the account may not be based on
amounts due for the mortgage insurance premium.
JUN 1,3 £~]03 15:11 FIR WFHM
P.05
If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender
shall a~count to Borrower for the excess funds as required by RESPA. If Lhe amounts of funds held by Lender at any
time are 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 RE.SPA.
The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument, If
Borrower tenders to Lender the full payment of all such Sums, Borrower's account shall be credited with the balarme
remaining for all installn~'nt items (a), (b), and (c) and any n'~ortgage insurance premium installment that Lender has
not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds 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 Pa.-rments. All Payments under paragraphs 1 and 2 shall be applied by I.~der as follows:
First., to the mortgage insurance prerrfium to be paid by Lender to the Secretar'y or to the monthly charge by the
Secretary instead of the monthly mortgage insurance premium;
Second, to any taxes; special assessments, leasehold payments or ground rents, and fire, flood and other hazard
insurance premiums, as required;
Third, to interest due under the Note;
Fourth, to amortization of the principal of tile Note; and
Fifth, to late charges due under the Note.
4. Fire, lqood and Other Hazard Insurance. Borrower shall insure all improven~'nts 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 rn~ntained in the amounts and for the periods that Lender
requites. 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 mall. Lender may make proof of loss if not
made promptly 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 irs option, either (a) to the reduction of the indebtedness under the Note and
this Security Ingtrument, first to any delinquent amounts applied in the order in paragraph 3, and then to prepayment
of principal, or (b) to the restoration or repair of the dan~aged Property. Any app[ieation of the proceeds to the
principal shall not extend or postpone the due dare of the monthly payments Which a.re referred to in paragraph 2, or
change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outatanding
indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
In the event of foreclosure of this Security Instrument or other transfer of title to the Pcoperty that extinguishes
the indebtednesa, all right, title and interest.of Borrower ir~ and to insurance policies in force shall pass to the
purchaser.
S. Occupancy, Preservation, NLaintenance and Protection of thc 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 later sale or transfer of the Property)
and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of
occupancy, unless Lender determines that requirern~nt 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 ma)' t~e re2sonable action to protect and preserve such vacant or
JUH 13 28E~3 15: 1 t FR I,,.JFHr,1 403 536 2681 TO 913078779602
012
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 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 title to the Propet~y, the
leasehold and fee title shall not be merged unless Lender agrees to the merger in writing.
6. Condenmation. The proceeds of any award or claim for damages, direct or coraequential, in connec.tion with
any condemnation or other taking of any pan of the Property. or for conveyance in place of condemnation, a~e
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 reduction of the indebtedness
under the Note and this Security Instrument, first to any delinquent anxounts 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 ~re 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 thJ~
Security Instrument shall be paid to the entity legally entitled thereto.
7. Charges to Borrower and Protection 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 an~ount~ 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 promptly discharge any lien which has priority over thi~ Security Instnauent unless Borrower:
(a) agreed in writing to thc payment of the obligation secured by the lien in a manner acceptable to Lender; (b)
contests in good faith the lien by, or defends agaimt 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 pan
of the Property is subject to a lien which may attain priority over this Security lnstrament, Lender may give Borrower
a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within
10 days of the giving of notice.
8. Fees. Lender may collect t'ee~ and charges authorized by the Secretary.
9. Grounds for Acceleration ol~ Debt.
(a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment
defaults, require in-n-nediate payment in full of all sums setured by this Security Instrument if:
(i) Borrower defaults by failing to pay in full any monthly payment required 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 other obligations contained
in this Security Instrument.
(b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 3al(d)
of the Gam-Sl. GenTmin 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:
J Il N
13 2~03 15:1I FR [4FHM 482 536 26~t
TO 913878779682 P.87
O ¢DOSi. V · 0 1 3
(i) All or pan of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold
or otherwise 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
purchaeer or grantee does so occupy the Property but his or her credit has not been approved in
accordance with the requirements of the Secreraw.
(c) No Waiver. If circumstances occur that would pemxit Lender to require inm~ediate payment in fu]l, but
Lender does not require such payments, Lender does not waive its rights with respect to subsequent events.
(d) Regulations o1' I-tlJD Secretary. In many circumstances regulations issued by the Secretary will limit
Lender's rights, 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 regulations
of the Secretary.
(e) Mortgage Nol Insure. Borrower agrees that if this Security Instrument and ~e Note are not de~em~ned
to be 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 Secr~ary dated subsequent to 60 days from the date hereof,
declining to insure this Security Instrument and the Note, shall be deemed conclusive 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.
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
lump sum all amounts required to bring. Borrower's account current including, to the extent they are obligations of
Borrower under thi~ 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 obligatior~ that it secures shall ren'uain in effect as if l. znder had not required immediate payment in full.
However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement aRer the
commencement of foreclosure proceedings within two years immediately preceding the commencement of a current
foreclosure proceeding, (ii) reinstatement will preclude foreclosure on c~ifferent grounds in the future, or (iii)
reinstatement will adversely affect the priority of the lien created by this Security Instrament.
11. Borrower Not 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 Borrower's successor 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 amortization of the sums secured by this SecuriW Insm.tme~t by reason of any
demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender i.n exercising
any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy.
12. Succercors and Assigns Botmd; Joint and Several Liability; Co-Signers. T'l'~e 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 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 Security Instrument only to
mortgage, grant and convey that Borrower's interest in the Property under the terma of this Security Instrument: (b)
is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender ;md 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.
J UN
2003
15:12 FR WFHM 402 536 260! TO 913078779602 P.08
01 4
13. Notices. Any notice to Borrower provided for in this Security InstrUment shall be given by delivering it or
hy malting it by first class mail unless applicable law requires usc 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 ri'mil 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.
14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of
the jurisdiction in which the Property is located. In the event chat any provision or clause of this Security Instrument
or the Note cor~flicts 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 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, Ha*ardours 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 generally
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 shy 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 :my Hazardous Substances affecting the Property is
necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law.
As used in this paragraph 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
petroleum products, toxic pesticides and herbicides, volatile solvents, nuterials containing asbestos or formaldehyde,
and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws and laws of the
jurisdiction where the Property is located that relate to health, safety or environmental protection.
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 rents 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 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 for the benefit of Lender and Borrower. This assigunaent of
rents constitutes an absolute assignment and not an assignment for additional 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 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 1'].
Lender shall no~ be required to enter upon, take control of or maintain the Property before or after giving notice
of breach to Borrower. However, Lender or a judicially appointed receiver n~y do so at any time there is a breach.
Any application of rents shall not cure or waive any default or invalidate any other right 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.
JIJN 13 2003 15:12 FR I.~.JFHP1 482 536 2601 TO :31307877~60~ P.89
18. Foreclosure Procedure. if Lender requires immediate paTment in full under paragraph 9, Lender may
invoke the power ol 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 not limited to,
reasonable attorneys' fees and costs of title evidence,
I1 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 13. Lender shall publish the notice of sale, and the
Property shall be sold in the mariner prescribed by applicable law. Lender or its desil[nee may purchase the
Proptwty 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 attorneys' fees; (b) to all sums secured by thi~ Security
Instrument; and (c) any excess to the person or persona legally entitled to it.
If the Leader's interest in this Security Instrument is held by the Secretary and the Secretary requires
immediate payment 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 Paragraph 18 or applicable law.
19, Release. Upon payment of all sums secured by this Sec. urity Instrument, Lender shall release this Security
Instrument without charge to Borrower. Borrower shall pay any recordation cotes.
20. Waivers, Borrower waives all rights of homestead exemption in the Property 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 pan of this Security
Instlm~ent. [check applicable box(es)].
~Condominium Rider [~ Growing Equity Rider [~ Otb.er [specify]
[-~ Planned Unit Development Rider [~ Graduated Payment Rider ~
TAX EXEMPT FINANCING RIDER
, P~e 7 m' $
JUN 13 2883 15:~2 FR UJFHD1 4D2 536 2601 TO 3~307877S6~2
P,10
016
BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security Inslrurr=nt and in
~y rider(s) executed by Borrower and recorded with it.
K?.TT}I J. B -Borrower
(~ai)
-[lorrowe'~
(Seal) (Seal)
.Borrower -Borrower
,(Seal) (Seal)
-Bo rrowcr -B o fro wet
(Seal) (Seal)
.Borrower -Borrower
STATE OF WYOMING, ~.~co~
The foregoing instrument was acknowledged before me this
13TR, 2003
County ss:
(da~=)
by KEITH J. BILLS
My Commission Expires:
February 2,
2006 '
Notary P~ blic ~ [
~ ~ - NOTASY PUBUC
JlJN 13 2903 15: iP FR bFHM
4~2 5~6 2601 TO ~1:397877~92
P.II
017
SCHEDULEC
The l~d referred to 'in tls commitment is simate~ ~ ~e State of Wyom~g, CounV of L~co~,
describ~ as ~llows: '
The Southerly 37M feet. of Lot 4 6f B16~"k 50 of the Second Addition to
the Town of Kemmerer, Lincoln County, Wyoming more particularly
described as follows:
BEGINNING at the southwesterly corner of said Lot 4 of Block 50; and,
running thence northerly along, the westerly boundary line and fronting
on Sage Avenue, a distance of 37.~ .feeti
thence easterly at right angles and parallel with the northerly and
southerly boundary lines of said Lot 4, a distance of 140 feet
to a point on the easterly b6undary line of said Lot
thence southerly at right angles along the easterly boundary line
of said Lot 4, a distance of 37~ feet to the southeasterly
corner of said Lot 4;
. thence westerly along the southerly boundary line of said Lot 4, a
distance of 140 feet to the PLACE OF BEGIb~ING.
JIJN 13 2130,~ 15:12 F~ [,.JFHH
402 53G 2~1 TO 31307B773B82
P.12
018
TAX-EXEMPT FINANCING RIDER
--fi-^ Cas,- No.
.............. ~9!-0935539. 703
THIS TAX-EXEMPT FINANCING RIDER is made thisl3T~ day of ~ ,
2003 , and is incorporated into and shall be deemed to amend and supplement the Mortgage,
Deed of Trust or Security Deed ('Security Instrument") of the same date given by the undersigned
("Borrower") to secure Borrower's Note ("Note") toWZLV.S 'AaXGO I-IOi~ MORTGAGIlt 'ri,lC.
('Lender") of the sanle date md covering the Property described in the Security Instrument and located at:
1010 SAGE AVENUe, ~RER, WY 83101
['P-r oper~ Address]
ADDITIONAL COVENANTS- In addition to the covenants and agreements made in the Security
Instrument. Borrower and Lender lumber covenant and agree to amend Paragraph 9 of the Security
Instrument. entitled "Grounds for Acceleration of Debt," by adding additional grounds for acceleration as
follows:
Lender, or such of its successors or assign as may by separate instrument assume responsibility
for assuring compli~ce by the Borrower with the provisions of this Tax-Exempt Financing
Rider, may require immediate payment in full of all sums secured by this Security Imtmment if:
(a) All or part of the Property is sold or otherwise transferred by Borrower to a
purchaser or other transferee:
(i) Who cannot reasonably be expected to occupy the Property as a
principal residence within a reasonable time after the sale or transfer, all as
provided in Section 143(c) and (i)(2) of the Internal Revenue Code; or
(ii) Who has had a present ownership interest in a principal residence
during any par~ of the three-year period ending on the date of the sale or
transfer, all as provided in Section 143(d) and 0)(2) of the Internal
Revenue Code (except that "100 percent" shall be substituted for "95
percent or more" where the latter appears in Section 143(d)(1)); or
ltl-lA Multlstat~ Tax-Exempt Finanelng Rider - 10/95
0026384081
Page 1 Of 2 In?tial5:~..~
VMP MORTGAGE FORMS - (8OO)521-7291
J U N
13 2083
15:12 FR b. IFHH 536 2S81 TO 91387877~G02
P.I3
(iii) At an acqubition cost which is greater than 90 percent of the
average area purchase price (greater than 110 percent for targeted area
residences), all as provided in Section 143(e) and 0)(2) of the Internal
Revenue Code; or
(iv) Who has a gross family income in excess of the applicable median
family imome as provided in Section 143(0 and 0)(2) of the Intern,al
Revenue Code; or
(b) Borrower fails to occupy the Property described in the Security Instrument
without prior written consent of Lender or its successors or a.ssigns described at the
beginning of this Tax-Exempt Financing Rider, or
(c) Borrower omits or misrepresents a fact that is material with respect to the
provisions of Section 143 of the Internal R~venue Code in an application for the loan
secured by this Security Instrument.
References are to the Internal Revenue Code as amended and in effect on the date of issuance of
bonds, the proceeds of which will be used to finance the purchase of the Security Instrument and
are decu-ned to include the implmuenting regulations.
BY SIGNING BELOW, Borrower accepts and agrees to the terms md covenants contained in this
Tax_Exempt Financing Rider.
(Seal)
-Borrower
(Seal)
-l[Iorrowcr
(Seal)
-~ortowcr
(Seal)
(Seal) -Borrower
-ltorrowcr
(s~) (Seal)
-Bo~ower
-gorrowcr
(~587U (9705l
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