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COUNTRYWIDE HOME LOANS, INCi
MS SV-79 DOCUMENT PROCESSING
P.O.Box 10423
Van Nuys, CA 91410-0423
PreparedBy:
HEATHER SAWYER
8 9 I 0 2
R,._CEI'V ED
LINCOLN COU~',TY CLERK
BOOK ~'~R PAGE 8 0 2
WY5910930367703
[Case #]
State of Wyoming
[Space AbOve This Lh~e For Recordh~g Data]
MORTGAGE
0003063569806003
[Doc ID #]
FHA Case No.
WY5910930367703
1VIIN 1000157-0002619588-9
THIS MORTGAGE ("Security Instrument") is given on dUNE 18, 2003 The Mortgagor is
RALPH G THAYER
("Borrower"). This Security Instrument is given to Mortgage Electronic Registration Systems, Inc. CMERS"), (solely as
nominee for Lender, as hereinafter defined, and Lender's successors and assigns), as mortgagee. MERS is organized and existing
under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888)
679-MERS.
COUNTRYWIDE HOME LOANS, INC.
("Lender") is organized and existing under the laws of NEW YORK
4500 Park Granada, Calabasas, CA 91302-1613
Borrower owes Lender the principal sum of
FIFTY EIGHT THOUSAND ONE HUNDRED EIGHTY SIX and 00/100
, and has tm address of
DollarsCU.S.$ 58,186.00 ). This debt is evidenced by B°rrower's note dated the same date as this Security
Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on
JULY 01, 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 ~1 other sums, with interest,
advanced under paragraph 7 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, Borrower does hereby mortgage, grant and
convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of
MERS with power of sale, the following described property located.in
LINCOLN County, Wyoming:
Lot 5A of Block 1 of the Lincoln Heights 5th Addition, First Filing, to the City of
Kemmerer, Lincoln County, Wyoming as described on the official plat thereof.
which hms the address of
Wyoming 83101 ("Property Address");
[Zip Code]
FHA Wyoming Mortgage with MERS - 4/96
(~-4N(WY) (OLO2).02 CHL (11/01)(d)
* 2 3 9 9 I '
1680 TROY COURT, KEMMERER
[Street,City]
Page 1 of 5
VMP MORTGAGE FORMS - (800)521-7291
Initials:
Amended 2/01
* 030635698000002004N*
803
CASE #: WY5910930367703 DOC ID #: 0003063569806003
TOGETI~R WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances and
fixtures 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 understands and agrees that MERS
holds only legal title to the interests granted by BorroWer in this Security Instrument; but, if necessary to comply with law or
custom, MERS, (as nominee for Lender and Lender's successors and assigns), has the right: to exercise any or all of those
interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender
including, but not limited to, releasing or canceling this Security Instrument
BORROWER COVENANTS that Borrower is lawfully 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. Borrower warrants
and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record.
Tills 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 Principal, Interest and Late Charge. Borrower 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 ("Secretary"), 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 are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds.".
Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount 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 et seq. and implementing regulations, 24 CFR Pm:t 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 Borrower's
payments are available in the account may not be based on amounts due for the mortgage insurance premium.
If the amounts held 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 RESPA. If the 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
RESPA:
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 balance remaining for all installment
items (a), (b), and (c) and any mortgage insurance preminm 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 Payments. All payments under paragraphs I and 2 shall be applied by Lender as follows:
First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary
instead of the monthly mortgage insurance premium;
Second, to any taxes, special ~ssessments, leasehold payments or ground rents, and fire, flood and other hazard insurance
premiums, as required;
Third, to interest due under the Note;
Fonrth, to amortization of the principal of the Note; and
Fifth, to late charges 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 ill:e, 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 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
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 proc. eeds may be applied by
Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this S~curity Instrument, 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 damaged Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly
payments which are referred t° 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 this Security Instrument shall be Paid to the entity
legally entitled thereto.
Iu the event of foreclosure of this Security Instrument or other lransfer 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, Maintennnce 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 later sale or transfer of the Property) and shall continue to
occupy tile Property as Borrower's principal residence for at least 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
(~-4N(WY) (OlO2).o2 CHL (11/01) Page 2 of 5 Initials:
CASE #: WY5910930367703 DOC.ID #: 0003063569806003
destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and [ear excepted.
Lender may inspect the Property if the Property is vacant or abandoned or the loan is in 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 material]y false' or inaccurate information or statements to Lender (or failed [o provide Lender with
any material information) in connection with the loan evidenced by [he No[e, including, but not limited [o, 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 tide to the Property, the leasehold and fee title
shall not be merged unless Lender agrees to [he merger in writing.
6. 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 [o the extent of the full amount of the indebtedness that remains m~paid under the Note and [his Security
Instrument. Lender shall apply such proceeds to the reduction of [he indebtedness under the Note and this Security Instrument,
first [o any delinquent amounts applied in [he order provided in paragraph 3, and then [o prepayment of principal. Any
application of the proceeds to the principal shall not extend or postpone the due date of [he monthly payments, which are
referred to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required [o pay all
outstanding indebtedness under the Note and this 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% request Borrower shall promptly f~mish 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, and at the option of
Lender, shall be immediately due and payable.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in
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
more of the actions set forth above within 10 days of the giving of notice.
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 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 341(d) of the
Gm-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 part 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 purchaser or
grantee does so occupy the Property 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 events.
(d) Regulations of HUD 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 f~l and foreclose if not paid. This Security
Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary.
(e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined 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 Secretary 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 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
(~-4N(WY) (0102).02 CHL (11/01) Page 3 of 5 Initials:
CASE #: WY5910930367703 DOC ID #: 0003063569806003
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.
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 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 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 terms 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 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.
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 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 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 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 any Hazardous Substance or Environmental Law
of which Borrower has actual knowledge. If Borrower learns, or is notified by any g0vemmental 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 in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by
Euvironmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum produc[s, 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 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. m]thorizes 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 assignment of rents c°nstitutes 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 o.f 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 a~ssignment of the rents and has not and will not perform any act that would prevent
Lender from exercising its rights under this paragraph 17.
Lender shall not 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 may 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.
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 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 13. Lender shall publish the 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 the 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.
(~}®-4N(WY) (Ol o2).o2
CHL (11/01) Page 4 of 5 Initials:
CASE %: WY5910930367703 DOC ID #: 0003063569806003
Il' the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires i~umediate
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 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 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 ff the rider(s) were a part of this Security Instrument.
[Check applicable box(es)].
[~ Condominium Rider [~ Growing Equity Rider
~-~ Planned Unit Development Rider ~ Graduated Pay~nent Rider
Other [specify]
BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security Instrument and in any rider(s)
executed by Borrower and recorded with it.
(Seal)
RALPH G. THAYER// ~Borrower
(Seal)
-BOITOWer
(Seal)
-Borrower
(Seal)
-Borrower
STATE OF WYOMING,
The foregoing instrument was acknowledged before me this
by Ralph G. Thayer
LINCOLN County ss:
18th day of June, 2003
My Commission Expires: November 4, 2006
(~-4N(WY) (0102).02
CHL' (11/01)
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