HomeMy WebLinkAbout878234 02015218
Recordation Requested by:
Citibank, F.S.B.
909 Third Avenue
When Recorded Mail to:
Citibank F.S.B.
c/o CitiMortgage, Inc.
P.O. Box 9206, MS 81026
Send Tax Notices to:
P.O. Box 790009
Saint Louis, MO 63141
[Space Above This Lhie For Recording Data]
Application No: 000011233055 M O RT G A G E
G ?.H,.IS MORTGAGE ("Security Instrument") is given on December 13, 2001 The mortgagor is
eram scott Cherf and Connie J. DeJong '
("Borrower"). This Security Instrument is given to
Citibank, F.S.B.
which is organized and existing under the laws of the United States , and whose
address is 12855 North Outer Forty Drive, Saint Louis~ MO 63141
("Lender"). Borrower owes Lender the principal sum of
Three Hundred Twelve Thousand
Dollars (U.S. $ '312,000.00 ).
This debt is evidenced by Borrower'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 January 1, 2032 . 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 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 Lender, with power of sale,
the following described property' 4ocated in LINCOLN County, Wyoming:
See Attached Legal Description
which has the address of 880 Upper Stewart Creek Circle, Etna [Street, City],
Wyoming 83118- (" Property Address");
[Zip Code]
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT For 90
159005WY ~ 06/07/1999 [000011233055] Page 1 of 6 Initials.K~l~N,~)
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TOGETHER 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 COVENANTS that Borrower is lawfully seised 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, subjec~ 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. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the
principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
2. Funds for Taxes and Insurance. Subject to applicable laTM or to a written waiver by Lender, Borrower shall pay to
Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") for: (a) ~early taxes
and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments
or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums,
if any; (e) yearly mortgage insurance premiums, if any; and (I0 any sums payable by Borrower to Lender, in accordance with
the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items."
Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally
related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of
1974 as 'amended from time to time, 12 U.S.C. Section 2601 et seq. ("RESPA"), unless another law that applies to the Funds
sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount.
Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future
Escrow Items or otherwise in accordance with applicable law.
The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity
(including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the
Escrow Items. Lender may not charge Borrower for holding and applying.the Funds, annually analyzing the escrow account, or
verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such
a charge, ttowever, Lender may require BorroWer to pay a one-time charge for an independent real estate tax reporting service
used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or
applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds.
Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower,
without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each
debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Instrument.
If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower
for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any
time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower
shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than
twelve monthly payments, at Lender's sole discretion.
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any
Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale
of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by
this Security Instrument.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under'the Note; second, to amounts payable under
paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property
which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay
these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on tir;~e directly
to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph.
If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts 'evidencing the payments.
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 fi'om the holder of the lien an agreement satisfactory to .Lender subordinating the lien to
this Security Instrmnent. 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.
For 0
159005WY - 06/07/1999 I000011233055] Page 2 of 6
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5. Hazard or Property Insurance. BOrrower shall keep the improvements noTM existing or hereafter erected on the
Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including
floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods
that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval
which shall not be unreasonably withheld. If Borrower falls to maintain 'coverage described above, Lender may, at Lender's
option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7.
All insurance policies and renewals shall' be acceptable to Lender and shall include a standard mortgage clause. Lender
shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of
paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender.
Lender may make proof of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance Proceeds Shall be applied to restoration or repair of the
Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If tile restoration or
repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied 'to the sums
secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the
Property, or does no? answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then
Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums
secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given.
Unless Lender and Borrower otherwise agree ih writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under
paragraph 21 the Property is acquired by Lender, Borrower's right .to any insurance policies and proceeds resultiug from
damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument
immediately prior to the acquisition.
6. Occupancy, Preservation, 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 and shall continue to occupy tile Property as Borrower's principal residence for at least one
year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld,
or unless extenuating circumstances exist which are beyond Borrower's control. Borrower sh~l not destroy, damage or impair
the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeitore
action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of tile
Property or otherwise materially impair tile lien created by this Security Instrument or Lender's security interest. Borrower may
cure such a default and reinstate, as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling
that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material
impairment of the lien created by this Security Instrument or Lender's security interest. 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 all the provisions of the lease. If Borrower acquires fee title to the Property, the
l~asehold and the fee title shall not merge unless Lender agrees to the merger in writing.
/ 7. Protection of Lender's Rights in the Property. If Borrower fails to perform the 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, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and
pay for whatever is necessary to protect the value of the Property and Lender's rights in the PropertY. Lender's actions may
include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying
reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph
7, Lender does not have to do so.
Any amounts disbursed by Lender under this paragraph 7 shall become ~additional debt of Borrower secured by this
Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the
date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting
payment.
8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this
Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason,
the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required
to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to
the cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by Lender. If
substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to Lender each month a sum equal to
one-twelfth of the yearly mortgage insurance premimn being paid by Borrower when the insurance coverage lapsed or ceased to
be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve
For 90
159005WY ~ 06/07/1999 [000011233055] Page 3 of 6 Ini~,~l~d~
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payments may no longer be requ~re~ the
: ,~t option of Lender, if mortgage insurance coverage (in the amount and for the period
that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay
the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for m6rtgage
insurance ends in accordance with any written agreement between Borrower and Lender or applicable law.
9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give
Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
10. 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 lieu of condemnation, are hereby assigned and
shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument,
whether or not then due, with any excess paid to Borrower. In 'the event of a partial taking of the Property in which the fair
market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this
Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the su~ns secured by
this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total
amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately
before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair
market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the
taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall
be applied to the sums secured by this Security Instrument whether or 'not the sums are then due.
If the Property is abandoned by BorroWer, or if, after notice by Lender to Borrower that the condemnor offers to make an
award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given,
Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums
secured by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
11. BorroWer Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification
of amortization of the sums secured by this Security Instrumen, t granted by Lender to any successor in interest of Borrower shall
not operate to release the liability of the original Borrower or Borrower's successors 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 17. Borrower's covenants and agreemen, ts 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. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges,
and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the
loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge
to the permitted IUnit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to
Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct
payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any
prepayment charge under the Note.
14. 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 other 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.
15. 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
gi*en effect without the conflicting provision.- To this end the provisions of this Security Instrument and the Note are declared
to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
: Form :~9~0
159005WY - 06/07/1999 [000011233055] Page 4 of 6
17. Transfer of tbe Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it
is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without
Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this
Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date
of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration The notice shall provide a period of not
less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this
Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies
permitted by this Security Instrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as
applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrov~er: (a) pays
Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b)
cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument,
including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure
that the lien of this Security Instrument~ Lender's rights in the Property and Borrower's obligation to pay the sums secured by .
this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, ·this Security Instrument and the
obli.gations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall
not ai~ply in the case of acceleration under paragraph 17.
19. Sale of Note; Change of Loan Servicer. The Note or a .partial interest in the Note (together with this Security
Instrument) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity (known
as the "Loan Servicer") that collects monthly payments due under the Note and this Security Instrument. There also may be one
or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be
given written notice of the change in accordance with paragraph 14 above and applicable law. The notice will state the name and
address of the new Loan Servicer and the address to which payments should be made. The notice will also contain any other
information required by applicable law.
20. Hazardous Substances. Borrower shaU not cause or permit the presence, use, disposal, storage, or release of any
Hazardous Substauces 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 governmental or regulatory authority, that
any removal or other rexnediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take
all necessary remedial actions in accordance with Environmental Law.
As used in this paragraph 20, "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, materials containing asbestos or formaldehyde, and radioactive materials. As used in
this paragraph 20, "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:
21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's
breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraph 17 unless
applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cnre the default;
(c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and
(d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums
secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to
reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other
defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice,
Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without
further demand and 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 21, including, but not limited
to, reasonable attorneys' fees and costs of title evidence.
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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 14. 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 ~ale. 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.
22.. 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.
23. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy
and dower in the Property.
24. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this
Security Instrument, the covenants and agreements 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 part of this Security Instrument.
[Check applicable box(es)]
[~Adjustable Rate Rider [~Condominium Rider [--] 1-4 Family Rider
['~Graduated Payment Rider [~Planned Unit Development Rider ~-]Biweekly Payment Rider
[--]Balloon Rider ~-]Rate Improvement Rider [--~Second Ho~ne Rider
[--]V.A. Rider ['--~Other(s) [specify]
BY SIGNING BELOW, Borrower accepts and agrees to the terms.Ihi.s~ecuand covenants contained in ' ecurity Instrument
in any rider(s) executed by Borrower and recorded with it.
IN WITNESS WHEREOF, Borrower has executed this Mortg~.
(Seal)
-Borrower
· (Seal)
-Borrower
STATE OF WYOMING, TETON ~ County ss:
The foregoing instrument was acknowledged before me this/~'Daceraber , 2001
(date)
by Gerald Scott Chaff and Connie J. DeJong
(person acknowledging)
My Commission expires: 08/03/05 ~ ' ~ '
159005WY - 06/07/1999 [00001123305§] ~-' ~~%1~i~ ~ Form 3051 9/90
LASER PRO. Reg. U.S. Pat. & T.M.Off., Version 2.6.5.76 (c) 20~(t~li~ll~ll[~]~rv,.~/C¢)~
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2G8
FIXED/ADJUSTABLE RATE RIDER 000011233055
(1 Year Treasury Index - Rate Caps)
THIS FIXED/ADJUSTABLE RATE RIDER is made this Thirteenth day of December
2001 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust
or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to
secure Borrower's Fixed/Adjustable Rate Note (the "Note") to Citibank, F.S.B.
(the "Lender") of the same date and covering the property described in the Security Instrument and located at:
880 Upper Stewart Creek Circle, Etna, WY 83118
[Property Address] '
THE NOTE PROVIDES FOR A CHANGE IN THE BORROWER'S FIXED INTEREST RATE
TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT THE
BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND
THE MAXIMUM RATE THE BORROWER MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as follows:
A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial fixed interest rate of 6.250%. The Note provides for changes
in the initial fixed rate to mx adjustable interest rate, as follows:
4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The initial fixed interest rate I will pay will change to an adjustable interest rate on the first day of
January ~ ,2007 ,and the adjustable interest rate I will pay may change on that day every
12th. month thereafter. Each date on which my adjustable interest rate could change is called a "Change Date."
(B) The Index ',
Beginning with the 'first Change Date, my 'adjustable interest rate will be based on an Index. The "Index" is
the weekly average yield on United States Treasury securities adjusted 'to a constant maturity of 1 year, as made
available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each
Change Date is called the "Current Index."
If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable
information. The Note Holder will give me notice of this choice. (C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding Two & 75/100
percentage point(s) ( 2.'/50 %) to the
Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one
MULTISTATE FIXED/ADJUSTABLE RATE RIDER - 1 Year Treasury Index - Single Family - Fannie Mae Uniform Inst~ml
3182 (05/20/1999)[000011233055] .... 'Pa~e 1 of 3 : Initials~ ~
percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my
new interest rate until the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay
the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new int6rest
rate in substantially equal payments. The result of this calculation Will be the new amount of my monthly
payment. . '
(D) Limits on Interest rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than 8.250%
or less than 4.250 %. 'Thereafter, my adjustable interest rate will never be increased or
decreased on any single Change Date by more than two percentage points (2.0%) from the rate of interest I have
been paying for the preceding 12 months, My interest rate will never be greater than 11.250 %.
(E) Effective date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly
payment beginning on the/:~rst monthly payment date until the amount of my monthly payment changes again.
(F) Notice of Changes
The Note Holder will deliver or mail to me notice of the change !n my initial fixed interest rate to an
adjustable interest rate and of any changes in my adjustable interest rate before the effective date of any change.
The notice will include the amount of my monthly payment, any information required by law to be given me and
also the telephone number of a person who will answer any question I may have regarding the notice.
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
1. UNTIL BORROWER'S INITIAL FIXED INTEREST RATE CHANGES TO AN ADJUSTABLE
INTEREST RAT'E UNDER THE TERMS STATE IN SECTION A ABOVE, OR AFTER BORROWER
EXERCISES THE CONVERSION OPTION UNDER THE CONDITIONS STATED IN SECTION B
ABOVE, UNIFORM COVENANT 17 OF THE SECURITY INSTRUMENT SHALL BE IN EFFECT AS
FOLLOWS:
Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the
Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is' sold or
transferred and Borrower is not a natural person) without Lender's prior written consent, Lender
may, at its option, require immediate payment in full of all sums secured by this Security
Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by
federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice
shall provide a. period of not less than 30 days from the date the notice is delivered or mailed
within which Borrower must pay all. sums secured by this Security Instrument. If Borrower fails to
pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted
by this Security Instrument without further notice or demand on Borrower.
2. WHEN BORROWER'S INITIAL FIXED INTEREST RATE CHANGES TO AN ADJUSTABLE
INTEREST RATE UNDER THE TERMS STATED IN SECTION A ABOVE, UNIFORM COVENANT 17
OF THE SECURITY INSTRUMENT DESCRIBED IN SECTION BI ABOVE SHALL THEN CEASE TO
BE IN EFFECT, AND THE PROVISIONS OF UNIFORM COVENANT 17 OF THE SECURITY
INSTRUMENT SHALL BE AMENDED TO READ AS FOLLOWS:
Form{~94~
3182 (05/20/1999)[000011233055] Page 2 of 3 ' I
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271
Fee Simple Interest Parcel 2: '"
A parcel of land being a portion of that tract of land of
record in Book 147 P.R., Page 66 in the Office of the Lincoln
County Clerk and being located in the NE1/4SWl/4, Section 24,
T36N, RllgW, 6th P.M., Lincoln County, Wyoming. Said parcel
being more particularly described as follows:
Beginning at the CW 1/16 Corner of said Section 24 where is
found a BLM type brass cap set and appropriately inscribed by
NelSon Engineering, Wyoming PE & LS 578; THENCE N88o58'39,,E,
1313.27 feet along the North boundary of said NE1/4SW1/4 to the
C 1/4 Corner of said Section 24 where is found a BLM type brass
cap set ~an~ appropriately inscrib'ed'~Y N~lson Engineering,
.Wyoming PE & LS 578; THENCE S00'o15,07,,W, 670.33 feet along, the
East boundary of~said NE1/4SW1/4 to a point being the Northeast
Corner of Lot 9 ~0f Stewart Creek Subdivision, recorded in said
Office October 8, 1981, Recording No. 566626; THENCE along the
Northerly and Easterly boundary of said Subdivision through the
following courses and distances:
S90°00'00"W, 639.43 feet to a point N59o00,00,,W, 174.29 feet to
a point N18o00,00,,E, 535.59 feet to a point S88o58,39,iW, 687.16
feet to a point; being the Northwest Corner of said
Subdivision; the aforementioned points being monumented by 5/8"
diameter by 16" long steel reinforcing bar with aluminum
Surv-Kap inscribed "NELSON ENGR PE & LS 578',; THENCE departing
said boundary N00o15,06,,E, 60.01 .feet to the point of beginning.
Easement Interest Parcel 3:
Easement for ingress and egress as described in documents
recorded in Book 147 P.R., Page 79; Book 147 P.R., Page 81;
Book 181 P.R., Page 773 and Book 185 P.R., Page 248