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HomeMy WebLinkAbout892765Form RD 3550-14 WY (11-96) THIS MORTGAGE ("Security Instrument") is ma( The mortgagor is Pamela S. Lish aka Pam~ ("Borrower"). This Security Instrument is given to the successor agency, United States Department of Agricult~ Servicing Center, United States Department of Agricultu Borrower is indebted to Lender under the following prq "Note") which have been executed or assumed by Bom paid earlier, due and payable on the maturity (late: 2.'7 6. 5' [$p~cc, ~bovc Tl~ Linc F~'l~.ordi.~ United State,Department of Agricul~e Rural Hous~g Se~ice [e on August 19, 2003 fla S. Bvown RECEiVED- LINCOLN COUN'TY CLERK Form Approved OMB No. 0575-0172 [Da(e] United States of America acting through the Rural Housing Service or ire ("Lender"), whose address is Rural Housing Service, c/o Centralized re, P.O. Box 66889, St. Louis, Missouri 63166. ~ missory notes and/or assumption agreements (herein collectively called wet and which provide for monthly payments, with the full debt, if not Date of Instrument August 19, 2003 Principal Amoutt $24,000.00 This Security Instrument secures to Lender: (a) the repa extensions and modifications of the Note; (b) the payme the property covered by this Security Instrument; (c) Security Instrument and the Note, and (d) the recaptur Borrower by the Lender pursuant to 42 U.S.C. §§ 1472 and convey to Lender, with power of sale, the following , Li ncol n August 19, 2036 yment of the debt evidenced by the Note, with interest, and all renewals, it of all other sums, with interest, advanced under paragraph 7 to protect the performance of Borrower's covenants and agreements under this .~ of any payment assistance and subsidy which may be granted to the '.g) or 1490a For this purpose, Borrower does hereby mortgage, grant, described property located in the County of , State of Wyoming: Beginning at a point 667.28 feet South from 6th P.M., Wyoming, and running thence South thence East 396 feet to the place of beginn' which has the address of 4125 Hi ghway 241 [Street] Wyoming [zip] 83110 ("Property Ad& Public reportbtg burden for this collection of #~formation is instruction, searching existing data sources, gathering and it~ormation. Send comments regarding this burden estinsate reduchtg this burden, to the U.S. Department of Agriculture, 20250-7602. Please DO NOT RETURN this form to this addr this collection of infor{nation unless it displays a carrentl), valid the Northeast Corner of Section 12, T 31 N, R 119 W, 110 feet, thence West 396 feet, thence North 110 feet, ~g. ess"); Afton [City] e., timated to average 15 minutes per response, inchtding the time for reviewing abstaining the data needed, attd complethsg and reviewiag the collection of att.}, other aspect of this collection of information, including suggestions for !arance Officet; STOP-7602, 1400 Independence Ave., $. W., Washington, D. C. ~. Fonvard to the local USDA office onl),. )blt are not required to respoad to OMB number. Page 1 of 6 122 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures which now or hereafter are 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 grant and convey the Property and that the ~operty is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. 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 law 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) yearly 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; and (d) yearly flood insurance premiums, if any. 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. § 2601 et seq. ("RESPA"), unless another law or -federal regulation 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 by a federal agency (including Lender) or in an institution whose deposits are insured by a federal agency, instrumentality, or entity. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and apl:flying 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. However, 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 FuadS 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. Bon'ower 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 Lender shall acquixe or sell the Property after acceleration under paragraph 22, 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 Securi .ty Instrument. 3. Application of Payments. Unless applicable law or Lender's regulations provide otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied in the following order of priority: (1) to advances for the preservation or protection of the Property or enforcement of this lien; (2) to accrued interest due under the Note; (3) to principal due under the Note; (4) to amounts required for the escrow items under paragraph 2; (5) to late charges and other fees and charges. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions atUibutable 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 mamaer provided in paragraph 2, or if not paid in that mariner, Bon'ower shall pay them on time 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 Lender has Page 2 of 6 123 agreed in writing to such lien or 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 ten (l 0) days of the giving of notice. Borrower shall pay to Lender such fees and other charges as may now or hereafter be required by regulations of Lender, and pay or reimburse Lender for all of Lenders fees, costs, and expenses in connection with any full or partial release or subordination of this instrument or any other transaction affecting the property. 5. Hazard or Property Insurance. Borrower shall keep the improvements now 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 insurer providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, at Lender's option Lender ma3, obtain coverage to protect Lender's rights in the Property · pursuant to paragraph 7. All insurance policies and renewals shall be in a form acceptable to Lender and shall include a standard mortgagee 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 ~xiting, 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 the 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 not answer within thirty (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 ~:~p,a!r~,or, restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The t~Ly t~vi ~aay period will begin when the notice is given. 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 the payments. If after acceleration the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument inarnediately prior to the acquisition. 6. Preservation, Maintenance, and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall maintain the improvements in good repair and make repairs required by Lender. Borrower shall comply with all laws, ordina/~ces, and regulations affecting the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien crea~ed by this Security Instrument or Lenders security interest. Borrower may cure such a default 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 impainaaent 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. If this Security Insmament is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold 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 whate,eer 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 is not required 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. Refinancing. If at any time it shall appear to Lender that Borrower may be able to obtain a loan from a Page 3 of 6 responsible cooperative or private credit soum Borrower will, upon the Lender's request, apply any indebtedness secured hereby in full. 9. Inspection. Lender or its agent may mal~ shall give Borrower notice at the time of or prior u 10. Condemnation. The proceeds of any ax with any condemnation or other taking of any par hereby assigned and shall be paid to Lender. In applied to the sums secured by this Security Instru In the event of a partial taking of the Property in ~ taking is equal to or greater than the amount of the taking, unless Borrower and Lender otherwise ag~ be reduced by the amount of the proceeds multi[ secured immediately before the taking, divided bt taking. Any balance shall be paid to Borrower. market value of the Property immediately befor. immediately before the taking, unless Borrower otherwise provides, the proceeds shall be applied sums are then due. If the Property is abandoned by Borrower, ol to make an award or settle a claim for damages, B( date the notice is given, Lender is authorized to cc repair of the Property or to the sums secured by ti and Borrower otherwise agree in writing, any app due date of the monthly payments referred to in pa~ 11. Borrower Not Released; Forbearance I modification of amortization of the sums secured any successor in interest of Borrower shall not opel successors in interest. Lender shall not be require refuse to extend time for payment or otherwise mo, by reason of any demand made by the original Bo: Lender in exercising any right or remedy shall not 1 12. Successors and Assigns Bound; Joint an of this Security Instrument shall bind and benefit ti provisions of paragraph 16. Borrower's covenants co-signs this Security Instrument but does not exe mortgage, grant and convey that Borrower's intere.~ is not personally obligated to pay the sun,s secured other Borrower may agree to extend, modify, forbe Security Instrument or the Note without that Borrox 13. Notices. Any notice to Borrower provide( by mailing it by first class mail unless applicable h to the Property Address or any other address Borrc be given by first class mail to Lender's address st~ Borrower. Any notice provided for in this Securit Lender when given as provided in this paragraph. 14. Governing Law; Severability. This Se~ that any provision or clause of this Security Instrun not affect other provisions of this Security Instrume .provision. To this end the provisions o£ this Secm instrument shall be subject to the present regulatio: the express provisions hereof. All powers and age~ are irrevocable by death or otherwise; and the rigl remedies provided by law. 15. Borrower's Copy. Borrower acknowle, Security Instrument. 16. Transfer of the Property or a Beneficial interest in it is leased for a te~n greater than three ( (o.r if a b. eneficial interest in Borrower is sold or tra: prior written consent, Lender may, at its option, Security Instrument. at reasonable rates and terms for loans for similar purposes, or and accept such loan in sufficient amount to pay the note and reasonable entries upon and inspections of the Property. Lender ~ an inspection specifying reasonable cause for the inspection. ~ard or claim for damages, direct or consequential, in connection I of the Properly, or for conveyance in lieu of condemnation, are :he event of a total taking of the Property, the proceeds shall be anent, whether or not then due, with any excess paid to Borrower. ,hich the fair market value of the Property immediately before the sums secured by this Security Instrument immediately before the ee in writing, the sums secured by this Security Instrument shall lied by the following fraction: (a) the total amount of the sums (b) the fair market value of the Property immediately before the In the event of a partial taking of the Property in which the fair the taking is less than the amount of the sums secured hereby md Lender otherwise agree in writing or unless applicable law the sums secured by this Security Instrument whether or not the f, after notice by Lender to Borrower that the condemnor offers rrower fails to respond to Lender within thirty (30) days after the llect and apply the proceeds, at its option, either to restoration or tis Security Instrument, whether or not then due. Unless Lender ication of proceeds to principal shall not extend or postpone the agraphs 1 and 2 or change the amount of such payments. ~y Lender Not a Waiver. Extension of the time for payment or by this Security Insmunent granted by Lender to Borrower and 'ate to release the liability of the original Borrower or Borrower's fl to commence proceedings against any successor in interest or lify amortization of the sums secured by this Security Instrument Tower or Borrower's successors in interest. Any forbearance by ~e a waiver of or preclude the exercise of any right or remedy. fl Several Liability; Co-signers. The covenants and agreements te successors and assigns of Lender and Borrower, subject to the and agreements shall be joint and several. Any Borrower who :ute the Note: (a) is co-signing this Security Instrument only to t in the Property under the terms of this Security Instrument; (b) by this Security Insmament; and (c) agrees that Lender and any ar or:make any accommodations with regard to the terms of this ter's consent. for in this Security Inslxument shall be given by delivering it or tw requires use of another method. The notice shall be directed Wer designates by notice to Lender. Any notice to Lender shall ted herein or any other address Lender designates by notice to Instrument shall be deemed to have been given to Borrower or ~rity Instrument shall be governed by federal law. In the event ent or the Note conflicts with applicable law, such conflict shall nt or the Note which can be given effect without the conflicting ity Instrument and the Note are declared to be severable. This ~s of Lender, and to its future regulations not inconsistent with [cies granted in this instrument are coupled with an interest and tts and remedies provided in this instrument are cunmlative to tges receipt of one conformed copy of the Note and of this Interest in Borrower. If all or any part of the Property or any 3) years, leased with an option to purchase, sold, or transferred ~sfe.rred and Borrower is not a natural person) without Lender's ;quire immediate payment in full of all sums secured by this Page 4 of 6 17. Nondiscrimination. If Borrower intends to sell or rent the Property or any part of it and has obtained Lender's consent to do so (a) neither Borrower nor anyone authorized to act for Borrower, will refuse to negotiate for the sale or rental of the Property or will otherWise make unavailable or deny the Property to anyone because of race, color, religion, sex, national origin, handicaP, age, or familial status, and (b) Borrower recognizes as illegal and hereby disclaims and will not comply with or; attempt to enforce any restrictive covenants on dwelling relating to race, color, religion, sex, national origin, handi.:ap, age or familial status. 18. 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 tirnes without prior notice to Borrower. A sale may result in a change m 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 13 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. 19. Uniform Federal Non-Judicial Foreclosure If a uniform federal non-judicial foreclosure law applicable to foreclosure of this security instrument is enacfed, Lender Shall have the option to foreclose this instrument in accordance with such federal procedure. 20. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release' of any hazardous substances on or in the Property,I The preceding sentence 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 not do, nor allow anyone else to do, anything affecting the Property that is in violation of any federal, state, or local environmental law or regulation. Borrower shall: promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or privhte party involving tie Property and any hazardous substance or envirmxmental law or regulation of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any hazardous substance affecting the Property is necessary, Borrower shall promptly': take all necessary remedial actions in accordance with applicable environmental law and regulations. As used in this paragraph "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,radioactivetOXiCmaterials.pesticidesAs usedand .he.r,b.mldes, vol.at~!,e_ solvents,, materials,, containing asbestos or formaldehyde,, and m mis paragraph, environmental law means federal laws and regulattons and laws and regulations of the jurisdiction where the Property is located that relate to health, safety or environmental protection. 21. Cross Collateralization. Default hereunder shall constitute default under any other real estate security instrument held by Lender and executed or assumed by Borrower, and default under any other such security instrument shall constitute default hereunder. NON-UNIFORM COVENANTS. BorrOwer and Lender further covenant and agree as follows: 22. SHOULD DEFAULT occur in the performance or discharge of any obligation in this instrument or secured by this instrument, or should the parties named as Borrower die or be declared incompetent, or should any one of the parties named as Borrower be discharged in bankruptcy or declared an insolvent, or make an assigmnent for the benefit of creditors, Lender, at its option, With or without notice may: (a) declare the entire amount unpaid under the note and any indebtedness to Lender hereby secured immediately due and payable, (b) for the account of Borrower incur and pay reasonable expenses for re~air or maintenance of and take possession of, operate or rent the property, (c) collect the rentals and other income~and profits from the property and apply it against the secured indebtedness, whether or not a receiver shall have been appointed, but shall not be required or be liable for failure to collect rent or other income, and shall be held accountable for only such amounts as are actually received, (d) upon application by it and production of this mortgage; without other evidence and without notice of hearing of said application, have a receiver appointed for the property, with the usual powers of receivers in like cases, (e) foreclose this instrument as provided herein or by law, (f) require Borrower to surrender to Lender any and all abs~-acts of title then owned by Borrower covering all or any part of the property, and (g) enforce any and all other rights and remedies provided herein or by present or future law. 23. The proceeds of foreclosure sale shall be:applied in the following order to the payment of.' (a) costs and expenses incident to enforcing or complying with the provisions hereof, (b) any prior liens required by law or a competent court to be so paid, (c) the debt evidenced by the note and all indebtedness to Lender secured hereby, (d) inferim' liens of record required by law or a Competent court to be so paid, (e) at Lender's option, any other indebtedness of Borrower owing to Lender, and (0 any balance to Borrower. At foreclosure or other sale of all of any part of the property, Lender and its agents may bid and purchase as a stranger and may pay Lender's share of the purchase price by crediting such amount on any debts of Borrower owing to Lender, in the order prescribed above. 24. Borrower agrees that Lender will not be bound by any present or future laws, (a) providing for valuation or Page 5 of 6 I 126 appraisal of the property, (b) prOhibiting maintenlnce of an action for a deficiency judgment or limiting the amount thereof or the time within which such action ma ~, be brought, (c) prescribing any other statute of limitations, (d) allowing any right of redemption or possession following any foreclosure sale, (e) reqmring possession of the ier is entitled to rents, or (f) limiting the conditions which Lender property or appointment of a receiver before Leto may by regulation impose, including the interest property to a new Borrower. Borrower express] releases and waives all rights under and by virtue. 25. At the option of Lender this mortgage ma provided by law and statute, and Borrower hereby rate it may charge, as a condition of approving a transfer of the y waives the benefit of any such State laws. Borrower hereby )f the homestead exemption laws of Wyoming. 5' be foreclosed by action or advertisement under Power of Sale as irrevocably vests in Lender the statutory Power of Sale. 26. Borrower hereby assigns to Lender all Borrower's rights under Wyoming Statutes 34-4-113 to surplus prgceeds and/or surplus money remaining after sa] e of the property under statutory Power of Sale or any foreclosure sale or similar sale exercised by any foreclosing p~rty or other parly and hereby waives any claim against the officer or person making such sale for paying said smplu~on demand of Lender. 27. Riders to this Security Instrument. If o~e or more riders are executed by Borrower and recorded to~ether with this Security Insmmaent, the covenants and a~reements of each ride~ shall be incorporated into and shall ~'mend and supplement the covenants and agreements c~f this Security Instrument as if the rider(s) were a part of this · Security Instrument. [Check applicable box] .] [] Condominium Rider [] Planned U~i Development Rider [] Other(s) [specify] BY S~IGN.ING_ BELOW, Bo. rrower accepts ~an~t agreea to the terms and covenants contained in pages 1 through '6 of this security Instrument and in any rider exec ated by Borrower and recorded with this Security Instrument Paine] a S. Li sh Borrower STATE OF WYOMING COUNTY OF Li n¢ol n The foregoing instrument was acknowledged 14efore me by this Witness my hand and official seal. Borrower ACKNOWLEDGMENT Pamela S. Lish and O OTA AL SEAL) My commission expires: Notary ~°ublic Page 6 of 6