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HomeMy WebLinkAbout893452Remm To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.BOx 10423 Van Nuys, CA 91410-0423 Prepared By: HEATHER SAWYER RECEIVED LINCOLM COUN'TY CLERK rB 073, K PR PAGE WY5910940539703 [Case State of Wyoming [Space Above This Line For Recording Data] MORTGAGE 0003779082809003 [Doc ID ~] FHA Case No. WY5910940539703 MIN 1000157-0002893105-9 THIS MORTGAGE ("Security Instmment") is given on SEPTEMBER 09, 2003 SCOTT.M BASSETT, AND STACEY A BASSETT, HUSBAND AND WIFE, The Mortgagor is ("Borrower"). This Security Instrument is given to Mortgage Electronic Registration Systems, Inc. C MERS"), (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 ex!sting under the laws of NEW YORK , and has an address of 4500 Park Granada, Calabasas, CA 91302-1613 Borrower owes Lender the principal Sum of SIXTY TWO THOUSAND THREE HUNDRED FIFTY SIX and 00/100 Dollars(U.S. $ 62,356.00 .). 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 SEPTEMBER 01, 2018 . 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 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: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. CASE #: WY5910940539703 DOC ID #: 0003779082809003 TOGETHER WITH all the JmproYements now or hereafter erected on [he property, and all easements, appurten,'~lces and fixtures now or hereafter a part of the propcrD,. All rep|acements and addJlJons shah also be covered by [his SecmJty Instrument. All of the foregoing is referred [o in this Security hls[rument as the "Properly." Borrower understands and agrees that iV[ERS ho]ds only legal IJt]e to the interests granted by Borrower Jn [his Security Instrument; but, if necessary to comply with Jaw 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 aud 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 aud 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 instrmnent 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) t~es m~tl special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents oll 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 Developrnent ("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 premimn 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 file Secretary, these items are called "Escrow Items" m~d 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 tile 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 Part 3500, as they may be amended from time to time ("RESPA"), except that the cushion or reserVe pemfitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the account may not be based on mnounts 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 tile 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) aud any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior Io a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with rely balance remaining for all installments for items (a), (b), and (c). 3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied'by Lender as follows: First, to the mortgage insurance premium to be paid by Lender to tile Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance premium; Second, to any taxes, special assessments, leasehol~l payments or ground rents, and tim, flood and other hazard insurance premiums, as required; Third, to interest due under the Note; Fourth, to mnortization 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 improvemeuts .on the Property, whether now itl existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts aud for the periods that Lender requires. Borrower shall also insnre all improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by file 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 insarance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Leuder iointlv. All or any part of tile insurance r)roceeds may he. annlied hv CASE #: W¥593.0940539703 DOC ID #: 00037?9082809003 destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take rea~sonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy .of the Property as ~ principal residence. If this 'Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to tile merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, Jn 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 to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedne~ss under the Note and this Security Instrumeut, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of file proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in paragraph 2, or change file amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Insbument 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 alt 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 tile Property, upon Lender's request Borrower shall promptly furnish to Lender receipt,s 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, haz~ard insurance and other items mentioned in paragraph 2. Any amounts disbumed 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 tile Lender's opinion operate to prevent tile enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instmlnent. 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 mom 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 Gem-St. Germaln 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 intere~st in a bust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) Tile 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 full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and ihe 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 Insbument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised bv Lender when Ih¢. nnavailnhilil~ nf inqnrnnt'o i~ enle. lx~ d~,o tn T ~n~-l~,r% f.a;l .... ~ ..... ;~ ~ 787 CASE #: WY5910940539703 DOC ID #: 0003779082809003 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 9Co). 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 exteud, 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 Instalment 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 geuerally 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 invol~ing 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 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 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 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 transfem to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior a~ssignment of the rents and has not and will not perform any act that would prevent Lender from exemising 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 assi~:nment of rents of the CASE #: WY5910940539703 DOC ID #: 0003779082809003 If the Lender's interest in this Securib3 Instrm-nent is held by the Secretory aud [he Secretary requires hnmediate 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 ]aw. 19. Release. Upon payment of all stuns 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 iu the Property and relinquishes all rights of curtesy and dower in the Property. 21. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security InstrUment as if the rider(s) were a part of this Security InstrU~nent. [Check applicable box(es)]. [-] Condominium Rider [--] Growing Equity Rider [--] Planned Unit Development Rider [---] Graduated Payment 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. / ~SCO~ 'M~. BASSETT (Seal) -Borrower ST)%"CEY A. BAISSETT (Seal) -Borrower (Seal) -Borrower .(Seal) -Borrower STATE OF WYOMING, Lincoln County ss: The foregoing instmment was acknowledged before me this 9th day of September, 2003 by Scott M. Bassett and Stacey A. Bassett My Commission Expires: February 2, 2006 ~]$~ ,~ND,q.L. NOT,~tW PUSUC Notary Public Prepared by: HEATHER SAWYER COUNTRYWIDE HOME LOANS, INC. ?89 DATE: CASE #: DOC ID #: 09/09/2003 WY5910940539703' 0003779082809003 Branch #: 0000380 2545 CENTRAL AVE, STE G BILLINGS, MT 59102 Phone: (406)652-0111 Br Fax No. : (406) 652-5138 BORROWER: SCOTT M. BASSETT PROPERTYADDRESS: 77595 SOUTH HIGHWAY 89 SMOOT, WY 83126-3126 LEGAL DESCRIPTION EXHIBIT A That part of Lot 1 of Section 6, T30N,Rll8W of the 6th PM., Lincoln County, Wyoming and part of that tract of record in the Office of the Clerk of Lincoln County in Book 165PR on page 328 described as follows: Commencing at the northeast corner of said tract S 07 degrees 01.6' W, 598.36 feet from the northeast corner of said Section 6 found as described in the Certificate Land Corner Recordation Certificate filed in the said Office; thence S 89 degrees 44.2' W, 3..22 feet alont the north line of said tract to a point on the west line of State Highway 89, the point of beginning; thenCe continuing S 89 degrees 44.2' W, 226.82 feet along said north line and an existing fence line to a point; thence S 00 degrees 13.1' E, 190.13 feet to a point on the south line of said tract; thence N 89 degrees 44.7' E, 226.16 feet along the south line of said tract and an existing fence line to a point on the said west line; thence N 00 degrees 01.1 W, 190.17 feet along said west line to the point of beginning.