HomeMy WebLinkAbout894371THIS MORTGAGE is made on
James Sherman
I
09-25-2003
RECEIVED
LINCOLN COUNTY CLERK
03 OCT 13 ¢.,J.i' il, 3 5
(herein "Borrower"), and the Mortgagee, UniWyo Federal Credit Union
organized and existing under the laws of United States Federal Credit Union Act
address is 564 N 15th Laramie, WY 82072
(herein "Lender").
, a corporation
, whose
WHEREAS, Borrower is indebted to Lender in the princl'pal sum of U.S. $ 30,000.00 which
indebtedness is evidenced by Borrower's note dated 09-25-2003 and extensions and renewals' thereof
(herein "Note"), providing for monthly installments 15f' principal and'ihterest, with the balance of
indebtedness, if not sooner paid, due and payable on 04/0z/2007'
TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the
payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this
Mortgage; and the performance of the covenants and agreements of Borrower herein contained, Borrower does
hereby mortgage, grant and convey to Lender, with power of sale, the following described properly located in the
County of Lincoln , State of Wyoming;
Plat 20, Lot 55, Star Valley Ranch, Thayne, Wyomin9
which has the address of 226 piute Dr.
(Streel)
Thay~e , Wyoming ~x2'~ (herein "Property Address");
(City) (Zip Code)
TOGETHER with all the improvements now or hereafter erected on the property, and al easements, rights,
appurtenances and rents all of which shall b_e. ¢ee~d .to b_e_ and remain _a part of the p_rop_erty covered by.this
Mortgage; and all of the f0~(~0ih'~ll t0getl~e~- with ~a'id Pr~l~erty'-(Cr'-[h~s~hoT(]-~e-s[a-[~-]-f-(h-i§--~d-o-h-g~j~ is ~n a
leasehold) are hereinafter referred to as the "Property."
Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to
modgage, grant and convey the Property, and that the Property is unencumbered, except for encumbrances of
record. Borrower covenants that Borrower warrants and will defend generally the title to the Property against all
claims and demands, subject to encumbrances of record.
· UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest
indebtedness evidenced by the Note and late charges as provided in the Note.
2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall
pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is
paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly.taxes and assessments (including
condominium and planned unit development assessments, if any) which may attain priority over thisModgage and'
groundrents on the Property, if any, plus one-twelfth of yearly· premium installments for hazard insurance, plus
one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and
from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower
shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such
payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender.
EVVY203 (LASER) 6849LL
If Borrower pays Funds to Lender, the Funds shall be held in an institution the dePosits or acco~J~tS of which
are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender
shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not
charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments
and bills,' unless Lender pays Borrower interest on the Funds and 'aPplicable law permits Lender to make such a
charge, Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the
Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to
be paid, Lender shall not be required to pay Borrower any interest or earnings 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 the sums
secured by this Mortgage.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable
prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount
required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall
be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of
Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance
premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the
deficiency i~one or more payments as Lender may require. :.
Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any
Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by
Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender,
any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender
under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to
Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of
the Note.
4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's
obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this
Mortgage, including Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid
all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a
priority over this Mortgage, and leasehold payments or ground rents, if any.
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
Property insured against loss by fire, hazards included within the terms "extended coverage", flood and such other
hazards as Lender may require and in such amounts and for such periods as Lender may require.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender;
provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall
be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form
acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of
any mortgage, deed of trust Or other security agreement with a lien which has priority over this Mortgage.
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.
If the Property is abandoned by' Borrower, or if Borrower fails to respond t° Lender within 30 days from the
date notice is mailed by Lender to Borrower that the" insurance carrier offers to settle a claim for insurance benefits,
Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair
of the Property or to the sums secured by this Mortgage.
....................... 6.--~"Preservatton-andlVlalntenance~of Property; Leaseholds; Condominiums; Planned Unit Develop-
ments. Borrower shall keep the 'Property in good repair and shall not commit waste or permit impairment or
deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If
this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of
Borrower's obligations under the declaration or covenants creating or governing the condo- minium or planned unit
development, the by-laws and regulations of the condominium or planned unit development, and constituent
documents. :
7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained
in this Modgage, or if any action or proceeding is commenced which materially affects Lender's interest in the
Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If
Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall
pay the' premiums required to maintain such insurance in effect until such time as the requirement for such
insurance terminates in accordance with Borrower's and Lender's w~:itten agreement or applicable law.
EWY203 (LASER) §849LL
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall
become additional indebtedness of. Borrower secured by this Mortgage. Unless Borrower and Lender agree to
other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment
thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action
hereunder. ~,::',': ". : : - .. -. , .-~ . · , '. ,. -' ,. ·
8. Inspection." Lender may make or cause to be made reasonable entries upon :and inspections of the
'Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause
therefor related'to Lender's interest in the Property.
9. Condemnation. The Proceeds of any award or claim for damages, direct or consequential, in connection
with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation,
are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other
security agreement with a lien which has priority over this Mortgage.
10. 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 Mortgage granted by Lender to any successor in interest
of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's
successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to
extend time for payment or otherwise modify amortization cf the sums secured by this Mortgage by reason of any
demand made by the odginal Borrower and Borrower's successors in interest. Any forbearance by Lender in
exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or
preclude the exercise of any such right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agree-
ments herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns
of Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agree- ments of
Borrower shall be joint and several. Any Borrower who co-signs this Mortgage, but does not execute the Note, (a)
is co-signing this Mortgage only to mortgage, grant and convey that Borrower's interest in the Property to Lender
under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees
that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other
accommodations with regard to the terms of this Mortgage or the Note without that Borrower's consent and without
.releasing that BorroWer or modifying this Mortgage as to that Borrower's interest in the Property.
12. Notice. EXcePt roi' any notice required under applicable law to be given in another manner, (a) any notice
to Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail
addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to
Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated
herein, or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice
provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the
manner designated herein. -
13. Governing Law; Severability. The 'state and local laws applicable to this Mortgage shall be the laws of
the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal
law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable
law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without
the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable.
As used herein, "costs", "expenses" and "attorneys' fees" include all sums to the extent not prohibited by
applicable law or limited herein.
14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the
time of execution or after recordation hereof. . , . ........
15. Rehabilitation Loan AgreemenL Borrower'shall f~h'ill all 'of Borr~wer;s'0bligat'i6.r{s u~der..~ny.~t~n~e
rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at
Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an
assignment of any rights, claims or defenses which Borrower may have against parties who supply labor,
materials or services in connection with improvements made to the Property.
16. Transfer of 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 Mortgage. However, this option shall not be exercised by Lender if exercise is
prohibited by federal law as of the date of this Mortgage.
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 Mortgage. If Borrower fails to pay these sums prior to'the expiration of this period, Lender
may invoke any remedies permitted by this Mortgage without further notice'or demand on Borrower.
EWY203 (LASER) 6849LL
341
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of
any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any
sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in
paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not
less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured;
and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgage. The notice shall further inform Borrower of the right to
reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or
any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date
specified in the notice, .Lender, at Lender's option, may declare all of the sums secured by this Mortgage
to be immediately due and payable 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 reasonable costs and
expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to,
reasonable attorneys' fees.
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. Lander shall mail
a copy of a notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall
publish the notice of sale and the Property shall be sold in the manner'prescribed by applicable law.
Lender or Lender's designee may purchase the Property at any sale. The proceeds of the sale shall be
applied in the following order: (a) to all reasonable costs and expenses of the sale, including, but not
limited to, reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this Mortgage;
and (c) the excess, if any, to the person or persons legally entitled thereto.
18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this
Mortgage due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender lo
enforce this Mortgage discontinued at any time prior to the earlier lo occur of (i) the fifth day before sale of the
Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this
Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no
acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower
contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the
covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as
provided in paragraph 17 hereof, including,' but not limited to, reasonable attorneys' fees; and (d) Borrower takes
such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in lhe
Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon
such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force
and effect as if no acceleration had occurred.
19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security
hereunder, Borrower herebY assigns to Lender the rents of the Property, provided that Borrower shall, prior to
acceleration under paragraph 17 hereof or abandonment of the Properly, have the right to collect and retain such
rents as they become due and payable.
Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any lime prior to the
expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially
appointment receiver, shall be entitled to enter upon, lake possession of and manage the Property and to collect
the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first
to payment of the costs of management of lhe Property and collection of rents, including, but not limited to,
receiver's fees, premiums 'on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by
this Mortgage. Lender and the receiver shall be liable to account only for those rents actually received.
20, Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without
charge to Borrower. Borrower shall pay all costs of recordation, if any.
21. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Property.
EWY203 (LASER) 6849LL
342
REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE
..., UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST
Borrower and Lender request the holder of any mortgage, deed o[ trust or other encumbrance with a lien
which has priority over this Mortgage to give Notice to Lender, at Lender's address set fodh on page one of this
Mortgage, of any default under Ihe superior encumbrance and of any sale or other foreclosure action.
IN WITNESS WHEREOF, Borrower has executed this Mortgage.
James S~n .
E~orrower
X
· !' z. Borrower
X
STATE OF_Wyoming , Lincoln
The foregoing instrument was acknowledged before me this
James Sherman
WITNESS my hand and official seal:
(person acknowledging)
(person acknowledging)
County ss:
,
(dale)
by
My
EWY:~03 (LASER) 6849LL