HomeMy WebLinkAbout89520407 2003 12:31
FR WFHH
895206
2612
TO
9!307877~602 P. !6×3!
RECEIVED
LINCOt_N COUNTY CLERK
State o[ Wyoming
[Spar. Above Tlxi~ Ltne For Recording Dala]
MORTGAGE
FHA Ca~e No.
591-0944497 703
THIS MORTGAGE ("Security Instrument") is given on l¢O'¢Xa42gR 07, 2003
The Mortgagor is JUSTZN r.. C0LLX~S, A SZNGLv. P~R$ON
("Borrower"). This Security Instrument is given to WZL~,S zrxaC~O Mo~ ~IORT(~GE,
INC.
which is organized and existing under the laws of THE STATE OF C-zC~IFOR.N'IA ,
whose addressis p.o. BOX 10304, DES MOIN]~$, IA 503060304
("Lender"). Borrower owes Lender the principal sum of
-~EV'~NTY TITR~]~ THOusA/qD EIGI'{~ ~IINDRED FORTY Olde AND 00/100
Dollars (U.S.
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 eaxlier, due and payable on Dge~BI~R 01, ~033
· This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the
Note, with interest, and all renewals, extensior~ and modifications of the Note; (b) the payment of all other surn~,
wi~ interest, advanced under paragraph 7 to protect the security of this Security Instrument: and (c) the performance
0035719129
FI-iA Wyoming Mortgage - 41~6
VNlla MORTGAGI: FORMS · l$~
To' 3!~07B77gBOz
p..i?./~l
of Bo~ower's covenanu and agreements under th~ Security Instrument and the Note. For this puwose, Borrower
does hereby mortgage, grant and convey to the Lender with power of sale, the ~llowing described property located
in LINCOLN County, Wyoming:
LOT 14 ~ TftE SOUT~RLY 10 F~T OF LOT 13, BLOCK 1 OF THE FAIRVIEW ADDITION TO
TIIE TOWN OF KEMI~ER~R, LINCOLN COUNTY, WYOMIN~ AS DESCRIBED ON T~ OFFICIAL PLAT
T~EREOF-
THIS IS A PURCEASE M0~Y SECURITY INSTRUI~ENT. TAX STATEMXNTS SHOULD B~ SENT TO~
W~LL~ FARGO ~OI~E YIORTGAGE, INC-, P.O. BOX 10304, DES MOINES, IA 503060304
which has the address of 1310 CI~N~I~a AV'~lq'IY~, KI~II~glLER [S~reet, City],
Wyoming 831O1 [zip Co~e] ("Property Address");
TOGETHER WITH all the irr~rovements now or hereafter erected on the property, and all easements,
appurtenances and fixtures now or hereafter a part of the property. All ~.placea'nents and additions shall also be
covered by this Security Instrument. All of the foregoing is refen'ed to in this Security Instrument as the "Prope~y."
BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and ha~ the right to
mortgage, grant and convey ~e Property and that the Property is unencumbered, except for encumbrances of record.
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any
encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants
with limited variatiom by jurisdiction to constitute a uniform security ir~trumem covering real property.
Borrower and Lender covenant and agree a~ f~llows;
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 ~ set forth in the Note and any late charges, a sum for (a) taxes and
special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the
Property, and (c) premiums for insurance required under paragraph 4. In any year in which the Lender must pay a
mortgage insurance premium to the Secretarg of Housing and Urban Development ("Secretary"), or in any yeax in
which such premium would have been required if Lender still held the Security Instrument, each monthly payment
shall also include either: (i) asum for the annual m~rtgage insurance premium to be paid by Lender to the Secretary,
or (ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the Secretary,
in a reasonable anmunt to be determined by the Secretary. Except for the monthly charge by the Secretary, these
items are called "Escrow Items" and the sums paid to Lender are called "Escrow Punds."
Lender may, at any time, collect and hold arrmunts for Escrow Items in an aggregate mount not to exceed the
maximum amount that my 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 permitted by RESPA for unanticipated
disbursements or disbursements before the Borrower's payments are available in the account may not be based on
amounts due for the mortgage insurance premium.
NOU g? 2903 12:31FR gFHN 402 536 251~ TO
913078779502
P.18/31
4O4
If the amounts held by Lender for Escrow Items exceed the amounts pemfitted to be held by RESPA, Lender
shall account to Borrower for the excess fund~ as required by RESPA. If the amounts of funds held by Lender at any
time are not safficient to pay the Escrow Iterm when due, Lender may notify the Borrower and require Borrower to
make up the shortage as permitted by RESPA.
The Escrow Fxmd~ are pledged as additional security for all sums secured by this Security Instrument. If
Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance
remaining for all installment items (a), (b), and (c) and any mortgage insurance premium instillment that Lender has
not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower.
Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borro~vec's account shall be
credited with any balance remaining for all installments for items (a), (b), and (c).
3, Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows:
First, to the mortgage insurance premium to bc paid by Lender to the Secretary or to the monthly charge by the
Secretary instead of the monthly mortgage insurance premium;
Second., to any taxes, special assessments, leasehold payments or ground rents, and fire. flood and other hazard
insurance premiums, as required;
Thir.___~d, to interest due under the Note;
Fourth, to amortization of the principal of the Note; and
Fifth, to late charges due under the Note.
4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether
now in existence or gubsequently erected, against any hazards, casualties, and contingencies, including fire, for which
Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender
requires. Borrower shall also insure all improvements on the Property, whether now. in existence or subsequently
erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies
approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable
clauses in favor of. and in a form acceptable to, Lender.
In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may n'~dce, proof of loss if not
made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment
for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance
proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and
this Security Instrument, first to any delinquent axnounts applied in the order in paragraph 3, and then to prepayment
of principal, or (b) to the restoration or repair of the damaged Property. Any application of the proceeds to the
principal shall not extend or postpone the due date of the monthly payments which axe referred to in paxagraph 2, or
change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding.
indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes
the indebtedness, all right, tide and interest of Borrower in and to insurance policies in force shall pass to the
purchaser.
5. Occupancy~ Preservation, Maintenance and Protettion of the Propertyl Borrower's Loan Application;
Leaseholds, Borrower shall occupy, establish, and use the Property as Borrower's principal residence within ~ixty
days after.the execution, of. th.i~ Security Instrument (or within sixty days of a later.sale or transfer of the Property)
and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of
occupancy, unless Lender determines that requirement will cause undur hardship for Borrower, or unless extenuating
circumstances exist which are beyond Borrower's control. Borrower shall notif3' Lender of any extenuating
circurmtanc.~s. Borrower shall not commit waste or de~troy, 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 reasonable action to protect mid preserve such vacant or
07 2003 12:32 FR I,dF.HH 402 536 2612 TO 913078779602
P.
405
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 a 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 the merger in writing.
6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
any condemnation or other taking of any part of the Property, or for conveyance in place of condenmadon, 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 indebtedness
under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in
paragraph 3, and then to prepayment of Principal. Any application of the. 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 the amount of such
payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this
Security Instrument shall be paid to the entity legally entitled thereto.
7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all
governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay
these obligations on time directly to the entity which is owed thc payment. If failure to pay would adversely affect
Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts
· evidencing these payments.
If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perlbrm 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 nay do and pay whatever is necessary to protect the value of the Property and Lender's
rights in the Property, including payment of taxes, hazard insurance and other items mentioned in paragraph 2.
Any amoUnts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be
secured by this Security Instrument. These amounts shall bear interest from the date of disbursement, at the Note rate,
and at the option of Lender, shall be immediately due and payable.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower:
(a) agrees in writing to the payment of the obligation secured by the lien in a manner ar-ceptable to Lender: (b)
contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the
Lender's opinion operate to prevent the enforcement of the lien: or (c) secures from the holder of the lien an
agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part
of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower
a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within
10 days of the giving of notice.
8. Fees. Lender may collect fees and charges authorized by ~e 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 falling to pay in full any monthly payment required by his 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 Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior
approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument
if:
~ll 0 ll..J
87 2883
12:32 FR I;JFH~q 482 536 2612 TO 9]3878779682
P.28/Ol
406
(i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold
or otherwise transferred (other than by devise or descent), and
(ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the
purchaser or grantee does so occupy the Property but his or her credit has not been approved in
accordance with the requirements of the Secretary.
(c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but
Lender does not require such payments, Lender does not waive its ri~ts with respect to subsequent events.
(d) Regulations o1' HIYD Secretary. In many circumstances regulations issued by the Secretary will limit
Lender's rights, in the ease of payment defaults, to require inmaediate payment in full and foreclose it' not
paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations
of the Secretary.
(e) Mortgage Not Insured. Borrower agreesthat if this Security Instrument and the Note ~e not determined
to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender
may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A
written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof,
declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such
ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the
unavailability of insurance is solely due to Lender's failure to renzit a mortgage insurance premitun to the.
Secretary.
10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full
because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies
even after foreclosure proceedings are instiluted. To reinstate the Security Instrument, Borrower shall tender in a
lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of
Borrower under this Security 'Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses
properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and
the obligations that it secures shall remain in effect as if Lender had not required irnnm~diate payment in ~ull.
However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the
commencement of foreclosure proceedings within two years immediately preceding the commencement of a current
foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii)
reins[aternent 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 re[ease 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 Se~rity Instrument by reason of any
demand ri'mdc 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; Jo;nc and Several Liability; Co-Signers. The covenants and agreements
of this Security Instrument shall bind and benefit me successors and assign~ of Lender and Borrower, subject to the
provisions of paragraph 9(b). Borrower's covenant~ 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 Insmunent only to
mortgage, grant and convey that Borrower's interest in the Property under ~e 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 wi~out that Borrower's consent.
07 2003 12:3Z FR WFHM 403 536 2G12
TO ~)!307877~)602
407
P.ZI×31
13. Notlees. Any notice to Borrower provided for in this Security Ir~trument shall be given by delivering it or
by mailing it by first class n~il unless applicable law requires use of'another method. The notice shall be directed to
the Property Addre, s 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 a.ny address L¢-nder designates by notice to Borrower.
Any notice provided for in this Security Irmtrument shall be deemed to have been given to Borrower or Lender when
given as provided in this paragraph.
1,~. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of
the jurisdiction in which the Properly 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 c~ be given effect without the conflicting provision. To this end the provisions of this Security
Instrum~'nt and the Note are declared to be severable.
15. Borrower's Copy. Borro~uer 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 La~v. The preceding two sentences shall not apply to
the presence, use, or storage on the Proper~y of small quantities of Hazardous S~bstancea 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 remediation of any Hazardous Substances affecting the Property is
necessaOr, 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 u~ed in this paragraph 16, "Environmental Law" means federal laws and laws of the
jurisdiction where the Property is located that relate to health, safety or environmental protection.
NON-UNIFORM COVENANTS, Borrower and Lender further covenant and agree as follows:
17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues
of the Property. Borrower 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 Instrtunent, 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 1o Borrower: (a) all rents received by Borrower shall be held by Borrower ax
trustee for benefit of Lender only, to be applied to the sums secured by the Security Irmtrument; (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 writlen demand to the tenant.
Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would
prevent Lender from exercising its rights under this paragraph 17.
Lender shall not be required to enter upon, take conu'ol 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. appl!c~don of rents shall not cure or waive a.a_y' default or invaiidat.~ any other'_ right or remedy of_Lender._Th~ ...........
assignment of rents of the Property shill terminate when the debt secured by the Security Instrument is paid in full.
HOU 87 2883 12:33 FR WFHH 482 536 2612 TO ~13078779682 P.Z2×3!
18. Foreclosure Pr°cedure. If Lender requires immediate payment in full under paragraph 9, Lender may
invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect
ali expenses incurred in pursuing the remedies provided in this paragraph 18, including, but not limited to,
reasonable attorneys' fees and costs of title evidence.
Il' Lender invokes the power ol' sale, Lender shall give notice of intent to foreclose to Borrower and to the
person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of
the sale to Borrower in the manner provided in paragraph 13. Lender shall publish the notice o[' sale, and the
Property shall be sold in the manner prescribed by applicable law, Lender or its designee may purchase the
Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the
sale, including, but not limited to, reasonable attorneys' fc~s; (b) to all sums secured by this Security
Instrument; and (c) any excess to the person or persons legally entitled to it.
If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires
immediate payment in full under Paragraph 9, the Secretary may invoke the non, judicial power of sale
provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting
a l'oreclomre commissioner designated under the Act to commence foreclosure and to sell the Properly as
provided in the Act. Nbtking in the preceding sentence shall deprive the Secretary of any fights otherwise
available to a Lender under this Paragraph 18 or applicable law.
19. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security
Instrument without charge to Borrower. Borrower shall pay any recordation costs.
20. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of
curtesy and dower in the Property.
21. Riders to this Securlty Instrument, If one or more riders axe 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 ifthe rider(s wg~e a part of this Security
Inst~mment. [Check applicable box(es)].
· I [ Condominium Rider [] Growing Equity Rider Other [specify]
[-'-] Planned Unit Development Rider [] Graduated Payment Rider
TAX EXEMPT FINANCING RIDER
:md agrees to the temu contained in this Security I. nstr, ument and in
BY
SIGNING
BELOW,
Borrower
accepts
Wi tries s es:
(Seal)
y lqE. ¢O~r,Tlq$ -Borrower
(Sea)
-Borrower
(s~) (Seal)
-Borrowc~ -Borrower
(Seal) (Seal)
-]~orrower -BorrOwer
(Seal) (Seal)
.Borrower -Borrower
STATE OF WYOMING, LINCOLlff County
The foregoing instrument wa~ acknowledged before me this ;¢o~2R ?Tit, 2003
(date)
by JUSTIN ]~, COLLINS
My Commission Expires:
(pea'son acknowledging)
Notary Public
IqO) 07 2803 12:33 F~ bJFH~I
482 536 2612 TO 913078779602
24/31
410
TAX-EXEMPT FINANCING RIDER
FHA Case No.
591-0944497 703
THIS TAX-EXEMPT FINANCING RIDER is made thisTTlt day of NOV'mm:eR ,
2003 . and is incorporated into and shall be deemed to ammad and supplement the Mortgage,
Deed of Trust or Security Deed ("Security Instrument") of the same date given by the undersigned
("Borrower") to secure Borrower's Note ("Note") tOW'ELLS FARGO HOME MORTGAGE, INC.
("Lender") of the same date and covering the Property described in thc Security Instrument and located at:
1310 CF. NTRAL AVENUE, KEMI~RER, WY 83101
[Prop~'y Addre~l]
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security
Instrument. Borrower and Lender further covenant and agree to amend Paragraph 9 of the Security
Instrument. entitled 'Grounds for Acceleration of Debt," by adding additional grounds for acceleration as
tbllows:
Lender, or such of its successors or assigns as may by separate instrument assume responsibility
for assuring compliance by the Borrower with the provision~ of this Tax-Exempt Financing
Rider, may require immediate payment in full of all sums secured by this Security Instrument if:
(a) Ail or part of the Property is sold or otherwise transferred by Borrower to a
purchaser or other transferee:
(i) Who cannot reasonably .be expected to occupy the Property ~ a
principal residence within a reasonable time after the sale or transfer, all as
provided in Section 143(c) and 0)(2) of the Internal Revenue Code; or
(ii) Who has had a present owner~ip interest in a principal residence
during any part of the three-year period ending on the date of the sale or
transfer, all aa provided in Section 143(d) and (i)(2) of the Internal
Revenue Code (except that "100 percent" shall be substituted for "95
percent or rare" where the latter appears in Section 143(d)(1)); or
FHA Muhls~ate Tax-Exemp~ Financing Rider - 10195
719129
VMP MOI:IT(3AG[ FOBM$ - {§00)521-72D1
NOU 07 Z003 iZ:33 FR I~JFHM 402 536 26]2 TO ~1307877~602
P.~5/31
41I
(iii) At an acquisition cost which is greater than 90 percent of the
average area purchase price (greater than 110 percent for targeted area
residences), all as provided in Section 143(e) and (i)(2) of the Internal
Revenue Code; or
(iv) Who has a gross family income in excess of the applicable median
family income as provided in Section 143(f) and (i)(2) of the Internal
Revenue Code; or
(b) Borrower fails to occupy the Propert.y described in the Security Instrument
without prior written consent of Lender or ~t~ successors or assigns described at the
beginning of this Tax-Exempt Financing Rider. or
(c) Borrower omits or misrepresents a fact that is material with respect to the
provisions of Section 143 of the Internal Revenue Code in an application for the loan
secured by this Security Insmarnent.
References are to the Internal Revenue Code as amended and in effect on the date of issuance of
bonds, the proceeds of which will be used to finance the purchase of the Security Instrument and
axe deemed to include the implementing regulations.
BY SIGNING BELOW. Borrower accepts and agrees to the terms and covenants co/in,ned in this
(Seal)
-Borrower ~TIN g. COLLINS -BolTower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-l)orr~w~ -Borrower
(Seal) (Seal)
-Bor~o,~er -ltorrower
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