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Home My WebLink About895889 RECEIVED LINCOLN COUNTY CLERK 895889 Land Court System Return by Mail ( ) Pickup ( ) Compliance Manager Federal Home Loan Bank of Seattle 1501 Fourth Avenue, Suite 1900 Seattle, WA 98101-1693 Regular System To: TITLE OF DOCUMENT: MORTGAGE, RETENTION AND SUBORDINATION AGREEMENT PARTIES TO DOCUMENT: ~,¢-~ MORTGAGOR(S): Stephen B. Fralin and Sharon Roberts Address: 106477 North U.S. Highway 89, Etna, Wyoming 83118 MORTGAGEE: Federal Home Loan Bank of Seattle AddresS: 1501 Fourth Avenue, Suite 1900, Seattle, WA 98101-1693 TAX MAP KEY(S): FHLB Seattle -AHP or HomeStart Savings Program State of Wyoming ?36 THIS MORTGAGE, RETENTION AND SUBORDINATION ("Agreement") is made this 12~day of September, 2003, between: 117" Stephen B. Fralin and Sharon Roberts ("Mortgagor"), Whose address is 106477 North U.S. Highway89 Etna, Wyoming 83118 and The Federal Home Loan Bank of Seattle ("Mortgagee"), whose address is 1501 Fourth Avenue, Suite 1900 Seattle, WA 98101-1693 AGREEMENT MORTGAGE PROVISIONS: ,3' Mortgagor, in consideration of a grant in the amount of Five Thousand Dollars .~Y*($5,000.00) made by Mortgagee, and in order to secure the performance of Mortgagor's 'obligations hereunder, hereby grants, bargains, sells and conveys to Mortgagee the following described real property ("Properly") in Teton_County, Wyoming: Lot 1 of the Jeannine C. Roberts Family Exemption, Lincoln County, Wyoming, according to that plat filed in the Office of the Lincoln County Clerk August 13, 2003, instrument no. 892420 and Plat No. 314-H. Registered Land Certificate of Title Number (if applicable): TOGETHER with all improvements now or hereafter constructed or placed thereon and all fixtures now or hereafter attached to or used in connection with the Property. 2. This Agreement is for the purpose of securing Performance of each agreement of Mortgagor set forth herein, and payment of the sum of up to Five Thousand Dollars ($5,000.00). As set forth herein, Mortgagor shall not be required to pay Mortgagee any amount if events giving rise to Mortgagor's payment obligation do not occur within five years after the date this Agreement is recorded ("Recording Date"). 3. Until any default the Mortgagor may hold and enjoy the Property. Mortgagor will pay all taxes, assessments and charges of every kind on the Property or any interest therein, including improvements thereon. 4. In the event any portion of the Property is taken or damaged in an eminent domain proceeding, the entire amount of the award or such portion as may be necessary to fully satisfy the obligation secured hereby shall be paid to Mortgagee to be applied to said obligation. FHLB Seattle - AHP or HomeStart Program 6FyHI Page-2- 737 5. Upon Mortgagor's satisfaction of the obligation secured hereby and performance of all the covenants and conditions of this Agreement, and upon Mortgagor's payment of the cost of release hereof, the mortgage created by this Agreement shall become void. 6. Upon default by MOrtgagor in the payment of any indebtedness secured by this Agreement or in the performance of any agreement contained herein, Mortgagee may foreclose this mortgage, by court proceeding or by advertisement and sale of the Property at public auction in Teton, County, State of Wyoming, and may in the name of the Mortgagee or as the attorney in fact of the Mortgagor, fOr such purpose hereby irrevocably appointed, effectually convey the Property to the purchaser or purchasers absolutely and forever; and any foreclosure shall forever bar Mortgagor and all persons claiming under Mortgagor from all right and interest in the Property.- Mortgagee shall apply the proceeds of the sale as follows: (1) to the expense of the sale, including a reasonable attorney's fee; (2) to the obligation secured by this Agreement; (3) the surplus, if any, shall be distributed to the persons entitled thereto, c 7. In the event of a foreclosure sale of the Property pursuant to the provisions of this Agreement, the purchaser shall have immediate and peaceable possession of the Property, and if Mortgagor remains in possession after' the effective date of such sale such possession shall be construed as a tenancy at sufferance only, giving the purchaser all remedies, by way of summary possession or otherwise, conferred by law. 8. This Agreement applies to, inures to the benefit of, and is binding not only on the parties hereto, but also on their heirs, devisees, legatees, administrators, executors, assigns and successors. 9. The invalidity, illegality, or unenforceability of any provision of this Agreement pursuant to judicial decree shall not affect the validity or enforceability of any other provision of this Agreement, all of Which shall remain in full force and effect, and applicable state law shall replace such invalid, illegal or unenforceable provision to the extent possible. RETENTION AGREEMENT: ,,/!- . Mortgagor s purchase of the Property was parhally financed w~th proceeds from a ~"$5000.00 Affordable Housing Program or HomeStart Savings Program Grant ("Grant") from Mortgagee. Federal .r, egUlations (12 CFR Part..~6~ condition Mortgagor's receipt of the Grant on Mortgagor s agreement to restrictions" bn Mortgagor's ability to sell or refinance the Property, for the purpose of ensuring that the Grant is used for the purchase of housing which is retained as Affordable Housing for at least five years. Accordingly, Mortgagor agrees: 11. To notify Mortgagee or Trustee in writing received at least two weeks prior to any sale or refinancing of the Property that occurs within five years of the Recording Date. Mortgagor may notify Mortgagee by either hand-delivery or certified mail, return receipt requested, at the following address: FHLB Seattle - AHP or HomeStart Program Page - 3 - 6FyHI Compliance Manager Federal Home Loan Bank of Seattle 1501 Fourth Avenue, Suite 1900 Seattle, WA 98101-1693 738 Except as set forth herein, if Mortgagor sells or refinances the Property less than 12. five years after the Recording Date, Mortgagor must repay to Mortgagee all or a portion of the Grant, without interest, determined as follows: (a) less than one year, 100%; (b) one to two years, 80%; (c) two to three years, 60%; (d) three to four years, 40%; (e) four to five years, 20%; (f) five years or more, no repayment obligation. 13. If Mortgagor sells the Property, Mortgagor is not required to repay an amount exceeding the net gain realized on the sale after deduction of sales expenses: 14. If Mortgagor sells the Property to a person or family whose income meets the eligibility requirements for participation in the Affordable Housing Program or HomeStart Savings Program, then Mortgagor shall not be required to repay any portion of the Grant, but only if: (a) such person or family's purchase of the Property is not partially financed with the proceeds of an Affordable Housing Program or HomeStart Savings Program Grant; (b) such person or family assumes the obligations under this Agreement, which assumption shall not be valid or recognized unless Mortgagee gives its PRIOR written approval to such assumption; and (c) the Property continues to be subject to this Agreement. 15. If Mortgagor refinances and the Property remains subject to the encumbrance created by this Agreement, then Mortgagor shall not be required to repay any portion of the Grant. SUBORDINATION AGREEMENT: 16. First Interstate Bank ("Lender") is Grantor's primary lender for Grantor's purchase of the Property, and is the holder of a mortgage against the Property recorded on or about the Recording Date. To induce Lender to advance funds under its mortgage, Mortgagee does hereby unconditionally subordinate the lien created by this Agreement to the lien of Lender's mortgage. FEDERAL HOME LOAN BANK OF SEATTLE GRANTOR(S): FHLB Seattle - AHP or HomeStart Program 6FyHI Page - 4 - STATIE OF VVYOMING ) ) _,...~,..~-"--~ COUNTY OF ~/~ ) SS. I Certify that I know or have satisfactory evidence that Stephen B. Fralin and Sharon Roberts is/are the person(s) who appeared before me, and said person(s) acknowledged that 7'L e/, signed this instrument and acknowledged it to be %'~,~e free and voluntary act for'the uSes and purposes stated therein. Dated /6,//~ P / ~ (Use this space for notarial stamp/seal) NOTARY PUBI,.I~, State of Wyoming . Residing at ~/,,,~,7<. ~,-~ .)~/¢% /,,¢,'Z/' My appointmf~nt expires ¢,/"(,,,y ¢c-,"¢ ~ FHLB Seattle - AHP or HomeStart Program 6FyHI Page 5 - STATE OF WASHINGTON ) ) SS. COUNTY OF KING ) 74O I certify that I know or'have satisfactory evidence that ,_T'~r~ is the person who appeared before me, and said person acknowledged that signed this instrument, on oath stated that ,S/,~__. was authorized to execute the instrument and acknowledged it as the ~_.o ,t?~,r-~-/r_...,c,,cr¢_~,~.~ of the Federal Home Loan Bank of Seattle to be the free and voluntary act of such party for the uses and purposes stated therein. Dated "7'Zoz~. .2g ~ 2-OD3 (Use lhis space for notarial stamp/seal) Name: NOTARY PUBLIC, State of Washington Residing at ,~.e~ D~/~., "Z,o,4 (- "70b~,¢.. My appointment expires (_.9Cf, roi Zz:~9- FHLB Seattle - AHP or HomeStart Program 6FyHI Page - 6 -