HomeMy WebLinkAbout897020¥£
891020
RECEIVED
LINCOLN COUNTY CLERK
BOOK~ZJ:VPRPAOE 39 1
State of Wyoming
[Space Above TMs Line For Recording Data]
MORTGAGE
FHA Case No.
591-0946593
THIS MORTGAGE ("Security Instrument") is given on JANUARY' 30, 2004
The Mortgagor is THOMAS 'r QU'rNN ~ KRISTIN~ E QU'rN~, HUSBA_N-'O ~
("Borrower"). This Security Instrument is given to
COMMI31qrITY FIRST MORTGAGE, LLC
which is organized and existing under the laws of THE STATE OF DELAWARE , and
whose address is P.o. BOX 10304, DES MO!I'fES, IA 503060304
("Lender")· BorroWer owes Lender the principal sum of
ONE HUNDRED SIXTEEN THOUSAND NINE HUNDRED AND 00/100
Dollars (U.S· $ ********'116,900.00 ).
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 FEBRUARY 01, 2034
· 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 tinder paragraph 7 to protect the security of this Security Instrument; and (c) the performance
0037370905
FHA Wyoming Mortgage - 4196
I~;4RIWY} (9604}.01
VMP MORTGAGE FORMS-
Page 1 of 8 Initials:
of Borrower's covenants and agreements under this Security lustrument and the Note. For this purpose, Borrower
does hereby mortgage, grant and convey to the Lender with power of sale, the following described property located
in LINCOLN County, Wyoming:
LOT 112 OF STAR VALLEY RANCH PLAT 5, LINCOLN COUTY, WYOMING AS DESCRIBED ON THE
OFFICIAL PLAT THEREOF.
THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO:
WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 10304, DES MOINES, IA 503060304
which has the address of 200 HOLLY DRIVE, THAYNE [Street, City],
Wyoming 83127 [Zip Code] ("Property Address");
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
appurtenances and fixtures now or hereafter 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 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 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.
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 inter.est as set forth in the Note and any late charges, a sum for (a) taxes and
special assess~nents levied or to be levied against the Property, (b) leasehold payments or ground rents on the
Property, and (c) premiums for insurance required uuder paragraph 4. In any year in which the Lender must pay a
mortgage insurance premium to the Secretary of Housing and Urban Development ("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 pre~niu,n to be paid by Lender to the Secretary,
or (ii) a mouthly 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 the Secretary, these
items are called "Escrow Items" and 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 the
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 permitted by RESPA fbr unanticipated
disbursements or disbursements before the Borrower's payments are available in the account may not be based on
mnounts due for the mortgage insurm~ce prenfium.
(~'~4R(WY) 196o4Lo't
Page 2 of 8
Initial~
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 the 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) and 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.
hnmediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower'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 be 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;
Third, 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 subsequently 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 make 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 mnounts 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 are referred to in paragraph 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, title and interest of Borrower in and to insurance policies in force shall pass to the
purchaser.-' .
5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's' principal residence within sixty
days after the execution of this 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 undue hardship for Borrower, or unless extenuating
circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating
circumstances. Borrower shall not conunit waste or 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 reasonable action to protect and preserve such vacant or
4R(wy) (9604).01
Page 3 of 8
'lnitiats.'~~
:39.4
abandoned Property. Borrower sball 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
infor~nation) in connection with the loan evidenced by the Note, including, but not linfited to, representations
conceruing Borrower's occupancy of the Property as a principal residence. If this Security Instrurnent is on a
leasehold, Borrower shall comply with the provisious of the lease. If Borrower acquires tee 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 condenmation 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 m~d this S~curity Instrument. Lender shall apply such proceeds to the reduction of the indebtedness
under the Note and this Security Instrument, first to any delinquent mnounts 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 ch,'mge the mnount of such
payments. Any excess proceeds over an amount required to pay all outstm~ding indebtedness under the Note and this
Security Instrument shall be paid to the entity legally entitled thereto.
7. Chm'ges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all
govermnental 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 the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts
evideucing these payments.
If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perforn~ any other
coveuants aud 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 conde~m~ation 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; hazard iusurance and other items inentioned 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 iuunediately due m~d 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 lieu by, or defends against enforcemeut of the lien in, legal proceedings Milch 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 Instrumeut. 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
I0 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 innnediate 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 tim 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
iu this Security Instrument.
(b) Sale Without Credit Approval. Lender shall, if per~nitted by applicable law (including Section 341(d)
of the Garn-St. Gennain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior
approval of the Secretary, require innnediate payment in full of all sums secured by this Security Instrument
if:
(~4R(WY) (96041.01 Page 4 o¢ 8
Initia~
395
(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 reqtnre i~mnediate payment in full, but
Lender does not require such payments, kender 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 inm~ediate 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 the 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 inmaediate 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 [Yom the date hereof,
declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such
ineligibility. Notwithstm~ding the tbregoing, this option may not be exercised by Lender when the
unavailability of ~nsurance ~s solely due to Lender's failure to remit a mortgage insurance premium to the
Secretary.
10. Reinstatement. Borrower has a right to be reinstated if Lender has required inm~ediate payment in full
because of Borrower's failure to pay an amount due tinder the Note or this Security Instrument. This right applies
even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a
lump sum alt amounts required to bring Borrower's account current including, to the extent they are obligations of
Borrower under this Security Instrument, tbreclosure 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 immediate payment in full.
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 conm~encement 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 COlmnence 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
m~y 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 mad agreements
of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the
provisions of paragraph 9(b). 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 Instrulnent; (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 m~y accommodations with regard to the terms of this
Security Instrument or the Note whhout that Borrower's consent.
(~;4R(WY) 19604).01
P~ge 5 o~ 8
Initials'..~_~
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 thi} 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 clanse 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 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. tlazardous 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 s~nall quantities of Hazardous Substances 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, clai~n, 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
necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental 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 flanunable or toxic
petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde,
mid radioactive materials. As used in this paragrapl~ 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 mid 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 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 teuant.
Borrower has not executed any Prior assignment of the rents and bas 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 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
assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full.
(~4R(WY) (goo4),o~ Page 6 of 8
Initials:
3fl7'
18. Foreclosure Procedure. If Lender requires immediate payment in hdl under paragrapb 9, Lender may
invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect
all expenses' incurred in pursuing the remedies provided in this paragraph 18, including, but not li~nited to,
reasonable attorneys' fees and costs of title evidence.
If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to tbe
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 of 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' fees; (b) to all sums secured by tbis 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
inunediate payment in full under Paragraph 9, tile 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 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 Security Instrument. If one or more riders are executed by Borrower m~d recorded together
with this Security Instrument, the covenants of each such rider shall be incorPorated into and shall an~end and
supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security
Instrument. [Check applicable box(es)].
[--'] Condominium Rider [---] Growing Equity Rider [-~ Other [specify] TAX EXEMPT
~ Planned Unit Development Rider [---] Graduated Payment Rider ~tml-~R-~tg-~:R FINANCING RIDER
t~4RIWY} 196o4Lo~
Page 7 ot 8
083 398
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.
KRISTINE E QUlNN -Borrower
(Seal) (Seal)
-Borrower *a~[l~~~ -Borrower
(seal) (Seal)
-Borrower I~I(Z~ ]l~ ~ X_IO{' I~ I~ ~[.~ -Borrower
(Seal) (Seal)
-Borrower -Borrower
STATE OF WYOMING, Lincoln County ss:
The foregoing instrument was acknowledged betbre hie this JANUARY 30TH, 2004
(date) ·
by THOMAS I QUINN AND KRISTINE E QUINN
My Conmri. ssion Expires:
(person acknowledging)
(~<~4R(WY) (9604).01 Page 8 of 8
399
PLANNED UNIT DEVELOPMENT RIDER
FHA Ca.*,~ No.
S91-0946593
THIS PLANNED UNIT DEVELOPMENT RIDER is nude this aoTa day of
JANUARY ,2004 and is incorporated into and shall be
deemed to amend 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") to
COMMUNITY FIRST MORTGAGE, LLC
("Lender") of the same date and covering the Property described in the Security Instrument and located at:
200 HOLLY DRIV]i, THAYN~, WY 83127
[Property Address]
The Property Address is a part of a planned unit development ("PUD") known az
STAR VALLEY RANCH
[Name or' Planned Unit Development]
PUD COVENANTS. In addition to the covenants md agreements made in the Security Instmmem,
Borrower and Lender further covenant and agree as follows:
A, So long as the Owners AsSociation (or equivalent entity holding title to common ~'eas and
facilities), acting as trustee for the homeowners, maintains, with a generally accepted
insurance carrier, a "master" or "blanket" policy in~uring the Property located in Ne PUD,
including all improvements now existing or hereafter erected on the mortgaged premises,
and such policy is satisfactory to Lender and provides inmrance coverage in the amounts,
for the periods, and against the hazards Lender requires, including fire and other hazards
included within the term "extended coverage." and loss by flood, to the extent required by
the Secretary, then: (i) Lender waives the provision m Paragraph 2 of this Security
Instrument for the monthly payment to Lender ot' one-twelfth of the yearly premium
installments for hazard insurance on the Property, and (ii) Borrower's obligation under
Paragraph 4 of this Security Instrument to maintain hazard insurance coverage on the
Property is deemed satisfied to the extent that the required coverage, is provided by the
Owners Association policy, Borrower shall give Lender prompt nouce of my lapse in
required hazard insurance coverage and of any loss occurring from a hazard. In the event
0037370905
FHA Multistate PI. rD Ridor - 10/95
Page 1 of 2 Initla.~_.~ -
VMP MORTGA(~E FORMS- (8001521-7293
H~I F
400
of a distribution of hazard insurance proceeds in lieu of restoration or repair following a
loss to the Property or to common areas and facilities of the PUD, any proceeds payable to
Borrowc~r are hereby assigned and shall be paid to Lender for application to the sums
secured by this Security Instrument, with any execs paid to the entity legally entitled
thereto.
B. Borrower promises to pay all dues and assessments imposed pursuant to the legal
instrumemS creatlng and governing the PUD.
C. If Borrower does not pay PUD dues and a~essments when due, then Lender may pay
them. Any amounts disbursed by Lender under this paragraph C shall become additional
debt of Borrower secured by the Securily Instrument. Unless Borrower and L~nder agree ro
other terms of payment, these amounts shall bear interest from the date of disbursement at
the Note rate and shall be payable, with int~t, upon notice from Lender to Borrower
requesting payment.
BY SIGNING BELOW, Borrower accepts and agrees to the ter~ns contained in this
{Seal)
-Borrower T~OI~AS I QUI~ -T -Borrower
(Seal) . ~J.~ _~. (Seal)
-Borro~,~ XRISTIN~ E QUINN -gon'~wer
(Seal) (Seal)
-Borcower VAL6IiIAN RADDON' -Borrower
(Seal) (Seal)
-9orrower WILLIAM W RADDON .Borrower
(~,~589U {9705) Pege 2 of 2
0E
MORTGAGE ADDENDUM
The following is an Addendum to the Mortgage The addendum shall be
incorporated into, and recorded with, the Mortgage.
TAX EXEMPT FINANCING RIDER
This Tax-Exempt Financing Rider is incorporated into and shall be deemed to
amend the terms of the Mortgage to which it is attached.
In addition to the covenants and agreements made in the Security instrument,
Borrower and Lender further covenant and agree as follows:
Lender, or such of its successors or assigns as may, by separate instrument,
assume responsibility for assunng compliance by the Borrower with the
provisions of this Tax Exempt Financing Rider, may require immediate
payment in full of all sums secured by this Security Instrument if:
a)
All of part of the Property sold or otherwise transferred (other than
by devise, descent or operation of law} by Borrower to a purchaser
or other transferee:
Who cannot reasonably be expected to occupy the property
as a principal resident within a reasonable time after the sale
or transfer, all as provided in Section 143(c) and (i) (2) of the
Intern al Revenue Code; or
ii)
Who has had a present ownership interest in a principal
residence during any part of the three year period ending on
the date of the sale or transfer, all as provided in Section
143(d} and (i) (2} of the Internal Revenue Code; or
iii)
iv)
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
Whose family income exceeds applicable income limits as
provided in section 143(Q and (i) (2} of the Internal Revenue
Code.
b)
c}
Borrower fails to occupy the property described in the Security
Instrument without prior written consent of the lender or its
successors or assigns described at the beginning of this Tax
Exempt Financing Rider, or
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
Instrument.
References are to the Internal Revenue Code as amended, in effect on the date
of execution of the Security Instrument and are deemed to include the
implementing regulations.
BY SIGNIN~W, Borrower accepts and agrees to the and provisions'
~,ff~~' in tfif~T~L~t) Financing Rider. ~term/ ~,~
or ower °
MPP 210-B (Revised 12/95)
501