Loading...
HomeMy WebLinkAbout878438~ )K. _PR PAGE~ THIS MORTGAG~ is made thh 4~ day of ~Y ,2002 , between ~lie Mortgagot~ ~B~R~ ~REW ~OR~NS~ ~ ~SICA KR~8~ SOR~SEN, RUSB~ ~ WXFE KRIS~ ~ F~O ~0~ MORTGAGE, INC, · ' ~: , a eo~or~tioil olganized and existing under the laws OfTK~ $TA~ OP CALIFORNIA , whose address P.O, BOX 5137, D~$ MOZ~fi, IA 50306513~ · W~EREAS, Borrower is [~dcbted to [~nder in ihe prhlcipal sum of U,S, $ * ** *** * ***** 9, ~0o. 00 . whkh indebtedness ts evidenoed by Borrow~ds not~ dated J~Y o4, ~oo2 and extensions and renewals thereof (heroin "Note~). providing for rnonfl~ly installments of principal and interest, wkh the bal~ce of indebtedness, if not sooner paid, dee ~d payable on P~Bgu~z 01, 2010 TO SECURE to Lender th~ ropaym~zt of flxe indebtedness evidenced by the Note, with interest thereon; tlxe payment of all ortner sums, with i,terea/ tbor~on, advmmed in ~cordance herewith to protect the security of ibis Mortgage; ~cl lite p~rtbn~xce of the coven~ts and agreemcmts of Borrower heroin contained, Borrower does hereby mortgage, grmlt and convey {0 Lender, with power of sak, the following described property tooated in tho County of~z~go~ , State of Wyoming: OOZY, ~OMING AS D~SCRIB~D ON TH~ OFFICIAL PLAT FILED NO~R ~9, 200i AS INSTR~E~ NO. 877628 OF THE RECOR~B OF THE LINCOLN CO~Y CL~K, whicl~ has tht:~ddressof 41 Bgkg. CR~gX ESTATltg DR, , T~E , Wyoming 8 31 ~ 7 (herein ;' Property Address"); [ZIP Code] TOGETH ~R with all rite improvemen~ now or hereafter et'~ctvd on ~]¢ property, and ¢I msemccts, righS, appurmnanccs m~d rents, all of whlch sha}l be deemed {o be anti [cma[n u part of iht property covered by %h{s Mortgage; mid al~ of the foregoing, togctl'~er with sam property (or the leasehold ~state if this Mortgage is on a leaschold) arc hereinafter tel'erred {o as the "Properly." Borrower covenants tMr Borrower is lawf~lly sehed oC Yhe esta{o hereby conveyed and has the right to mortgage, grant mid coawy the Prop~rW, ~d the the PropcrtF is uncncm]~ercd, except tbr encumbrm~ces of record. BoTrower covenants that Borrower w~rrant{ and will del%nd generally lbo title ro the Properly agallzst all chhzls and demands, subject to encumbrances of record, ~ UNIFORM COVENANTS, Borrower and [~dcr eoveimnt and agree as :bliow$: 1. Payment of Principal and Interest. Borrower sh~l promptly pa~ when due the principal ~d interest indebtedness evidenced by tlie Note ~d late charges as provided ia d~e Note. 2, Fu~d~ roe Tax~' and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender o.n~the day monthly payments of priacipal and interest are payable under the Note, until thc Note 1s paid in full, a sum (herein "~nds") eq~l ~o one..twdffl~ of the yearly taxes and assessments (inclu0ing condom~nlum and pimm~d unit development assessments, if ~y) which may attai;x priority over this Mortgage and ground rents on the Prope~xy, if any,_plus o~e-twclflh of yearly premium instZhnc,ts for hazard inmrance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as r~a~onably estimated initially and fi'om dine to time by ~nd'er cn the basis of assessments and bills ~d reasooahle estimates thereof, Borrower shall not be obligated to make such payments of Fuads to ~nder to the extent that Borrower m~e$ such paymeats to thc holder of a prior mortgage or dccd of trust if such holder is m institutional lender. LWYOMING- SeCONb MOn'r~Ao E- 1/80 -FNMAtFHLMC UNIFORM INSTRUMENT ] Fom~ 3851 II, Successors and Assigns ~und; ,loint and Several Liabili~yl Co.signer~. Th~ cov~n~s ~d agreements herein contained shall bind, mid thc rights hereunder shall i~ure to, dan respective suc.c~ssors ~d nssigns of Lender and Borrower, subjacl m rh~ provisions of paragraph 16 hereof. Ali coveaants and agreement~ of Borrower shall be joint ~d szveral. Any Borrower who co-signs this Mortgage, but d~e; not execute the Note, (a) is co-~igning this Mortgage only to nmrtgage, ~d conwy that Borrower's interest in the Property to ~nder under the terms of this Mortgage, (b) is not personally liable on the Note or ~nder this Mortgage, and (c) agrees that Mndcr and ~ly other Borrower hereunder may agr~ to extend, modil~, forbe~, or make ~y other acconm~odations with regard to the teens of this Mo~tgag~ or the Note without that Borrower's coasent ~d without releasing fl~at Borrower or modifyi~g this Mortgage as to tNa~ Borrower's interest in the Properb', 12, Notice, Except for any notice required under applicable law to be given in mmibcr nmner, (a) any notice to Borrower provided for in this Mo~gage shall be given by delivering it or by mailing such notice by certified mail addressed lo Borrower at th~ Propegy Ad&esi or at such other addreai as Borrower may designate by notice m Lender a~ provided herein, aml (b) m~y notice to Lender shall be given by cerdfied ~ail to Lender's addr,ss stated herein or to such driver address as Landor may desigaate by notice to Borrower as provided herein. Ap~ notice provided for in this Mortgago shall be deemed to have been giwn to Borrower or Lender when gives in the manner de,ignored herein. 13, Governing Lawl $everability. The state m~d local laws applicable to this Mortgage shall be the laws o~' ttxe jurisdiction in which the Prope~y is located. ~e foregoing sentence shall not limit the applicability of f~dcral law to this Mortgage. la the event lhat ~y provision or clause of this Mortgage or the Note conilicts with applicable law, such conflict shall na~ afikct other provisions of this Mortgage or the Noi~ wldch cat be given eflkct without the conflicting provision, anti lhis end the provisions of this Mortgag~ and thB Note are declar~ to be severable. As used herein, "costs," "expenSes" ~d "a~lorneya' f~ef' Include all sram to the exient not prohibited by applicable law or limit~ hereto. 14, Borrower's Copy. Borrower shall be hrnisbCd a conformed copy of the Note and of d~is Morigage at ~he time of execution or after recordation hereof. 15, Rehabilitation Loan Agreement. Borrower th. all fulfill all of Botrower'~ obligations under any home rehabilitation, improvement, xep~tir, or olher loan agreement which Borrower enters into with Lend,r, Mnder, at Mndar's option, may require Borrower to execute axd deliver to I~nder, in a form acceptable to l~nder, an assignment of my rights, claims or which Borrower may have against parties who suppty labor, materials or services in connection with improvements made to the Property. 16, Trans[cr of thc Property or a Beneficial lnt~cst in Borrower. If all or any part of trw Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred ~d ~orrower is nm a natural person) without ~nd~r's prior written consent, Leader may, at.its option, require itmncdiate payment in ~II of all sums secured by this Mortgage. However, this optioa shall not be exercised by Lender if exercise ts prohibited by tkdera law as of thc date of this Mortgage, If Lemter exercises this option, l~nder shall give Borrower notice of acceleration. ~e notice shall provide a period of not less th~ 30 days from the date the notice i~ delivered or mailed within ~'hich Borrower must pay all suma ~CCured by d~is Mortgage. if Borrower fails to pay these sums prior to the expiration of iht, per[od. Lender may in¢oke m~y remedies pernfitted by ~is Mortgage without ~rther notice or dem~md on BorroWer. NON-UNIFORM COVENANTS. Borrower ~d I~nder ~her covemmt ~d agree a~ follows: 1% Acceleratloni Remedies. Exc~pt as provided in paragraph 16 bereft, upon Borrower's breach of any Covenant or agr~m~nt of Borrower in this Mortgage, including die covenants to pay when due any sums scoured hy this' Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereo[ specifying: (1) the breadq (2) the action r~uired to cure sucl~ hreaehl (3) a date, not Ices than 10 days from the date tb~ notice is mailed Borrower, by which such brmeh must he curedl and (4) that ~allure to cure such brach on or before the date sp[~ified in the notice may r~ult In acceleration of the sums seem'ed by this Mortgage. The notice shall further inform Borrower of the right to rcin~iate attar aeederation and ~h~ right to bring a eom't action to assert the nonexistence of a default or any oth~r defense of Borrower to acceleration and sale. If the breach h not rur~d ou or before the date specified in the notice~ Lender~ at Lender~s optlou~ may declare all of the sums secured by this Mortgage to b~ imme~ately due and payable without further demand and may invoke the power o[ sale and any other rcm~ti~ permitted by applicable law. Lender shall be entitled to coll~t all reasonable costs and expenses incurred in ffa~utag th~ remedi~ provided in this paragraph 17~ lncluding~ but not li~tod to~ tin,enable attorneys~ It L~ndor inv0k~ the power of sale, Leader stall give notice of intent lo foreclose to Borrower and to the person pass,stun of the h'oPerty~ if different, in aetord~nce with applicable law. L~mder shall mail a copy of a noliee of fl~e sale to Borrower in the m~ner provided ia paragraph 12 h~eot, I,ender shall pl~bli~h the not!m et sale and th~ Propert~ sh~dl be sold in the manner pr~crih~ by applicable law. l,endcr or 1.~der's designe~ may purchase tll~ Property a~ any sale, The procc~s of the sale shall be applied in the following ordem (a) to all reasonable costs and espens~ or the sale, including~ Imf not limited to, reasonable attorneys~ fees and costs of title evidene~l (h) to all sums secured by this Mortgagel and (e) the ex,~s, ii' any, to the pe~on or ~ons l~ally entitled thereto, 18. Borrower's Right to Reimqtate, Notwithst~ding L~ndcr's acceleration of the sums secured by this Mortgag~ due Borrower's breach, Borrower sYall h~ve the rigtxr [o ha, e any proceedings begun by ~ndcr to eat~ree this Mortgag~ discontinued at any time prior to ~e earllcr to occur 01' (i) th~ fifth day before sale of ~l~e Property purs~m'tr tn the power of contained in this Mortgage or (ii) cmry of a judgment enforcing this Mengage if: (a) Borrower pays Lender all sums which would b~ Ihen due under fl~is Mortgage and the Note had no ac~leratton occurred; (b) Borrower cures ail breac. Ees of any other covenants or agreements cf Borrower cont~n~d in this Mortgage; (c) ~rrowcr pays all reasonable expenses incurred by in enforci'n~ the covenants and agreeme~t:~ et Borrower centained in this Mortgage, anti in enforcing L~adcr's remedies pto~ided in paragraph 17 her~f, including, but t~ot limited to, reasonable attcrneya' fees; and (d) Borrower takes such action as ~ndcr mgy reasonably r~quire ~o assure that thc lien of this Mortgage, I.¢ndet's i~teresr in the Prope~y m~d Be~owar's obligation to p~y the roms s~ured by ets Mortgage shall continue unimpaired. Upon such payment ~d cur~ by Borrower, this Mot3gaga m~d the obligations $~ur~q hereby shall remain in fulI force ~d effect aS if no a~clcration had occurred. 19. Assignment of Rentsl Appointment of R~eivdri I.eadet in Possc~lon. As additional security hereunder, Borrower hereby assigns to l~nder ~he rents of thc Property. provide0 float Borrower shall, prior to acceleration und,r paragraplx 'h¢reof or ab~domn~nt of the Pmpmy, have the right to collect and retain such rents as they become due and payable. If Borrower pays Funds to Lender, the Funds shall be held h~ an ins~kution rise deposits et accounts of which ~e or guaranteed by a federal or state agency (tncBding Lender if Lender is stxel~ ~ ies[itmion). Lender shall apply the Fends pay sa~a taxes, assessments~ insurance premiums and ground rents, ~nder may not charge fbr so holding ~nd applying Funds, analyzing said ~zceunt or verifying and compiling said assessments and bills, unless Lendc~ pays Borrower inlercst th~ Funds and applicable law permits lender to make suct~ a charge, Borrew~r m~d ~nder may agree in writing at the execution of this Mortgage that interest on the Funds shall be paid to Borrower~ and unless such ~greemcnt ~s made applicable law requires such interest to ~e pai~, ~ndcr shall not'be required lo pay Borrower any interest or earnings on the Funds. Lender ~'h~l give to Borrower, without charge, ~x annual nccoanting of ~he Funds shewing credits and debits to the Funds m~d the pu~ose for which each d~bit re the Funds wa~ made, The funds are pledged as additional security for lhe sums secured by this Mortgage. If 'th~ amount of ~he Funds h01d by Lender, together with t~e future nmntldy installments dC Funds pa~able prior to the due dates o[' taxes, assessmenl, s~ insurance premi'an~ and ground rent~, shall exceed th~ amount required to pay said taxes, assessments, insurance prcmimm and ground rents as th~:7 fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly inslelb~nts of Funds. If the mnount of the Funds held by Lender shall not be suffieiem to pay taxes, assessments, insurance premiums and ground rents a~ they fill duo, Borrower sl~all pay to Lender ~y amount nceessa~'y ta make up the deficiency in one or more payments as Lender may require. Upon payment tn ¢I1 of all sums ~ecured by tl~is Mortgage, Lender shall promptly refund to Borrower any Fund~ held by Lend,r, 11~ under paragraph 17 her~f the Property is sold ar the Prope~y is otl~crwh~ acquired by Lender, Lender ~hall no later xhan immediately prtor to tile sal~ of tl~e Property or i~s acqui~llion by Lender, any Funds held by Lender at the time of application as a credit against ~he su~ secured by thi~ Morlgage. 3. Apptleation or Payments. Unless applicablo law provides otherwise, alt paymems received by ~nder under the Note and paragraphs I m~d 2 hereof ~hall be applied by Lender first in payment of amounts payaBl~ to ~ndcr by Borrower under paragraph 2 hereof, then to intrust payable on the No[e, m~d then to the principal of thc Note. 4, Prior Mortgages and D~ of Trust; Charg~ Liens, Borrower shall perfom all of Borrower's obligations under any moagage, deed of ~rust or ether security [gr~ment with a lien which has prk~rity over this Mortgage, incImling Borrower's cownants to make paymenr~ w~cn due. ~trower shall pa> or cause to be paid all ~es, assessmunts ~d other charges, fines and impositions a~trlbutable to ~e Property whicl~ may atuin ~ priority r)ver this Mongage, md leaselmlO payments or groand rents, if any. 5. llazard Insurance. Borrower shall keep the impTovements now e~sfing or hereafter erected en the Prol~erty insured ~gaiasl IoS~ By fire, h~arOs tnc[udctl within the term "extended Coverage," and ~uch otlxer hazards as Lender may require and such mnoua[s md for such ~rlods as treader may require. The insurance tarrier providing lh~ insurance shall be d~osen by Borrower subject to approval by Lender: provided, [hat such approval shall not be unreasonably withheld. All insurance poliz[~s m~d renewals lhereof shall be in a form acceptabl~ to ~nder m~d shall include a ~andard mortgage chmse tn fi~vor af a~d in a form acceptabl~ 1o Leader. ~nder ~ha[l haw the right m h~ld tl~e policies ~d renewals [hereof, subject to the terms of m~y morrgagc~, de~ of trus~ or ethel security agreement wi[ix a lien which ha~ priority over this Mortgage, ]n the ~wnt of loss, Borrower ,hall give prompt notice lo the insur~ce carrier anti Lender. keMer may rnak¢ proof of loss if not made promptly By BOrrower, If the Property is ab~doned by he.ewer, or if Borrower fails to respond [o ~nder within 30 days from th~ date notic~ mailed [~y Lender to ~rrower tht~[ the [nsur~ce carrier offers to settle a claim ~br insurance he,refits. Lender i~ author}xed to collect and apply thc insurance proceeds at ~ndcr's opr~ion eilher ~o resroralion or repair of d~e Property or to the sums secured By ~his Mot[gage, 6, Pre~ervatlon and Maintenance of Property; Leas~olds; Condominiums; Planned IJnR l)evelo~e~ts. Borrower sl~l kee¢ the'Property in good repair and shall not mn~i[ waste or permit impairment or deterioration of the Property and shall comply with the provisions of ~y lease if this Mortgage is da a le~ehold, If [his Morlgage is on a unit in a condominimn or'a plumed unit develop~nt, Borrower shall perform all of Bono~er'~ obligalion, under tho declaration m' covenant~ creating or governing rl~e condominium or planned uni~ devetopm~nt, th~ ~y-law* and regulations of fl~e condominim~ or pl~ned unit development, ~d constituent documm~ts. ' 7, ~ot~tlon of Lendeffs S~urity, If Borrower t'~ls to perform the coven~ts m~d agreements contained in thB Mortgage, 0r if my action or preceding is eonuueneed which ~naterially affects Lender's interest in thc Property. then L~uder, at ~nder's option, upon notice to Borrower, may ma~e s'aeh appcarm~ces, tlisburse ~uch sums, including rea~onabl~ attorneys' fees, and take such imtton as iS ~ecessary to protect ~ader'~ interest. If ~nd~r required mortgage inmr~nce as a condition making the lmm sc~r~d by xhis Mortgage, Borrower shall pay the pretnlums requital tO maintdn such insurmce in el'feet until such tlm~ as the r~qukement lbr such tnim'~ce terminates in accordance wiIl~ ~rrower's ~d ~nder's wriltcn agreement or appliable law. Any anmunts disbursed by Lender pursuant re this p~agraph 7, with imerest thereon, at thc Notu rote, shall becom~ additional indebtedness of Borrower scarce b~ this Mortgage. Unless Borrower and Lender agree to other terns 0f payment, s~¢ll ~lounl~ shall be payable upon notic~ from Mndcr m Borrower r~qucsting payment Ihereof. Nothing contained in lhis paragraph 7 sluxll require Imnder to incur ay expense or take m~y ac[ion hereunder. 8, Inaction. Mnder may m~e or cause to be mad~ rc~onabl~ entries upon md inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause theretbr relaxed to Lender's interest ia ~l~e Property. 9, Condemnation. The proc~ds of any award or claim iht damagea, direr or consequential, in connection with any condel~atim~ or other ~ing of the Property, or par[ thereof, or for conveyance in lieu of condemnation, i~ro hereby assigned and shall be paid Io I2nder, subject to the terms Of any mortgage, dccd of trust or o~her security agreement with a lien which ht~ prio~it~ over this 10. Borrower Not Releas~ Forbearance By Lender Not a Waiver, Extrusion of the t[m~ for payment or modification of amortization of the sins secured by this Mortgage granted by Mndcr ~o any s'uccea,or in interest of Borrower sh~l not opeme Ia release, in m~y manner, tho l}ability of the original Borrower and Borrower's successors In inmrest. Lender shall not be required to commence proceedings agaimt such successor or re~ t0 extend time for payment or o~erwise modi~ amartlzation of fl~e sums secur~ by this Mortgage by reason of my demm~d made b7 th~ original Bo~ower m~d Borrower's successors in interest. Any forbearance by Lender in exercising m~y right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of ay such righ~ or remedy. F'or~ 3851 ~¢¢ Upon steelerS[on tinder paragraph 17 hereof or abandonm~n~ of lh~ Propcrt% and ~ ay tim~ prio~ to d~c cxplraioa of ~y period of r~emption follawing judicial sale, ~nder, in person, by agcal or by judicially appointed ~cceivcr, shall bc entitled to Chief upon, lako possossion el and manege ~he Property and to collect d'm r~ms of the Propcay including ihose du~. All r~nts collected by L~nder or tl~e reviver daall be applied fir~ ~o payment of ~he co,ts of management of the Pt'oparLY and collcmion of rent~, including, but mot thnimd m, receiver's fees, premiums on re0Oiver's bonds and reasonable fees, ad lhcn to the sums secured by this Mortgage, .Lender and th~ r~c~ivar shall b~ liable to account on[y,,for those actually received, 20, Release, Upon paymen[ of all sums ~uved by fll~s Mortgage, Lendor shall rolcase this Mortgage without charge Borrower, Borrower shall pay all ~of~s of rozordafiom, ii.any, 21, Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Property. REQUEST FOR NOTICE OF DEFAULT AND FORECLOiURE UNDER §'UPERIOR- MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder o~ any motlgale, deed or' trust or oilier encumSrance with a lien whkh has priority over this Mortgage ro give Notice to Lender, at Lcnder'~ address ~et forth oa pag~ one of this Mortgage, of any default under the superior encumbrmme anti of any sale or other foreclomr~ action. IN WITNESS WHEREOF, Borrower has executed tttis Mortgage, ALBERT A/~DREW aO~EN~.N -Borrower -norrowur (Scat) -Borruwor (Sign Original Only) STATE OF WYOMING, Lincoin County ss: Thc foregoing instrument was acknowkdgcd before me flfi,~ Jll~kllY 04, 2002 by ALBE~ ~W ~OR~N~EN ~ J~ESICA ~ ~0RE~ ~g~ Not~ry Public $HE'[Lmf SANDALL - NOTMtY PUBliC Form 3851