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HomeMy WebLinkAbout875178Return To: ' R~r'F ~'FD The Jackson State Bank I. iI'.~COI._H COUNTY CLERK 112 Center St., PO Box 1781~7 Jackson, WY 83001 Prepared By: K [ M k~ E [{ [[ ~{. W 'l" 0 M 1 I't'6 Andrea Lance [Spice Above This, Line For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated August 7, 2001 , together with all Riders to this document. (B) "Borrower" is W. Brantley Burns and Gweneth M. Burns, Husband and wife, as joint tenants Borrower is the mortgagor under this Security Instrument. (C) "Lender" is The Jackson State Bank Len~der is a State Bank org~ized and existing under the laws of the State of Wyomi ng. BURNS/G & B 8525638 0 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (~®-6{WY) {ooos) ' VMP MORTGAGE FORMS - 1800)521-729~ 361 Lender's address is 112 Cent~¢r. St., PO Box 1788, 3ackson, WY 83001 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory no'te signed by Borrower and dated August 7, 2001 The Note states that Borrower owes 'Lender E.ighty Thousand and no/100 Dollars (U.S. $ 80,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than August 1, 2031 {E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all' sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [~ {--~' Second Home Rider __ Adjustable Rate Rider [~ Condominium Rider [ I Balloon Rider ~ Planned Unit Development Rider ~ 1-4 Family Rider ~ VA Rider [~ Biweekly Payment Rider ~-] Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local stat~;tes, regulations, ordinances and administrative rules and orders (that have the effect Of law) as' well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insur$~ce proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) ~'RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. Initials: 362 (p) .Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE.pROPERTY and under this This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions grant and convey to modifications of the Note; and (ii) the performance of Borrower's 'covenants and agreements described property located Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, : L~nco]n Lender and Lender's successors and assigns, with power of sale, the following Of of RecOrding jurisdiction] CoUntY [Name '" a s in the [Type of Recording lurisdictionl in Star Valley RanCh Plat lwenty-One (2I) Lot lhirty-N~ne (39) in the ofiic.~'al records oi LinCOln County, Wyoming. platted and 'recorded which currently has the address of [Streetl Parcel ID Number: 83127 [Zip Codel 95 Bonnevi l 1 e Road [Cityl , Wyoming lhayne all (,'Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and 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 Securi Y .... ,mx~ TS that Borrower is lawfully seised of the estate hereby conveyed and has BORROWti}t cu~ ..... N the Property and that the Property is unencumbered, except for t Instrument as the ,,Property." against all the right to mortgage, grant and convey encumbrances of record. Borrower warrants and will defend generally the title to the Property 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 covenant and agree as follows: Late Charges. ~ property. a ' UNIFORM COVENANTS. Borrower an6 Lender b 1. payment of Principal, Interest, Escrow Items, Prepayment Charges, and B Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and an3 ot prepayment charges and late charges due under the Note. Borrower Shall also pay funds for Escrow Item in pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.$ currency. However. if any check or other instrument received by Lender as payment under the Note or th! 8525638 :~'~ ~o,m ~o~ ~ BU BURNS/G & B ~oao~ .~k~ STATE OF WYOMING, Teton County ss: The foregoing instrument was acknowledged before me this August 7, 2001 byW. Brantley Burns and Gweneth M. Burns My Commission Expires: (~/ZO/77m I~~~l Notary ~blic ~ BURNS/G & B 8525638 ~_ 0 initials ~-6(WY) (ooo5) Page 15 of 1 s %~ Form 30,51 1/01 378 AP# LN# 8525638 1-4 FAMILY RIDER Assignment of Rents THIS 1-4 FAMILY RIDER is made tl~i~ h A(~a~/uqft · 2 0 0 1 , and is incorporated into and shall be deemed to amend and supp ement the Mbrtgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to T h e J a c k s o n S t a t e B a n k . (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 95 Bonne.v'i]"le Road.Tha.,vne,NY 83127 .- -.. [Property Address] 1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to the Property described in the Security Instrument, the following items are added to the Property description, and shall also constitute the Property covered by the Security Instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intended to be used in connection with the Property, in(~luding, but not limited to, those for the purposes of supplying or distributing heating, cooling, electricity, gas, water, air and light, f re.prevention and extinguishing apparatus, securit~,'and access control apparatus, plumbing, bath'tubs, water heaters', water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains and curtain rods, attached mirrors, cabinets, panelling and attached floor coverings now or hereafter attached to the Property, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the Property covered by the Security Instrument. All of the foregoing together with the Property described in the Security Instrument (or the leasehold estate if the Security Instrument is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Property." B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree, to or make a change in the use of the Property or its zoning classification, unless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and requirements of any governmental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against the Property without Lender's prior written permission. D, RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards for which insurance is required by Uniform Covenant 5. E. "BORROWER'S RIGHT TO REINSTATE" DELETED. Uniform Covenant 18 is deleted: F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, the first sentence in Uniform Covenant 6 concerning Borrower's occupancy of the Property is deleted. All remaining covenants and agreements set forth in Uniform Covenant 6 shall remain in effect. G. ASSIGNMENT OF LEASES. Upon Lender's request, Borrower shall assign to Lender all leases of the I~roperty and all security deposits made in connection with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. MULTISTATE 1-4 FAMILY RIDER--FNMAJFHLMC UNIFORM INSTRUMENT Form 3170 9~90 ISC/CRID**//0195/3170(0990)-L Page 1 of 2 LN# 8525638 H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borrower shall receive the Rents until (i) Lender has given Borrower notice of default pursuant to paragraph 21 of the Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security Instrument; (ii) Lender Shall be entitled to collect and receive all of the Rents of the Property; (iii) Borrower agrees that each. tenant of the Property shall Pay all Rents due and unpaid to'Lender or Lender's agents upon Lender's w. ritten demand to the tenant; .(iv) unless applicable law provides otherwise, all Rents holie~cted by Lender or Lender's agents shall be applied first to the costs of taking control of and managing e ~roperty and collecting the Rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance"premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, .Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits derived from the Property Without any showing as to the inadequacy of the Property' as security. If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the Properly and of collecting the Rents any funds expended by Lender for such purposes shall, become indebtedness of B0rrawer to Lender secured by the Security Instrument pursuant to uniform Covenant 7. Borrower repres'bnts and warrants that 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. Lender, or Lender's agents or a judicially appointed receiver, shall not be. required to enter upon, take control of or maintain the Property before or after giving notice of default to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, may do so at any time when a default occurs. 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 all the sums secured by the Security Instrument are paid in full. I. CROSS-DEFAULT PROVISION, Borrower's default or breach under any note or agreement in · which Lender has an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrument. BY SIGNING BELOW, Borrower accepts an~ and 2 of this 1-4 Family Rider. ntained in pages 1 _(Seal) -Borrower W. Brantley Burns _(Seal) -Borrower Gweneth M Burns _(Seat) -Borrower -Borrower MULTISTATE 1-4 FAMILY RIDER--FNMA/FHLMC UNIFORM INSTRUMENT Form 3170 9/90 ISC/CRID**//0195/3170(0990).L Page 2 of 2 .... : ,: ..:.:.