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897561
Chase Manhattan Mortgage Corporation
2000 S. Colorado Blvd. 12th Floor
Denver, CO 80222
Construction Department
RECEIVED
LINCOLr'! COIJ q'I-Y CLERK
MODIFICATION AGREEMENT
- ,"- 205
[Space Above This Lie For Recording Data]
49706257
49706258
February 2004
AGREEME.,NT..(..[he Agreement ) ~S made as of the 271h day of
by the undersigned ("Bo?rower"), with an address at
95072 HWY 89, THA.NYE, WY 83127
and Chase Manhattan Mortgage Corporation ("Lender"), with an address at
P.O. BOX 78824
PHOENIX, AZ 85062
This instrument modifies the terms of (i) either a Fixed Rate Note or an Adjustable Rate Note (the "Note"); as
modified by a Construction Addendum 1o Fixed Rate or Adjustable Rate Note (the "Addendum to Note") both
executed on 09 / 30 / 02
, by Borrower in favor of Lender, and (ii) the Mortgage, Deed of Trust, Trust
Deed, Deed to Secure Debt, Security Deed or similar instrument (the "Security Instrument") as modified by an
Adjustable Rate Rider (if applicable) and a Construction Addendum to the Security Instrument (the "Construction
Addendum") all executed on the same date as the Note, by Borrower in favor of Lender and recorded in Official
Records Book or Liber o0oo , at Page 00o0 , of the Public/Land Records of
JACKSON County (or Town/City), LINCOLN . All terms defined in the Security
Instrument shall have the same definitibns when used in this Agreement.
1. LOAN AMOUNT
XX IF CHECKED, the outstanding principal balance remains unchanged.
IF CHECKED, the.~ut~!_.~.d!ng principal balance on the loan as of the date of this Agreement is
hereby reduced to $ based 'on a'i~'i:]'ncipal curtailment made by Borrowerl The initial
MODIFICATION AGREEMENT
C- 7128 (3/00) (replaces 10/97 and c7127) Page I of 8
monthly payment of principal and interest will be $
2. MATUI~TY
~ IF CHECKED, the first monthly payment date of the permanent loan phase and the maturity date of
the Note and Security Instrument remain unchanged.
XX IF CHECKED, Borrower's first monthly payment of principal and interest under the permanent loan
phase will be due on 0 4 / 01 / 0 4 and the first Change Date (if
applicable) will be 0 3 / 0 9 . The maturity date of the Note and Security
Instrument is hereby changed to 0 3/01/3 4 , at which time the entire
unpaid principal balance and all unpaid accrued interest shall be due and payable. All references in the Note and
Security Instrument to the above dates are hereby modified to refer to such dates.
3. INTEREST RATE AND TERM
IF CHECKED, the interest rate payable under the Note remains unchanged.
¥¥ IF CHECKED, the terms and provisions of the Note are amended and modified as indicated in the
New Loan Terms below. This Agreement shall render forever null and void and of no further force or effect any
Rider to the Note providing for, implementing, or relating to, any change or adjustment in the rate of interest
payable under the Note.
IF CHECKED, the terms and provisions of the Note are amended and modified to an Adjustable Rate
Note as indicated in the New Loan Terms below. Changes in Borrower's monthly payment will reflect changes
in the unpaid principal of the loan and in the interest rate that Borrower must pay. The Note Holder will determine
Borrower's new interest rate and the changed amount of Borrower's monthly payment in accordance with Section
4 of this Note.
~ IF CHECKED, the terms and provisions of the Adjustable Rate Note are amended and modified as
indicated in the New Loan Terms below. The interest rate will remain fixed for the term of the loan and any
references to changes in the interest rate are null and void. This Agreement shall render forever null and void and
Of no further force or effect any provision in the Adjustable Rate Note, the Security Instrument and any rider or
addendum to the Note and Security Instrument providing for, implementing, or relating to, any change or
adjustment in the rate of interest payable under the Note, and any prepayment penalty and conversion option (if
applicable).
MODIFICATION AGREEMENT
C- 7128 (3/00) (replaces 10/97 and c7127) Page 2 of 8
NEW LOAN TERMS
Interest Rate
Term
FIXED RATE
%
years
ADJUSTABLE RATE
Initial Interest Rate 5.5 0 0 %
Term 3 0 years
Monthly Payment:
$
Initial Monthly Payment:
$ 2171.79
Margin: 2.2 5 0 0
Interest Rate at First Change Date will
NOT be GREATER than 1 0.5
or LESS than 2.2 5 0 0%
Interest Rate during life of loan will
NEVER be GREATER than 1 0.5 0 0 0 %
or LESS than the margin
4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The initial fixed interest rate Borrower will pay will change to an adjustable interest rate on the first day of
March 2 0 0 9 , and on that day every 12th month thereafter. Each date
on which Borrower's adjustable interest rate could change is called a "Change Date." (B) The Index
Beginning with the first Change Date, Borrower's adjustable interest rate will be based on an Index. The
"Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of I year,
as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days
before each Change Date is called the "Current Index."
If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable
information. The Note Holder will give Borrower notice of this choice. (C) Calculation of Changes
Before each Change Date, the Note Holder will calculate Borrower's new interest rate by adding
Two and One-Quart'er
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percentage points ( 2.2500 %)Cthe Margin") to the Current Index. The Note Holder
will then round the result of this addition to the nearest one-eighth of one percentage point (0.125 %). Subject to
the limits stated in Section 4(D) below, this rounded amount will be Borrower's new interest rate until the next
Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the
unpaid principal that Borrower is expected to owe at the Change Date in full on the maturity date at Borrower's
new interest rate in substantially equal payments. The result of this calculation will be the new amount of
Borrower's monthly payment.
(D) Limits on Interest Rate Changes
The interest rate Borrower is required to pay at the first Change Date will not be greater than
Ten and One-Half 10.5 %.
or less than
Two and One-Quarter 2.2500 %.
Thereafter, Borrower's adjustable interest rate will never be increased or decreased on any single Change Date by
more than two percentage points (2.0%) from the rate of interest Borrower has been paying for the preceding
twelve months. Borrower's interest rate will never be greater than
Ten and One-Half 10.5000 %,
which is called the "Maximum Rate", or less than the Margin.
(E) Effective Date of Changes
Borrower's new interest rate will become effective on each Change Date. Borrower will pay the amount of
Borrower's new monthly payment beginning on the first monthly payment date after the Change Date until the
amount of Borrower's monthly payment changes again.
(F) Notice of Changes
'The Note Holder will deliver or mail to Borrower a notice of any changes in Borrower's adjustable interest
rate and the amount of Borrower's monthly payment before the effective date of any change. The Notice will
include information required by law to be given to Borrower and also the title and telephone number of a person
who will answer any question Borrower may have regarding the notice. (G) Prepayment
If Borrower makes a partial prepayment, the partial prepayment may reduce the amount of Borrower's monthly
payments .after the first Change Date following the partial prepayment. However, any reduction due to the partial
prepayment may be offset by an interest rate increase.
5. TRANSFER OF PROPERTY OR A BENEFICIAL INTEREST. If BorroWer has chosen to amend the Note
to an Adjustable Rate Note as indicated in Section 3 of this Agreement, the following shall apply:
MODIFICATION AGREEMENT
C- 7128 (3/00) (replaces 10/97 and c7127) Page 4 of 8
UNIFORM SECURED NOTE
The Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given
to the Note Holder under the Note, a Mortgage, Deed of Trust or Security Deed (the "Security Instrument"), dated
the same date as this Note, protects the Note Holder from possible losses which might result if I do not keep the
promises that I make in the Note. That Security Instrument describes how and under what conditions I may be
required to make immediate payment in full of all amounts I owe under the Note. Some of those conditions are
described as follows:
(A) Until my initial fixed interest rate changes to an adjustable interest rate under the terms stated in section
4 above, uniform covenant 18 of the security instrument is described as follows: Transfer of the Property or a Beneficial Interest in Borrower.
If all or any part of the Property or any interest in it is sold or transferred (or if Borrower is not a natural
person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender
may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However,
this Option shall not be exercised by Lender if exercise is prohibited by federal law.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall
provide a period of not less than thirty (30) days from the date the notice is given in accordance with Section 15
within which the Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these
sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument
without further notice or demand on Borrower.
(B) When my initial fixed interest rate changes to an adjustable interest rate under the terms stated in section
4 above, uniform covenant 18 of the security instrument described in section (A) above shall then cease to be in
effect, and uniform covenant 18 of the security instrument shall instead be desdribed as follows: Transfer of the Property or a Beneficial Interest in Borrower.
If all or any part of the Property or any interest in it is sold or transferred (or if Borrower is not a natural
person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender
may, at its option, require inm~ediate payment in full of all sums secured by this Security Instrument. However,
this option shall notbe exercised by Lender if exercise is prohibited by federal law. Lender also shall not exercise
this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the
intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that
Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or
agreement in this Security Instrument is acceptable to Lender.
To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's
consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is
MODIFICATION AGREEMENT
C- 7128 (3/00) (replaces 10/97 and c7127) Page 5 of 8
acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note
and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument
unless Lender releases Borrower in writing.
6. CONSTRUCTION PHASE TERMINATED. Except as otherwise specifically provided therein, the
Addendum to Note, Construction Addendum and Construction Loan Agreement are hereby terminated and from
and after the date hereof shall be forever null and void and of no further force or effect. The loan shall hereafter
be evidenced by the Note as modified by this Agreement and secured by the Security Instrument as modified by
the Adjustable Rate Rider (if applicable) and any other rider or addendum to the Note or Security Instrument not
specifically terminated by this Agreement.
Except as otherwise specifically provided therein, all terms and provisions of the Note and Security Instrument,
or any rider, addendum, or other instrument or document that is affixed to, wholly or partially incorporated into,
or is part of, the Note or Security Instrument and that contains any terms and provisions relating solely to the
construction phase of the loan, including, if applicable, any changes to the title of the Note or Security Instrument,
or any such rider, addendum or other instrument or document, are hereby terminated and from and after the date
hereof shall be forever null and void and of no further force or effect.
7. RELEASE OF SECURITY INTEREST. Lender hereby releases the security interest in the collateral that
Borrower granted to Lender in the Construction Addendum, except to the extent also granted in the Security
Instrument.
8. MISCELLANEOUS. Nothing in this Agreement shall be understood or construed to be a satisfaction or
release in whole or in part of the Note and Security Instrument. Except as otherwise specifically provided in this
Agreement, the Note and Security Instrument will remain unchanged, and Borrower and Lender will be bound by,
and comply with, all of the terms and provisions thereof, as amended by this Agreement.
MODIFICATION AGREEMENT
C- 7128 (3/00) (replaces 10/97 and c7127) Page 6 of 8
IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto effective the day and
year first above written.
GREGOR~ ~/~$ON '
MODIFICATION AGREEMENT
C- 7128 (3/00) (replaces 10/97 and c7127) Page 7 of 8
[Space Below This Line For Ac'knowledgment]
STATE OF ~
cou,,,zY oF,am
NOTARY PUBLIC
KRISTEN COLLINS
2~80 South ~3~ ~ Ste. 580
S.L.C. UT 84~06
COMMISSION ~PIRES
MARCH 3, 2007
STATE OF ~AH
MODIFICATION AGREEMENT
C- 7128 (3/00) (replaces 10/97 and c7127) Page 8 of 8
832
vt port,'on of the 3W ~ of Section 12, T$$N, tUlPF~, 6~* ~>,M.., Lincoln Court(y: Wyoming, more
particularily dec~crqbed as follows:
The True Point of Beginning being a cotton Gin a~pik, a,t in the center tine of U.~c. Highway 89
at Station PC 1164-I-86-3, saldl~oi~t also being 1481.65feet .¥26°20 '50"W from
type Morturnent found marking th, ,~outheast corner of said ~P' ~; thence aior~g a 229t. 8SI feet
radius curve to the Pdght ('chord bears ~26O39'41"~ 748.554 feet.) 75J. 922 feet through a
central angle 18°47'53"H to a Cotton Gin ~pike set at the Beginning of Narrow,-T~,rnviHe
Co,inly Road.~ro. J2-128; thence $77 °32 '06"~. 187.85 feet to the Beginning of° curve; thence,
along said curve, having a 906.9Of cci radius curve to Right ('chord bears $73 °43 '06"E 120.208
feet,) 120.296 feet, through a central angle of 7~6'00" to the Ertl of said curve,, thence
$69~$$'06"E 262.17feet to the approximate center llne of° new bridge over Willow Creek;
thence runnalong the approximate ae-ntar line of Willow Creek the followlng courses:
$15~54'$8"W 34.04 feet, $$0°46'40,,E 17.I2 feet, SJ8~04'lO")z,r 135.48 feet, .~16~46,I0,,E
3.5.L8~ fe~t.,, ~42~24,1f,,,~_43.0j feet, $62°33 '50"E 39.76 feet, $73°09'$9"F. J01 37 .
1~74 39 '23 'F. $7 54 feet, S8.1°59 '0' "=' °~ ' .... ~__, ,,- - feet
.,_e, ,.,..,~ -r.t ~,-, ~.,-','.uuJeel', ~'32'4J '04"E 34.$6feet, S21o02,45,,F.
29.23 feet, 85~02'08"~ 34.25 feet,' $88~$7'12"W 33.37 feet, $7°34'31"W 25.71 feet.
$38 °.~6'06"E 56,93 feet, 885°II '31 "E 61.6Sleet, N64°18 '29 "E 60. 6¥ feet, NS 7~$$ '43 "E 75. 57
feet, N66~34'42"~ 76.56 feet, ~4~$4,40',E 51.49 feet, Ar75°IS'SI"E 86.97 feet, and
~c55~46'I0 "E 48.00feet; thence $53~$6,23',~ 795. 78feet to said c~'nter line of U.~,
89; thence N36°03 '37"W, along ~d center line, 43100 feet, to the True 2~oint of Beginning,
containing ~~cres of la,nfl .
TOGETtt~ WITH and SUBJECT' TO: A l$$-Foot Right-of-Way Easement along the
$oulhw'e$terly boundary I~ne for Ingre$a, Egress and Utlltttes being the ~$. Highway 89 J~'ght_
of. Way.
TOGETHFi~ ~FITH and ~U2~JECT TO: ,'1 60-Foot Pdght-of.F/ay Easement along the
Arorth*asterly boundzzry line for Ingress, Egress and Ualitie~ being the Nazrow$-Turnervllle
Coun(y Road 22-128.
TOGETHER WITH and SUBJECT TO: All Easements, Eocceptiorts, 2{estrictlons, t~eservations,
Rights-of-Way and lmprovem,nts of $~ght and/or record