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HomeMy WebLinkAbout897951Citico~"'T:~St Bank, P.O. Box 140129 Irving, TX 75014 fsb °9795l U F-OF R,' ~ _IVED LINCOt_,,~ """"NTY ~' ' "L.~,~,. ~,L.E RI-( IMORTGAGE I 550 .f.,: .... .-,,-. THIS MORTGAGE is made this 17th day of March , 2004 JEFFREY I. TIPPETTS AND DAUNILYN TIPPETTS, HUSBAND AND WIFE and the Mortgagee, CITICORP TRUST BANK, FSB a federal savings bank chartered under the laws of address is 100 COMMERCE DRIVE NEWARK DE 19713 "Lender"). the United States of America , between the Mortgagor, (herein "Borrower"), , whose (herein WHEREAS, Borrower is indebted to Lender in the Principal sum of U.S. $ 90,204.85 , which indebtedness is evidenced by Borrower's note dated 03/17/2004 and extensions and renewals thereof (herein "Note"), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on 03/22/2019 TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with the interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the performance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following' described property located in the County of LINCOLN , State of Wyoming: THAT PART OF THE SE 1/4 SW 1/4 OF SECTION 12, T31N, Rll9W, LINCOLN COUNTY, WYOMING, BEING PART OF THAT TRACT OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 498PR ON PAGE 84 DESCRIBED AS FOLLOWS: , BEGINNING AT A SPIKE ON THE SOUTH LINE OF SAID SE 1/4 SW 1/4, SOUTH 89 DEGREES 38'22"W, 164.76 FEET FROM THE SOUTHEAST CORNER OF SAID SE 1/4 SW 1/4; THENCE NORTH 00 DEGREES 03'23"E, 1321.76 FEET, TO A POINT ON THE NORTH LINE OF SAID SE 1/4 SW 1/4; THENCE NORTH 89 DEGREES 35'46" E, 131.76 FEET, ALONG SAID NORTH LINE, TO A POINT; THENCE SOUTH 00 DEGREES 03'23"W, 1321.83 FEET, TO A SPIKE ON SAID SOUTH LINE; THENCE SOUTH 89 DEGREES 38'22"W, 131.76 FEET, ALONG SAID LINE TO THE SPIKE OF BEGINNING. ' which has the address of 1715 DRY CREEK ROAD Wyoming 83110 (herein "Property Address"); AFTON TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as the "Property," Borrower covenants that Borrower is lawfully seised 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 covenants that Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances of record. Wyoming 26868-4 1/98 Original (Recorded) Copy (Branch) Copy (Customer) Page 1 of 5 JEFFREY I TIPPETTS DAUNILYN TIPPETTS uNIFORM COVENANTS. Borrower and Lender covenant and agree-as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when indebtedness evidenced by the Note and late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein '~'Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) which may attain priority over this Mortgage and ground rents on the Property, if any, plus one-twdfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender. If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and' ground rents. Lender may not charge for so holding and applying the Funds', analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in full of all sums. secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all Of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. 5.~ Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender nmy require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond ~o Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall, keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. 7. Protection of Lender's SecuritY. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance.in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lendei"s written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 03/17/2004 due the principal and interest Wyoming Original (Recorded) Cop'~*'i~'~nch ) Copy (Customer) wage 2 of 5 IEFFREY I TI~¢:~:.-.k ~ DALTNI. LYN TIPPETTS ';';:::;:::;:::: '::~::: 03/17/2004 9.: Condemnation. The proceeds of ~y awed or claim for damages, direct or consequential, in connection with ~y conde~ation or other taMng of the Prope~y, or pa~ thereof, or for convey~ce in lieu of conde~ation, are hereby assigned ~d shM1 be paid to Lender, subject to the terms of ~y mo~gage, deed o~ t~st or other security agreement with a lien which has priority over this Mo~gage. '10. Borrower Not Rel~sed; Forb~rance By Lender Not a Waiver. Extension of the time for payment or modification of ~o~ization of the sums secured by this Mortgage granted by Lender to ~y successor in interest of Borrower shM1 not operate to rele~e, in ~y m~er, the liability of the original Borrower ~d Borrower's successors in interest. Lender shall not be required to co~ence proceedings against such successor or 'reMse to extend time for payment or otherwise modi~ amo~ization of the sums secured by this Mo~gage by reason of any dem~d made by the original Borrower ~d Bo~ower's successors in interest. Any forbear~ce by Lender in exercising ~y right or remedy hereunder, or otherwise afforded by applicable law, shM1 not be a waiver of or preclude the exercise of ~y such right or remedy. 11. Suec~sors and Assigns Bound; Joint and Several Liability; Co-signers. The coven~ts ~d agreements herein contained'shall bind, ~d the rights hereunder shall inure to, the respective successors ~d ~signs of Lender ~d Bo~ower, subject to the provisions of paragraph 16 hereof. All coven~ts ~d agreements of Borrower shall be joint and several. ~y Borrower who co-signs this Mortgage, but does not execute the Note, (a) is co-signing this Mortgage only to mortgage, grant ~d convey that Bo~ower's interest in the Prope~y to Lender under the te~s of this Mo~gage, (b) is not personally liable on the Note or under this Mo~gage, ~d (c) agrees that Lender ~d ~y other Bo~ower hereunder may agree to extend, modify, forbes, or make ~y other acco~odations with regard to the te~s of this Mortgage or the Note without that Bo~ower's consent ~d without releasing that Borrower or modi~ing this Mortgage as to that Borrower's interest in the Prope~y. 12. Notice. Except for ~y notice required under applicable law to be given in ~other m~er, (a) ~y notice to Borrower provided for in this Moffgage shall be given .by delivering it or by mailing such notice by certified mail addressed to Borrower at the Prope~y Address or at such other address as Borrower may designate by notice to Lender as provided herein, ~d (b) ~y notice to Lender shMl be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Moffgage shall be deemed to have been given to Borrower or Lender when given in the ma~er designated herein. 13. Governing Law; Severability. The state ~d local laws applicable to this Mortgage sh~l be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this Mo~gage.. In the event that ~y provision or clause of this Mortgage or the Note conflicts with applicable law, Such conflict shall not affect other provisions of this Mo~gage or the Note which c~ be given effect without the conflicting provision, ~d to this end the provisions of this Momgage ~d the Note are declared to be severable. As used herein, "costs", "expenses" ~d "attorneys' fees" include M1 sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Bo~ower sh~l be Mmished a confo~ed copy of the Note ~d of this Mo~gage at the time of execution or a~er recordation hereof. 15. Rehabilitation Loan Agr~ment. Bo~ower shM1 Mlfill all of Bo~ower's obligations under ~y home rehabilitation, improvement, repair, or other lo~ agreement which Borrower enters into with Lender. Lender, at Lender's option, may require Bo~ower to execute =d deliver to Lender, in a fo~ acceptable to Lender, ~ assig~ent of any rights, claims or defenses which Bo~ower may have against paroles who supply labor, materials or semices in co~ection with improvements made to the Prope~y. 16. Transfer of the Prope~y or a Beneficial Inter~t in Borrower. If all or ~y part of the Property or ~y interest in it is sold or tr~sfe~ed (or if a beneficial interest in Borrower is sold or tr~sferred ~d Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require i~ediate payment in Mil of all sums secured by this Mo~gage. However, this option shM1 not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mo~gage. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shM1 provide a period of not less than 30 days from the date the notice is delivered or mailed within Which Borrower must pay all sums secured by this Moffgage. If Borrower fails to pay these sums prior to the expiration of this period, .Lender may invoke ~y remedies peri,ed by this Mo~gage without Mnher notice or dem~d on Borrower. NON,UNIFORM COVENANTS. Borrower ~d Lender Mnher coven~t ~d agree as follows: 17. Acceleration; Remedi~. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mo~gage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not I~S than 10 days from the date the notice is mailed to Borrower, by which such brach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may r~ult in acceleration of the' sums secured by this Mortgage. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a cou~ action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notiee, Lender at Lender's option may declare all of the sums secured by this Mo~gage to be immediately due and payable without fu~her demand and may invoke the power of sale and any other remedi~ permitted by applicable law. Lender shall be entitled to collect all r~sonable costs and expens~ incurred in pursning the remedi~ provided in this paragraph 17, including, but not limited to, reasonable attorneys' If Lender invok~ the power of sale, Lender Shall give notice of intent to foreclose to Borrower and to the person in poss~sion of the Prope~y, if different, in accordance with applicable law. Lender shall mail a copy of a notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the ~ope~y shah be sold in the manner pr~cribed by applicable law. Lender or Lender's d~ignee may Purchase the Prope~y at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable cos~ and expens~ of the sale, including, but not limited to, reasonable attorneys' fe~ and costs of title evidence; ~) ~o all sums secured by this Mortgage; and (c) the execs, if any, to the person or persons legally entitled thereto. Wyoming 26868-4 1/98 Original (Recorded) Copy (Branch) Copy (Customer) Page 3 of 5 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgement enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon' acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property. and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and the receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Property. 22. Hazardous 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 small 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, claim, 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 Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 22, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental LaW and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos Or formaldehyde, and radioactive materials. As used in this paragraph 22, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. (Intentionally Left Blank) Wyoming 268~ Original (Recorded) Copy ~'~-ik'~'fdh) Copy (Customer) ' tJ~g~ a'of 5 EFFREY I TIP]:~;::'::::· DAUNILYN TIPPETTS ,~:,:~,:,:, REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPER/OR MORTGAGES OR DEEDS OF TRUST 324 Borrower and Lender request the holder of any mortgage, deed Of trust or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, with a copy to P. O. Box 17170, Baltimore, MD 21203, of any default under the superior encumbrance and of any sale or other foreclosure action. Ih! ~IXN. ESI. V~IHFaRg. D~ ~n .... ~--. executed this Mortgage. STATE OF WYOMING, -Borrower -Bo~ower by The foregoing instrument was acknowledged before me this 1 7TIt_DAY O~MARCI~O06 tuatcj JEFFREY I TIPPETTS AND DAUNILYN TIPPETTS HUSBAND AND WIFE [person acknowledging] WITNESS my hand and official seal. My Commission expires: ~.' CERTIFICATE OF DISCHARGE This certifies that a mortgage or deed of trust (as the case may be) from to dated and recorded in book of on page has been fully satisfied by the payment of the debt secured thereby and is hereby canceled and discharged. BY: TITLE: FOR: The undersigned notary public witnessed the execution of this Certificate of Discharge by for day of on this Notary Public Original (Recorded) Copy (Branch) Copy (Customer) (Space Below This Line Reserved For Lender and Recorder) Wyoming 26868-4 1/98 Page 5 of 5 INDIVIDUAL ACKNOWLEDGMENT County of ~-,'l'/~)~4~/A? On this the 1/~"~ day of '~/~2.,~>-0_,Jl ' ~ (~Ye~ , before Day Month me, ~VMb~' ~~U ,the undersigned Notary - ~a~ ~f No¢ary Public Public, personally appeared ~~ ~'D~ ~~/~ ~',~~ '~ ~ - Name(s) ~f Signe~s) ' ' [] personally known to me - OR - Notary Public Lincoln County Wyoming I]~oved to me on the basis of satisfactory evidence to be the person(s) whose name(s)-i~/are subscribed to the within instrument, and acknowledged to me that .heCehe/they executed the same for the purposes therein stated. WITNESS my hand and official seal. ~--// - -~igr~ature ~)f Notary Publi(~'/ ~er ~uired Information (~int~ Na~e of No~w, R~, etc.) Place Notary Seal and/or Any Stamp Above OPTIONAL Although the information in this Section is nor required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Tit e or Type of Document: ~Y]O/7...'~{~(:::~, Document Date: ,~'/¢') .4~)/._j Number of Pages: Signer(s) Other Than Named Above: Top of thumb here © 2002 National Notary Association · 9350 De Soto Ave., P.O. Box 2402 · Chatsworth CA 91313-2402 · www. nationalnotary, org Item No. 5936 Reorder: Call Toll-Free 1-800 US NOTARY (1-800-876-6827)