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HomeMy WebLinkAbout898286WCDA DOWN PAYMENT LOAN)MORTCAGE:~K !5 /4 F!!~! !; ':'¢ ~is Modgage ("Securi~ Ins~ent") is given 5n'... Ap~i_~-, 2 ',, '2 O0 6*'~ r~ . The Mo~gagoris Kurr ~. ~i.l~r. and Abbv ~, whose ad&ess is ~2~ 3rd ~ast~ Ke~erer~ ~ 8310L ("Bono(ver';)." ~h~s' S~'~ri~ Instrument i~ gigen to' Commfii'iy-"Fir ~t -H0rtgaga," Loan Numb'err 0'6~1947854 Miller LL.C who is organized and existing under the laws of North Dakota and whose address is 808 3rd' Ave. S. Suite 201. Fargo, ND 58103 . ("Lender"). Borrower owed Lender the principal sum of Two, thousand twenty five Dollars ($. 2,025.00 ). 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 May 1. 7017 this Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced under Paragraph 6 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this SecuritY Instrument and the Note. For this purpose, Borrower'does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in L±ncoln County, Wyoming: Lot 23 of Block 2 of the Lincoln Heights Subdivision to the Town of Kemmerer, Lincoln COunty, Wyom±ng as described on the official plat thereof. r which has the address of 929 Third West Ave, Kemmrer Wyoming, 83101 (zip code) ("Property Address"); TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all 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 "Property". BOILROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the fight to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally MPP Ponn 219 TF1TBI OP ~00~ !7:SS FR 0~.~~ TO l~07B77SB02 -t~e -title- to -the Property against all claims and demands, subject to any' encumbrances-of record. P.07 Payment of Principal, Interest, Default~ Interest and Late Charges. Borrower shall pay when due the principal of, and irlterest on, the debt evidenced by the Note, default interest, if applicable, and late char~es due under the Note. Payment of Taxes, Insurance and Other Charges. Borrower shall make timely payment of any (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or groun~t rents on the Property, and (c) premiums for inst~rance required by Paragraph 4. The Borrower shall furnish proof of payment to Lender upon request by the Lender. , Application of Payments. by Lender as follows: All payments finder Paragraphs 1 and 2 shall be applied First, to interest due under the Note; Second, to amortization of the principali of the Note Third, to late charges due under the Note. .. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existerice or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintaified in the amounts and for the periods that Lender requires. Borrower shall also ir~sure all improvements on the Property, whether now in existence or subsequently erected against loss by floods to the extent required by the Lender. All insurance shall be carried with companies approved by Lender: The insurance policies and a_ny rer~ewals shall include loss payable clauses in favor of, and in a form acceptable to, Len~ler. Borrower shall famish a copy of the policy or policies of insurance to the Lende~ upor~ request by the Lender. In the event of loss, Borrower shall give bender immediate notice by mail. Lender may make proof of loss if not made prompily 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 amounts applied in the order in Paragraph 3, and then to prepayment of principal or (b) to the restoration or repair of the dag~aged property. Any application of the proceeds to the principal shall not extend ~or postpone the due date of thc 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 an~d this Security instrument shall be paid to the entity legally entitled hereto. In the event of foreclosure of this Security ilnstrument or other transfer of title to the Property that extinguishes the tndebtednessl all right, title and interest of Borrower in and to insurance policies Ln force shall pass .to the purchaser. 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 2 APR 0~ 2004 17:55 FR TO 13078779802 P.08 execution of this Security Instrument and ishall continue to occupy the Property as principal residence within sixty days after !the execution of this Security Instrument and shall continue to occupy the Property'. as Borrower's principal residence for at least one year after the date of occupap, cy, unless the Lender determines this requirement will cause undue hardship', for Borrower, or unless extenuating circumstances exist which are beyond Bdrrower's control. Borrower shall notify Lenders of any extenuating circunlstance~. Borrower shall not commit waste or destroy, damage or substantially change i the Properly or allow the Property to deteriorate, reasonable wear and tear excel~ted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender rnay take reasonable action to protect and preser~.e such vacant or abandoned Property. Borrower shall also be in default if Borrqwer, during the loan application process. gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material inforrnad.~n) in connection with the loan evidenced by the Note, including, but not limited ?, representatioru concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leaseh?ld and fee title shall not be merged unless Lender agrees to the merger in writing. Charges to Borrower and Protection :of Lender's Rights in the Property. Borrower shall pay all governmental or muff. icipal 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, lupon Lender's request, Borrower shall promptly furnish to Lender receipts evidenci,'ng these payments. If Borrower fails to make these payments oi the payments required by Paragraph 2, or fails to perform, any other covenants and 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 M, nkruptcy, for condemnation 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 right~ in the Property, including payment of taxes, hazard insurance and other items mentioned 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, or the default interest rate, and at the option of Lender, shall be kfimediately due and payable, Condemnation. The proceeds of any 9ward or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of co/~demnation, 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 and this Securit~ Instrument. Lender shall apply such proceeds to the reduction of the indebte~lness under the Note and this Security Instrument, first to any delinquent amounts ~pplied in the order provided in Paragraph 3, and then to prepayment of principal, i 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 t~e amount of such paymentz. Any excess ~PR 02 2.00~ 55 FR TO ! 3878779602 proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrament shall be paid t6 the entity legally entitled thereto. P.09 8. Grounds for Acceleration of Debt. (a) Default. Lender may require immedi~.te payment in full of all sums secured by this Security Instrument if: (i) (ii) Borrower defaults by failing to ipay in full any monthly payment required by this Security Instrument prim- to or on the due date of the next monthly payment, or, Borrower defaults by failing, f{)r a period of thirty days, to perform any other obligations contained in tkis Security Instrument. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law, require in'ri'ned;ate payment in full of all the sums secured by this Security Instrument it': (i) All or part of the Property, or a: beneficial interest in a trust owmng all or part of the Property, is sold or otherwise transferred (other than by devise or descent) by the Bon'ower, and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the p'.urehaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Lender. (c) Default Interest. If Lender has not r~ceived the full monthly payment required by the Secttfity Instrument by the end of the thirty day calendar days after the payment is due, Lender may increase the interest rate as described ia Paragraph 2 of the Note to twelve percent (12%) ~ Lender may choose not to exercise this option without waiving its right in the .~vent of any subsequent default. ,- (d) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lend& does not require such payments, Lender does not waive its fights with respect t~ subsequent events. Reinstatement. Borrower has the right~, to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. Tkis right applies even after foreclosure proceedings are instituted. To reinstate l the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obli~tions of Borrower under this Security Instrument, tbreclosure costs and reasorlable 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 reqmred ~mme&ate payment in full. However, Lender is not required to permit reinstatement iff (ii Lender has accepted reinstatement after the commencement of foreclosure proc. eedings within two ),ears immediately preceding the commencement of a curren! foreclosure proceeding, (ii) reinstatement will precktde 'foreclosure on. different grouhds in the future, or (iii) reinstatement Will adversely affect the priority of' the lien credted by this Security Instrument. 4 : APR 02 2004 17:55 'i0. 11. FR TO 13078779602 P. !0 ! Borrower Not Releadecl;"Forb~arance bY 'Lender' No't a'Wavi~i:.. Extension of the time of payment or modification of amortization of the sums secured by this Security instrument granted by Lender to any s~cessor m interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be requiredI to commence 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 dr Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any fight or remedy. Successors and Assigns Bound; Joint ;~nd several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and iBorrower, subject to the provisions of · Paragraph 8 Co). Borrower's Covenants ind agreements shall be joint and several. Any Borrower who co-signs this Security tInstrument does not execute the Note: (a) is co-signing this Security Instrument o~nly to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (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 any accommodations with regard to the terms oftkis Security Instrument or the Note without that Borrower's consent. 12. 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 notifie shall be directed to the property address or any other address Borrower designates b.y 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 this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 13. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdictiofl in which the Property is located. In the event that any provision, or clause of thislSecurity instrument or the Note conflicts with applicablc 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 provision of this Security Instrument and the Note are declared to be severable. 14. 15. Borrower's Copy. Borrower shall be gi}/en one conformed copY of this Security Instrument. ' Assignment of Rents. Borrower uncondi,/ionally assigns and transfers to Lender all the 'rents and revenues of the Property. ~orrower authorized 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 agehts.. 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 5 ~P~ 0~ ~004 l?:5G ~R TO 1307877~GOP as trustee for the benefit of Lender arid Borrower. This assigrmaent of rents constitutes an absolute assignment and not/an assi~m'tent for additional security only, P, I1 If Lender gives notice of breach to Borrow'er:. (a) all rents receive by Borrower shall be held by Borrower as trustee for benefitlof 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) eadh tenant of the Property shall pay all rents due and unpaid to Lender or Lender's a'gent on Lender's written demand to the tenant. Borrower has not executed any prior assigfiment of the rents and has not and will not perform any act that would prevent Ler~ler from exercising its rights under this Paragraph 15. 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 ,'my default or inva!idate any other right or remedy of Lender. 'rhis assignment of rents of the property shall terminate when the debt secured by the Security Instrument is paid in full. The Lcrider or a judicially appointed receiver shall not be required to post any bond or other!security to enter upon, take control of or maintain the property. 16. NON-UNItORM COVENANTS. BorroW'er and Lender further covenant and agree as follows: Foreclosure Procedure. If Lender require~ immediate payment in fill1 under Paragraph 8, Lender may invoke the powe'.i' 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 16, including, but not limited to, reasonable attorneys' fees and costs of title~evidence. If Lender invokes the power of sale, Lend~' shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if diff~ent, in accordance with applicable law, Lender shall give notice of the sale to Borrower in the manner provided in Paragraph 12. Lender shall pu~olish 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 p~oceeds of the sale shall be applied in thc following order: (a) to all expenses ofsal~, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured~by this Secui'ity Instrument; and (c) any excess to the person or persons legally entitled to it. 17. Release. Upon payment of all sums securei:l by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 18. Waivers. Borrower waives all rights of l~omestead exemption in the Property and relinquishes all rights ofcurtesy and dowerlin the Property. Riders to this Security Instrument. If one orlmore riders are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be 6 02 Z004 7:5B FR TO !307877BB02 incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were in a part of this Security Instrument. [Check applicable space(s)]. Condominium Rider Growi.ng Equity Rider Other [Specify] __Graduated Payment Rider Planned Unit Development Rider Other BY SIGNING BELOW, Borrower acce~ts and agrees to the terms contained in pages 1 through 7 of this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: Borrower BolToweT Bo=ower STATE OF 'WYOMING, [~rO [ [%County The foregoing instrument was acknowledged before ml this 2nd day of April, by Kurt W. Miller and Abby M. Miller My Commission Expires: FEbruary 2, 2006 &HEU.EY,.~kNDAEJ.. No'rAF(Y PUSUC 7 2004 551 'BOOK,. _ ~""' ,'- .. .... ¥' ~.;LERK QUIT CLAIM DEED KNOWN ALL MEN THESE PRESENTS, That ANITA JILL KING MILLER of the County of Lincoln, State of Wyoming in consideration of Ten and 00/100's Dollars ($10.00) and other good and valuable consideration to them in hand paid the receipt whereof is hereby confessed and acknowledged, have remised, released, convey and forever quitclaimed and by these presents do for my heirs, executors and administrators, remise, release and forever quitclaim unto the said LAWRENCE GRINDSTAFF, JR. AND VICKIE GRINDSTAFF, Husband and Wife whose address is 289 Spotted Horse Drive, Burnsville, NC 28714 heirs and assigns, forever, all such right, title, interest, property, possession, claim and demand as I have, ought to have or hereafter acquire in or to all the following described, premises, to-wit: Lot 6 of the Cynova Acres Third Filing Subdivisian, Lincoln County, Wyoming as described on the official plat filed January 8, 2004 as Instrument No. 896490 of the records of the Lincoln County Clerk. Hereby releasing and waiving all rights under and by virtue of the homestead exemptio, n laws of the State of Wyoming. · ........ Dated this ,~ day of March, 2004. , \ · - ~ .x'~ ..' '..n' . State of North Carolina co.n, o¢ The foregoing instrument was acknowledged before me by Anita Jill King Miller this ,~ ~7 day of March, 2004. Witness my hand and official seal. My Commission Expires: Notary Public