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HomeMy WebLinkAbout898320SECURITYNATIONAL MORTGAGE COMPANY 5300 SOUTH 360 g~qgST SUITE 150 MUI/RAY, UTAH 84123 TITLE NO.: ESCROW NO.: LOAN NO.: 198792 MIN NO.: 1000317-0000198792-0 PARCEL NO: 12-2H4~26-3-0-010.00 Stale of Wyoming 898320 BOOK __ RECEIVED LINCOLN COUNTY OLERK Oh APR-6 P/I 3:59 ISPACE ABOVE RESERVED FOR RECORDER] FHA CASE NO. 593-0004727-703 - 203(b) MORTGAGE TIHS MORTGAGE ("Security Instnlment") is given on LANELL ALEXAI~ER, A HARRIED PERSON APRIL 01 , 2004 · The Mortgagor is This Security Instrument is given to Mortgage Electronic Registration Systems, Inc. ("MERS") Lender, as hereinafter defined, and Lender's snccessors and assigns), as beneficiary. MERS is under the laws of Delaware, and has an address and telephone number of PO Box 2026, tel. (888) 679-MERS. SECURITYNATIONAL MORTGAGE cdMPANY, A UTAH CORPORATION ("Bon:ower"). (solely as nominee for organized and existing Flint, MI 45801-2026, ("Lender") , and has an address of ig organized and existing under the laxvs of [FI'AH 5300 SOUTH 360 WEST SUITE 150; MURRAY, UTAH 84123 Borrower owes Lender the principal stun of FIFTY THOUSAND SIX HUNDRED SIXTY EIGHT AND 00/100 .............................. ~ Dollars (U.S $ 50,668.00 ). 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 APRIL 01 , 2024 This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the secnrity of this Security Instrument; and (c) the perfm'mance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS the following described property lo~ated in LINCOLN . Couuty, Wyoming: 'LOTS 2 AND 3 OF BLOCK 2 OF THE AMENDED PLAT OF TOWN OF OPAL, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. which has the address of' 589 SOLLIDAY STREET; OPAL, ,:- [Street, City] iWyoming 83124 ("Property Address"); [Zip Code] 1M GE 1 OF 6 FHA tVyoming 3¢ortgage - 31 ~:.:i.! : : 713 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appm~enances 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 Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Bo~Tower in this Security Instrument; but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) bas the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, hut not limited to, releasing or canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage,, grant aud convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generallytlm title to the Property against all 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 property. Borrower and Lender covenant and agree as follows: UNIFORM COVENANTS. 1. Payment of Principal, Interest and Late charge. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due under the Note. 2. MOnthly Pay~nent of Taxes, Insurance and Other Charges. Borrower shall include in each ~nonthly payment, together witli the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums for insurance required under paragraph 4. In any year in which Se Lender must pay a mortgage insurance premium to the Secretary of Housiug and 'Urban Development ("Secretary"), or in any year in which such premium would have been requh'ed if Lender still held the Security Instrument, each monthly payment shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the Secretary, in a reasonable amount to be determined by the Secretary. Except for the monfl~ly charge by the Secretary, fl~ese items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that may be required for Borrower's escrow account under fl~e Real Estate Settlement Procedures Act of 1974, 12 U.S.C. Section 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they ~nay be amended t~om time to time ("RESPA"), except that the cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium. If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender shall account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may notify the Bon'ower and requh'e Borrower to make up the shortage as permitted by RESPA. The Escrow Funds are pledged as additional security for all stuns secured by this Security Instrument. If Borrower tenders to Lender the full payment of all such sums, Bm'rower's account shall be credited with the balance rmnaining for 'all instalhnent items (a), (b), and (c) and any mortgage insurance premium installment flint Lender bas not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Bon'ower's account shall be credited with any balance remaiuing for all installments for items (a), (b), and (c). 3. Application of Payments. All payments under paragraphs I and 2 shall be applied by Lender as follows: First, to the mortgage insurance premium to be paid by Lender to the Secretary or to tim monthly charge by the Secretary instead of the monthly mortgage insurance premium; Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; Thb'd, to interest due under the Note; Fourth, to amortization of the principal of the Note; and Fifth, to late charges due under the Note. · ' 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on fl~e Property, whether now in existence or subsequently erected, against any hazards} casualties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. LOAN NO.: 198792 DO£'~REP~ERVI6'E$.IN~ FORM -/vlMTGV,'YG-325 i PAGE 2 OF 6 ORIGINAL FHA I~'),oming 3~Iortgttge - iklEl~ - 4/96 714. Borrower shM1 also insure all improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by fhe Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall i,clude loss payable clauses h~ favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly 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 mnounts applied in the order in paragraph ~, and then to prepayment of pri,cipal, or (b) to the restoration or repair of the damaged Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the momhly payments which are referred to in paragraph 2, or change the amount of such payments. Any ~xcess insurance proceeds owr an amount required to pay all outstanding indebtedness under the Note and this Security I~strument shall be paid to the entky legally entitled thereto. In the event of foreclosure of'this Security Instrument or other transfer of title to the Property flint extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. 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 execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender deterrnines tl~at requirement will cause undue hardship for Borrower, or unless extemmting circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Propen~yiftl~e Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material infom~ation) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Bon'ower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Propet~ty, or for conveyance in place of condemnation, 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 Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. 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 the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness nnder the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shail 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 tlae Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or 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 xnay significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, 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 rights in tile 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 Bon'ower and be secured by this Security Instrument. These amounts shall bear interest fi'om the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures fi'om the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is Subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. LOAN NO.: 198792 DOC?ttE~ ~EaPlC'E~; I3/C~ FORM - I~ITG~,VYG-:I~51 PAGE 3 OF 6 ORIGINAL FtlA }l~yoming ~lortgage- iklERS- 4/96 8~ Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulations issued by the Secretary, in fl~e case of payment defaults, require i~mnediate payment in full of all sums secured by this Security Instrument if: 0) Borrower defaults by failing to pay in full any monthly payment required by tlfis Security Instrument prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(d) of the Gain-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all the sums secured by this Security Instnnnent iff (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances occur thatwould permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rigbts in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not pen~nitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to re,nit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower bas a right to be reinstated if Lender bas required immediate pay~nent in full because of Borrower's failure to pay an amount due under the Note or this Security lnstrumeut. This right applies even after foreclosure proceedings are instituted. To reinstate 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 Obligations of Borrower under this Secur!ty Instrument, foreclosure costs and reasonable 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 required immediate payment iu full. However, Lender is not required to permit reinstatement if: (i)Lender bas accepted reinstatement after the comlnencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii). reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lemler Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be requh'ed to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the stuns secured by this Security Instrument by reason of any demand ~nade by the original Borrower or 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 right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs tiffs Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey ihat Borrower's interest in fl~e Property under the terms of this Security Instrmnent; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower ~nay agree to extend, modify, forbear or make any accommodations wifl~ regard to the terms of this Security Instrument or the Note without that Borrower's consent. LOAN NO.: 198792 DOCPREP ~ERIqCES. INC'. FORM- MMTGWYG-1251 PAGE 4 OF 6 O1HGINAL FHA }gyoming Mortgage - 3'[El~- 4/96 08983,2.:0 ": - 13. 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 notice shall be directed to the Property Address or any other address Borrower designates by 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. 14. Governing Law; SeverabflitT. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security h~strument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 15. Borrower's Copy. Bon'ower shall be given one conformed copy of the Note and of this Security Instrument. 16. 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 ~vo sentences shall not apply to the presence, use, or'storage on the Prope~y of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Prope~. Bo~ower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulato~ agency or private paxxy involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Bo~ower learus, or is notified by any governmental or regulato~ authoriW, that any removal or off, er ~reme&ation of any Hazardous Substances affecting the Prope~ is necessmT, Bo~ower shall promptly take all necessa~ remedial actions in accordance with Environmental Law. As used in tiffs paragraph 16, "Hazardous Substances" are flmse 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 Otis paragraph 16, ~wronmental Law" means federal laws and laws of the jurisdiction where the Prope~ is "El ' located that relate to health, safety or environmental protection. NON-~IFO~ CO~NANTS. Bo~ower and Lender finther covenant and agree as follows: 17. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Securi~ Iustrument ~ut not prior to acceleration under paragraph 9 nnless applicable law pro,des other~se). The notice shall specify: (a) tl~e default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the delhult must be cured; and (d) that hilure to cure the dehult on or before the date specilied in the notice may result in acceleration of the sums secured by this Security InstrUment and sale of the ProperS. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the dehult is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in lhll of all sums secured by this Security Instrument with0ut further demand and may invoke the power 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 17, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lemler invokes the power of sale, Lender sball give notice of intent to foreclose to Borrower and to the person in possession of the ProperS, if different, in accordance with applicable law. Lender Shall give notice of the sale to Borrower in the manner provided iu paragraph 13. Lender shall publish the notice of sale, and the Proper~ shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Proper~ at any sale. Tbe proceeds of the sale shall be applied in the following order: (a) to all expenses of ~ale, including, but not limited to, reasonable attorneys' l~es; ~) to all sums secured by this Securi~ Instrument; and (c) any excess to the person or persons legally entitled to it. 18. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument wifl~out charge to Bo~ower. Bo~ower shall pay any recordation costs. LOAN NO.: 198792 Doc'vv2v,g~xnc,~s,I~,c: 'F01LM - M~ITGWYG.a251 PAGE 5 OF 6 ORIGINAL FHA Igyoming 3'[ortgage - )~[ERS- 4/96 71'7 19. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights Of curtesy and dower in the Property. 20. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Insa'dment, the covenants of each such rider shall be incorporated into and shall amend and supplement tim covenants and agreements of this Security Instrument as if fl~e rider(s) were a part of this Security Instrument. [Check applicable box(es)]. [----] Condominimn Rider [---] Planned Unit Development Rider ~ Other [Specify] Adjustable Rate Rider Graduated Payment Rider Growing Equity Rider BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: LtANEL~L ALEXANISE-R ' -Borrower .(Seal) -Borrower LOAN NO.: 198792 .(Seal) -Borrower .(Seal) -Borrower STATE OF WYOMING, LINCOLN COUNTY ss: The foregoing instrument was acknowledged before me this Apr±l 2, 200/4 (Date) LANELL ALEXANDER by My Commission expires: Februa-r~ ¢¢tEt. LBf ~ - NOTARY PUBUC DOCPI~EP,,~£RlqC'E$.Ihrc. FORM - MMTGWYG-3251 (person acknowledging) 2, 2006 PAGE 6 OF 6 ORIGINAL FHA Wyoming blortgage - bIERS- 4/96