HomeMy WebLinkAbout878571 RETURN ,TO: W.YOMING EMPLOYEES FEDERAL CREDIT UNION 2;~23 WARREN AVENUE, CItEYENNE, WY 82001
[Space Above This Line For Recording Data]
MORTGAGE
THIS MORTGAGE ("Security Instrument") is given on JA~ARY 8, 2002.
Themortgagor is GAYLEN' H. HOOPES A~.GE~LD~E HOOPES, HUSBAND AND WIFE
("Borrower"). This Security Instrument is given to Wyoming Employees Federal Credit Union, which is organized and
existing under the laws of the United States of ~nerica; and whose address is 2223 WmTen Ave., cheyenne, Wy. 82001
("Lender','). Borrower owes Lender the principal sum of EIGHT THOUSAND SEVEN ~NDRED THIRTY-NINE
AND 00/i00TH8 Dollars ('U.S. $8739.00). This debt is evidenced bk Bon'ower'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 JA~ARY 1, 2007. 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 su~ns,
with interest, advanced under paragraph 7 to protect the security of this Secnrity Instrument; and (c) the performance of
Borrower's covenants and agreements under this Security Instrument and the Note. For this pu~ose, Borrower does
he[eby mo~gage, grant and convey to Lender, with power of sale, the following described prope~y located 'in LINCOLN
CO~TY, ~OMING
SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A P~T HEREOF
which has the address of 3489 HIGHWAY 241, AFTON, ~OMING 83110 ( Propm~y Address );
TOGETHER 'WITH all the improvements now or hereafter erected on the property, and all easements,
appurtenances, and fixtures now or herea~er a part of the proPerty. All replacements and additions shall also be covered
by tills Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is ]awf211y seized of the estate hereby conveyed and has the right to
mo~gage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record.
Bo~ower warrants and will defbnd generally the title of the Prope2y against all claims and demands, subject to any
encumbrances of record.
UNIFO~ COVENANTS. Borrower and Lender covenant and agree as foIIows:
1. Payment of Principal and Interest; Prepayment and Late Charges. BmTower shall promptly pay when
due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the
Note:
2. Funds for Taxes and Insurance. Mo~gago~s agree to pay. the imtebtedness according to the terms
of said promisso~ note, and~ during the life of this mortgage, to pay all taxes and assessments on the premises
and to.ke~p the improve~nent thereon, insured against fire and other hazards in an amount not less what is
considered Prudent and necessary w~th Wyoming Employees Federal Credit Union listed as lienholder. If
mortgagors fhil to pay such taxes or assessments or fhil to keep the premises insured, mo~gagee may pay the
same and may insure the premises, and all sums paid by mortgagee for such pu¢oses shall be added to and
considered as a pa~ of the indebtedness and shall draw interest at the same rate.
3. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
Property Which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any.
Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall
pay them on time directly to the person, owed payment. Borrower shall promptly furnish Lender all notices of amounts to
be paid Under this paragraph. If Borrower makes these payments directly, Borrower shall promptly f~mish to Lender
receipts evidencing the payments.
Borrower shall promptly discharge any lien which has 'priority over this Security Instrument unless Borrower:
(a) agrees in writing t0 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 satisfhcto~ 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.
4. Hazard or Property Insurance. gorr6wer shall keep the iinprovements now existing or hereafter erected on
the Property insured against loss by fire, hazards included with the term "extended coverage" and any other hazards,
including flood or flooding, for which Lenderrequires insnrance. This insurance shall be maintained in the amounts and
tbr the periods that Lender requires. The insurance carrier providing the insurance shall be Chosmi by Bo~ower subject
to Lender's approval which shall not be m~easonably withheld. If Borrower fails to maintain coverage described above,
Lender may, at Lender's option, Obtain coverage to protect Lender's rights in the Prope~y in accordance with this
mo~gage.
· All insurance polices and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
- ender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender
~eip~s of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the
' cagier and Lender. Lender may make proof of loss if not made prmnptly by Borrower.
~s Lender and BmToxver otherwise agree in writing, insurance proceeds shall be applied to restoration or
Property damaged, if the restoration or repair is economically tbasible and Lender's security is not lessened.
A part of the E~SE~ o'f said Section 12, T31N RllgW, Lincoln
County, Wyoming being part of that tract of record in the
office of the Clerk of Lincoln County, in Book ll6PR on'pages
311-314, described as follows:
BEGINNING at a 3/8" x 12" steel spike on the east line of ~said
Section 12, N 00o-05' E, 660.09 feet from the Southeast corner
of said Section 12, found as described in.the Certified Land
Corner Recordation certificate filed in the said. office;
thence S 89~-52.0, W, 40.00 feet to a point on the west
right-of-way line of State Highway 241;
thence continuing S 890-52.0' W, 631.41 feet along an
existing fence to a point;
thence N 00o-06.3, E, 292.30 feet along an existing fence to
a Point;
thence 'N 89o-01.0,, E, 450.71 feet along an existing fence to
a point;
thence N 000-04.7, E, 370.05 .feet along an existing
fence, in part to a point;
thence N 890-40.0, E, 180.70 feet along an. existing
fence to a point on said west right of way line;
thence continuing N 890-40.0, E, 40.00 feet to a 3/8" x
12" Steel spike on the east line of said' Section
12;
thence S 000-05, W, 6.00 feet along said east line to
the northeast corner of the SE~SE~ of said Section
thence continuing S 000-05, W, 663.81 feet to the SPIKE OF BEGINNING.
If the restoration or rep'air is not econonlically feasible or Lender's security would be lessened, the insurance proceeds
shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to
Borrower. II'Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance
carrier has offer:ed to settle a claim, then Lender may collect the insurance proceeds. Lender may use the procaeds to
repair or restore the Property or to pay sums secured by this Secm'ity Instmment~ whether or not then due. The 30-day
period will begil~ when the notice is given.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend
or postpone th.e due date of the monthly payments re~rred to in paragraph I and 2 or change the amount of the payments.
5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan ApplJeatiom
Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the
execution of this Secm'ity Instrument and shall continue to occupy the Property as Borrower's principal residence for at
least one year alter the date of occupancy, nniess Lencier otherwise agrees in writing, which consent sha~l not be
unreasonably Withheld, or unless extenuating circumstances exist wl~ich are beyond Bom)wer's control. Borrower shall
not destroy, damage or impair the Property, allow the Property to det.erio;-ate, or commit waste on the Property.
Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's
good faith judgment could result in forfeiture of the Property or otherwise materially i~npair the lien created by this
Security Instrument or Lender's secm'ity interest. Borrower may cure such a dehult and reinstate by causing the action
or proceedings to be dismissed with a ruling that, in Lender's good thith deterlnination, precludes forfkilure of the
Borrower's interest in the l~roperty or other material impairn'~ent of the lien created by this Se(rarity Instrument or.
Lender's security interest. Borrower shall also be in default if Borrower, during the loan application process, gave
materially ihlse or inaccurate information or statements to Lender (or failed to provide Lender with any material
information) in connection with the loan evidenced by the Note, including, but not li~nited to, representations concerning
Borrower's occupancy or the Property as a principal residence.
6. Proieetion of Lender's Rights in the Property. If Borrower fails to pertbrm the 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 bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations),
then Lender may do and pay for whatever is necessm7 to protect the value of the Property and Lender's rights in the
Propeay. l]ender's actions may include paying any sums secured by a lien which has priority over this Security
Instrument, appearing in court, paying reasonable attorney's tees and entering on the Property to make repairs. Any
am6unts disbursed by Lender under this paragraph shall become additional debt of Borrower secured by this Security
Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest f?om the
date of disbursement at the Note rate and shall be payable, with interest, upon notice fi-om Lender to Borrower requesting
payment.
7. Inspection. Lender or its agent may make reasonable entries upon and inspections 0f the Property. Lender
shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause tbr the inspection.
8. Conde~nnntion. The prooeeds of any award or claim ~br damages, direct or consequential, in connection with
any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Lender.
In the event of a total taking of the Property, the pro'ceeds shall be applied to the sums secured by this Security
Instmment,-whether or not then due, with any excess paid to Borrox~er. In'the event of a partial taking of the .Property in
which the ihir market value of the Property immediately before the taking is equal to or greater than the amount of the
sums seem'ed by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the'following
fi'action: (a) the total amount of the sums secured immediately before the taking, divided by (b) the Ihir market value of
the Property immediately before the taking. Any balance shall be paid to Borrower. In lhe event ora partial taking 0f
the Property in which the fair market value of the Property immediately before the taking is less lhan the amount of the
sums secnred immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable ~
law otherwise provides, th~ proceeds shall be applied to the sums secured by this Security Instrument whether or not the
sums are then due.
' If the .Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
make an award or settle a claim for damages, Borrower Ihils to 'respond to Lender Within 30 days after the date the notice
is given, Lender is attthorized to collect and apply the proceeds, at its option, either to restoration or repair of the
Property or to the sums seem'ed by this Security Instrmnent, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend
or postpone the due date of the monthly payments refkrred to in paragraphs I and 2 or change the amount of such
payments.
9. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for 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'st]ccessors in interest. '
Lender shall not be required to cmmnence proceedings against any successor in interest or refi~se to extend time lbr
payment o~ othe~ise modify amortization of the sums secured by this Security Instrmnent by reason of any demand
made by the original Bon'ower or Bon'ower's s~ccessors 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.
10. Successors and Assigns Bomid; Joint and Several Liability; Co-signers. The covenants and agreements
of this Security Instrmnent shall bind and benefit tl~e successors and assigns of Lender and B°rrower, subject to the
provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-
signs this Security Instrument but does not execute the Note: (a) is co-signing ttiis Security Instrument only to mo~gage,
grant:and convey that Bon'ower's interest in the Property under the terms of this Security Instrument; (b) is not
personally obligated to pay the sums secured by this Secmrity Instrmnent; and (c) agrees that Lender and any other'
BmTower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security
Instrument or the Note without that Borrower's consent.
11. LoanCharges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
coa:nection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums already coIlected from Borrower which exceeded
pem~itted limits will be refunded to Bo~ower. Lender may choose to make this refund by reduciug the principal'Owed
under the Note or by making a direct payment to B6n'ower. If a refund reduces principal, the reduction will be treated as
a pa~ial prepayment without any prepayment charge under the Note.
12. Governing Law; Severability. This Securit'y Instrument shall be governed by federal law and the law oflhe
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 aft~ct other provisions of this Security Instrument or the Note
which can be given efI~ct without the conflicting provision. To this end the provisions of this Security Instrument and
the Note are declared to be severable.
13. Acceleration; Re~nedies. Lender shall give notice to Borrower prior to acceleration following
Borrower's breach of any covenant or agreement in this Security Instrument. The notice shall specit3,: (a) the
delhult; (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 default must be cured; and (d) that failure ~o cure the default on or before the
date specified in the notice may result in acceleration of the sums secured by this Security lustrument and sale of
the"Property. The notice shall fl~rther 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 default is not cured on or before the date specified in the notice, Lender at its option may require
immediate payment in hall of all sums secured by this Security Instrument without fi~rther 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, including, but not limited to, reasonable
attorneys' fees and costs of title evidence.
If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the
person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of
the sale to Borrower in the manner provided in paragraph 14. Lender shall publish the 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 proceeds of the sale shall be applied in the following order: (a) to all expenses of the
sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument;
and (c) auy excess to the person or persons legally entitled to it.
14. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security
Instrument without charge to Borrower. Borrower shall pay any recordation costs.
15. Waivers. Borrower waives all rights ofhom'es/ead exemption in the Prope~Xy and relinquishes all rights of
curtesy and dower in the property.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in pages !
through 3 of this security Instrument and in any rider(s) executed by Borrower and recorded with it.
-BORROWER GA~HOOPES
Social Security Number: 520-46-7853
.~~J ~~..J (Seal)
~BORROWER GE15~LDYi~ 'HOOVES .
Social Security Number: 520-42-9454
STATE OF _WYOMING_, LINCOLN County ss:
The foregoing instrument ~vas acknowledged before me this.8-m DAY OF JANUARY, 2002, By GAYLEN H.
HOOPES AND G.ERALDYNE HOOPES, HUSBAND AND WIFE
My Commission Expires: Z- 2d:",~42 ,.
Notary Public
I C. OuntY°f stateo ' t
{ Lincoln ~ Wyoming