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HomeMy WebLinkAbout898999Return To: ttOMBCOMINGS FINANCIAL N}ITWORK. INC okra lvlBRID1AN CROSSING. Srl~ 100 MINNIgAPOLIS. MN 55423 ko~n Number: 042-061358-0 898999 Prepared By: HomeComings Financial Network 14850 Quorum Drive, Suite 500 Dallas, TX 75254 RECEIVED LINCOLN OOUNTY OLERK [SI)ace Above Tiffs Lh~e For Recording Data] MORTGAGE MIN 100062604206135800 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13,' 18, 20 and 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, wlfich is dated APRIL 2 9TH, 2 004 together with all Riders to tiffs docmnent. (B) "Borrower" is JOEL DARIN NEUENSCHWANDER D2gD ASHLEE NEUENSCHWANDER, HUSBAND AND WIFE Borrower is the mortgagor under tiffs Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nomiuee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone mm~ber of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WyoMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS MFWY7770 (11/00) / 042-061358~0 (~}®-6A(WY, ,ooo~},o, VMP MORTOAOE FORMS - [800)521-7291 Form 3051 1/01 (D) "Lender" is HOMECOMINGS FINANCIAL NETWORK INC. Lender is a CORPORATION organized and existing under file laws of DELAWARE Lender's address is 14850 QUORUM DRIVE, SUITE 500 DALLAS, TX 75254 (E) "Note" means the pronfissory note signed by Borrower and dated APRIL 29TH, 2004 The Note states that Borrower owes Lender ONE HUNDRED SEVEN THOUSAND AND NO/100 Dollars (U.S. $ 107,000.0 0 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay file debt in full not later than MAY 1ST, 2019 (F) "Property" means the property that is described below under the heading '"Transfer of Rights in rite Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under fids Security Instrument, plus interest. fi_i) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The tbllowing Riders are to be executed by Borrower [check box as applicable]: [--] Adjustable Rate Rider ~ Condonfinium Rider [--] Second Home Rider [--] Balloon Rider [---] Planned Utfit Development Rider [~ 1-4 Family Rider [--] VA Rider [--] Biweekly Payment Rider [] Other(s) [specify] (1) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances ax~ athninistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condomi~dum association, homeowners association or similar organization. (lO "Electronic Funds Transfer" means any transfer of funds; other than a transaction originated by check, draft, or similar paper instrument, which is initiated fl~rough an electronic temdnal, telephonic instrument, computer, or nmgnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-ut:sale transfers, autonmted teller machine transactions, transfers initiated by telephone, wire transfers, and autonmted cleariughouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement,, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) danmge to, or destruction of, the Property; (ii) condexmmtion or oilier taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) nfisrepresentations of, or omissions as to, the value and/or condition of file Property. (N) "Mortgage Insurance" means insurance Protecting Lender against the nonpayment of, or default on, file Loan. (O) "Periodic Payment"means the regularly scheduled amount due for (i) principal and interest under file Note, plus (ii) any amounts under Section 3 of this Security h~strument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additimml or successor legislatiou or regulation that governs the same subject nmtter. As used ill this Security Instrmnent, "RESPA" refers to all requirements and restrictions that are imposed in regard to. a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. MFWY77~/0 (11/00) / 042-061358-0 (~-§A{W¥} Ioooslol P~ge 2 of 15 Form 3051 1/01 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY Tiffs Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) 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 MERS (solely as nonfinee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording lurisdiction] [Name of Recording Jurisdiction] Legal description attached hereto and made a part hereof ParcelID Number: 12-3218-31-2-03-031.00 565 ADAMS STREET AFTON ("Property Address"): which currently has the address of , [Street] [Cityl , Wyoming 8 311 o [zip Code] TOGETHER WITH all file improvements now or hereafter erected on file property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by tiffs 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 Borrower 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 fight: 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, but not limited to, releasing and canceling this Security Instruxnent. .. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the fight to mortgage, grant and convey the Property and that the Property is unencuinbered, except for encuInbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and deinands, subject to any encmnbrances 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. MFWY7770 (11/00) / 042-061358-0 ~-6AlWY) looosl.ol Page 3 of 15 Form 3051 1/01 UNIFORM COVENANTS. Borrower and Leuder covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, .the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower slmll also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrmnent shall be nutde in U.S. currency. However, if any check or other instrument received by Lender as payment under the-Note or this Security Instrument is returned to Lender unpaid, Lender nmy require that any or all subsequent payments due under the Note and this Security Instrument be nmde in one or more of the following forms, as selected by Leider: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in file Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial paymeut insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender nuty hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlierl such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower nfight have now or in the future against Lender shall relieve Borrower from nmking payments due under file Note and this Security Instrument or performing file covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in Ods Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remai~fing amounts shall be applied first to late charges, second to any oilier amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment t¥om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay auy late charge due, the payment nkay be applied to the delinquent payment and file late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of file Periodic Payments if, and to the extent that, each payment can be paid in full. To file extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under fl~e Note shall not extend or postpone die due date, or change the amount, of the Periodic Payments, 3. Funds for Escrow Items. Borrower shall pay to Lender on the day .Periodic Payments are due under the Note, until file Note is paid in full, a stun (file "Funds") to provide for payment of amounts due tbr: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrauce on file Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenfiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the terin of the Loan, Lender may require that Conmmnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender ~nay waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts MFWY7770 (11/o0) / 042-061358-0 (~-6A(WY) tooos}.o~ pag. 4 ol 1t5 ' Form 3051 1/01