HomeMy WebLinkAbout899757#30469(02)
8997fi7
RECEIVED
LINCOLN COUNTY CLERK
I']!-~ ,,Il.l!!- 1 P~i o.
When Recorded Mail To:
FIRST BANK OF IDAHO, FSL~ D/B/A
FIRST BANK OF THE TETONS
P.O BOX 12860
JACKSON, WY 83002
I MORTGAGE
THIS MORTGAGE is maJe this 26TH day of MAY, 2004
BRENT ODJICK AND JESSICA LEA ODJICK, HqJSBAND AND WIFE
ODJICK
LOAN NUMBER: 494012578
MIN: 100174102000012122
, between the Mortgagor,
(herein "Borrower"),
and the Mortgagee, MERS. "MERS" is Mortgage Electronic Registration Systems, lnc MERS is a separate
corporation that is acting solely as a nonfinee for Lender and Lender's soccessors and assigns. MERS is organized
and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI
48501-2026, tel. (888)679-MERS.FIRST BkN-K OF IDA. HO, FaB, DBA FIRST BANK OF
THE TETONS
is a corporation organized and existing under the laws of ID/LHO , whose address is
P.O.BOX 12860 / 170 E BROADWAY JACKSON, WY 83002
(herein "Lender").
WHEREAS, Borrower is indebted to Lender in the Principal suni of U.S. $ 3 3,7 5 0.0 0*
which indebtedness is evidenced by Borrower's note dated yJkY 2 6, 2 0 0 4 and extensions
and renewals thereof (herein "Note"), providing for monthly installments of principal and interest, with the bahmce
of indebtedness, if not sooner paid, due and payable on aliNE 1, 2 019 ;
TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interes~ thereon; the
payment of all other sunm, 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 mol:tgage, 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 tbllowing described property located in the
County of LINCOLN State of Wyonnng:
LOT 2 OF THE LAZY B SUBDIVISION, LINCOLN COUNTY, WYOMING
ACCORDING TO THE PLAT RECORDED IN THE OFFICE OF THE LINCOLN
COUlq'TY CLERK ON DECEMBER 13, 1991 AS INSTRUMENT NO. 742138
*This Real Estate MortRage is second and subject ONLY to a First Real Estate
Mortgage recording concurrently herewith in favor of First Bank of Idaho, FSB,
DBA First Bank of the Tetons, dated May 26, 2004 in the original amount of
$180,000.00.
WYOM][~'*~-~tN [_:~ - SECOND MORTGAGE - I/80 -'FNMAJFHLMC UNIFORN I INSTRUMENT WITII MERS I
DOCU~WYi Paoe I of 7 Form 3851
494012578
which has the address of 64 BUCKRAIL LANE,
[Street]
ALP INE, Wyonfing 8 3 12 8 (herein "Property Address"); .
[City] [Zip Code]
TOGETHER with all the imbrovements now or hereafter erected on the propelly, and all eagements, 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 understands and agrees that MERS holds only
legal title to the interest granted ~o Borrower in this Security Instrument, but, if necessary to comply with law or
custom, MERS (as nonfinee for Lender and Lender's successors and assigns) has the right: to exercise any or all of
those interest, including, but not.linfited to, the right to foreclose and sell the Property; and to take any action
required of Lender including, but riot limited to, releasing and canceling this Secm'ity lustrument.
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 Bon'ower wmxants and will defend generally the title to the Propenty against all
claims and demands, subject to encumbrances of record.
UNIFOPdvl COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest
indebtedness evidenced by the Note and late charges as provided in the Note.
2. Funds for Taxes and Insurance. Subject to applicable law o,- 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 yeally taxes and assessments (including
condominium and planned unit de, velopment assessments, if any) which may attain priority over this Mortgage and
ground rents on the Property, if any, plus one-twelfth of yearly prenfium instalhnents for hazard insurance, plus
one-twelfth of yearly premium im:tallments for mortgage insurance, if any, all as reasonably estimated initially and
fi'om time to time by Lender on tl:'e basis of assessmeuts and bills and reasonable estimates thereof. Borrower shall
not be obligated to make such pay;ments 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 a holder is an institutional lender.
If Borrower pays Funds to Li~nder, the Funds shall be held in an institution the deposits or accounts of which
are insured or guaranteed by a Fe. deral or state agency (including Lender if Lender is' such an institution). Lender
shall apply the Funds to pay said taxes, assessments, insurance prenfiums and ground rents. Lender may not charge
~ .
for so holding and applying the ;%nds, analyzing said account or verifying and compiling said assessments and
bills, unless Lender pays Borrowdr interest on the Funds and applicable law peunits Lender to make such a charge.
Borrower and Lender may agree i,'.'~ writing at the time of execution of this Mortgage that interest on the Funds shall
be paid to Borrower, and unless s!.mh 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 tile Funds. Lender shall give to Borrower, without
charge, an mmual accounting of the Funds showing credits and debits to the Fnnds and the purpose for which each
debit to the Ftmds was nmde. The:Funds are pledged as additional secretly for the sums secured by this Mortgage.
If the'amount of the Funds held by Lender, together with tile future mouthly installments of Funds payable
prior to the due dates of taxes, assessments, insurance premiums and gronnd rents, shall exceed the amount required
to pay said taxes, assessments, insurance prenfiums and grouud 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 amomit of the Fuhds held by Lender shall not be sufficient to pay taxes, assessments, insurance premimns and
ground rents as they fall due, Bori:ower shall pay to Lender any an~ount necessary to make up the deficiency in one
or more payments as Lender may require.
Upon pa)qnent in fidl of all sums secured by this Mortgage, Lender shall promptly refund to Bon'ower any
Funds held by Lender. If under paragraph 17 hereof the Property is sold or did ProPerty is othm~vise 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 tiffs Mortgage.
3. Application of Paymen'ts. Unless applicable law provides otherwise, all payments received by Lender
under the Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amonnts payable to
Lender by Borrower under paragr}~ph 2 hereof, then to interest payable on the Note, and then to the principal of the
Note.'
DOCLI7WY2 Page ~ of 7 Form 3851
DOCU7WY2. VT~ 10/21/2002 -
494012578
4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perfo~ all of Bo~xoxver's
obligations unde~ any mortgage, dded of trust or other security agreement with a lien which has priori~ over this
Mortgage, including Bon-ower's co'veuants to make pa~nents when due. Borrower shall pay or cause to be paid all
taxes, assessments, and other char~ges, fines and impositions aaributable to the ProperW which may attain a priority
over this Mortgage, and leasehold [ a~ents or ground rents, if any.
5. }lazard Insurance. Bmrower shall keep the improvements now existing or hereafter erected on the~
Propmw insured against loss by fire, hazards included xvithin the term "extended coverage", and such other hazards
as Lender may require and in such~amounts and for such periods as Lend er may require.
The insurance career providiug the insurance shall be chosen by Bo~ower subject to approval by Lender;
provided, that such approval shall not be u~easonably ~vitlfl~eld. All insurance policies aud renewals thereof shall
be in a from acceptable to Lender gnd shall include a standard mortgage clause m favor of and in a fom~ acceptable
to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any
mortgage, deed of~-ust or other sec;~riw agreement with a lien which has priorib, over this Mortgage.
In the event of loss, Bo~ower shall give prompt notice to the insurance career and Lender. Lender nlay make
proof of loss if not made promptly by Borrower.
If the Prope~ ~s abandoned ky Bon'ower, or if Bon'ower fills to respond to Lender within 30 days from the
date notice is mailed by Lender to Bo~xower that the insurance carrier offers to settle a claim tbr insurance benefits,
Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of
the Properw or to the sums secured by this Mmtgage.
6. Preservation and Ma[utenance of Property; Leaseholds; Condominiums; Planned Unit
Developments. Bo~xower shall keep the Property in good repair aud shall not co~fit waste or per~t impai~ent
or deterioration of the Propexw and shall comply with the provisions of any lease if this Moagage is on a leasehold.
If this Mortgage is on a umt in ~ condominium or a plam~ed unit development, Bo~ower shall perfmm all of
Bo~ower's obligations under the declaration or covenants creating or governing the condonfinium or planned unit
development, the by-laws and regulations of fl~e condominmm or pla~med unit development, and constituent
documents.
7. Protection of Lender's Security. IfBo~xower fails to perform the covenants and a~'eements contained in
this Mmxgage, or if any action or proceeding ~s con~enced which materially affects Lender's interest m the
Prope~W, then Lender, at Lender's option, upon notice to Bon'ower, may make such appearances, disburse such
su~, including reasonable attome'.y's fees, and take such action as is necessmT to protect Lender's interest. If
Lender requked mortgage insurance as a condition of making the loan secured by this Mmtgage, Borrower shall
pay the premiu~ required to maintain such insurance in effect until such time as the requirement for such insurance
temfinates m accordance with Bo~ower's and Lender's wri~en 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 Bo~ower secured by this Mortgage Unless Bo~ower and Lender agree to other
te~ of pa~ent, such amounts shall be payable npon notice fiOln Lender to Bo~ower requesting pa~ents
thereof. Nothing contained in th:s paragraph 7 shall require Leuder to incur any expense or.take any action
hereunder.
8. Inspection. Lender nmy make or cause to be made reasonable eutries upon and inspections of the
Prope~, provided tha~ Lender sha~l give Bo~ower notice prior to any such inspection specifying reasonable cause
therefor related to Lender's interest in the Prope~.
9. Condemnatimn The proceeds of any award or claim for damages, direct or consequential, in com~ection
with any condemation or other/al lng of the Prope~y, or pmx thereof, or for conveyance in lieu of condemation,
are hereby assigned and shall be paid to Lender, subject to the temps of any mo~xgage, deed of trust or other securi~
agreement with a lien which has pri,)riw over tiffs Mortgage.
10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for pa~ent or
modification of amortization of the sunu secured by this Mortgage granted by Lender to any successor iu interest of
Borrower shall not operate to re ease, in any maturer, the liabiliw of the original Bo~xower and Bo~ower's
successors in interest. Lender sha3 not be required to commeuce proceedings against snch successor or reft:se to
extend time for payment or otherw'se modify amortization of the sums s~cured by this Mortgage by reason of any
demand made by the original Borrower and Bon'ower's successors in interest. Any forbearance by Lender in
exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or
preclude the exercise of any such fight or remedy.
DOCUTWY3 Page 3 of 7
ooc'm~'t~.v,rx xo/~x/2oo2 Form 3851
[:::::7:: ' : ::-:
494012578
11. Successors and Assigns Bonn(l; Joint and Several Liability; Co-signers. The covenants and agreements
herein contained shall bind, and the rights hereunder shall inure ~o, the respective successors and assigns of Lender
and Borrower, subject to the provi.~ions of paragraph 16 hereof. All covenants and agreements of Bon'ower shall be
joint and several. Any Borrower 'who co-s~gns this Mortgage, but does no~ execute the Note, (a) is co-signing this
Mortgage ouly to mortgage, grant,,and convey that Borrower's interest in the Property to Lender under the terms of
this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any
other Borrower hereunder may ag.:ee to extend, modify, forbear, or make any other accommodations with regard to
the terms of this Mortgage or the Note, without that Borrower's consent and without releasing that Borrower or
modifying this Mortgage as to thaf Borrower's interest in the Property.
12. NOtice. Except for any notice required under applicable law to be given i,~ another rammer, (a) any uodce
to Bon'ower provided for in this Mortgage shall be given by deliveri~tg ~t or by mailing such notice by certified mail
addressed to Borrower at the Prop. e~xy Address or a~ snch other address as Bo~xower may designate by notice to
Lender as provided herein, and (b), any notice to Lender shall be given by certified mail to Lender's address stated
herein or to such other address asl Lender may designate by notice to Borrower as provided herein. Any notice
provided for in this Mortgag,e shall be deemed to have been given to Borrower or Lender when g,ven in the manner
designated hereiu.
13. Gover.ning Law; Severability. The state and local laws applicable to thi~ Mortgage shall be the laws of
the jnrisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal
law to this Mortgage. In the event that any provision or clanse of this Mortgage or the Note conflicts with
applicable law, such conflict shall 'not affect other provisions of this Mortgage or the Note which can be given effect
without the conflicting proyis~on, and to this end the provisions of this Mortgage and the Note are declared to be
severable. As used herein, "costs'., "expenses" and "attorneys' fees" iuclude all sums to the extent not prohibited by
applicable law or limited herein.
14. Borrower's Copy. BorrOwer shall be furnished a conforn~ed copy of the Note and of this Mortgage at the
time of execution or after recordation hereof.
15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home
rehabilitation, improvement, repaS.r, or other loan agreement which Borrower enters into with Lender. Lender, at
Lender's option, amy require Borrower to execnte and deliver to Lender, in a form acceptable to Lender, an
assignment of any rights, claims cr defenses which Borrower may have against pa~lies who supply labor, materials
or services in connection with m~p~'ovements made to the Property.
16. Transfer of the Property or n Beneficial Interesl in Borro~ver. [f all or auy part of the Prope~xy or a,~y
interest in it is sold or transferredl[.(or if a beneficial interest in Borrower is sold or transferred and Borrower is not a
natural person) without Lender's p. rior wriuen consent, Lender may, a~ its option, require immediate payment i~ fuli
of all sums secured by this Mol:tgage. However, this option shall not be exercised by Lender if exercise is
prohibited by federal law as ofthe'.date of this Mortgage.
If Lender exercises this oPtioh, Lender shall give BorroWer notice of acceleration. The notice shall provide a
period of not less than 30 days fi-om the date the notice is delivered or mailed within which Borrower must pay all
sums secured by this Mortgage..If Borrower fails to pay these sums prior to the expiration of this period, Lender
may invoke any remedies permitted bY this Mortgage without further ~aotice or demand on Borrower.
NON-UNIFORM CONVENANTS. Borrower and Lender further covenant and agree as follows:
17. Acceleration; Ren~edies:, Except as provided in paraIg,'aph 16 hereof, npou Borro~ver's breach 0f any
covena,~t or agreement of Borrpsver iu this Mortgage, including the covenants to pay when due any sums
secured by this Mortgage, Lender prior to acceleratio, shall give notice to Borrower as provided in
paragraph 10 hereof specifying!' (1) the breach; (2) the action required to cure such breach; (3) a date, oot
less than 10 days from the (late die notice is mailed to Borrower, by which snch breach must be c,red; and (4)
that faih, re to cure such breachlon or before the date specified i,~ the notice may resnlt in acceleratio, of the
sums secnred by this Mortgage. The notice shall further inform Borrower of lhe right to reinstate after
acceleration and the right to bri:,g, a court action to assert the no,~existence of a default or any other defense
of Borro~ver to acceleration and sale. If the breach is not cured on or before the (late specified in the notice,
Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and
payable without farther demand and may invoke the po~ver of sale and any other remedies permitted by
applicable law. Lender shall bE entitled to collect all reasonable costs aud expenses incurred in pursuiug the
rentedies provided in this parag~;aph 17, including, but not limiled to, reasonable attorneys' fees.
DOCLITWY4 Page 4 of 7 Form 38~ I
DOCU7 Y,d'Y~. VTX 10/21/Z002
494012578
If Lender invokes the power of sale, Lender shall give notice of intent of foreclose to Borrower and to the
person in possession of the Propel'ty, if different, in accordance with applicable law. Lender shall mail a copy
of a notice of tile sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish tile
notice of sale and the Property shall be sold in tile manner prescribed by applicable law. Lender or Lender's
designee may purchase tile Property at any sale. Tile proceeds of tile sale shall be applied in the following
order: (a) to all reasonable costs 'and expense of the sale, inch,ling, but not limited to, reasonable attorneys'
fees and costs of title evidence; (,b) to all stuns scented by this Mortgage; and (c) the excess, if any,' to the
person or persons legally entitled 'ihereto.
18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of tile sums secured by this
Mortgage due to Borrower's breach, Borrower shall have tile right to have any proceedings begun by Lender to
enforce this Mortgage discontinuec at any time prior to the earlier to occur of (i) the fifth day before sale of the
ProPerty pursuant to the power o£ sale contained in this Mortgage or (ii) entry of a judgment entbrcing this
Mortgage if: (a) Borrower pays Ler~der all sums xvhich would be then due under this Mm!gage and file Note had no
acceleration occurred; (b) Borrowe~ cures all breaches of any other covenants or agreements of Borrower contained
in this Mm'tgage; (c) Borrower pa/s all reasonable expenses incurred by Lender in enforcing the covenants and
agreements of Borrower contained in this Mortgage, and ill enforcing Leoder'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 Bon-ower's
obligation to pay the sums secured, by this Mortgage shall cootinue unimpaired. Upon such payment and cm'e by
BorroweL this Mortgage and the ol:ligation secured hereby shall remain in fidl force and effect as if no acceleration
had occurred.
19. Assignment of Rents; ~ppointment of Receiver; Leoder 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 abandomnent of the Property, have tile right to collect and retain such
rents as they become due and payable..
Upon acceleration under parai;raph 17 hereof or abandonment of the Property, and at any time prior to the
expiration of any period of redemption following judicial sale, Lender, ill pe,'son, by agent or by j udicially appointed
receiver, shall be entitled to enter tpon, take possession of and maoage the Property and to collect the rents of ihe
Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of
tile costs of management of the P;operty and collection of rents, includiug, but not limited to, receiver's fees,
premiums on receiver's bonds and reasonable.attorneys' fees, and then to the sun~ seem'ed hy 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. B ~rrower hereby waives all right of homestead exemption in the Property.
REFERENCE IS HEREBY MADE TO THE RIDER(S) ATTACHED HERETO AND MADE A PART HEREOF
FOR ALL PURPOSES:
[] Planned Unit Development Rider [] 1-4 Family Rider [] Second Home Rider
[] Condominium Rider tt~ [~ Other(s)[Specify] '~;dtLL~]~t,.b672- ~
REQUEST FOR NOTICE OF DEFAULT ~.
AND FORECLOSURE UNDER SUPERIOR
MORTGAGES OR DEEDS OF TRUST
Borrower and Lender request tile holder of any lnortgage, deed of txust 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,
of any default nnder the superior encumbrance and of any sale or other foreclosure action.
DOCUTWY5
· Page 5 of 7 Form 3851
1N WITNESS WHEREOF, Borrower has.,ex~cuted this Mortgage,
494012578
DO u7% 6 Page 6 of 7 Form 3851
D 0 )C'~'7/?~ltV~ .... 0/2Z/2002
494012578
[SFace Below This Line For Aeknowledgment]
COUNTY C)~ '-"~-'~),(x/'/
The foreeoing instrument was acknowledge~d bpfore ~.rpe~by '
Notary Public
My Commission Expires:
DOCOVWV7 Page 7 of 7
,,:::~ .......... ~d:!;i;.i:Z:5.:
Form 3851