HomeMy WebLinkAbout875256AP. or rcr. o(~, : '. ;;:; to:
2287 E 17TH ST "~h~,.~llVED ~-r''
IDAHO FALLS ID 83404 ~.
L~,~,.,I..J'.~ COUNT OLERK
i'~ ~:. ¥'~ .~ ',,.~ I'.~ [: I:~
MORTGAGE
THIS MORTGAGE is made this 10th day of August , 2001 , between the Mortgagor,
RAND T. MERRITT, JEAN MERRITT, DEELON MERRITT, AND SHERRI
MERRITT (herein "Borrower"),
and the Mortgagee, CITIFINANCIAL, INC. ,
a corporation organized and existing under the laws of Maryland , whose
address is 2287 E 17TH ST IDAHO FALLS ID 83404 (herein
"Lender").
WHEREAS,, Borrower is indebted to Lender in the Principal sum of U.S. $ 39,618.71 , which indebtedness
is evidenced by Borrower's note dated 08/:].0/20Ol and extensions and renewals thereof (herein "Note"), providing
for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable
on 08/15/2016 ;
TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with the interest thereon; the
payment of all other sums, 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 mortgage, grant and convey to Lender, with power of sale, the following described property located in the
County of LINCOLN , State of Wyoming:
LOT 4 OF BLOCK 15 OF THE BEDFORD TOWNSITE, LINCOLN COUNTY, WYOMING AS
DESCRIBED ON THE OFFICIAL PLAT THEREOF.
LESS AND EXCEPT THE LAND CONTAINED IN QUIT CLAIM DEED RECORDED
MARCH 21, 1979 IN BOOK 153PR ON PAGE 549 OF THE RECORDS OF THE
LINCOLN COUNTY CLERK.
which has the address of 3184 STRAWBERRY ST , BEDFORD ,
Wyoming 83112 (herein "Property Address");
TOGETHER with all the improvements now or hereafter erected on the property, and all easements, 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 Ieferred to as the "Property."
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 Borrower warrants and will defend generally the title to the Property against all claims and demands,
subject to encumbrances of record.
Wyoming 26868-4 1/98 Original (Recorded) Copy(Branch) Copy (Customer) Page I of 5
........................... ~.~.~..~ ~. x 08/10/2001
UNIFOEM COVENANTS, Bon:ower ~nd Lender coven~t and agree ~ follows:
1. Payment of Principal and ~ter~t. Borrower shall-promptly pay when due ~e principal ~d interest
indebtedness evidenced by the Note ~d late charges ~ provided in the Note.
2. ~nds for Tax~ and Insurance. Subject to applicable law or a wri~en waiver by Lender, Bo~ower shall pay to
Lender on the day mon~ly payments of principal ~d interest are payable under the Note, until the Note is paid in ~11, a
sum (herein "Funds") equ~ to one-twelfth of the ye~ly t~es and assessments (including condominium ~ plied unit
development assessments, if ~y) which may attain priority over this Moagage ~d ground rents on the Property, if ~y,
plus one-twelfth of yearly premium installments for hazed insur~ce, plus one-twel~h of ye~ly premium installments for
me,gage insurance, if ~y, all as reasonably estimated i~ti~ly ~d from time to time by Lender on the. basis of
assessments ~d bills ~d reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds
to Lender to the extent that Borrower makes such payments to the holder of a prior me,gage or deed of t~st if such
holder is ~ institutional lender.
If Borrower pays Funds to Lender, the Funds shall be held in ~ institution the deposits or accounts of which are insured
or guar~teed by a Feder~ or state agency (including Lender if ~nder is such ~ institution). Lender shall apply the Funds
to pay said t~es, assessments, insur~ce premiums ~d ground rents. Lender may not ch~ge for so holding ~d applying
the Funds, ~alyzing said account or veri~ing ~d compiling said assessments ~d bills, unless Lender pays 'Bo~ower
interest on the Funds ~d applicable law pe~its Lender to m~e such a ch~ge. Borrower ~d Lender may agree in writing
at the time of execution of this Mo~gage that interest on the Funds sh~l be paid to Borrower, ~d unless such agreement is
made or applicable law requires such interest to be paid, Lender sh~l not be required to pay Borrower ~y interest or
e~ings on the Funds. Lender sh~l give to Borrower, without charge, an ~u~ accounting of the Funds showing credits
~d' debits to the Funds ~d the pu~ose for which each debit-to the Funds was made. The Funds ~e pledged as additional
security for the sums secured by this Mortgage.
If the ~ount of the Funds held by Lender, together with the hture monthly instalments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums ~d ground rents, shall exceed the ~ount required to pay said
taxes, assessments, insur~ce premiums ~d ground rents as they f~l 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 ~ount of the Funds
held by Lender shall not be sufficient to pay t~es, assessments, insur~ce premiums ~d ground rents as they fall due,
Borrower shall pay to Lender ~y ~ount necessa~ to m~e up the deficiency, in one or more payments as ~nder may
require.
Upon payment in ~ll of all sums secured by this Mortgage, Lender shall promptly rehnd to Borrower any Funds
held by Lender. If under paragraph 17 hereof the Prope~y is sold or the Property is otherwise acquired by Lender, Lender
sh~l apply, no later th~ immediately prior to the sa[e of the Prope~y or its acquisition by ~nder, ~y Funds held by
Lender at the time of application as a credit against the sums' secured by this Mo~gage.
3. Application of Payment. ' Unless applicable law provides otherwise, all payments received by Lender under the
Note ~d p~agraphs 1 ~d 2 hereof sh~l be applied by Lender first in payment of ~ounts payable to Lender by Borrower
under p~agraph 2 hereof, then to interest payable on.the Note, ~d then to the principal of ~e Note.
4. Prior Mo~gag~ and Deeds of Trust; Charge; Liens. Borrower shall perfo~ all of Borrower's obligations
under ~y mo~gage, deed of trust or other security agreement with a lien which has priority over this Mo~gage, including
Borrower's coven~ts to make payments when due. Borrower shall pay or cause to be paid all t~es, assessments ~d other
charges, fines ~d ~positio~ attributable to the Prope~ which may attain a priority over this Mortgage, ~d leasehold
payments or ground rents, if ~y.
5. Hazard Insurance. Borrower shall keep the improvements now existhg or'.hereaRer %reeled on the Propeay
insured against loss by fire, hazers included within the te~ "extended coverage", ~d such othel h~ards as Lender may
require ~d in such amounts and for such periods as Lender may require.
The insur~ce carrier providing the insur~ce shall be chosen by Bo~ower subject to approval by Lender; provided,
that such approval shall not be unreasonably wit~eld. Ail insur~ce policies ~d renewals ~ereof shall be h a fo~
acceptable to Lender ~d shall include a standard mo~gage clause in favor of ~d in a fo~ acceptable to Lender. Lender
sh~l have the right to hold the policies ~d renewals thereof, subject to the te~s of ~y mortgage, deed of trust or other
security agreement with a lien which has priority over this Mortgage.
In the event of loss, Bo~ower shall give prompt notice to the insur~ce c~rier ~d Lender. Lender may make proof
of loss if not made promptly by Borrower.'
If the Property is ab~doned by Bo~ower, or if Borrower fails to respond to Lender within 30 days from the date
notice is mailed by Lender to Bo~ower that the insurance carrier offers to settle a claim for insur~ce benefits, Lender is
authorized to collect ~d apply the insur~ce proceeds at Lender's option either to restoration or repot of the Property or
to the sums secured by this Mo~gage.
6. Pr~ervatlon and Maintenance of Prope~y; Leaseholds; Condominiums; Planned Unit Development.
Borrower shall keep the Property in good repair ~d shall not co--it waste or pe~it impai~ent or deterioration of the
Property ~d shall comply with the provisions of any lease if this Mo~gage is on a leasehold. If this Mo~gage is on a unit
in a condominium or a plied unit development, Borrower sh~l perfo~ all of Bo~ower's obligations under the
'decimation or coven~ts creating or governing the condominium or plied unit development, the by-laws ~d regulations
of the condominium or p1~ned unit development, ~d consti~ent documents.
7. Protection of LenfleWs S~urity. If Borrower fails to perfo~ ~e coven~ts ~d agreements contained in this
Mortgage, or if ~y action or proceeding is co--enter which materially affects ~nder'a interest in ~e Property, then
Lender, at ~ender's option, upon notice to Borrower, may m~e such appe~an~s, disburse such sums, including
reasonable att?meys' fees, ~d take such action as is necessa~ to protect Lender's interest. If ~nder required mortgage
insurance as a condition of making the lo~ secured by this~ Mo~gage, Bo~ower shall pay the premiums required to
maintain such insurance in effect until such time as the requirement for such insur~ce te~nates in accord~ee with
Borrower's ~d ~nder's written agreement or applicable law.
Any ~ounts disbursed by Lender pursuit to ~is paragraph 7, with interest thereon, at the Note rate, shall become
additional indebtedness of Borrower secured by this Mortgage. U~ess Bo~ower ~d ~nder agree to o~er te~s of
payment, such ~ounts shall be payable upon notice from Lender to Bo~ower requesting payment thereof. Nothing
contained in this paragraph 7 shall require Lender to incur ~Y expense or t~e ~y action hereunder.
8. Inspection. Lender may make or cause to be made reasonable entries upon ~d inspections of the Property,
provided that ~nder shall give Borrower notice prior to ~y such inspection spe~i~ing reasonable cause therefor related to
Lender's interest in the Property. :
Wyonfing ~=~"!F~98 Original (Recorded) CoI :~ .fo :::~:~nch) Copy (Customer) ;e 2 of 5
DEELON I~ERR]~??[~[ii~i~'~ iI '~,~'i:.:'~ERRI MERRITT ,, ;:?,~j¢?)j' ~:" '~¥~ 0 S / 1 0 / 2 0 01
9. Condemnation. The proceeds of m~y awed or claim for d~ages, direct or consequential, in co~ection with
any conde~ation or o~er taking of the Prope~y, or p~ thereof, or for convey~ce in lieu of condemnation, are hereby
assigned ~d shall be paid to Lender, subject to the terms of ~y mortgage, deed of trust or oth~r security a~reem~nt with a
lien which has priority over ~is Mortgage.
10. Borrower Not Rel~sed; Forbearance By Lender Nots Waiver. Extension of th~ time for payment or
~nodificmion of ~ortization of the sums secured by this Moggage grated by Lender to ~y successor in int~r~st of
Borr°Wer shall not operate to release, in ~y maker, the liability of the original Bo~ower ~d Borrower's successors in
interest. Lender shall not be required to c0~ence proceedings against such successor or re.se to extend time for
paym~m or otherwise modi~ ~o~izgion of th~ sums secured by this Me.gage by mason of ~y dem~d made by
original Bo~ower and Borrower's successors 'in interest. Any forbear~ce by Lender in exercising ~y right or remedy
hereunder, or othe~ise afforded by applicable law, shall not be a waiver of or preclude th~ exercis~ of any such right or
remedy. ·.
11. Succ~sors and Assigns Bound; Joint and Several Liability; Corsigners. The coven~ts ~d agreements
herein contained shall bind, and the rights hereunder shall inure to, the respective successors ~d assigns of ~nder ~d
Borrower, subject to the provisions of p~agr~ph 16 hereof. All coven~ts and'agreements of Borrower shall be joint
several. Any Borrower who co-signs this Me,gage, but does not execute the Note, (a) is co-signing this Mortgage only to
mortgage, gr~t ~d convey that Borrower's interest in the Property to Lender under the terns of this Mortgage, (b) is not
personally liable on ~e Note or under this Me,gage, ~d (c) agrees that ~nder ~d ~y other Borrower hereunder may
agree to extend, modify, forbes, or make ~y other accommodations with regard to the terns of this Me,gage or the Note
without that Borrower's consent ~d without releasing that Borrower or modi~ing this Me,gage as to that Borrower's
interest in t~e Property.
12. Notice. Except for ~y notice required under applicable law to be given in ~other m~ner, (a) ~y notice to
Borrower provided for in this Moflgage sh~ll be given by delivering it or by mailing such notice by ce~ified mail
addressed to Borrower at the Property Address or at such other address as Bo~ower may designate by notice to Lender as
provided herein, md (b) ~y notice to ~nder shall be given by ce~ified mail to Lender's address stat~ herein or to such
other address as Lender may designate by notice to Borrower as provided herein. ~y notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the m~er designated herein.
13. Governing Law; Severability. The state ~d local laws applicable to this Me,gage shall be the laws of the
jurisdiction in which the Prope~y is located. The foregoing sentence sh~l not limit the applicability of Feder~ law to this
Moggage. In the event that ~y provision or clause of this Me,gage or the Note conflicts with applicable law, such
conflict sh~l not affect other provisions of this Me,gage or the Note which c~ be given effect without the conflicting
provision, and to this end the provisions of this Mortgage ~d the Note ge decl~ed to be severable. As used herein,
"costs", "expenses" ~d "a~omeys' fees" include all sums t0 the extent not prohibited by applicable law or limited herein.
14. Borrower% Copy. Borrower shall be ~mished a conformed copy of the Note ~d of ~is Me,gage at the time
of execution or after recordation hereof.
15. Rehabilitation Loan Agreement. Bo~ower shall ~lfill all of,.Bo~ower's obligations under ~y home
rehabilitation, improvement, repair, or other lo~ agreement which Bo~ower enters into with Lender. ~nder, at Lender's
option, may require Borrower to execute ~d deliver to Lender, in a fern acceptable to Lender. ~. assignment of
rights, claims or defenses which Bo~ower may have against panics who'supply labor, materials or se~ices in co~ection
with improvements made to the Prope~y.
16. Transfer of the ~ope~y or a Beneficial Inter~t in BOrrower. If all or ~y p~ of the Pmpe~y or ~y
interest in it is sold or tr~sferred (or if a benefici~ interest in Bo~ower is sold or. tr~sfe~ed ~d Borrower is not a
natur~ person) without Lender's prior written consent. Lender may, at its option, requi~e i~ediate payment in ~11 of all
sums secured by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by feder~
law as of the date of this Moggage.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period
of not less th~ 30 days from the date the notice is delivered or mailed within which Bo~ower 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 ~y
remedies permitted by this Mortgage without ~rther notice or dem~d on Borrower.
NON-UNIFORM COVENANTS. Bo~ower ~d Lender ~her coven~t ~d agree as follows:
17. Acceleration; Remedi~. Except as provided in paragraph 16 hereof, upon Bo~ower's breach of any
covenant or agreement of Borrower in this. Mortgage, includiug the covenants to pay when due any sums secured by
this Me,gage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof
specifying: (1) the brach; (2) the action required to cure such brach; (3) a date, not l~s than 10 days from the date
the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such brach on or
before the date specified in the notice may r~ult in acceleration of the sums secured by this Me,gage. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to bring a cou~ action to
assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the brach ts not
~. cured on or bef°re the date specified in the notice, Lender at Lender's option may declare all of the sums secured by
this Me,gage to be immediately due and payable without fu~her demand and may invoke the power of sale and
any other remedi~ permitted by applicable law. Lender shall be entitled to collect all r~onable costs and expens~
incurred in pumuing the remedl~ provided in this paragraph 17, including, but not limited to, r~sonable attorneys'
If Le~der invok~ the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the
person in poss~sion of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a
notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale
and the Prope~y shall be sold In the manner pr~crlbed by applicable law. Lender or Lender's d~ignee may
purchase the Prope~y at any sale. The proceeds of the sale shall be applied in the following order: (a) to ali
reasonable costs and expens~ of the sale, including, but not limited to, r~onable attorneys~ fe~ and cos~ of title
evideuce; (b) to all sums secured by this Me,gage; and (0 the exc~s, if any, to the person or persons legally entitled
thereto.
Wyoming 268684 1/98 Original(Recorded) Copy (Branch) CoPy (Customer) Page 3 of 5
O8/lO/2OO[
]8. 8orro~er's ~ght to ~eimtate. Notwhhst~di~g Le~de~'~ ~celeratio~ of the s~ms sec~ed by this
due to Bo~ower's breach, Borrower sh~l have the right to have my proceedings begun by ~nder to enforce this
Mortgage discontinued at ~y time prior to the e~lier to occur of (i) the fifth day before sale of the Prope~ pursuit to
the power of sale contained in this Mortgage or (ii) ent~ of a judgement enforcing this Me,gage if: (a) Borrower pays
Lender all sums which would be then due under this Me,gage ~d the Note had no acceleration occurred~ (b) Bo~ower
cures all breaches of ~y o~er covenants or agreements of Borrower contained in this Me,gage; (c) Borrower pays all
re,enable expenses incurred by ~nder in enforcing the coven~ts ~d agreements of Borrower· contained in this
Mortgage, ~d in en'foming Lender's remedies as provided in paragraph 17 hereof, including, but not limited to,
reasonable attorneys' fees; ~d (d) Bo~ower t~kes such action as Lender may reasonably require to ~sum that the lien of
this Mortgage, Lender's interest in the Property and Borrower's obligation m pay the sums secured by ~is Mortgage sh~l
continue unimpaired. Upon such payment and cure by Bo~ower, this Me,gage ~d the obligations secured hereby shall
remain in hll force ~d effect as if no acceleration had occu~ed.
19. Assignment of Rents; Appointment of R~eiver; L~der in Poss~sion. As addition~ security hereunder,
Borrower hereby assigns to Lender ~e rents of the Prope~, provided that Bo~ower sh~l, prior to acceleration under
paragraph 17 hereof or ab~doment of the Prope~y, have the right to collect ~d retain such rents as ~ey become due
payable.
Upon acceleration under paragraph 17 hereof or abandonment of the Prope~y, ~d at ~y time prior to the expiratioh
of ~y period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall
be entitled to enter upon, take possession of ~d m~age the Property ~d to ~llect the rents of the Prope~y including
those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of m~agement of
the Property ~d collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and
reasonable a~omeys' fees, ~d then to the sums secured by this Me,gage. ~nder ~d the receiver sh~l be liable to
account only for those rents actually received.
20. Rel~se. Upon payment of ~1 sums secured by this Mortgage, ~nder sh~l release this Mortgage without ch~ge to
Borrower. Borrower shall pay all costs of recordation, if ~y.
21. Waiver of Hero, trod. Borrower hereby waives all right of homestead exemption in the Prope~y.
22. Hazardom Substance. Borrower sh~l not cause or pe~it ~e presence, use, dispose, storage, or release of ~y
H~dous Subst~ces on or in the Property. Borrower sh~l not'do, norallow ~yone else to do, ~ything affecting the
Pmpe~y that is in violation of ~y Envimmental Law. The preceding two sentences sh~l not apply to the presence, uso,
or storage on the Prope~y of sm~l qu~tities of H~dous Subst~ces that are generally recognized to be appropriate to
normal residential uses and to mainten~ce of the Propeay.
Borrower shall promptly give Lender written notice of ~y investigation, claim, dem~d, lawsuit or other action by
~y governmental or regulato~ agency or private pa~y .involving the Prope~y ~d ~y H~ardous Subst~ce or
Enviromental Law of which Borrower has acmhl ~owledge. If Borrower le~s, or is notified by any gove~ent~ or
regulato~ authority, ~at ~y removal or other remediation of ~y H~ardous Subst~ce affecting the Prope~y
necessa~, Borrower sh~l promptly t~e all ne~Ssa~ remedial actions in accord~ce with Envimmental Law.
As used in this p~agraph 22, "H~ardous Subst~ces" ~e those subst~ces defined ~ toxic or h~dous subst~ces
by Enviromental Law ~d the following subst~ees: gasoline, ~rosene, other fl~able or toxic petroleum products,
toxic pesticides ~d herbicides, volatile solvents, materials contai~g asbestos or fomfldehyde, ~d radioactive materifls.
As used in ~is paragraph 22, "Enviromental Law" me~s federfl laws ~d laws of ~e jurisdiction where the Pmpe~y is
located that relate to heflth, safety or enviromental protection.
(Intentionally Left Blank)
Wyoming[n.¢5":':*'~'~ :A/98 Original (Recorded) Co~, i~anch) Copy (Customer) .~go 4 of 5
· '"': ':~%':':';:~ 0 8 / 10 / 9. 0 01
D~ELON JqERR~!(:i:i~ 't':i: ~7 :ERRI MERRITT :..;:.?:
~QUEST FOR NOTICE OF DEFAULT
ro c os
MORTGAGES OR DEEDS OF TRUST
Borrower ~d Lender request the holder of ~y mo~age, de~ of trust or other encumbr~ce wi~ ~ lien which has
priority over this Mortgage to ~ive Notice to Lender, at Lender's addres~ set fo~h on page one of ~his Mortgage, with a
copy to P. O. Box 17170, Baltimore, MD 2120~, of ~y default under the superior encumbr~ce ~d of ~y sale or o~er
foreclosure action.
IN WITNESS WHHREOF, Borrower has executed ~his Mo~a~e.
STATE OF WYOMING, ~'~'~ -Coun, .ss:
The foregoing instrument was ac~owledged befor~ me reis ~ - / O'~ ~ B /
' [aate]
by Rand T. gerrttt. JeaB ~rttt Dee~eeL~ ~rrtt~ ~n~ ~h~ H~rrttt
[fferson a~owl~gifig]
WITNESS my h~d ~d official seal.
This ce~ifies that a mo~gage or deed of trust (as the case may be) from ~;~.
to dated
~d recorded in book of on page
has been ~lly satisfied by ~e payment of ~e d~bt secured thereby ~d is hereb~ c~celed ~d discharged.
BY:
TITLE:
FOR:
The undersigned notary public witnessed the execution of this Certificate of D!scharge by ~
for on this
day of ,
Notary Public
Wyoming 26868-4 1/98 Origin&l (Recorded) Copy (Branah) Copy (Customer) Page 5 of 5
(Space Below This Line Reserved For Lender and Recorder)
'ADJUSTABLE RATE RIDER
THIS ADJUSTABLE RATE RIDER is made thls lOth , dayof August , 2001 , and is incorporated into
and shall be deemed to emend and supplement the Mortgage or Deed of Trust (the "Security Instrument") of the same dete
given by the undersigned (the "Borrower") to secure Borrower's Disclosure Stetement, Adjusteble Rate Note and Security
Agreement (the"Note") to CITIFINANCIAL, INC.
(the "Lender") of the same dete and covedng the property described in the Secudty Instrument located at:
3184 STRAWBERRY ST BEDFORD, WY 83112
(Property Address)
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY
PAYMENT, THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME
AND THE MAXIMUM RATE THE BORROWER MUST PAY,
Additional Covenants. In addition to the coVenants and agreements made in th~ Security Instrument, 'Borrower and Lender
further covenant and agree as follows:
INTEREST RATE AND MONTHLY PAYMENT CHANGES: The Note provides for an initial interest rate set forth in the Note.
The Note provides for changes In the interest rate and the monthly payments, as follows:
The interest rate Borrower will pay may change on the 24 month anniversa~/Of the Date of Note and every 6 months
thereafter. Each date on which Borrower's interest rate could change is called a "Change Date."
Beginning with the first Change Date and every 6 months thereafter, Borrower's interest rate will be changed to the Index
Rate plus a margin as set forth in the Note. The "Index Rate" Is the highest prime rate published in the Money Rates column
of The Wall Street Journal on the calendar day Immediately preceding the Change Date; or, If the index was not published on
that day, that rate on the next preceding day on which it was published.
ALTERNATE INDEX: If the Index Rate is no longer available, Lender will choose a new Index Rate which it believes will most
closely approximate the former Index Rate.
LIMITS ON RATE CHANGES: The maximum and minimum interest rates dudng the life of this loan are set forth in the Note.
MONTHLY PAYMENTS: Piincipal end interest shall be payable in consecutive monthly installments. If the rate of interest
changes, the number of monthly payments will not change. The amount of the monthly payments will change to the monthly
amount needed to repay the remaining unpaid pflncipal balance plus interest as changed in the remaining number of
payments, assuming that all payments due after the calculation are made are paid as scheduled. The first change, If any, in
the monthly payment amount will become effective on the 24 month anniversary date of the first payment due date.
Subsequent changes in the monthly payment amount may occur on the payment' due date every 6 months thereafter,
Each new payment amount will remain in effect until the effective date of the next payment change.
DEFAULT: If Borrower falls to pay any payments when due, Lender may exercise any remedies permitted by the 8ecudty
Instrument In the case of default.
By 8ig~ing Below, Borrower accepts and agrees to the terms and covenants contained in this Adjustable..~.ate Rider.
29998-1 9/2000 ~ ~riginal (Recorder) Copy~_(.Br&nch)~ Copy (Customer) '