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HomeMy WebLinkAbout900161After recording please return to: HomeStart Administrator ~ Federal Home Loan Bank of Seattle 1501 Fourth Avenue, Suite 19~)0 Seattle, WA 98101-1693 BOOK 900161 RECEIVED ,LINCOLN cOUNTY CLERK FEDERAL HOME LOAN BANK L,. ,~FLE Mortg[ige with Power of Sale and Retention Agreement THIS MORTGAGE WITH POWER OF SALE AND RETENTION AGREEMENT ("Agreement") is made this 1 lth day of March, 2004, be~:ween: Dawn R. Balben ("Mortgagor"), whose address is 9 Sage Way, Thayne, Wyoming 83127, and The Federal Home Loan Bank of Seattle ("Mortgagee") whose address is 1501 Fourth Avenue, Suite 1900, Seattle, Washington 98101-1693. MORTGAGE PROVISIONS. Mortgagor, in consideration of a grant in the amount of Five Thousand Dollars ($5,000.00) made by Mortgagee, and to secure the performance of Mortgagor's obligations hereunder, hereby mortgages and warrants to IViortgagee the following described real property ("Property") in Lincoln County, Wyoming: Lot 143 Of Star Valley Ranch Plat 5, Lincoln County, Wyoming as described on the official plat thereof. Tax Account Number: 12-3419-01-2-05-032.00 This Agreement is for the purpose of securing performance of Mortgagor's agreements set forth herein. Mortgagee shall cancel or discharge the mortgage upon satisfaction of Mortgagor's obligations upon written request. Upon default by Mcrtgagor in the payment of any indebtedness secured by this Agreement or in the performance of any agreement contained herein, Mortgagee may foreclose this mortgage, by court proceeding or by advertisement and sale oft le Property at public auction in Lincoln County; Wyoming, pursuant to applicable provisions of Wyoming law, ~ nd may in the name of the Mortgagee or as the attorney in fact of the Mortgagor, for such purpose hereby irrevocably appointed, effectually convey tbe Property to the purchaser or purchasers absolutely and forever; and '.any foreclosure shall forever bar Mortgagor and all persons claiming under Mortgagor from all right and iaterest in the Property. Mortgagee shall apply the proceeds of the sale as follows: (1) to the expense of the sate, including a reasonable attorney's fee; (2) to the obligation secured by this Agreement; (3) the surplus, 'if any, shall be distributed to the persons entitled thereto. In the event of a foreclosure sale of the Property pursuant to the provisions of this Agreement, the purchaser shall have immediate and peaceable possession of the Property, and if Mortgagor remains in possession after the effective date of such sale such possession shall be c'onstrued as a tenancy at sufferance only, giving the purchaser all remedies, by way of summary possession or oth ~rwise, conferred by law. This Agreement applies to, inures to the benefit ct; and is binding not only on the panics hereto, but also on their heirs, devisees, legatees, administrators, executors, assigns and successors. RETENTION AGREEMENT. Mortgagee has issued a $5,000.00 HomeStart Program Grant ("Grant") to assist Mortgagor in purchasinl; the Property. Federal regulations (12 CFR Part 960) restrict Mortgagor's ability Federal Home Loan Bank of Seattle - Affordable Housing Program State of Wyoming ',.[, 0 ,' 8 3 7 to sell, lease, or refinance th{! ~ Property, to ensure the Grant is used only for housing retained as "affordable housing" and as Mortgagor's 5rimary residence for at least five years from the date this Agreement is recorded ("Retention Period"). Mortgagor agrees to notify Mortgagee in writing received at least two weeks prior to any sale, lease or refinancing of the Property occurring during the Retention Period. Mortgagor may notify Mortgagee by either hand-delivery or certified mail, return receipt requested, at. the address set forth above, Attention: HomeStart Admini.qrator. If Mortgagor sells, leases or refinances the Property during the Retention Period, Mortgagor must repay to Mortgagee all or a portiou of the Grant, without interest, in an amount calculated by Mortgagee equal to the Grant amount tnultiplied by the percentage of the Retention Period remaining as of the closing of such transaction. Mortgagor shall not be required to repay any portion of the Grant iff (a) Mortgagor refinances and the Property remains subject to the encumbrance created by this Agreement; or (b) Mortgagor':; interest in the Property is divested via foreclosure 0f a lien or mortgage setuor to this Agreement. Mortgagor is not required to repay an amount exceeding the net gain realized on a sale of the Property after deduction of sales expenses. Mortgagor shall not be required to repay any portion of the Grant if the Property is sold to a perscn eligible to participate in the HomeStart Program, but only if: (a) such person's purchase of the Property is not partially financed with the proceeds of a HomeStart Program Grant; (b) such person assumes the obligationrunder this Agreement, which assumption shall not be valid or recognized mfless Mortgagee gives its PRIOR written approval to such assumption; and (c) the Property continues to be subject to this Agreement. MORTGAGOR(S): Dawn R. Balben STATE OF WYOMING ) I certify that I know or have s~tisfactory evidence that the person(s) who appeared before me on this date, and s ' p ( ) ledged that ins~ment and ac~owledged it to be County ot t~'~'~ State 01 Telon I~I~:~ Wy°ming Il My Commission Expires October 18. (Use this space for notarial sta~ap/seal) (t~dre ~_ signed this free and voluntary act for the uses and purposes stated therein. o f Wyoming Residing at~ Y_.-~_c'-__ .~-L?-~'~2x_ } My appointment expires Federal Home Loan Bank.cf Seattle - Affordable Housing Program Page 2 F-A-y (Rev. 4-04)