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HomeMy WebLinkAbout900364WCDA DOWN PAYMENT LOAN Lll',.IC,:'~I t.i ',.:"~1~!',.'i ';' L;L~Rt( Izoan ' ~"': Nfimber: 12696051583 This Mortgage [ curivy Instrument") is given n , o ''~ ' .: 'mn, m '21- ;." ~o04 .. The Mortgagor is JILL MARI~k'~' ~P~t. ICi~,'"~ic~i~ owner wbosezOdress is 1022 SAGE AVE, lrk':MMERER~ WY ("Borrower"). This Security ..instrument is given to FIRST NATIONAL BANK-~ST, A NATIONAl, BANKING ASSOCIATION who is organized and existing under'the laws of TttE UNITED STATES OF AMERIC~tnd whose address is 314 S WASltlNG~CON/PO BOX 1620, APRON, ~ 83110 ("Lender"). Borrower owed Lender the br. incipal sum of ONE THOUSAND FOUR HUNDRED & 01Dollars ($ 1,400.00 ). This debt is evidenced by Borrower's Note dated the same date as tiffs Security Instrument ("Note") which provides for monthly payments, with the full debt, if not paid earlier, due and payab',e on JULY 1, 2009 this Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and m~difications; (b) the payment of all other sums, with interest, advanced under Paragraph 6 to protect the security of this Security Instrument; and (c) the performance of Borrower's cc, venants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in LINCOLN County, Wyoming: SEE EXHIBIT A which has the address of code) ("Property Address"); _____1022 SAGE AVE, REElql, fERER Wyoming, 83101 (zip TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenimces' rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixture:; now or hereafter a part of the property. All replacements and additions shall also be covered by this. Security Instrument. All of the foregoing is referred to in this Security Instrument as "Property". BORROWER COVffMANTS that Borrower is .lawfully seized of the estate hereby conveyed and has the right to 'mortgage, grant and convey the Property and that the Property is unencumbered, except for encurabrances of record. Borrower warrants and will defend generally MPP Form 219 INITIAL 0 006; 4 ,. ,-:-. 555 the title to the Property agair~st all claims and demands, subject to any encumbrances of record. Payment of Principal, Interest, Default Interest and Late Charges. Borrower shall pay when &ie the principal of, and interest on, the debt evidenced by the Note, default interest, if'applicable, and late charges due under the Note. Payment of Taxfi.~, Insurance and Other Charges.. Borrower shall make timely payment of any (aJ taxes and special assessments levied or to be levied against the Property, (b) leasel?old payments or ground rents on the Property, and (c) premiums for insurance required by Paragraph 4. The Borrower shall furnish proof of payment to Lender upon request by the Lender. 3. Application of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follo~vs: First, to interest due under the Note; Second, to amortization of the principal of the Note Third, to late charges due under the Note. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualtieL and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the' amounts and for the periods that Lender requires. 13orrower shall also inshre all improvements on the Property, whether now in e:~ istence or subsequently erected against loss by floods to the extent required by the Lender. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall include loss payable clauses in favor of, and in a fi)tm acceptable to, Lender. Borrower shall furnish a copy of the policy or policies 6f insurance to the Lender upon request by the Lender. In the event of lo~,s. Borrower shall give Lender inunediate notice by mail. Lender may make proof o3Y.ross if not made promptly by Borrower. Each insurance company concerned is herebs, authorized and directed to make payment for such loss directly to Lender, instead ofk., Borrower and to Lender jointly. All or any part of the insurance proceeds may be al:plied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in [he order in Paragraph 3, and then to prepayment of principal or (b) to the restoraticn or repair of the damaged property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which ,re referred to in Paragraph 2, or change the amount of such payments. Any cz cess insurance proceeds over an amount required to pay all outstanding indebtecness under the Note and this Security Instrument shall be paid to the entity legally entitled hereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extingfiishes the indebtedness, all right, title and interest'of Borrower in and to insurance p.clicies in force shall pass to the purchaser. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan *Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the 2 execution of this Security Instrument and shall continne to occupy the Property as principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year aftsr the date of occupancy, unless the Lender determines this requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lenders of any e~:tenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall als~ be in default if Borrower, during the loan application process. gave materially fa' Se 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, inclu¢:ting, but not limited to, representations concerning Borrower's occupancy of the Froperty as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title tc ;he Property, the leasehold and fee title shall not be merged unless Lender agrees to tD¢ merger in writing. o Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pa5 all governmental or municipal Charges, fines and impositions that are not included i.P Paragraph 2. Borrower shall pay these obligations on time directly to the entf:y which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request, Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails tc make these payments or the payments required by Paragraph 2, or fails to perform a'n.y other covenants and agreements contained in this Security Instrument, or them is a legal proceeding that may significantly affect Lender's rights in the Property (su:h as a proceeding in bankruptcy, for condemnation or to enforce laws or regnlations),~ then Lender may do and pay whatever is necessary to protect the value of the Properg:, and Lender's rights in the Property, including payment of taxes, hazard insurfince ar:d other items mentioned in Paragraph 2. Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower a~d be secured by this Security Instrument. These amounts shall bear interest from-~.tie date of disbursement, at the Note rate, or the default interest rate, and at the opti6?~ of Lender, shall be immediately due and payable. Condemnation. 'the proceeds of any award or claim for damages, direct or consequential, in cc.r:nection with any condemnation or other taking of any part of the Property, or for co{~veyance in place of condenmation, are hereby assigned and shall be paid to Lender re, the extent of the full amount of the indebtech~ess that remains unpaid, under the Note and this Security Instrument. Lender shall apply such proceeds to the red~ction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in Paragraph 3, and then to pretSayment of principal. Any application of the proceeds to the principal shall not er. tend or postpone the due date of the monthly payments, which are referred to in. Paragraph 2, or change the amount of such payments. Any excess 3 proceeds over an amount required, to pay all outstanding indebtedness under the Note and this Security ir.strument shall be paid to the entity legally entitled thereto. 8. Grounds for Acceleration of Debt. (a) Default. Ler:cer may require immediate payment in full of all sums secured by this Security Instrument if: (i) (ii) Borro~ w,r defaults by failing to pay in full any monthly payment required by thig, Security Instrument prior to or on the due date of the next monthly paymea:, or, Borrower defaults by failing, for a period of thirty daYs, to perform any other t~b'ligations contained in this Security Instrument. (b) Sale Withoul Credit Approval. Lender shall, if permitted by applicable law, require immediate payment in full of all the sums secured by this Security Instrument if:. (i) (ii) All or oart of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent) by the Borrower, and The Property is not occupied by the purchaser or grantee as his or her princip.a!, residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Lender. (c) Default Interest. If Lender has not received the full monthly payment required by the Securi/y Instrument by the end of the thirty day calendar days after the payment is du~,, Lender may increase the interest rate as described in Paragraph 2 of the Note to twelve percent (12%). Lender may choose not to exercise this option withom waiving its right in the event of any subsequent default. (d) No Waiver. If circumstances occur that would permit Lender to require immediate payr~ent in full, but Lender does not require such payments, Lender does not waive: ~ts rights with respect to subsequent events. Reinstatement. Bbrrower has the right to be reinstated if Lender has required immediate paymer t.in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are imtituted. To reinstate the Security Instrument, Borrower shall tender in a lump 'sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Sec:~fity Instrument and the obligations, that it secures shall remain in effect as if Lender.had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement, of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure Proceeding, (ii) reinstatement will preclude forec~esure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 4 558 10. Borrower Not Released; Forbearance by Lender Not a Wavier. Extension of the time of 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 :~'e liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to cmmnence proceedings against any successor in intere, s~ or refi~se to extend time for payment or otherwise modify amortization of th: sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Let. der in exercising any right or remedy shall not be a waiver of or preclude' the exerci~:e of any right or remedy. 11. 12. Successors and As;;igns Bound; Joint and several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and as~igns of Lender and Borrower, subject to the provisions of Paragraph 8 (b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obli[~ated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Bo ~ower's consent. Notices. Any noti,~ to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the property address or any other addres:; Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be 'deemed to have been given to Borrower or Lender when given as provided in this par~f:;raph. 13. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the' :aw of the jurisdiction in which the Property is located. In the event that any prov. mion or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provismn. To this end the proration of this Security Instrument and the Note are declared to be severable. 14. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument. 15. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenu:s of the Property. Borrower authorized Lender or Lender's agents to collect the',r~nts and revenues and hereby directs each tenant of the Property to pay the rents to I,cnder or Lender's agents. 'However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrow~;r, shall collect and receive all rents and revenues of the Property 5 as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absol,ute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents receive by Borrower shall be held by Borrow'~f as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of thc Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent' on Lender's written demand to the tenant. Borrower has not e~ecuted any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Paragraph 15. Lender shall not bt; required to enter upon, take control of or maintain the Property before or after givi~tg notice of breach to Borrower. However, Lender or a judicially appointed receiver nay do so at any time there is a breach. Any application of rents shall not cure or wai,~e any default or invalidate any other right or remedy of Lender. This assignment of rents of the property shall terminate when the debt secured by the Security Instrument i(; paid in full. The Lender or a judicially appointed receiver shall not be required to post any bond or other security to enter upon, take control of or maintain the proper.3,. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 16. Foreclosure Procednre. If Lender requires immediate payment in full under Paragraph 8, Lender ~nay 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 Paragraph 16, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes tile power of sale, Lender shall give notice of intent to foreclose to Borrower and to th~': 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 12. Lender shall publish notice of sale, and the Property shall be sold in the marner prescribed by applicable law. Lender or its designee may purchase the PropeiB; at any sale. The proceeds of the sale shall be applied in the following order: (all .to all expenses of sale, including, but not limited to, reasonable attorneys' fees; (b} 'to all sums secured by this Security Instrument; and (c) any excess to the person'or persons legally entitled to it. 17. Release. Upon pa~nent of all sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 18. Waivers. Borrower .(vaives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be 6 inco_rgorated into and skall amend and supplement the covenants and a reements of this · ~ c~:~.,.- . - .: . g Q ~ ..; "~_See'unty Instrument as ~f the rider(s) were in a part of this Security Instrument. [Check applicable space(s)]. Condomi:~um Rider Graduated Payment Rider __ Growing Equity Rider Planned Unit Development Rider Other [Specify] __ Other BY SIGNING BEIA)W, Borrower accepts and agrees to the terms contained ~n pages 1 through 7 of this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: ]3Gi:awe ' JXLI t. Um]:E P Bo~ower Bo~ower Bogower STATE OF WYOMING, _l.,IRC0fiXl~I~County ss: The foregoing instrument was acknowledged before me this 21ST DAY OF JIJNE, ~ .by JILL MARIE PRICE 2004 My commission Expires: c~~ ,~4~/,~v~ff9 COUNTYOF LINCOLN ~ :. WYOMING Notary Public 0 003f34 Exhibit "A" The Northerly thirty-seven and one-half feet (N371/2') of Lot Numbered Six (6) in Block Numbered Fifty (50) in the. Second Addition to the Town of Kemmerer, Lincoln County. Wyoming, as surveyed, platted and recorded, and more particularly described as follows: Beginning at the Nodhwest Corner of said Lot Numbered Six (6) in said Block Numbered Fifty (50) in the Second Addition to the Town of Kemmerer, and running thence Easterly along the Northerly boundary line of said Lot 140 feet. to the Nodheasterly Corner of said Lot; thence Southerly.along the Easterly boundary line of said Lot, 37 */~ feel; thence Westerly at right angles and parallel with the Northerly and Southerly boundary lines of said Lot, 140 feet to a point on the Westerly boundary line of said Lot 37 1/~ feet Southerly from the Nodhw~sterly Corner of said Lot; thence Northerly along the Westerly boundary line of said Lot 37"/~ feet to the point of beginning