HomeMy WebLinkAbout900724)001605091
AFTER RECORDING MAIL TO:
4ajor Mortgage
6101 Yellowstone Rd LL17
Cheyenne, WY 82009
RECEIVED
L NOOLN COI.fN't-Y CL. ERK
STATE OF WYOMING
[Space Above This Line For Recording Data]
Laan Number: 0001605091
WCDA DOWN PAYMENT LOAN MORTGAGE
This Modgage ("Security Instrument") is given on July 01,2004 The Mortgagor ~s
Daniel L. Pannell Jr. and Kerri M. Pannell, Husband and Wife
whose address is 757 Alta Drive ,, , Tha_y.,ne, WY 83127
( Borrower ). This Security Instrument is given to
~ajor Mortgage , . ~ Wyoming Corpora£ion
which is organized and exlshn ] under the laws of The Scaue of Wyoming
and whose address is 6101 Yellowstone Rd LL17 , Cheyenne, WY 82009
("Lender"). Borrower owes Lender the principal sum of
I'hree Thousand Two Hundred Dollars ($ 3,200.00 ) This debt is evidenced by Borrower's
note dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt,
if not paid earlier, due and payable on July O12012This Security Instrument secures to Lender: (a)
the repayment of the debt evidenced by the Note, with inierest, and ail renewals, extensions and modifications; (b) the
payment of all other sums, with interest, advanced under Paragraph 6 to pr6tect the security of this Security
Instrument; and (c) the performance of the Borrower's covenants 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
County, Wyoming:
following oescribed property located in Lincoln
Lot 62 of S~ar Valley Ranch Prat 14, Lincoln County, Wyoming as described
on the official plat therof.
· , Thayne
which has the address of 757 Alta :Drzve [Streel] [City]
Wyoming 83127 ~ ("Property Address");
[Zip Code]
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights,
appudenances, rents, royalties, mineral, oil .and gas rights and profits, water rights and stock and all fixtures now or
hereafter a part of the property. All replacem, ents and additions shall also be covered by this Security Instrument. All of
the foregoing is referred to in this Seccrity Instrument as the "Property."
BORROWER COVENANTS 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 encumbrances of record.
Borrower warrants and will defend genera ly the title to the Property against all claims and demands, subject to any
encumbrances of record.
WCDA DOWN pAYMENT LOAN MORTGAGE
MPP-2i9 (01/94)
PAGEI OF 4' ~
LOAN NO. 0001605091
0o16o o . ........ ., , 665
tof Principal Interest and Late Charge. Borrower shall pay when due the principal of, and interest on,
1. PaYme. n .... ~ i terest if aoDlicable, and late charges due under the Note.
tile debt evidenced by thu Note, defau, ,n , ,,
2. Payments of Taxes, Insuranc,~ and :Other Charges. Borrower shall make timely payment of any (a) taxes
and special assessments levied or to' be levied against the Property, (b) leasehold 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 tl~e Lender. '
3. Application of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows:
FIRST, to interest due under the NoteL
SEC'~ND_, to amortization of the principal of the Note;
IRD to late charges under tile Note.
TH . _, ......... u--,-~,d Insurance Borrower shall insur.e all improvements on the Property, whether now
Fire I-'lOOd ano uL.~. ,,-.-.,- ' .
4.. , - ..... "., ~rectec aoa ~st any hazards, casualties, and contingencies, including fire, for which
in exis[ence or SUOSeqUuHUy o ,
Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires.
Borrower shall also insure all impro(,emen!s on the Property, whether now in existence 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 [enewals shall include loss payable clauses in favor of, and in a form
acceptable to, Lender. Borrower shal! furnish .a copy of the policy or policies of insurance to the Lender upon request
by the Lender. r r
In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of 10ss if not
made promptly by Borrower. Each insuranc'~- company concerned is hereby authorized and directed to make payment
for such loss directly to Lender, instead, of to Borrower and to Lender jointly. All or any part of the insurance proceeds
may be applied 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 the order in Paragraph 3, and then to prepayment of Principal, or
(b) to the restoration or repair of the damg, 9ed property. Any application of the proceeds to the principal shall not
extend 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 insurance proceeds over an amount required to pay all outstanding indebtedness under
the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the
indebtedness, all right, title and interest of the Borrower in and to insurance policies in force shall pass to the purchaser.
5. Occupancy, PreserVation, Maintepance 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 execution of the Security Ins',rument and shall continue to occupy the Property as Borrower's principal
residence for at least one year after 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.
'owe: shall notify Lenders of any ~;xtenuating circumstances. Borrower shall not commit waste or destroy, damage
or substantially change the Property ¢)r 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 also be in default if Borrower,
during the loan application process, gave materially false 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, including, but not
limited to, representations concerninE Borrcwer's occupancy of the Property as a principal residence. If this Security
nstrument is on a leasehold, Borrower shail comply with the provisions of the lease. If Borrower acquires fee title to
the Property, the leasehold and fee tit!e shal', not be merged unless the Lender agrees to the merger in writing.
6. Charges to the Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all
9overnmental or municipal charges, fines and impositiols that are not included in Paragraph 2. Borrower shall pay
these obligations on time directly to the entity which is owed the payment. If failure to pay Would adversely affect
_ender's interest in the Property, upoq Lender's request Borrower shall promptly furnish to Lender receipts evidencing
these payments.
If Borrower fails to make these payments or the payments required by Paragraph 2, or fails to perform any other
covenants and agreements containe(;1 in thi's Security Instrument, or there is a legal proceeding that may significantly
affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or
regulations), then Lender may do ard pay.whatever is necessary to protect the,value of the Property and Lender's
rights in the Property, including payment of taxes, hazard insUrance and other items mentioned in Paragraph 2. and be
Any amounts disbursed by Lend'er Under tl~is Paragraph shall become an additional debt of Borrower
secured by this Security Instrument. These,amounts shall bear interest from the date of disbursement, at the Note rate,
or the default interest rate, and at the option of the Lender, shall be immediately due and payable.
7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby
assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the
Note and this Security Instrument. Eender.shall apply such proceeds to the reduction 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 prepayment of principal. Any application of the proceeds to the principal shall not extend 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 proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security
Instrument shall be paid to the entity legally entitled thereto.
WCDA DOWN PAYMENT LOAN MORTGAGE .
MPP-219 (01/94) :
~L~:u ¢ ~--~: LOAN NO. 000160509,1..
}01605091
8. Grounds for Acceleration of Debt.
(a) Default. Lender may require immediat~ payment in full of all sums secured by this Instrument if:
(i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument Prior
to or on the' due date of the n'ext monthly payment, or
(ii) Borrower defaults by failirlg' for a period of thirty days, to perform any other obligations contained in this
Security instrument.'
(b) Sale Without Credit Approval. Iendet shall, if permitted by apPlicable law, require immediate payment in full
of all the sums secured by this Security Instrument if:
(i) All or part of the Property or a beneficial interest in. a trust owning all or part of the Property, is sold or
otherwise transferred (other {han by devise or descent) by the Borrower, and
(ii) The Property is not occupied by the purchaser or grantee as his or her principal 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 recg~ived the full monthly payment required by the Security Instrument by
the end of thirty calendar days after the payment is due, 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 without waivin9
ts right in the event of any subsquen't default.
(d) No Waiver. If c rcumstances oct!ur that would permit Lender to require immediate payment in full, but Lender
does not require such payment, Lender does not waive its ri~qhts with respect to subsequent events.
9. Reinstatement. Borrower has a rig.ht to be reinstafed if Lender has required immediate payment in full
)ecause of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even
tfter foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum
ill amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under
his Security Instrument, foreclosure Costs grid reasonable and customary attorneys' fees and expense.'; properly
, . ~ reinstatement by Borrower, this .Security Instrument and the
'ated with the foreclosure proceeding.. ,Upon. ...... .~ not re,~uired immediate payment in full. However,
t.s,s, oc~ .... ~-~, , ~ecures shall remain in erfec~ as ~! Lee~e,~ n,~u - .... ~ ~ ,,statement after the commencement of
)bllga[Iom, u ~,-,~ ...... :-¢,~tmen
_ender is not required ~o perma ~,~,~ " · ,,
Oreclosure proceedings within two Cears immediately preceding the commencement of a current foreclosure
)roceeding, (ii) reinStatement will preclude fi~reclosure on different grounds in the future, or (iii) reinstatement will
tdversely affect the priority of the lien ci'eated~by this Security Instrument.
10. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension of the time of payment or
~odification Of amortization of the sums sectored by this Security Instrument granted by Lender to any successor in
nterest of Borrower shall not operate to, releai';e the liability of the original Borrower or Borrower's successor in interest
_ender shall not be required to commeqce pr:3ceedings against any successor in interest or refuse to extend time for
)ayment or otherwise modify amortizat;on of the sums secured by this Security Instrument by reason of any demand
nade by the original Borrower or Borrower's Successors in interest. Any forbearance by Lender in exercising any right
)r remedy shall not be a waiver of or preclude, the exercise of any right or remedy.
1'1. Successors and ASsigns Bound; Joint and Several Liability; Co-Signers.' The covenants and agreements
)f this Security Instrument shall bind and ber~efit the successors and assigns of Lender and Borr°wer, subject to the
)rovisions of Paragraph Bb. Borrower:s cov;mants and agreements shall be joint and several. Any Borrower who
;o-signs this Security Instrument but does r~ot execute the Note: (a) is co-signing this Security Instrument only to
nortgage, grant and convey that Borrower's ii~terest in the Property under the terms of this Security Instrument; (b) is
lot personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other
3orrower may agree to extend, modify forbear or make any accomodations with regard to the terms of this Security
~strument or the Note without that Borrower s consen, by
12. Notices. Any notice to Borrower prOvided for in this Security Instrument shall be given by delivering it or
~ailing it by first class mail unless app!icable:law requires use of another method. The notice shall be directed to the
~roperty Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given
)y first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any
~otice provided for in this Security Inst~umen[' shall be deemed to have been given to Borrower or Lender when given
~s provided in this Paragraph.
13. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the
urisdiction in which the Property is located, h~ the event that any provision or clause of this Security Instrurnent or the
qote conflicts with applicable law, such; confliCt shall not affect other provisions of this Security Instrument or the Note
~hich can be given effect without the conflicting provision. To this end the provisions of this Security InstrUmeht and
he 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 unc°nditi°nally assigns and transfers to Lender all the rents and revenues of
he Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each
enant of the Property to pay the rents io Len:Jer or Lender's agents. However, prior to Lender's notice to Borrower of
3orrower's breach of any covenant or agreement in the Security Instrument, Borrower shall Collect and receive all rents
tnd revenues of the Property as trustee for the benefit of Eender and Borrower. This .assignment of rents constitutes
tn absolute assignment and not an assignmeAt for additional security only,
If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee
'or benefit of Lender only, to be applied to th6; sums secured by the Security Instrument; (b) Lender shall be entitled to
;olleCt and receive all of ~he rents of .'he Pr,Sperry; and (c) each tenant of the Property shall pay all rents due and
Jnpaid to Lender or Lender's agent on Lender's written demand to the tenant.
Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would
)revent Lender from exercising its rights under th'is Paragraph 15. '
Lender shall not be required to enter upon, take control of or maintain the Properly before or after giving notice of
)reach to Borrower.. However, Lender'or a judicially appointed receiver may do so at any time there is a breach. Any
~pplication of rents shall not cure or wave' any default or invalidate any other right or remedy of Lender. This
~ssignment of rents of the property shall terminate when the debt secured by the Security Instrument is paid in full.
l-he Lender or a judicially appointed receiver' shall not be required to post any bond or other security to enter upon,
ake control of or maintain the property.. ..
NCDA DOWN pAYIV[ENT LOAN MOitTGmC, g
VlPP-219 (01/94)
' '::.::~-.,:.--';~ ,-. LOAN NO. 0001605091 667
ION-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
16. Foreclosure Procedure. If Leader requires immediate payment in full under Paragraph 8, Lender rnay invoke
he power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses
acurred in pursuing the remedies provided inlhis Paragraph 16, including, but not limited to, reasonable attorneys' fees
md costs of title evidence.
If Lender invokes the power of sale' Lender shall give notice of intent to foreclose to Borrower and to the person in
)ossession of the Property, if differert, in accordance with applicable law. Lender shall give notice of the sale to
3orrower In the manner provided in Paragraph 12. Lender shall publish notice of sale, and the Property shall be sold in
.he manner prescribed by applicable la ~. Lender or its designee may purchase the Property at any sale. The proceeds
)f the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not imited to,
-easonable attorneys' fee; (b) to all s'Jms secured by this Security Instrument; and (c) any excess to the person Or
)ersons legally entitled to it. ·
17'. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security
nstrument without char9e to Borrower.' Borrower shall pay any recordation costs.
18. Waivers. Borrower waives a!l rights of homestead exemption in the Property and reliquishes all rights of
;urtesy and dower in the Property. .
are executed by Borrower and recorded together with
Riders to this Security Instrument If One or more riders be incorporated into and shall amend and supplement
his Security Instrument, the covenants of each such rider shall
he covenants' and agreements of this Securit'.t Instrument as if the rider(s) were in a part of this Security Instrument.-
Check applicable box(es)]
J~ Condominium Rider ' j~ Graduated Payment Rider J~J Growing Equity Rider
J~ Planned Unit Development Rider J~ Other [Specify] E~ Other [Specify]
SIGNING BELOW, Borrower accepts and agrees to the terms contained in pages 1 through 4 of this Security
nstrument and in any rider(s) executec by Borrower and recorded with it.
Pan~el L. Pannel~r. '
~. Pannell .
(SEAL)
Bofrowar
(SEAL)
__ (SEAL)
(SEAL)
Borrower
STATE OF WYOMING, Lincoln
rhe foregoing instrument was acknowledged before me this
~y Daniel L. Pannell Jr. and Kerr~ M.
Vly Commission expires: ~ -//-/LD ~
County ss:
ls~ day of July, 2004
Pannell, Husband and Wife
WCDA DOWN PAYMENT LOAN MORTGAGE
~PP-219 (01/94) ~
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