HomeMy WebLinkAbout9014150001605850
AFTER RECORDING MAIL TO:
Major Mortgage
6101 Yellowstone Rd LL17
Cheyenne, WY 82009
document is being re~ordcd'
Sm~thwcst Title Compm~y
comt~sy oaly.
STATE OF WYOMING
RECEIVED
'LINCOLN COUNTY CLERK
901t 15
[Space Above This Line For Recording Data]
Loan Number: 0001605850
WCDA DOWN PAYMENT LOAN MORTGAGE
This Mortgage ("Security Instrument") is given on 3uly 23, 2004
Trenton T Veigel and Karl Lyn Veigel, Husband and Wife
The Mortgagor is
whose address is 558 Jefferson Street , Alton, WY 83110
("Borrower"). This Security Instrument is given to
Major Mortgage , Wyoming Corporation
which is organized and existing under the lawsofThe State of Wyom2ng
and whoseaddress is 6101 Yellowstone Rd LL17 , Cheyenne, WY 82009
("Lender"). Borrower owes Lender the principal sum of
One Thousand Six Hundred Fifty
Dollars ($ 1,650.00 ). /his 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 September 01, 2011 This Security Instrument secures to Lender: (a)
the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (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 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
following described property located in Lincoln County, Wyoming:
Beginning ac the Northeast corner of Lot 4 of Block 28 To the Town of Afton,
Lincoln County, Wyoming and runnxng thence South 7 rods, thence West 10
~ods, thence South 3 rods, thence West 10 rods, thence North 10 rods,
thence East 20 rods to the place of beginning.
which has the address of 558 Jefferson Street , Afton
[Street] [City]
Wyoming 83110 ("Property Address");
[Zip Code]
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights,
appurtenances, 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 replacements and additions shall also be covered by this Security Instrument. All of
the foregoing is referred to in this Security 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 Properly is unencumbered, except for encumbrances of record.
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any
encumbrances of record.
WCDA DOWN PAYMENT LOAN MORTGAGE
MPP-219 (01/94)
~O~L~l$~ ' ............. LOAN NO. 00016058~u '
0001605850~ '~'"
38
~. Payment of Principal, Interest and Late CharGe. Borrower shall pay when due the principal of, and interest on,
the debt evidenced by the Note, default interest, if applicable, and late charges due under the Note.
2. Payments of Taxes, Insurance and Other Char0es. Borrower shall make timely payment of any (a) taxes
and special assessments levied or to be levied against the Property, (b) leasehold payments or ~r0und rents on the
Prope~y, 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 I and2 shall be applied by Lender as follows:
FIRST, to interest due unde{ the Note;
SECOND, to amortization of the principal of the Note;
THIRQ, to late charges under the Note.
4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now
in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which
Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires.
Borrower shall also insure all improvements on the Prope~y, 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 renewals shall include loss payable clauses in favor of, and in a form
acceptable to, Lender. Borrower shall furnish a copy of the policy or policies of insurance to the Lender upon request
by the Lender.
In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not
made promptly by Borrower. Each insurance 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 damaged prope~y. 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 enti[y 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, Prese~ation, Maintenance and Protection of the PropeAy; 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 Instrument 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.
Borrower shall noti~ Lenders of any extenuating circumstances. Borrower shall not commit waste or destroy, damage
or substantially change the Prope~y or allow the Prope~y to deteriorate, reasonable wear and tear excepted. Lender
may inspect the Property if the Prope~y is vacant or abandoned or the loan is in default. Lender may take reasonable
action to protect and prese~e 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 concerning Borrower's occupancy of the Property 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 to
the Property, the leasehold and fee title shall not be merged unless the Lender a0rees to the merger in writin9.
6. CharGes to the Borrower and Protection of Lender's RiGhts in the Prope~y. Borrower shall pay all
9overnmental or municipal charges, fines and impositions 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
Lender's interest in the Prope~y, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing
these payments.
f Borrower fails to make these payments or the payments required by Paragraph 2, or fails to pedorm any other
covenants and agreements contained in this Security Instrument, or there is a legal proceedin9 that may significantly
affect Lender's rights in the Prope~y (such as a proceeding in bankruptcy, for condemnation or to enforce laws or
regulations), then Lender may do and pay whatever is necessa~ to protect the value of the Property and Lender's
rights in the Prope~y, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2.
Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and be
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 takin9 of any part of the Prope~y, or for conveyance in place of condemnation, are hereby
assigned and shall be paid to Lender to the extent of the full amoun~ of the indebtedness that remains unpaid under the
Note and this Security Instrument. Lender 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 ~eferred to in Paragraph 2, or .change the amount of such payments. Any
excess proceeds over an amount required to pay all outstandin9 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)
PAGE 2 OF 4
0001605850 O~}A,Z~JL~ LOAN NO. 0001605850
8. GroUnds for Acceleration of Debt.
(a) Default. Lender may require immediate 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 next monthly payment, or
(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this
Security Instrument.
(b) Sale Without 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) 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 than 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 received 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 waiving
its right in the event of any subsquent default.
(d) No WaiVer. If circumstances occur that would permit Lender to require immediate payment in full, but Lender
does not require such payment, Lender does not waive its rights with respect to subseq,uent eve, hts.
9. Reinstatement. Borrower has a right to be reinstated if Lender has require(] imme(]iate payment 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 instituted. 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 Security 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 reinstatment 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 foreclosure on different grounds in the future, or (iii) reinstatement will
adversely affect the priority of the lien created by this Security Instrument.
.10. Borrower Not Released; Forbearance by Lender Not a Waiver. 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 the liability of the original Borrower or Borrower's successor in interest
Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
payment or otherwise modify amortization of the 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 Lender in exercising any right
or remedy shall not be a waiver of or preclude the exercise of any ri§hr or remedy.
.11. Successors and Assigns Bound; ,Joint and Several Liability; Co-Signers. The covenants and agreements
of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the
provisions of Paragraph Bb. Borrower's covenants and agreements shall be joint and several. Any Borrower who
co-signs this Security Instrument but 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 obligated 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 accomodations with regard to the terms of this Security
Instrument or the Note without that Borrower's consent.
· 12. Notices. Any notice 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 address 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 Paragraph.
.13. Governing LaW; Severability. This Security Instrument shall be governed by Federal law and the law of the
jurisdiction in which the Property is located. In the event that any provision 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'provision. To this end the provisions 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 revenues of
the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each
tenant of the Property to pay the rents to Lender 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, Borrower shall collect and receive all rents
and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes
an absolute assignment and not an assignment 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
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 the 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 executed 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 be required to enter upon, take control of or maintain the Property before or after giving notice of
breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any
application of rents shall not cure or waive 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 is 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 property.
WCDA DOWN PAYMENT LOAN MORTGAGE
MPP-219 (01/94) PAGE 3 OF 4
/
ooo16o585o O jO% i:
LOAN NO. 000160585u
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
16. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 8 Lender may 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 the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the 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 provideC in Paragraph 12 Lender shall publish notice of sale, and the Property shall be sold in
the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds
of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to,
reasohable attorneys' fee; (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 payment 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 waives all rights of homestead exemption in the Property and reliquishes 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 incorporated into and shall amend and supplement
the covenants and agreements of this Security Instrument as if the rider(s) were in a part of this Security Instrument.
[Check applicable box(es)]
[] Condominium Rider E~ Graduated .Payment Rider ~] Growing Equity Rider
[] Planned Unit Development Rider E~ Other [Specify] [~ Other [Specify]
BY SIGN NG BELOW, Borrower accepts and agrees to the terms contained in pages 1 through 4 of this Security
Instrument and in any rider(s) executed by Borrower and recorded with it.
Witnesses:
T~ton T Veigel
K~r~ Lyn V~ei-~el
(SEAL)
(SEAL)
(SEAL)
(SEAL)
STATE OF V'¢Y'OMING, Lincoln
The foregoing instrument was acknowledged before me this ¢;~ ~ day of
by Trenton T Veigel and Kari Lyn Veigel, Husband and Wife
My Commission expires: ,~-//-~)Z¢
County ss:
WCDA DoWN PAYMENT LOAN MORTGAGE
MPP-219 (01/94)
PAGE 4 OF 4