HomeMy WebLinkAbout902752After recording please return to:
HomeStart Administrator
Federal Home Loan Bank of Seattle
1501 Fourth Avenue, Suite 1900
Seattle, WA 98101-1693
902752
RECEIVED
LINCOL. N COUNTY CLERK
.,, ,,, ,,,.:_ - 0.840
FEDERAL HOME LOAN BANK OF SEATTLE
Mortgage 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, between: 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 Mortgagee 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 Mortgagor 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 of the Property at public auction in Lincoln County, Wyoming, pursuant to applicable
provisions of Wyoming law, and may in the name of the Mortgagee or as the attorney in fact of the Mortgagor,
for such purpose hereby irrevocably appointed, effectually convey the Property to the purchaser or purchasers
absolutely and forever; and any foreclosure shall forever bar Mortgagor and all persons claiming under
Mortgagor 15om all right and interest in the Property. Mortgagee shall apply the proceeds of the sale as follows:
(1) to the expense of the sale, including a reasonable attorney's tee; (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 construed as a tenancy at sufferance only, giving the purchaser all remedies, by way
of summary possession or otherwise, conferred by law. This Agreement applies to, inures to the benefit of, and
is binding not only on the parties 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 purchasing the Property. Federal regulations (12 CFR Part 960) restrict Mortgagor's ability
Federal Home Loan Bank of Seattle - Affordable Housing Program
State of Wyoming
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to sell, lease, or refinance the Property, to ensure the Grant is used only for housing retained as "affordable
housing" and as Mortgagor's primary 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, raturn receipt requested, at the address set forth above,
Attention: HomeStart Administrator. If Mortgagor sells, leases or refinances the' Property during the Retention
Period, Mortgagor must repay to Mortgagee all or a portion of the Grant, without interest, in an amount
calculated by Mortgagee equal to the Grant amount multiplied 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 if: (a) Mortgagor refinances and the Property remains subject to the encumbrance created by this
Agreement; or (b) Mortgagor's interest in the Property is divested via foreclosure of a lien or mortgage senior 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 person 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 obligations under this Agreement, which assumption shall not be valid or recognized unless
Mortgagee gives its PRIOR written approval to such assumption; and (c) the Property continues to be subject to
this Agreement.
Dawn R. Balben
STATE OF WYOMING )
COUNTY OF )
I certify that I know or have ,sat!sfactory ev!,cl.ency that .(z,.) , e~')athie
the person(s) who appeared oemre me on tins date, and said person(s) acknowledged that ~3~,~ sign s
instrument and acknowledged it to be free and volun act for the
Date:. ' ,._~ar/[/~)/~' uses and purposes stated therein.
JEFF COLLINS Notary Public
County of {~ State of
Teton Wyoming
,~M, ~_ . . . :Y Commlnlon ~=xl~irel OctOber 18, 2006
(Use this space for notarial stamp/seal)
NOTARY PUBLIC, State of Wyoming
Residing at
MY appointment expires _
Federal Home Loan Bank of Seattle - Affordable Housing Program
F-A-y (Rev. 4-04)
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