HomeMy WebLinkAbout902983Form ApprOved
OMB No. 0575-0172
Rural Housing Service .....
THis:MORTGAGE(,,SecuiitY'in~tmme~i;ii'is.raad'eon : Septembei:20, 200~i:}. ~,,th:::;:;i:;]:':C::::'
The'm0rtgagQr'"is~ PATRici~' A. MAGEE
( orrower .). This Secunb, Instrument is g~ven to the Umted States of America acung through the Rural Housing Service
Sui:c$~sor agenc:yi'.uni~ed St~te~ Depa~mer!t bf Agriculture ("Lender"), whose address is Rural housing Servia:e; C?; centraliZed
Servicing c~mef,: Un!ted states DePartment 0f Agriculture, P,O. Box 66889, St. Louis, Missouri 63166,:. ~:: ~' :;.:~:.: :i~.:i:;:: .':;:ii :
,B,,0rrow~i :iS indebted't0 :~'¢hd~!hhder the f~iioq//idg promi~s0~ note~ and/or assumption agree~nt~. (he~:ein ~blleCti¢~l Caii~d
' N0te')which: haVe'b'eeh; e~e~flied or:asSumed by Bfirr0wer ~ Which provide for ~nonthly Paymend;; Witl~ th~ full de~,.i'f no~
paid earlier, due and payable on the maturity date!:
This SecmiiIy lnstmm~l~i ~ctir~'i0 L~nderi (ai the'i'epayment of the debt ev denced by the Noir, With i'nt~'&~[i lind ail renewals,.:
extefiSions ahd madificati0ns of'the'Note; (b) t~, Payn~e~t of all other sums, with interest, advanced under Paragraph 7 to' proteei
the properly covered by this s.ec!!riW Instrument; (c) the performance of Borrower's covenants and agreements under this
Security Instrument and lhe. Not~::::and (d) the recapture'of any :payment assistance and Subsidy Which n~ay'be granted to th~
B0rr0,x;er b~'the Lendei. l~ur~Uam ia 42 ~:$.~. §'§ '1472(g) or 14~0a, For this purpose, BorrOwe~ does hereby m~tgage, grant,
and 'convey ;to L~dgr~ Wi~h power O¢Sale~ thc fo"awing described Property located in the County Of .....
L°:[ 8°f the Hale Additi6~ [~ th~ :~°~n °f Afton, Lincoln County, Wyoming.as described on:
the official plat thereof:.., ~:.. ........ :. : . !
83110
Wyoming i [z~]
( r.pertyAddress );
Public reporting burden for this collection of information is estimated to average 15 rain aes de time for revtewtng
instFuction?'searching:exist2ng: daia ~urces :gathering and maintaining th~ data needed and completing and reviewing the ~ollection of
information. Send: ~m men~$ ~ega)ding this bt~rden estimate or any other aspect of this collection of information, including suggestions for :,
redubing thi~ ~urden!:t~ )h~ U.$1' Department of Agriculture, Clearance Officer, STOP~ 7602. 1400 Independence A ye, $. W., ~zashihgton ZJ C.
202 ~0;'7602~ pIbh~b DO NOT RET[JRN this f~rm'to this addrexsl 'Forward to the local USDA office only. You ~)e not ~equired lo ~spbnd ta :
currently valid OMB number
:page I of 6 .::
WITH now or hereafter erected on the property, and all easements,
appurtenances, and fixtures which now or hereafter are 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
,,Property.,,
BORROWER COVENANTS that Borrower is lawfull~t .~eised of the estate hereby conveyed and has the right
to grant and Convey the Properly and that the Property 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
THIS 'SECURITY INSTRUMENT ~d~mbines uniform covenants for national use and non-uniform covenants
the Note.
2. Funds for Taxel and. Insurance. Subject to applicable law or to a written waiver by Lender, Borrower
shall :Pay tb 'Lender on the day monthly payments are due under the Note, until the Note is paid in i~uii,"a Sum
(,,Fun~ls,,) for: (a)~earlY taxes and assessr~ents which may attain priority over this Security insthlment as alien on
the Property; {b) jearlY leasehold paYments or ground rents on the Property, if any; (c) Y~afiY hazard o~ ~r0Perty
insurance premiu~; :.and (d) yearly flood insurance premiums, if any. These items are called "Escrow Items."
Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a '
federally related: mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement
Procedures Act of I974 as amended from time to time, 12 U.S.C. § 2601 et seq. ("RESPA"), unless another law or
federal :regulation that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold.., '
FUndS in ali hm0Unt:n0t t~'exceed the lesser amount. Lender may estimate the amount of Fhnds.due On the basis Of .'
current data' and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with ":::: .:
apPliCable law. : : ' :~
The Funds shall be held by a federal agency (including Lender) or in an institution whose deposits :are insured;
by a federal agency, instrumentality, or entity, Lehder shall apply the Funds to pay the Escrow Items Lender may
net charge B~i-rog;~r for holding ai/d applying the Funds, annually analyzing the escrow account, or verifying the
Escrow Items; unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a
charge: : HoWever, Lender maY require Borrower to pay a one-time charge for an independent real estate tax
reporting: service .used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an
agreement is made or applicable law requires interest to be paid, Lender shall not be required to'Pay Borrower any
:ifiiekeSt or earningS on [lie Funds.. Borr0~Ver: and Lender may agree in writing, however, that'int[r~st shall be Paia
on the FundS. ::Lender'sha!l give. ~o Borrower, Without charge, an annual accounting of ihe FUnds; shoWing'credits;.,:,
and d~bits.lo the'Funds and the purp6se for Which each debit to the Funds was made The Funds: are pledged as
additional Security for all sums secured by this Security Instrument.
If the Funds he!d by Lender exceed the amounts permitted to be held by applicable law, Lender shall aficount: tO
Borrower for the exces~ funds in accordance With the requirement~ of applicable lawl if {he'am6unt Of ~he Funds
received by Lender under paragraphs I and 2 shall be applied in the following order of priority: (1) to advances for
the preservation or protection of the Property or enforcement of this lien; (2) to accrued intere~'dh~ u:nder the'Note?:
(3) to principal due under the Note; (4) to amounts required for the escrow items under paragraph 2; (5) to late:''~:'~': .
charges and ~ther fees and charges. :'~: · ' ·
4~ charges; Liens B0rro~ver.'shall pay all taxes, assessments, charges, fines and :impositiOns attributable tO the
PrOperty which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any.
Borrower shall pay these. Obligations' in'the manner provided in paragraph 2, or if not paid in that manner, Borrower..
shall Pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices
amounts:to be: ' ' these payments directly, B0r~0~e~ Shall promptly
Borrower Shall lien which has priority over this Security instrument hniesS Lende~h~S~:
.agreed in writing t° such lien or Borrower: (a) agrees in writing to the payment , the
~n a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien
in, legal Proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures
from the holder of the lien an agreement satisfactory to Lender. subordinating the lien to this: If
Lender determines that any pa~ of the Property is SubjeCt ioa lien which may attain priorit3
Instmmenr, Lender may give Borrower:a.notice identifying the lien. Borrower shall satisfy the lien or take one or
more of the :actions set forth above within ten (10) days of the giving of notice.
on the Property insured against !oss by fire, hazards included within the term "extended coverage" and any other
hazards, including floods or flooding, for which Lender requires insurance. This insurance Shall be maintained in
the amounts and for the periods that Lender requires. The insurer providing the ~nsurance shall be chosen by
Borrower' subject to Lender'S approval which shall not be unreasonably withheld If BorrOwer failS, to maintain
coverage described above, at Lender's option Lender may obtain coverage to protect Lender's rights in the Property
Pursuant to Paragraph 7! '
All insurance policie~ and renewals shall be in a form acceptable to Lender and shall include a: standard
mortgagee clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall
repair of the Property'damaged, 'if the restoration or repair is economically feasible and Lender's security is not
lessened. If the restoration or repair is not economically feasible or L
enders secun would be lessened, the
insurance pr0ceedS Shall be applied to the sums secured by this Security Instrument, whether or not then due, with
any excess paid to Borrower. If Borrower abandons the Property, or does not answer
notice from Lender that the insurance carrier has offered to settle a claim, then
proceeds; Lender 'ma~, use the'proceeds to repair or restore the Property or to pay sums secured by this Security
Instrument, whethe~ 'or not then due. The thirty (30)' day period will begin when the notice is given.
Unless Lender .and BOrrower otherwise agree in writing, any application of proceeds to principal shall not
extend:or postpone the dUe date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of
the: Payments. If after acceleration''the Prope~ is 'acquired by Lender, Borrower's right:t° any ifisuranee Doli~ies
a d proceeds resulttng from'damage to.the Property prior to the acquisition shall pass to Lender to the extent of the
sums secured by this Security' Instirument immediately prior to the acquisition.
6. Preservation, Maintenance, and Protection of the Property; Borrower's Loan' Application;
Leaseholds Borrower shall not destroy, damage or impair the Property, allow the Prope to deteriorate, or
co~t waste on the prOperty BoffoWet; ~hall maintain th~ improvements in rty . .
good repair and make repairs required
by Lender Borrower shall domply with al! laws, ordinances, and regulations affecting the Property. Borrower shall
be in default if any forfeiture aciii~n or Proceeding, whether civil or criminal, is hegira thai i~ Lender's' good faith
judgment could result in forfeiture of the.Property 0r otherwise materially impair the lien created by this Security
Instrument or Lender's security interest. Borrower may cure such a default by causing the action or proceeding to
be dismissed with a rUling that, in:Lender's good faith determlnation, precludes forfeiture of the Borrower's interest
in the Property or other material impairment of the lien created by this Security Instrument or Lender's security
interest. 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 ~iteria! inforn~ati0n) in
connection with the loan evidenced by the Note~ If this Security Instrument is on a leasehold; Borrower Shall
Comply with:all the Provisions of.the l~ase;' If Borrower' acqUires fee title to the ProPertyl the leasehold and the fee
title ~hall not merge ianless Lender agiees to the merger in writing.
7. Protection of Lender's Rights in the Property. If Borrower fails to perform the
contained in this Security Instmme'nt, or there is a legal proceeding that may significantly affect Lender's rig.hts in
the Property (such as a proceedtng tn bankruptcy, probate, for condemnation or forfeiture 0r tO. enforce laws Ir
regulations), then Lender may dO and pay for Whatever is necessary to protect the value Of the Property and Lender s
rights in the Property. Lender's actions may include'paying any sums secured by a lien which has priority over this
Security Instm~eni, ap'Pearing in Courti: phYing'reaso~abl~ 'a~omeys' fees and enter~g On ire P~oP~t~ to make
repairs. Although Lender ma~i'take action mlder this paragraph 7, Lender is not required t0do sd'. : '
Any amour~ts disbursed l~y' Lender:under this paragraph 7 shall become additional debt of B~rroWer' secured by
this Se~hrity Instrument. Unl~s~ B0rr0Wer and L[nder a~ree t0 other terms of payment, the's6:: amounts shall bed~
interest from the date of disbursement at the Note rate and shall be payable, with interestl upon' notice from Lender.
to Borrower requesfinl
8; Refinancing ~ear to Lender that Borrower may be able"t0'6btain a loan fro~:a
modification of amortization of the sums'secured by this Security Instrument granted b
any successor in interest of Borrower shall not operate to release the liability of the origin
.PmrOVision~ To this end the provisionsof this Security Instrument and the Note are declared to be severable,. Thisbe:
strument shall be:Subject m the Present regulation~ of Lender, and to its furore regulations n6t' inconsistefit with'~
the express pr°visi°nS h~ieof. Ail poWers and agencies granted in this instrument are couPled With an interest and
are:irr~vocable bY death or' other~/[se; and the lights an[t remedies provided in this instrhment: are cumulative
r~medies:proyided by !~wi
· 15., :Borrower's C°py.' BorroWer' acknowledges receipt of one conformer
Security Instrument;
16, Transfer of the. Property or a Beneficial Interest in Borrower. If all 'or any part °f:ihe Pr°Perty Or:any
interest ~ it is leased fora ~et:rn greater than three (3) years, leased with an option to l~urChase; S°ld, or trl/hsferre~'
(or :if a beneficial interest in. Bor/~)w~ is sold or transferred 'and Borrower is not a natural person) ·without Lender S
pri6~ ~tte~ :consent;;L~hde~ maY~ at its Option, require immediate payment in full of ~ll:surfi~' secured
17. Nondiscriminatio~. If Borr0Wer intends to sell or rent the Pro or of
ender s consent to doso (a) neither Borrower nor anyone authorized to act for Borrower, will refuse to negotiate
for the sale Or rental 0fthe l~r°perty or Will otherwise ~nake unavailable or deny the Property ~0 ahyone beC~is~ of
race, color, religion, sex, national origin, handicap, age, or familial status, and (b) Borrower 'recognizes as illegal
and hereby disclaims and will not comply with Or attempt to enforce any restrictive covenants on dwelling relating
to'race~ cdior, :religion, sex, national 0ri~ l~andicap, age °r familial status.
18. Sale of Note;. Change of Loan Servicer. The Note or a partial interest in the Note (together with this
Security Instrument) may be sold'one or more times without prior notice to Borrower. A sale may result in a change' :':
in the entity (known as the "Loan Servicer") that collects monthly payments due under the Noie and this Secur~y
Instrument. There also may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is
a change of the Loan Servicer, Borrower will be given written notice of the change in accordance with paragraph 13
above and applicable lawl The notice will state ~he name and address of the new Loan Servicer and the addr~ss t°
which payments should be made.
and regulatiOns of the jurisdiction where the Property is located that relate to health, safety or environmental
protecti~nl;..:: :.::.i,:~:: ii'::i
20. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal,, storage, or release
of any hazard0us substances on or in the Property. The preceding sentence shall not appl~; to t!ie presence, use, :or
storage on the Property of small quantities of hazardous substances that are generally recognized to be apprtpriate
to normal residential uses and to maintenance of the Property. Borrower shal not do, nor allow anyone else to do,
anything affecting the Pr0perty that is in Violation of any federal, state, or local envirm~aental law o{ regulation,
BorroWer shall proml~tly give Lender written notic6 of any investigation, claim, demand, lawsuit or 0thet action
by any governmental or regulatory 'agency or private party involving the Property and any hazardous substance or
envir°nmental law °r regulati°n of which Borrower has actualknowledge. IfBorrower learns, otis notifiedby any
governmental o~ regula~$ry authority, that any removal or otlaer remediation of any hazardot~s ~u~Stafice aff~cfi~
the Property is necessary, BOrrower shall promptly take all necessary remedial actions in accordance with applicable
environmental law and regulations..
As used in this paragraph "hazardous substances" 'are those substances defined as toxic or hazardous substances
by environmenta! !aw and the following substances: gasoline, kerosene, other fla!mnab!e or toxic Petroleum
pr°dUcts, toxic Pesticides and herbicides, volah!~ solvents, materi.a,!s containing asbestos °?; formaldehyde; and::
radi0actDe mate[,ialS. As used in:this paragraph, .environmental law means federal laws:and r~gUlations iind lawi
21. CrOss Collateralization. Default hereunder shall 'constitute default under any other real estate SecUrityll
instrument held by'Lender and executed' or assumed by Borrower, and default under any other such security:
.!:'. 'instrument'shallcOnstitute'default hereunder. : ·
NoN-UNIFORM COvENA~T~!' Borrower and Lender further coven.'
22. SHOULD DEFAULT °¢cu~-'in the performance or discharge of any gation in this or
secured by this instrument, or should the parties named as Borrower die or be declared incompetent, or should any
one of the parties named as Borrower be discharged in bankruptcy or declared an insolvent, or make an assignment
for the benefit of'creditors, Lender, at its option, with or without notice may: (a) declare the entire amount unpaid
under the note and any indebtedness to Lender hereby secured immediately due and payable, (b) for the account of
BorroWer incur and pay: reasonable expenses for repair or maintenance of and take possession of, Operate or rent the
Property, (b')'C011ec[ ~e rei~talS and ~ther 'income and profits from the property and apply it hgainst th~ secured
ind.~btedness, whether or not a receiver shall have been appointed, but sha_~l not be required or be liable for hiiure tO
i collect rent or other income; and shall be held accountable for only such amounts as are actually received~' (d) upon
application by it and. production of this mortgage, without other evidence and without notice of hearing of said
application, have a receiver appointed for the property, with the usual powers of receivers in like cases, (e) foreclose
tfii~ inS~ei~t a~ Pr0~ided Ii'fein' oi: by' law, (0 reciuire Borrower to surrender to Lender any and all abStractS of
title then 0wned by Borrower :~0vering a!l or any pai-t of the property, and (g) enforce any alid al!i°ther ~ghts and
remedies provided herein or by present Or future law.
23: The proceeds of foreclosure sale shall be applied in the following order to th:~ paYm~ni °f: ia) ~;:~ts hnd :~
. expenses incident to enforcing or complying with the provisions hereof, (b) any prior liens required by law or a
competent COUr! to be so paid, (c) the debt evidenced by the note and all indebtedness to Lender secured hereby,
(d) lnferi0r liens of reco3d re. qulred by law or a competent court to be so paid, (e) at Lender's opti0n,~' any
indebtedness of Borrower owing to Lender, and (f) any balance to Borrower. At foreclosure or other sale of all of
any part of the property, Lender'and it~ agents may bid and purchase as a stranger and may pay' Lender's share of
the 1;urchase PriCe by ~re'ditingsUCl~ amo~lnt on any debtS of Borrower owing to Lender, in the'order prescribed
abOve
: 24. Borrower agrees that Lender Will not be bound by any present or future laws, (a) providing for Valuation Or'..:'
Page 5 of 6
appraisal of the property, (b) prohibiting maintenance of an action for a deficiency judgment or l~ting the amount
thereof or the time within which such acti°n may be brought, (c) prescribing any other'statUte Of l~t~fi°hS, (dj
allowing any right of redemption or possession following any foreclosure sale, (e) requiring possession of the
property or appointment of a receiver before Lender is entitled to rents, or (f) limiting the: conditions which Lender
may by regulation impose, ' including the interest rate it may charge, as a condition bf apProVing a tranSfer'of the
sale or similar sale exercised bY any foreclosing party or other party and hereby waives any claim against the officer
or Person making such sale for paying ~said Surplus on demand of Lender. ': "':: :~.i':'/'::::: :~:: :~::,:'~::: ~:' '
27; Riders to' this Security Instrument. If one or more riders are executed by B°rrowef axed: f~c0rd¢~l: t~gether
with this Security Instrument, the' covenants and agreements of each rider shall be incorporated into and shall amend
and supplement the covenants and agreements of this Security Instrument as if the rider(s) were' a part of this
SecUrity: Ins~ment. [Check applicabl~ bOx] .'.: :. . . .
The 'foregoin~' ~meni ~as'.~cknowledged before me 1
Witness my hand and official se
Notary Public ........
:' Page 6 'of 6