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HomeMy WebLinkAbout903740When Recorded MailTo: WYOMING EMPLOYEES FEDERAL CREDIT UNION 2223 Warren Avenue Cheyenne, WY 82001 Loan Number: 52314 9031[0 I MORTGAGE RECEIVED LINCOLN COUNTY CLERK Ot. OCl' i h t lq II: h h JEANNE WAGNER THIS MORTGAGE is made this 22nd day of Shannon M. Basaraba AND Shawna R Basaraba, HUSBAND AND WIFE September, 2004 , between the Mortgagor, WYOMING EMPLOYEES FEDERAL CREDIT UNION (herein "Borrower"), and the Mortgagee, existing under the laws of Wyoming 2223 Warren Avenue Cheyenne, WY 82001 WHEREAS, Borrower is indebted to Lender in the principal sum ol I I.S. $ 29,000. O0 indebtedness is evidenced by Borrower's note dated September 22. 2004 , a corporation organized and , whose address is (herein "Lender"). , which and extensions and renewals thereof (herein "Note"), providing for monthly installments of principa ',md interest, with the balance of indebtedness, if not sooner paid, due and payable on September 30, 2016 : TO SECURE to Lender the repayment of the indebtedness evidenced hy the Note, with interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith t,~ protect the security of this Mortgage; and the performance of the covenants and agreemems of Borrower herein contained. Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in d~c County of Lincoln , State of Wyotning: Lot 618 aka Lot 618C of Lakeview Estates Incorporated Tracts A-F. Lincoln County, Wyoming as described on the official plat thereof. which has the address of 185 Trail Dr. [Street], A1 pine [cityl, Wyoming 83128 [Zip Code] (herein "Property Address"); TOGETHER with all the improvements now or hereafter erected on d~c property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and remain a part of thc property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this lXlnr~gagc ~s on a leasehold) are hereinafter referred to as the "Property." Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, and that the Property is unencumbered, except [or encumbrances of record. Borrower covenants that Borrower warrants and will defend generally the title to the Property agai ~st all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptl) [xty when due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law ¢ ~t written waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable unclcr the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) which may attain priority over this M~rtgagc and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to tilnc by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed hi' trust if such holder is an institutional lender. IWYOMING - SECOND MORTGAGE - 1-/80 - FNMA/FHLMC UNIFORM INSTRUMENT ] Form 3851 Page 1 of 4 (~®-76(WY) (0208) VMP MORTGAGE FORMS - 1800)521./291 Initial DDS-WY2 "~'~ o,oa'74o 0084 If Borrower pays Funds to Lender, the Funds shall be held in an i~titution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is ~uch an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents, l.cndcr may not charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessn~cms and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Ih~rrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid lo Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual acc~tmtin~ of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. Thc Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, ~hall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such u×cess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments o1' l:untl$. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and gr,~tlnd rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more paymcnl~ ~s Lender may require. Upon payment in full of all sums secured by this Mortgage, Lender ~hall promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acqui~iti~m by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides od~crwi~e, all payments received by Lender under the Nbte and paragraphs 1 and 2 hereof shall be applied by Lender first in paymcnl of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to Iht principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrmvcr shall perform all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a 'lien which hag priority over this Mortgage, including Borrower's covenants to make payments when due. Borrower shall pay or cause tt~ hu paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority twcr this Mortgage, and leasehold payments or ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in :t ft!rm acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any m~,rtgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. In the event of loss, Borrower shall give prompt notice to the insurancc carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to x-c~lt~ration or repair of the Property or to the sums secured by this Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Cmtdominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or llcrmit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a lc:tschold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-h~ws and regulations of the condominium or planned unit development, and constituent documents. 7. Protection of Lender's Security. If Borrower fails to pcrfi~rm the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. I1' l.cnder required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the prcmimns required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accord;moo with Borrower's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts 'shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection Sl)ccifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for dam;~gcs, direct or consequential, in connection with any condenmation Or other taking of the Property, or part thereof, or for ctmvcyance in lieu of condemnation; 'are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, dccd of trust or other security agreement with a lien which has priority over this Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a ~,¥ztivcr. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lcmlcr to any successor in interest of Borrower shall not operate to release, in any manner; the liability of the original Borrower ',md Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or rcrusc to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. ~®-76(WY) (o2o8) Page 2 of 4 Initials: DDS-WY2 ~ '~ ~ ::~-!7'~ 11. Successors and Assigns Bound; Joint and Several Liahilil~: Co-signers. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respcc'tivc successors and assigns of Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and :~grccments of Borrower shall be joint and several. Any Borrower who co-signs this Mortgage, but does not execute the Note, (a) is to-signing this Mortgage only to mortgage, grant and convey that Borrower's interest in the Property to Lender under thc forms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any t~lhcr Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms t~l' this Mortgage or the Note without that Borrower's consent and without releasing that Borrower or modifying this Mortgage ;ts to that Borrower's interest in the Property. 12. Notice. Except for any notice required under applicable law t~ hc given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may design:rte by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided IY)r in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severability. The state and local laws :q~plicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this Mortgage. In the event that any provision or clause of this Mortgage ~r thc Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can I*c given effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared t~ bc severable. As used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applic:ddc law or limited herein. 14. Borrower's Copy. Borrower shall be furnished a conformed c~py of the Note and of this Mortgage at the time of execution or after recordation hereof. 15. Rehabilitation Loan Agreement. Borrower shall fulfill all {~t' Borrower's obligations under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters intt~ with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to l.cndcr, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements made to the Property. 16. Transfer of the Property or a Beneficial Interest in Borrmve,'. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Mortgage. However, this option shall not be exercised by Lender if c×crcise is prohibited by federal law as of the date of this Mortgage. If Lender exercises this option, Lender shall give Borrower notice ~t' acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Mortgage. If Borrower fails to pay these sums prior to the expiration or' this period, Lender may invoke any remedies permitted by this Mortgage without further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants h~ pay when due any sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as providcd in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failurt, t. cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mm'tgage. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is md cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums secured hy this Mortgage to be immediately due and payable without further demand and may invoke the power of sale and an.~ .ther remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fees. 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 applicahle law. Lender shall mail a copy of a notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lemlcr shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender m' I.emler's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable attorheys' fees and costs or title evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or persons legall)~ cmitlcd thereto. 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to have any pr~,cccdings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth da3, hot'ore sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this ~h~rtgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no accelerati~m ~ccurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Bt~rrowcr pays all reasonable expenses'incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonaldc attorneys' fees; and (d) Borrowe/- takes such action as Lender may reasonably require to assure that the lien of this Mortg:tgc, I_ender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue ummp:dred. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain ~n full force :md cf'feet as if no acceleration had occurred. 19. Assignment of Rents; Appointment of Receiver; Lender in I'~ssession. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that B,,rrowcr shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and rcl;ti~] such rents as they become due and payable. (~)®-?6(WY} (0208} Page 3 of 4 ini~ials:t~,~.~__=___~ DDS-WY2 '~,~ 0 0;3740 '. 0C$6 Upon acceleration under paragraph 17 hereof or abandonment of ~hc Property, and at any time prior to the expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and t~ collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied firs~ ~ paymem of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and thc receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage, l..cnder shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. Borrower hereby waives all right of h~ncslcad exemption in the Property. REQUEST FOR NOTICE ()1,' I)I£FAULT .AND FORECLOSURE UNI)ER SUPERIOR MORTGAGES OR DEEDS ~ )F TRUST Borrower and Lender request the holder of any mortgage, dcct tff trust or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any default under the superior encumbrance and of any sale or other foreclosure ac tit m. IN WITNESS WHEREOF, Borrower has executed this Mortgage. . ~ (Seal) . !!,_~)~., "~-'k~ ~n~)n M.~a -Borrower X"S]~'awna R Basaraba- (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower STATE OF WYOMING, ~ ~ ~" ' County ss: The foregoing instrument was acknowledged before me this September 22, 2004 by Shannon M. Basaraba AND Shawna R Basaraba. HUSBAND AND WIFF. [Sign Original Only] My Commission Expires: (~®-76(WY) (0208) Pauo 4 of 4 Form 3851