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HomeMy WebLinkAbout903809RETURN TO: WYOMING EMPLOYEES FEDERAL 2223 Warren Avenue Cheyenne, WY 82001 CREDIT UNION 903809 [Space Above This Line For Recording Data] MORTGAGE RECEIVED LINCOLN OOUNTY OLERK OL,, OOT I L~ PH h: t0 THIS MORTGAGE ("Security Instrument') is given on Troy J. Vickrey ~ ~mdrea Dawn Viekrey, I-IUSBJ~qD TENANTS WIT~ RI~T OF SIJ'RVlVORS~I~ SEPTEMBER 30, 2004 AND WIFE, AS JOINT The mortgagor is /9 ("Borrower"). This Security Instrument is given to WYOMIN~ EMPLOYEES FEDERAL CREDIT UNION and whose address is 2223 Warren Avenue Cheyenne, Wa/ 82001 ("Lender"). Eighteen Thousand & 00/100 ,:-0178 ._,, ,: ,~:, g ,,5 7 u .,~ v;'~dE Borrower m,,v~ Lender the principal sum of Dollars (U.S. $18,000. oo ). This debt is evidenced by Borrower's note dacd thc same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, title and payable on OCTOBER 0i, 2011 This Security Instrument secures to Lender: (a) the repayment of the debt c~ idcnccd by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums. with interest, advanced under paragraph 7 to protect the 'security of this Security Instrument; and (c) the performance of Bomm'cr'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, \Vyommg: SEE ATTACHED SCHEDITLE "C" which hastheaddressof 519 Sage Ave Kemmerer, WY 83101 ("Property Address"); TOGETHER WITH all the improvements now or hereafter erected t~, thc property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additi~ms shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Propeny." BORROWER COVENANTS that Borrower is lawfully seized of thc estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, excep~ for encumbrances of record. Borrower warrants and will defend generally the title of the Property against all claims and demands, suhjccl to any encumbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree ~t, follows: 1. Payment of Principal and Interest; Prepayment and Late (;harges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepaymcm and late charges due under the Note. 2. Funds for Taxes and Insurance. Mortgagors agree to pay thc imlchtedness according to the terms of said promissory note, and, during the life of this mortgage, to pay all taxes and assessments ,,n the premises and to keep the improvement thereon, insured against fire and other hazards in an amount not less what is considered prudent and necessary with Wyoming Employees Federal Credit Union listed as lienholder. If mortgagors fail to pay such taxes or assessments or fail to keep the premises insured, mortgagee may pay the same and may insure the premises, and all sums paid hy mortgagee for such purposes shall be added to and considered as a part of the indebtedness and shall draw interest at the same r:ttc. 3. Charges; Liens. Borrower shall pay all taxes, assessments, chartjcs, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold paymcms c,r ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that m:Hmcr, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish Lender all noticc.~ of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to I.cndcr receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner aCCClmd)lc 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 agreemcm satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any pan of the Property is .~uhjcct to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Btu'ruwcr shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 4. Hazard or Property Insurance. Borrower shall keep the imlmwcments now existing or hereafter erected on the Property insured against loss by fire, hazards included with the term "extended c.vcrage" and any other hazards, including flood or flooding, for which Lender requires insurance. This insurance shall be maint:tincd in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by ll,~rmwer subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with this m,,:gage. m)s-w~m This docum~ent is beJ. ng rep. ordeal Page 1 or3 t~g Southwest Title Companl/ ~ a ~om't~s7 ca:dy, All insurance polices and renewals shall be acceptable to Lender :md shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, B~,m)wer shall promptly give to Lender all receipts of paid premiurns and renewal notices. In.the event of loss, Borrower shall give l.'ompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance l.-Occcds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and I.cmlcr's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, Ibc insurance proceeds 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 within 30 days a notice from Lender that thc ii~surance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to rq)air or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will hcgin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any apt31ication of proceeds to principal shall not extend or l~ostpone the due date of the monthly payments referred to in paragraph 1 and 2 {.' change the amount of the payments. 5. Occupancy, Preservation, Maintenance and Protection of the Ih'operty; Borrower's Loan Application. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security ~Instrument and shall continue to occupy the Property as Borrower's princip',d residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall n~l destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall bc in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment ctmld result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest, Borrower may cure such a default and reinstate by causing the action or proceedings to be dismissed with a ruling Ihat, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impain~cnt 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 material information) in connection with the loan evidenced by the Note, including, but not limited to, representations c{,~ccrning Borrower's occupancy or the Property as a principal residence. 6. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may signific:mlly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enfi.'ce htws or 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 h~strument, appearing in court, paying reasonable attorney's fees and entering on the Property to make repairs. Any amounts d i,qmrsed by Lender under this paragraph shall become additional debt of Borrower secured by this Security Instrument. Unless Borl'mvcr and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note n,c and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 7. Inspection. Lender or its agent may make reasonable entries up~m and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable c,,asc for the inspection. 8. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condenmation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or greater d~',m the alnc;unt of the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by thc f{~llowing fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value ~f the Property immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, lhe proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender It) Borrower that the condemnor offers to make an award or settle a claim for damagesl Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restorati.n ~,' repair of the Property or to the sums secured by this Security Instrument, whether or not then due. 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 t,' change the amount of such payments. 9. Borrower Not Released; Forbearance By Lender Not a WaiYt. r. Extension of the time for 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 successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend lime 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 nt,t bca waiver of or preclude the exercise of any right or remedy. 10. Successors and Assigns Bound; Joint and Several Liability; Uo-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of I.cmler and Borrower, subject to the provisions of paragraph 17. 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 B{,'rower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrumem ~.' the Note without that Borrower's consent. 11. Loan Charges. If the loan secured by this Security Instrument is suh. ject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any.such loan charge shall be reduced by thc amount necessary to reduce the charge to the DDS-IVMM Page 2 of 3 permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under fi~c Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepaymcm without any prepayment charge under the Note. 12. Governing Law; Severahility. This Security Instrument shall tlc governed by federal law and the law of the .jurisdiction in which the Property is located. In the event that any provisi~m or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions ,,1' this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions ~,1' tiffs Security Instrument and the Note are declared to be severable. 13. Acceleration; Remedies. Lender shall give notice to Borro~er prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument. The notice .qmll specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the nolice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date SlWCificd in the notice may result in acceleration of the ~sums secured by this Security Instrument and sale of the Property. Thc nolice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert lhe non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or her, n'e the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by Ihis ~ecurity Instrument without further demand and may invoke the power of sale and any other remedies permitted by ap];licable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice o1' hllcul lo foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable hm. I.ender shall give notice of the sale to Borrower in the manner provided in paragraph 14. Lender shall publish the no,ice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may pm'chase lhe Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expert, scs of the sale, including, but not limited to, reasonable attorneys' fees; Co) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 14. Release. Upon payment of all sums secured by this Security In~l rument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 15. Waivers. Borrower waives all rights of homestead exemption in tile Property and relinquishes all rights of curtesy and dower in the property. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in pages 1 through 3 of this security Instrument a~d in any rider(s) executed by Borrower and recorded with it. Social Security Number: 3 6 2 - 9 0-12 2 2 ~ (S~L) STATE OF WYOMING, Lincoln County ss: The ~regoing instrument was acknowledged be~re me this 3 0TH DAY OF SEPTEMBERt Troy J. Vickrey AND Andrea Dawn Vickrey, HUSBAND AND WIFE, AS JOINT TENANTS WITH RIGHT OF SURVIVORSHIP My Commission Expires: Notary Public 2004 by DDS-WMM Page 3 of 3 SCHEDULE C A tract of land 46.67 feet fronting on Sage Avenue by 140 feet in Lots 1, 2 and 3 of Block 34 of the First Addition to the Town of Kemmerer, I.incoln County, Wyoming, and more particularly described as follows: ' Commencing at a point 46.67 feet Southerly from tl~c Northwest Corner of said Lot 1 (said Northwest Corner being the corner of Agate Street :~tl Sage Avenue) and running thence Southerly on Sage Avenue 46.67 feet; thence Westerly 140 feet parallel to the North boundar_~ t~l' alley in Block 34;. thence NOrtherly 46.67 feet parallel to the West bound ~'3' of Lot 3; thence Easterly 140 feet to the point of beginning. ALSO Part of Lots 2 and 3 of Block 34 of the First Additi~)~ to the Town of Kemmerer, Lincoln County, Wyoming being more particularly described a s fi'~llows: Commencing at a point which lies S 26o34, E, a disl:~cc of 93.34 feet from the Northeast corner of said Block 34 (said Northeast Corner bein,2 ~hc corner of Agate Street and Sage Avenue) and running thence S 63o26, W, a distance o( ,ql).5 I'eet along the Southerly boundary of the above described tract to the point of beginning; thence S 26034, E, a distance of 00.70 feet; thence S 63026, W, a distance of 21.00 feet; thence N 26o34, W, a distance of 00.70 feet; thence N 63026, E, a distance of 21.00 feet to the poim ~l' beginning.