HomeMy WebLinkAbout904241After Recording Remm To:
FIRST FRANKLIN FINANCIAL CORP.
ATTENTION: RECORDS MANAGEMENT
2150 NORTH FIRST STREET
SAN JOSE, CA 95131
90 21 I
RECEIVED
LINCOLN COUNTY CLERK
[Space Above This Line For I{t'c~,rding Data]
MORTGAGE
THIS MORTGAGEis made this 28th day of October 2004
TYLER C PETERSON and MITZI PETERSON, HUSBAND AND WIFE
, between the Mortgagor,
(herein "Borrower"),
and the Mortgagee, FIRST FRANKLIN FINANCIAL CORPORATION
a corporation organized and existing under the laws of Delaware
2150 NORTH FIRST STREET, SAN JOSE, California 95131
, whose address is
(herein "Lender").
WHEREAS, Borrower is indebted to Lender in the princtpal sum of U.S. $43,600.00 , which
indebtedness is evidenced by Borrower's note dated October 28.2004 and extensions and renewals
thereof (herein "Note"), providing for monthly instalhnents of principal and interest, with the balance of the indebtedness, if
not sooner paid, due and payable on November 01, 2024
TO SECURE to Lender the repayment of the indebtedness evidc~iced by the Note, with interest thereon; the payment of
all other sums, with the interest thereon, advanced in accordance hercwilh to protect the security of this Mortgage; and the
performance of the covenants and agreements of Borrower herein c~mhdncd, Borrower does hereby mortgage, grant and
convey to Lender, with power of sale, the following described property located in the County of LINCOLN
, State of Wyoming:
LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF
SEE BALLOON RIDER ATTACHED HERETO AND MADE A PART HEREOF.
which has the address of
ALPINE
[City]
IVYOMING SECOND MORTGAGE
ITEM 4688L1 (0107) MFVVY3117
, Wyoming
(Page 1 of 6 pages)
476 RIVERVIEW DRIVE
ISlrcet]
83128
[Zip ('ode]
(herein "Property Address").
4000187759 GREATLAND ·
To Order Call: 1-800-530-9393 [] Fax: 616-791-1131
0 56
TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights,
appurtenances and rents, all of which shall be deemed to be and remain it lUtrt of the property covered by this Mortgage; and
all of the foregoing, together with said property (or the leasehold eslalc il' this Mortgage is on a leasehold) are hereinafter
referred to as the "Property."
Borrower covenants that Borrower is lawfully seised of th~ estate hereby conveyed and has the right to mortgage, grant
and convey the Property, and that the Property is unencumbered, excepl f',,r cncmnbrauces of record. Borrower covenants that
Borrower warrants and will defend generally the title to the Pmpcr~y against 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 promptly pay when due the principal and interest
indebtedness evidenced by the Note and late charges as provided in the Noir.
2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to
Lender on the day monthly payments of principal and interest are payable tamer the Note, until the Note is paid in full, a sum
(herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condonfi~fium and planned unit
development assessments, if any) which may attain priority over this M,,rlgage and ground rents on the Property, if any, plus
one-twelfth of yearly premium installments for hazard insurance, l,lus one-twelfth of yearly prenfium installments for
mortgage insurance, if any, all as reasonably estimated initially and from lime to time by Lender on the basis of assessments
and bills and reasonable estimates thereof. Borrower shall not be obligmed lo make such payments of Funds to Lender to the
extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional
lender.
If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are insured
or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to
pay said taxes, assessments, insurance premiums and grOund rents. Lcmlcr may not charge for so holding and applying the
Funds, analyzing said account or verifying and compiling said assessmcnl s and bills, unless Lender pays Borrower interest on
the Funds and applicable law permits Lender to make such a charge. Bom}wet and Lender may agree in writing at the time of
execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or
applicable law requires such interest to be paid, Lender shall not be req~fircd Io pay Borrower any interest or earnings on the
Funds. Lender shall give to Borrower, without charge, an annual accotmting of the Funds showing credits and debits to the
Funds and the purpose for which each debit to the Funds was made. Thc Ftmds 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 instalhnents of Funds payable prior to the
due dates of taxes, assessments, insurance premiums and ground reuts, shall exceed the an~ount required to pay said taxes,
assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
promptly repaid to Borrower or credited to Borrower on monthly instalhncnls of Funds. If the amount of the Funds held by
Lender shall not be sufficient to pay taxes, assessments, insurance prcmimns and ground rents as they fall due, Borrower
shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require.
' Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held
by Lender. If under paragraph 17 hereof the Property is sold or the Properly is otherwise acquired by Lender, Lender shall
apply, no later than inunediately prior to the sale of the Property or its acquisition 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~crwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender first in paylueut of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the Note, and then It~ lhe principal of the Note.
4. Prior Mortgages and Deeds of Trust; Charges; Liens. Bt,rrower shall perform all of Borrower's obligations
under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including
Borrower's covenants to make payments when due. Borrower shall pay t~r cause to be paid all taxes, assessments and other
charges, fines and impositions attributable to the Property which may allain a priority over this Mortgage, and leasehold
payments or ground rents, if any.
5. Hazard Insurance. Borrower shall keep the improvemei~ts m,w 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 B~rrmver subject to approval by Lender; provided, that
such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a foma acceptable to
WYOMING SECOND MORTGAGE
4000187759 GREATLAND ·
ITEM 46881_2 3117 . (Page 2 of6pagg~..n,:,m.~~';1 To Order Call:'~ "~hl-800'53o=ga'q3 ;E;LF'ax:1616-791-11311
: -; :::::::::::::::::::::::::::::::::::::::::::::::::' ' " ': ' ''"
0057
Lender and shall include a standard mortgage clause in favor of and ill it foru~ acceptable to Lender. Lender shall have the
right to hold the policies and renewals thereof, subject to the terms of an) nortgage, 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 iusm'ancc 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 carder offers to settle ,t claim for insurance benefits, Lender is authorized
to collect and apply the insurance proceeds at Lender's option either ~o restoration or repair of the Property or to the sums
secured by this Mortgage.
6. Preservation and Maintenance of Property; Leasehohls; Condominiums; Planned Unit Developments,
Borrower shall keep the Property in good repair and shall not connnit waste or perufit impairment or deterioration of the
Property and shall comply with the provisions of any lease if this Mortgage is ou a leasehold. If this Mortgage is on a unit in
a condonfinium or a planned unit development, Borrower shall perform ~tll of Borrower's obligations under the declaration or
covenants creating or governing the condonfinium or planned mill dcvclopmeut, the by-laws and regulations of the
condominium or planned unit development, and constituent documents.
7. Protection of Lender's Security. If Borrower fails to perform d~¢ covenants and agreements contained in this
Mortgage, or if any action or proceeding is co~mnenced which malcrially affects Lender's interest in the Property, then
Lender, at Lender's option, upon notice to Borrower, may make such apl~carances, disburse such sums, including reasonable
attorueys' fees, and take such action as is necessary to protect Lender's imcrcst. If Lender required mortgage insurance as a
condition of making the loan secured by this Mortgage, Borrower shall p%, Irc prenfimns required to maintain such insurance
in effect until such time as the requirement for such insurance ternfinales in accordance with Borrower's and Lender's written
agreement or applicable law.
Any mnounts disbursed by Lender pursuant to this paragraph 7, wilh interest thereon, at the Note rate, shall become
additional indebtedness of Borrower secured by this Mortgage. Unless Bm'rower and Lender agree m other terms of payment,
such amounts shall be payable upon notice from Lender to Borrower rcqucsling payment thereofi Nothing contained in this
paragraph 7 shall require Lender to incur any expense or take any action hcrctmder.
8. Inspection. Lender may make or cause to be made reasonable cmries upon and inspections of the Property,
provided that Lender shall give Borrower notice prior to any such iuspcd ion specifying reasonable cause therefor related to
Lender's interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direc! or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender, subject to the terms of any mortgage, deed ~,r lrtts! or other security agreement with a lien which
has priority over this Mortgage.
10. Borrower Not Released; Forbearance By Lender Not :~ ~Va|ver. Extension of the time for payment or
modification of amortization of the sums secured by this Mortgage .-ranted by Lender to any successor in interest of
Borrower shall not operate to release, in any manner, the liability of d~c original Borrower and Borrower's successors in
interest. Lender shall not be required to conmmnce proceedings agaiust such successor or refuse 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 Lcmlcr in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude ~1~¢ exercise of any such right or remedy.
11. Successors and Assigns Bound; Joint and Several L/ability; Co-signers. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Any
Borrower who co-signs this Mortgage, but does not execute the Note, (a) is co-signing this Mortgage only to mortgage, grant
and convey that Borrower's interest in the Property to Lender under the Icrms of this Mortgage, (b) is not personally liable on
the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify,
forbear, or make any other acconnnodations with regard to the terms rd' this Mortgage or the Note without that Borrower's
consent and without releasing that Borrower or modifying this Mortgage as lo that Borrower's interest in the Property.
12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by delivering it or hy mailing such notice by certified mail addressed
to Borrower at the Property Address or at such other address as Bon'owcr may designate by notice to Lender as provided
herein, and (b) any notice to Lender shall be given by certified mail to I~cnder's address stated herein or to such other address
as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed
to have been given to Borrower or Lender when given in the manner dcsigmtted herein.
WYOMING SECOND MORTGAGE
ITEM 4688L3 (0107) MFWY3117 (Page 3 of 6 pages)
4000187759 GREATLAND ·
To 0rdar Call: 1-600-530-9393 [3 Fax: 616-791-1131
13. Governing Law; Severability. The state and local laws al)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 or Ibc Note conflicts with applicable law, such conflict
shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and
to this end the provisions of this Mortgage and the Note are deflated to bc severable. As used herein, "costs," "expenses" and
"attorneys' fees" include all sums to the extent not prohibited by applicable law or liufited herein.
14, Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of
execution or after recordation hereof.
15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home
rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's
option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, 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 Borrower. 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 sokt ur h'imsferred and Borrower is not a natural person)
without Lender's prior written consent, Lender may, at its option, require immedime payment in full of all sums secured by
this Mortgage. However, this option shall not be exercised by Lender it' exercise is prohibited by federal law as of the date of
this Mortgage.
If Lender exercises this option, Lender shall give Borrower notice oF acccleratiou. The notice shall provide a period of
not less than 30 days from the date the notice is delivered or mailed wilhin which Borrower must pay all sums secured by this
Mortgage. If Borrower fails to pay these sums prior to the expiration of tiffs period, Lender may invoke any remedies
permitted by this Mortgage without further notice or demand on Borrower.
NON-UNIFORM COVENANTS. Borrower and Lender further covcmmt 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 to pay when due any sums secured by
this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided 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 failure to cure such breach on or
before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. The notice shall
further inform Borrower of the right to reinstate after acceleration ami 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 not cured on or
before the date specified in the notice, Lender, at Lender's option, may declare all of the sums secured by this Mortgage
to be immediately due and payable without further demand and ma)' invoke the power of sale and any other 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, ff different, in accordance with applicable law. Lender shall marl a copy of a notice of
the sale to Borrower in the manner provided in paragraph 12 hereol; Lender shall publish the notice of sale and the
Property shall be sold in the manner prescribed by applicable law. l~emler or Lender's designee may purchase the
Property at any sale. The proceeds of the sale shall be applied in thc following order: (a) to all reasonable costs and
expenses of the sale, including, but not limited to, reasonable attorneys' fees and costs of title evidence; (b) to all sums
secured by this Mortgage; and (c) the excess, if any, to the person or persons legally entitled 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 proceedings begun by Lender to enforce this Mortgage
discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale
contained in this Mortgage or (ii) entry of a judgment enforcing this MorL,2age if: (a) Borrower pays Lender all sums which
would be then due under this Mortgage and the Note had no acceleration occun'ed; (b) Borrower cures all breaches of any other
covenants or agreements of Borrower contained in this Mortgage; (c) Bom,wcr pays all reasonable expenses incurred by Lender
in enforcing the covenants and ageements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as
provided in paragraph 17 hereof, including, but not linfited to, reasonable am~rneys' tees; and (d) Borrower takes such action as
Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's
obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such paymeut and cure by Borrower, this
Mortgage and the obligations secured hereby shall remain in full force and cf fed as if no acceleration had occurred.
WYOMING SECOND MORTGAGE
4000187759 GREATLAND ·
ITEM 4688L4 Y3117 (Page 4 of 6pag~ ~ ~ To 0rd~r Call: 1-800-53t%.9.3.q3:r~:.E~'~:~16-791-1131
09042t:L 0 5 9
19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder,
Borrower hereby assigns to Lender the rents of the Property, provided tha( Burn, wet shall, prior to acceleration under paragraph
17 hereof or abandonment of the Property, have the right to collect and rctaiu su~l~ ren~s as they become due and payable.
Upon acceleration under paragraph 17 hereof or abandomnent of d~c Property, and at any time prior to the expiration of
any period of rcdcinption following judicial sale, Lender, in person, h3 a?m or by judicially appointed receiver, shall be
entitled to enter upon, take possession of and manage the Property and m c~,11¢c~ thc rents of the Property including those past
due. All rents collected by Lender or the receiver shall be applied first ~o paylllellt Of the costs of management of the Property
and collections 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 the receiver shall be liable to account only for those rents
actually received.
20. Release. Upon payment of all sums secured by this Mortgage, Lender 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 rights of hmncstead exemption in the Property.
REQUEST FOR NOTICE OF DEFAULT
AND FORECLOSURE UNDER SI 1PERIOR
MORTGAGES OR DEEDS OF TRUST
Borrower and Lender request the holder of any mortgage, deed .f u'usl or other encumbrance with a lien which has
priority over this Mortgage to give Notice to Lender, at Lender's address se~ forth on page one of this Mortgage, of any
default under the superior encumbrance and of any sale or other foreclost re action.
IN WITNESS WHEREOF, Borrfw~r has executed and acknowledges rccc~pt~ges 1 through 6 of this Mortgage.
(Seal) [-~ A~-~
- . (Seal)
T'~_-E-~R C. E~.~RSON -Borrower MITZI PETERSON -Borrower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
Witness: Witness:
WYOMING SECOND MORTGAGE
ITEM 468SL5 (0107) MFWY3117
(Page 5 of 6 pages)
4000187759 GREATLAND ·
To Order Call: 1-800-530-9393 Ul Fax: 616-791-1131
0904241.
State of Wyoming )
The foregoing instrument was acknowledged before me by TY/FR C
0::;60
PETERSON, MITZI PETERSON
this
~ ~' day of ~/ff~--~-~
Witness my hand and official seal.
Notary Public
My conmfissmn expires:
WYOMING SECOND MORTGAGE
ITEM 4688L6 (~7.~.U~.~ 3117
(Page 6 of 6 page
4000187759 GREATLAND ·
To Order Cell: 1 - 800-530-¢Y4¢~'~.,t3 .Fa,,~616-791-1131
o:9o424~1., .- 0,:,, 61
LEGAL DESCRIPTION
Lot 94 of River View Meadows Second Addition to the Town of Alpine, Lincoln County,
Wyoming as described on the official plat No. 264-D filed February 11, 1994 as Instrument No.
778568 of the records of the Lincoln County Clerk.
~;~;:~$,?L.,BALLOONADD~N~U~:~Q ~ORT6A6E; DEED OF TRUST Oi
National City Complete Loan is a registered tradema$ of National City Corpora[~on.
Date: October 28, 2004
~. BORROWER (S):~LER C. PETERSON, MITZI PETERSON
0,-,62
Property Address: 476 RIVERVIEW DRIVE
ALPINE, WY 83128
2. DEFINED TERMS; ADDENDUM A PART OF THE SECURITY INSTRUMENT. "Addendum" means this Balloon Addendum to
Mortgage, Deed of Trust or Security Deed which is attached to, made a part of and amends and supplements the Mortgage, Deed of
Trust or Security Deed ('Security Instrument") which Borrower(s) gave to First Franklin Fin ancial, a division of National City Bank of
Indiana ("the Lender') and which is dated the same date as this Addendum. The Security Instrument secures the Note and Security
Agreement ("Note') and covers the property described therein located at the address set forth above. The term "the Lender'
includes Lender's successors and assigns. In the event there are any conflicts between this Addendum and the Security Instrument
or the Note, the provisions of the Addendum will control.
3. BALLOON NOTE. The final payment due under the Note is larger than the previous monthly payments. The final payment
includes a substantial payment of principal. The Note is commonly called a "balloon note."
4. BALLOON NOTE AGREEMENT. Borrower(s) understand and agree as follows-
THIS LOAN IS PAYABLE IN FULL ON THE MATURITY DATE SET FORTH IN THE SECURITY INSTRUMENT. THE
BORROWER MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN, UNPAID INTEREST AND OTHER SUMS
THEN DUE. THE LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN AT THAT TIME. THE BORROWER WILL,
THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER ASSETS THAT THE BORROWER MAY OWN, OR THE
BORROWER WILL HAVE TO FIND A LENDER, WHICH MAY BE THE LENDER THE BORROWER HAS THIS LOAN WITH,
WILLING TO LEND THE BORROWER THE MONEY. IF THE BORROWER REFINANCES THIS LOAN AT MATURITY, THE
BORROWER MAY HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN
EVEN IF THE BORROWER OBTAINS REFINANCING FROM THE SAME LENDER.
5. SIGNATURES. BORROWER HAS READ AND AGREES TO ALL R~/VISIONS OF THIS ADI~ND~.
Type or print name ~-'-~--. ~'l J ,Sign/~, .-- ~- ~
x
Type or print name Signature
X
Type or print name Signature
X
Type or print name Signature
Type or print name Signature
Type or print name Signature
~2004 National City Corpo~atJo~
FF0139L0 MFCD6048
4000187759