HomeMy WebLinkAbout905295WCDA DOWN PAYMENT L~:~ \',; M'ORTGAGE
I ,~n Number: 0049762198
This Mortgage ("Security Instrument") is'given ,m I)ecember 14th, 2004
The Mortgagor is Natl~ S. Wood and Paige M. Wood
whose address is 410 Upper Su.~,~,t Drive, Kemmerer, WY. 83101
("Borrower"). This Security Instrument is given to BW ;'it/l/I?CA~E LLC
· , ,' ..... ?'] who is
organized and existing under the laws of Delaware and whose address
is 808 3rd Ave. S. Fargo, ND 58103 ("Lender").
Borrower owed Lender the principal sum of One TI ",,~;and Four Hundred Dollars
($1400.00). This debt is evidenced by B~,-~, },.x cr's Note dated the same date as this
Security Instrument ("Note"), which provides for molltltlx payments, with the full debt, if not
paid earlier, due and payable on January 1st, 2¢11¢/ ..... this Security Instrument
secures to Lender: (a) the repayment of the debt evid,'~ccd 1)y the Note, with interest, and all
renewals, extensions and modifications; (b) the pa> t~cm of all other sums, with interest,
advanced under Paragraph 6 to protect the security ,,1' II~i~ Security Instrument; and (c) the
performance of Borrower's covenants and agreemems . t~dcr this Security Instrument and the
Note. For this purpose, Borrower does hereby m ',,.
ott~ .i. ~. grant and convey to Lender, with
power of sale, the following described property h,catcd in Lincoln County,
Wyoming: Lot 10 of Block 1 of the Sunset Std,divis±on to the Town of
Kemmerer, Lincoln County, Wyoming as Descr:i{,e I on the Official Plat
Thereof.
RECEIVED 1211512004 at 3:28 PM
RECEIVING # 905295
BOOK: 575 PAGE: 84
JEANNE WAGNER
LINCOLN COUNTY CLERK KEMMERER, WY
which has the address of 410 Upper Sunset Dr. l~'.,,mererWyoming, 83101
code) ("Property Address");
(zip
TOGETHER WITH all the improvements now ,,, [~crcal'tcr erected on the property, and
all easements, rights, appurtenances, rents, royalties, m i~,.~ al. oil and gas rights and profits, water
rights and stock and all fixtures now or hereafter a pa~t .,1' thc property. All replacements and
additions shall also be covered by this Security Instrum, ,,, All of the foregoing is referred to in
this Security Instl-ument as "Property".
BORROWER COVENANTS that Borrower i- lawfidls) seized of the estate hereby
conveyed and has the right to mortgage, grant and con~ c, thc Property and that the Property is
unencumbered, except for encumbrances of record. Bo~ ~, .... 'r warrants and will defend generally
MPP Form 219
0 05;8 95
· 0'5'85
the title to the Property against all claims and demands, ~,ubjcct to any encumbrances of record.
Payment of Principal, Interest, Default Inlt'rest and Late Charges. Borrower
shall pay when due the principal of, and im~.~'~t on, the debt evidenced by the Note,
default interest, if applicable, and late charg,', ~lt~c under the Note.
Payment o f Taxes, Insurance a nd Other ~' harges. Borrower shall make timely
payment of any (a) taxes and special asse>s~cnts levied or to be levied against the
Property, (b) leasehold payments or ground ~,q~ts on the Property, and (c) premiums
for insurance required by Paragraph 4. Thc Ih~rrower shall furnish proof Of payment
to Lender upon request by the Lender.
3. Application of Payments. All payments u~dcr Paragraphs 1 and 2 shall be applied
by Lender as follows:
First, to interest due under the Note;
Second, to amortization of the principal ,,I' thc Note
Third, to late charges due under the Note.
Fire, Flood and Other Hazard Insurance. I~on'ower shall insure all improvements
on the Property, whether now in existence t~r subsequently erected, against any
hazards, casualties, and contingencies, inclt~ding fire, for which Lender requires
insurance. This insurance shall be maintained in thc amounts and for the periods that
Lender requires. Borrower shall also in~urc all improvements on the Property,
whether now in existence or subsequently crc~'tcd against loss by floods to the extent
required by the Lender. All insurance shall bc can'ied with companies approved by
Lender. The insurance policies and any rencw:~ s shall include loss payable clauses in
favor of, and in a form acceptable to, Lenclcr. Borrower shall furnish a copy of the
policy or policies of insurance to the Lender t~ pon request by the Lender.
In the event of loss, Borrower shall give I.cndcr innnediate notice by mail. Lender
may make proof of loss if not made promptly by l~orrower. Each insurance company
concerned is hereby authorized and directed t t, make payment for such loss directly to
Lender, instead of to Borrower and to Lender j~intly. All or any part of the insurance
proceeds may be applied by Lender, at its ~,l~tion, either (a) to the reduction of the
indebtedness under the Note and this Security Instrmnent, first to any delinquent
amounts applied in the order in Paragraph 3, and then to prepayment of principal or
(b) to the restoration or repair of the dam:~gcd property. Any application of the
proceeds to the principal shall not extend ,, r pt~Stl9one the due date of the monthly
payments which are referred to in Paragr;q~h 2, or change the amount of such
payments. Any excess insurance proceeds ,~vcr an amount required to pay all
outstanding indebtedness under the Note and Ih is Security Instrument shall be paid to
the entity legally entitled hereto.
In the event of foreclosure of this Security l~,l mment or other transfer of title to the
Property that extinguishes the indebtedness, ;~ll right, title and interest of Borrower in
and to insurance policies in force shall pass t,, Iht purchaser.
Occupancy, Preservation, Maintenance and Protection of the Property;
Borrower's Loan Application; Leaseholds. Bc~rrower shall occupy, establish, and
use the Property as Borrower's principal ~csidcnce within sixty days after the
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execution o f this Security I ns~ment a nd ~ hall c ~mtinue to occupy the P rope~ a s
p~ncipal residence within sixW days after lilt execution of this SecuriW Inst~ment
and shall continue m occupy t he P rope~~ ,,~ Borrower's p~ncipal residence for a t
least one year a~er the date of occupancy, tmless the Lender dete~ines this
requirement will cause undue hardship i,' Bon'oxver, or unless extenuating
circumstances exist which are beyond Bu~,,xvcr's control. Bo~ower shall noti~
Lenders of any extenuating circumstances, lb,'rower shall not commit waste or
des~oy, damage or substantially change linc I'roper~ or allow the Prope~ to
deteriorate, reasonable wear and tear excel,Cd. I.ender may inspect the Prope~ if
the Prope~ is vacant or abandoned or thc h~an is in default. Lender may take
reasonable action to protect and preserxc such vacant or abandoned Prope~.
Bo~ower shall also be in default if Bom~xxcr. during the loan application process.
gave materially false or inaccurate infonnuli~,n or statements to Lender (or failed to
provide Lender with any material info~afi~,~ in connection with the loan evidenced
by the Note, including, but not limited t,,. rq,'esentations concerning Bo~ower's
occupancy of~e Proper~ as a principal residence If this Securi~ Instrument is on a
leasehold, Bo~ower shall comply with thc provisions of the lease. If Bo~ower
acquires fee tire to the Prope~, the leaseht,ld and lbe title shall not be merged unless
Lender agrees to ~e merger in writing.
Charges to Borrower and Protection .1' l,emler's Rights in the Property.
Borrower shall pay all governmental or m tmicipal charges, fines and impositions that
are not included in Paragraph 2. Borroxxcr shall pay these obligations on time
directly to the entity which is owed the payment. If failure to pay would adversely
affect Lender's interest in the Property, t~l¢{~ll Lender's request, Borrower shall
promptly furnish to Lender receipts evidenc i~; these payments.
If Borrower fails to make these payments o, ;I ,c payments required by Paragraph 2, or
fails to perform any other covenants and ,grccments contained in this Security
Instrument, or there is a legal proceeding th:~t may significantly affect Lender's rights
in the Property (such as a proceeding in b:~nkruptcy, for condemnation or to enforce
laws or regulations), then Lender may, do and pay xvhatever is necessary to protect the
value of the Property and Lender's rights in thc I'roperty, including payment of taxes,
hazard insurance and other items mentioned in Paragraph 2.
Any amounts disbursed by Lender under Ih i s l'aragraph shall become an additional
debt of Borrower and be secured by this Security Instrument. These amounts shall
bear interest from the date of disbursemem, at fl~e Note rate, or the default interest
rate, and at the option of Lender, shall be immediately due and payable.
Condemnation. The proceeds of any axx:~rd or claim for damages, direct or
consequential, in connection with any con d c mn:tl [ o n or other taking of any part o f the
Property, or for conveyance in place of ccmdc'mnanon, are hereby assigned and shall
be paid to Lender to the extent of the full amotult of the indebtedness that remains
unpaid under the Note and this Securib Instrument. Lender shall apply such
proceeds to the reduction of the indebtedness under the Note and this Security
Instrument, first to any delinquent amounts ,l,l~liecl in the order provided in Paragraph
3, and then to prepayment of principal. \ny application of the proceeds to the
principal shall not extend or postpone the duc date of the monthly payments, which
are referred to in Paragraph 2, or change thc :mmunt of such payments. Any excess
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proceeds over an amount required to pay all , mtstanding indebtedness under the Note
and this Security Instrument shall be paid to II~c cntny legally entitled thereto.
8. Grounds for Acceleration of Debt.
(a) Default. Lender may require immediak: payment in fidl of all sums secured by
this Security Instrument if:
(i)
(ii)
Borrower defaults by failing to p% in fidl any monthly payment required
by this Security Instrument prior l{, ~,~' on the due date of the nex't monthly
payment, or,
Borrower defaults by failing, fo~ ,, pcriocl of thirty days, to perform any
other obligations contained in thi, .',ccm'ity Instrument.
(b) Sale Without Credit Approval. L en&.t ~hall, if permitted by applicable law,
require immediate payment in full of all lhe sums secured by this Security
Instrument iff
(i)
(ii)
All or part of the Property, or a bt'~clicial interest in a trust owning all or
part of the Property, is sold or oll~'~x~ isc transferred (other than by devise
or descent) by the Borrower, and
The Property is not occupied b> tl~c purchaser or grantee as his or her
principal residence, or the purclv, tser or grantee does so occupy the
Property but his or her credit ha~ nt~ been approved in accordance with
the requirements of the Lender.
(c)
Default Interest. If Lender has not received the full monthly payment required
by the Security Instrument by the end ~1' thc thirty day calendar days after the
payment is due, Lender may increase thc i~tcrcst rate as described in Paragraph 2
of the Note to twelve percent (12%). I cmlcr may choose not to exercise this
option without waiving its right in the ex ~'~ o f nny subsequent default.
(d)
No Waiver. If circumstances occur tlmt would permit Lender to require
immediate payment in full, but Lender d,,cs uot require such payments, Lender
does not waive its rights with respect to ~ub~cquent events.
Reinstatement. Borrower has the right t~, bc reinstated if Lender has required
immediate payment in full because of Borrmx c~"s fidlure to pay an amount due under
the Note or this Security Instrument. Thi~ right applies even after foreclosure
proceedings are instituted. To reinstate ~1~ Security Instrument, Borrower shall
tender in a lump sum all amounts requirer ~o bring Borrower's account current
including, to the extent they are obligati,ms of Borrower under this Security
Instrument, foreclosure costs and reasonable and customary attorneys' fees and
expenses properly associated with the forech,st~ rc proceeding. Upon reinstatement by
Borrower, this Security Instrument and the ,,I ~l igations, that it secures shall remain in
effect as if Lender had not required immedialc payment in fidl. However, Lender is
not required to permit reinstatement if: (i) I cmlcr has accepted reinstatement after
the commencement of foreclosure proceedings within two years immediately
preceding the commencement of a current Ik}~'cctt~sure proceeding, (ii) reinstatement
will preclude foreclosure on different groun,l~ in the Future, or (iii) reinstatement will
adversely affect the priority of the lien creater ~y this Security Instrument.
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10.
Borrower Not Released; Forbearance by I,t,ndcr Not a Wavier. Extension of the
time of payment or modification of amortiz,I i,,tl o~' the sums secured by this Security
Instrument granted by Lender to any succ~'~a,r in interest of Borrower shall not
operate to release t he 1 iability o f t he o rigi~ ~,11 ~ t~rrower o r Borrower's successor i n
interest. Lender shall not be required I,, commence .proceedings against any
successor in interest or refuse to extend ti~zc l'or payment or otherwise modify
amortization of the sums secured by this NCCUl'ity Instrument by reason of any
demand made b y the original Borrower o r I~ ,,Tower's successors i n interest. Any
forbearance by Lender in exercising any ripht ,~r remedy shall not be a waiver of or
preclude the exercise of any fight or remedy.
11.
Successors and Assigns Bound; Joint and several Liability; Co-signers. The
covenants and agreements of this Security Instrument shall bind and benefit the
successors and assigns of Lender and B~n'ower, subject to the provisions of
Paragraph 8 (b). Borrower's covenm~ts a nd agreements shall bej oint and several.
Any Borrower who co-signs this Security ln:qtmmcnt 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 thc 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 Borrower may agree to extend, modify, forbear or
make any accommodations with regard to thc terms of this Security Instrument or the
Note without that Borrower's consent.
12.
Notices. Any notice to Borrower provided I'~)r in this Security Instrument shall be
given by delivering it or by mailing it b3 Ih'st class mail unless applicable law
requires use of another method. The notice ~hall be directed to the property address
or any other address Borrower designates by nt~tice to Lender. Any notice to Lender
shall be given by first class mail to Lender's address stated herein or any address
Lender designates by notice to Borrower. Any notice provided for in this Security
Instrument shall be deemed to have been givc, n it) Borrower or Lender when given as
provided in this paragraph.
13.
Governing Law; Severability. This Security Instrument shall be governed by
Federal law and the law of the jurisdiction in xx hich the Property is located. In the
event that any provision or clause of this Sc'cttrity Instrument or the Note conflicts
with applicable 1 aw, such conflict s hall not a l'l'cct other provisions of t his Security
Instrument or the Note which can be given c l'l'cct xvithout the conflicting provision.
To this end the provision of this Security In~lrument and the Note are declared to be
severable.
14. Borrower's Copy. Borrower shall be give, one conformed copy of this Security
Instrument.
15.
Assignment of Rents. Borrower unconditi~m',lly assigns and transfers to Lender all
the rents and revenues of the Property. [h>rr~wcr authorized Lender or Lender's
agents to collect the rents and revenues and hcrchy directs each tenant of the Property
to pay the rents to Lender or Lender's ageing, l lowever, prior to Lender's notice to
Borrower of Borrower's breach of any c~xcnant or agreement in the Security
Instrument, Borrower shall collect and receive a Il rents and revenues of the Property
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as trustee for the benefit of Lender and I|,~rrower. This assignment of rents
constitutes an absolute assignment and not a n, ~sign ment for additional security only.
If Lender gives notice of breach to Borrowe~': ia) all rents receive by Borrower shall
be held by Borrower as trustee for benefit .l'l ,'ndcr only, to be applied to the sums
secured by the Security Instrument; ('6) Lentk'~ ~hall be entitled to collect and receive
all of the rents of the Property; and (c) each ~'~;tnl of the Property shall pay all rents
due and unpaid to Lender or Lender's agc~t tm Lender's written demand to the
tenant.
Borrower has not executed any prior assignmc~t of the rents and has not and will not
perform any act that would prevent Lendc~ fi'om exercising its rights under this
Paragraph 15.
Lender shall not be required to enter upon, lal;c control of or maintain the Property
before or after giving notice of breach to Bom,wet. However, Lender or a judicially
appointed receiver may do so at any time there is a breach. Any application of rents
shall not cure or waive any default or invalidalc any other right or remedy of Lender.
This assignment of rents of the property shall tc rminate when the debt secured by the
Security Instrument is paid in full. The Lender ,~r a judicially appointed receiver shall
not be required to post any bond or other scctu-ity to enter upon, take control of or
maintain the property.
NON-UNIFORM COVENANTS. Borrower 'a ml Lender further covenant and agree
as follows:
16.
Foreclosure Procedure. If Lender requires i,~mcdiate payment in full under
Paragraph 8, Lender may invoke the power .1' sale and any other remedies permitted
by applicable law. Lender shall be entitled to collect all expenses incurred in
pursuing the remedies provided i n this P ara~2 ~'a ph 16, including, but not 1 imited t o,
reasonable attorneys' fees and costs of tiff e e vid cn c e.
If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to
Borrower and to the person in possession o1' Iht l'roperty, if different, in accordance
with applicable law. Lender shall give notice o1' the sale to Borrower in the manner
provided in Paragraph 12. Lender shall publish nouce of sale, and the Property shall
be sold in the manner prescribed by applicahlc law. Lender or its designee may
purchase the Property at any sale. The proceeds of the sale shall be applied in the
following order: (a) to all expenses of sale, including, but not limited to, reasonable
attorneys' fees; (b) to all sums secured by lhis Security Instrument; and (c) any
excess to the person or persons legally entitled i~) rt.
17. Release. Upon payment of all sums secured hy this Security Instrument, Lender shall
release this Security Instrument without charge I, Borrower. Borrower shall pay any
recordation costs.
18. Waivers. Borrower waives all rights of ho mcstcad exemption i n t he Property a nd
relinquishes all rights of curtesy and dower in l l~c Property.
Riders to this Security Instrument. If one or m,,'c riders are executed by Borrower and
recorded together with this Security Instrument, Iht covenants of each such rider shall be
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incorporated into and shall amend and supplemc~ Ibc covenants and agreements of this
Security Instrument as if the rider(s) were in a ptlt't o1' this Security Instrument. [Check
applicable space(s)].
Condominium Rider
__. Growing Equity Rider
Graduated Payment Rider
Planned Unit Development
Rider
Other [Specify] Other
BY SIGNING BELOW, Borrower accepts ~ml agrees to the terms contained in
pages 1 through 7 of this Security Instrum~:~t and in any rider(s) executed by
Borrower and recorded with it.
Witnesses:
Borrower
ll{~rrower
l lorro\ver
l/orrower
STATE OF WYOMING, oUnty ss:
The foregoing instrument was acknowledged before me this
My Commission Expires:
Public
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