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HomeMy WebLinkAbout906042WHEN RECORDED MAIL TO: USAA Federal Savings Bank 10750 McDermott Freeway Home Equity Loan Servicing San Antonio, TX 78288-0558 RECEIVED 1/24/2005 at 11:13 AM RECEIVING # 906042 BOOK: 577 PAGE: 668 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE LOAN MODIFICATION AGREEMENT TO CORRECT DOCUMENTATION ERROR For All States This Mortgage Loan Modification Agreement ("Agreement" or "Modification" or "Modification Agreement"), made effective the November 1~ 2004 (the "Effective Date") between: John E Lotshaw and Dawn C Lotshaw, husband and wife, the address of each the property is 626 W Bear Track Rd., Meridian, Idaho whom is as stated in the Credit Agreement or Security Instrument, defined below, ("Obligor," whether one or more) and USAA Federal Savings Bank, 10750 McDermott Freeway, San Antonio, Texas, 78288 ("USAA FSB" or "Lender"), modifies, amends and supplements (1) the Morteaee, (the "Security Instrument") dated August 25~ 2004 and recorded on August 30~ 2004 as Book 0566~ Page 0092~ Instrument Number 902432 of the Registry of Deeds of Lincoln County~ State of Wyoming and (2) the Loan Agreement, bearing the same date as, and secured by, the Security Instrument (the "Credit Agreement"), which covers the real and personal property described in the Security Instrument and defined therein as the Property, evidencing the home equity loan made by USAA FSB to Borrower(s) as identified in the Credit Agreement effective August 25~ 2004 (the "Loan"), the Property being more fully described in Exhibit A, attached hereto and made a part hereof. In consideration of the mutual promises and agreements exchanged, and other good and valuable consideration, the receipt and sufficiency of which are hereby aclmowledged, it is hereby agreed by and among the parties as follows: 1. The current outstanding principal balance of the Credit Agreement as of November 1~ 2004 is $87~815.92. 1064572 1 of 6 8/11/03 2. From the beginning, the parties intended that the terms being modified herein should be as modified, and this Modification is being executed to correct those temps. The parties have agreed to correct the terms being modified herein. It has come to the attention of the parties that the maturity date in the Home Equity Line of Credit Agreement and that the secured debt description and maturity date as stated in the Equity Line of Credit Deed of Trust is incorrect. These errors are corrected as follows: ao The Home Equity Line of Credit Agreement at Page 1 of 2, CURRENTLY STATES, "Maturity Date September 2, 2019" (the "Original Maturity Date"). The Maturity Date of the Home Equity Line of Credit Agreement SHOULD STATE, "Maturity Date September 2, 2024" (the "Corrected Maturity Date"). Therefore, the Home Equity Line of Credit Agreement at Page ] of 2, is HEREB Y MODIFIED and change FROM the Original Maturity Date TO the Corrected Maturity Date. The Home Equity Line of Credit Agreement at Page 1 of 2, Section titled, "Interest", sentence no. 1, CURRENTLY STATES, "I agree to Pay interest on the outstanding principal balance from August 27, 2004 at the rate of 7.4800% per year until September 2, 2019" (the "Original Maturity Date"). The Home Equity Line of Credit Agreement at Page 1 of 2, Section titled, "Interest", sentence no. 1, CURRENTLY STATES, "I agree to pay interest on the outstanding principal balance from August 27, 2004 at the rate of 7.4800% per year until September 2, 2024" (the "Corrected Maturity Date"). Therefore, the Home Equity Line of Credit Agreement at Page ] of 2, Section titled, "Interest", sentence no. ] is HEREBY MODIFIED and changed FROM the Original Maturity Date TO the Corrected Maturity Date. The Home Equity Line of Credit Agreement at Page 1 of 2, Section titled, "Payments", paragraph 2, sentence no. 1, CURRENTLY STATES, "I agree to pay this Note in 180 payments. The first payment will be in the amount of $816.11 and will be due October 1, 2004. A payment of $816.11 will be due the same day of each month thereafter. The final payment of the entire unpaid balance of principal and interest will be due September 2, 2019 in the amount of $817.34." (the "Original Payments Description"), The Home Equity Line of Credit Agreement at Page 1 of 2, Section titled, "Payments", paragraph 2, sentence no. 1, CURRENTLY STATES, "I agree to pay this Note in 240 payments. The first payment will be in the amount of $709.56 and will be due October 1, 2004. A payment of $709.56 will be due the same day of each month thereafter. The final payment of the entire unpaid 1064572 Page 2 of 6 do balance of principal and interest will be due September 2, 2024 in the amount of $705.92." (the "Original Payments Description"). Therefore, the Home Equity Line of Credit Agreement at Page ] of 2, Section titled, "Payments", paragraph 2, sentence no. ] is HEREBY MODIFIED and change FROM the Original Payments Description TO the Corrected Payments Description. The Security Instrument at Page 1 of 4, Section No. 4, titled, "Secured Debt and Future Advances", section A, paragraph 2, CURRENTLY STATES "That Note dated 08/25/2004 in the original principal amount of $ 88,000.00 executed by [Borrower(s):] JOHN E LOTSHAW JR, DAWN C LOTSHAW to USAA FSB as Lender and having a Maturity Date of 09/02/2019" (the "Original Secured Debt and Future Advances Description"). The Security Instrument at Page 1 of 4, Section No. 4, titled, "Secured Debt and Future Advances", section A, paragraph 2, CURRENTLY STATES "That Note dated 08/25/2004 in the original principal amount of $ 88,000.00 executed by [Borrower(s):] JOHN E LOTSHAW JR, DAWN C LOTS}lAW to USAA FSB as Lender and having a Maturity Date of 09/02/2024" (the "Original Secured Debt and Future Advances Description"). There[ore, the Security Instrument at Page ] of 4 Section No. 4, titled Secured Debt and Future Advances, section A, paragraph 2, is HEREBY MODIFIED FROM the Original Secured Debt Description TO the Corrected Secured Debt Description. This Mortgage Loan Modification Agreement is being executed and recorded to correct the borrower's name and to clear up any inconsistencies in the title to the property described by the Security Instrument. 3. Except as otherwise expressly modified hereby, all terms and provisions of the Credit Agreement and Security Instrument are ratified and confirmed and shall remain in full force and effect, enforceable in accordance with their terms as hereby modified. To the extent of any conflict between the Credit Agreement and Security Instrument, on the one hand, and this Agreement, on the other hand, this Agreement shall control. Obligor represents and warrants that as of the effective date of this Agreement no default exists in the Credit Agreement or Security Instrument. 4. Obligor hereby agrees to observe, comply with and perform all of the obligations, terms and conditions under or in connection with the Credit Agreement and Security Instrument executed by Obligor, as modified hereby. Obligor hereby reaffirms to USAA FSB each of the representations, warranties, covenants, and agreements contained in the Credit Agreement, Security Instrument, or any or all other documents executed in connection with the Loan, with the same force and effect as if each were 1064572 Page 3 of 6 8/11/03 separately stated herein. This Agreement is not intended to be a satisfaction and replacement of the existing obligation, but rather a modification, amendment, and supplement of the existing obligation. 5. Obligor hereby acknowledges and agrees that the liens and security interests of the Security Instrument and any other documents and instruments executed in connection with the Loan securing the Note are valid and subsisting liens and security interests and are superior to all other liens and security interests against the property and any other collateral to which they attach, with the sole exception of any indebtedness secured by encumbrances of record on the date of the Security Instrument and of which Obligor made Lender aware prior to closing of the Loan (if any and if such indebtedness is still unsatisfied), and they are hereby renewed and extended and carried forward in full force and effect. 6. This Agreement shall be binding upon and shall inure to the benefit of the parties, their respective heirs, representatives, successors and assigns. 7. In the event the enforceability or validity of any portion of this Agreement, the Credit Agreement, the Security Instrument, or any other documents executed in connection with the Loan, all as modified hereby, is challenged or questioned, such provision shall be construed in accordance with and shall be governed by whichever applicable federal or state law would uphold or would enforce such challenged or questioned provision. 8. THIS AGREEMENT AND ALL OF THE LOAN DOCUMENTS, AS HERETOFORE OR HEREIN MODIFIED, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 9. In the event the term, "Obligor," represents more than one person, then the tenns of this Modification Agreement are undertaken by each and every person, and all duties under this Modification Agreement are joint and several. All references to the singular include the plural; all references to the masculine include the feminine. 1064572 Page 4 of 6 1N WITNESS WHEREOF, the undersigned have executed this agreement in one or more counterparts, each of which shall be deemed an original and all of which together will constitute one and the same instrument, on the dates set forth in the acknowledgments below, to be effective as of the date first above written. LENDER: OBLIGOR: JohnE o~aw D'~C~L"'~ts h a- USAA FEDERAL SAVINGS BANK By:j osie Consumer Loan Processor ,r Date Bard STATE OF TEXAS § COUNTY OF BEXAR § BEFORE ME, the undersigned authority, on this day personally appeared Josie Perry~ Consumer Loan Processor of USAA Federal Savings Bank, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that she executed the same for the purposes and consideration therein expressed on behalf of said federal savings bank. GIVEN under my hand and seal of office this the 9th day of June, 2004. ROSALIE G CHURBE Notary Public Rosalie G. Churbe Notary Public State of Texas My Commission Expires: 1064572 8/11/03 Page 5 of 6 _.,,30604 STATE OF /..-I3~ ( BEFORE ME, the undersigned authority, on this day personally appeared John E Lotshaw, known to be to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same for the purposes and consideration therein expressed. :3IVEN under '~Do . ' myhandandsealofofficefiVl~sthe ] 2 dayof ~ffO V. / r~)tffy Publi~{n, an~'-f~r The State of DAVID P BENDANA STATE OF LOUISIANA NOTARY PUBLIC BAR ROLL #21473 MY OOMMISSlON IS ISSUED FOR LIFE 067,0 Printed Name of Notary: My Commission Expires: STATE OF ~)k)(5 f .~§ DAVID P BENDANA STATE OF LOUISIANA NOTARY PUBLIC BAR ROLL #21473 MY COMMISSION IS ISSUED FOR LIFE BEFORE ME, the undersigned authority, on this day personally appeared Dawn C Lotshaw, known to be to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same for the purposes and consideration therein expressed. ["~.4'~d GIVEN under my hand and seal of office this the ay of ~ , Notary Public in and for The State of ed Name of Notary: Commission EXHIBIT "A" LEGAL DESCRIPTION Lot 20 of River Ranches Fishing and Equestrian Estates at Freedom, Wyoming, according to that plat filed November 16, 1994 in the Office of County Clerk, Lincoln County, Wyoming as Instrument No. 793710, Plat No. 351. ,. 0G74