HomeMy WebLinkAbout906065When recorded Mail To: RECEIVED 1/24/2005 at 4:28 PM
Zions First National Bank RECEIVING # 90606,5
~ In De artment BOOK- 577 PAGE' 703 70
Attn: Sh'pp' g p ,., ,~ ~ ,.., · · - 4
255 N Admiral Byrd Road !.. :,- (~ '(' Lt J JEANNE WAGNER
Salt Lake City, UT 84116 LINCOLN COUNTY CLERK, KEMMERER WY
ZMC#:1406540532 '
LOAN MODIFICATION AGREEMENT
(Providing for Adjustable Interest Rate)
This Loan Modification Agreement ("Agreement"), made on January 14, 2005 by and between
RYAN R HERD and JANIE S HERD, Husband and Wife as Joint Tenants
("Borrower") and Zions First National Bank, its successors and or assigns ("Lender"), amends and
supplements (1) the Mortgage, Deed of Trust or Security Deed (the "Security Instrument"), dated
July 23, 2004 and recorded on July 28, 2004 in Instrument No.
901452 in book 563 and page 312 of the official records of County Recorder of
LINCOLN County, WYOHING and (2) the Note ("Note") bearing the same date as,
and secured by, the Security Instrument, which covers the real and personal property described in the
Security Instrument and defined therein as the "Property", located at 82 NORTH FOREST DRIVE,
THAYNE, WY 83127 , and legally described as follows:
LOT 61 OF STAR VALLEY RANCH PLAT 22, LINCOLN COUNTY, WYOMING AS DESCRIBED ON
THE OFFICIAL PLAT THEREOF.
In consideration of the mutual promises and agreements exchanged, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree (notwithstanding anything to the contrary in the
Note or Security Instrument) to modify the terms of the Note and Security Instrument as hereafter
provided.
1. The maturity of the Original Note and Security Insturment is hereby amended to February 1,
2035 (the "Maturity Date"). The Originial Note shall hereafter be paid in accordance with
the terms of this Loan Modification Agreement.
2. As of, January 21, 2005 the amount payable under the Note and the Security Instrument is
U.S. Dollars $ 134,000.00 (the "Unpaid Principal Balance"), consisting of the amount(s) loaned to
Borrower by Lender together with any interest capitalized the date. Borrower promises to pay the
Unpaid Principal Balance, plus interest, to the order of the Lender. Interest will charged on the Unpaid
Principal Balance at the annual rate of 4.5000 %, commencing on January 21, 2005 .
Borrower Promises to make make monthly payments consisting of principal and interest in
the amount of U.S. $ 678.96 beginning Harch 1, 2005 ("First Payment Date") and
continuing thereafter on the same day of each succeeding month until all principal and interest together
with any other amounts owing under the terms of the Note and Security Instrument are paid in full. If
on February 1, 2035 (the "Maturity Date"), any amounts remain unpaid under the Note and the
Security Instrument, as modified, amended and as provided in any riders and/or addendums, Borrower
will pay these amounts in full on the Maturity Date.
(B).The Interest Rate may change on the first day of February, 2008 (the "Change Date")
and on that day every 12 months thereafter. The Interest Rate the Borrower will be required to pay on
the first change date will not be greater than 6. 5000 % or less than2. 5000 %.
Thereafter the Interest Rate will never increase or decrease on any single change date more than
Two percentage points ( 2.0000%) from the rate of interest established
during the previous twelve months. The Interest Rate will never be greater than 14. 5000 %.
(C).Before each Change Date, (subject to the limitations set forth in the preceding paragraph) Lender
will calculate the new Interest Rate. The New Interest Rate shall be calculated in the following
manner: (1) the "New Interest Rate" will be based on an index. The "Index" is the one-year London
Interbank Offered Rate ("LIBOR") which is the average of interbank offered rates for one-year U.S.
dollar-denominated deposits in the London market. The most recent index figure available as of the
date 45 days before each Change Date is called the "Current Index." (2) The New Interest Rate will
be calculated by adding Two and One-Quarter percentage points ( 2. 2500%) to the
Current Index. (3) This amount will then be rounded, subject to the applicable Interest Rate Caps, to
the nearest one-eighth (0.125%) percentage point. (4) The resulting figure will be the New Interest
Rate until the next Change Date.
3. Borrower agrees to be bound by all the provisions of this Loan Modification Agreement. Borrower
hereby reaffirms all of its obligations in the Note and Security Instrument and/or any riders and
addendums of the Note and Security Instrument, and agrees to perform each and all of the covenants,
agreements and obligations in the Note and Security Instrument and/or any riders and addendums to
the Note and Security Agreement.
ZFNB MORTGAGE LOAN MOD AGREEMENT ADJUSTABLE RATE LIBOR INDEX
LI ev 9/2001 Page 1 ~
4.Borrower will make payments at P.O. Box 0054 Palatine, IL 60055-0054 or at such other place as
the lender may require.
5. If all or any part of the Property or any interest in it is sold or transferred, (or if a beneficial interest
in the Borrower is sold or transferred and the 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 the
Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration.
The notice shall provide a period of not less than 30 days from the date the notice is delivered or
mailed within which time Borrower must pay all sums secured by this Security Instrument. If Borrower
fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies
permitted in the Note or Security Instrument without further notice or demand on Borrower. Any notice
provided for in this Loan Modification Agreement shall be deemed to have been given to Borrower
when given as provided in this paragraph.
6. Borrower agrees to comply with all other covenants, agreements, and requirements of the Security
Instrument, including without limitation, Borrower's covenants and agreements to make all payments of
taxes, insurance premiums, assesments, escrow items, impounds, and all other payments that the
Borrower is obligated to make under the Security Instrument.
7. Nothing in this Agreement shall be construed to be a satisfaction or release in whole or in part of
the Note and Security Instrument. Except as otherwise specifically modified in this Agreement, the
Note and Security Instrument all riders and addendums will remain unchanged and in full force effect
;inodn:~ri::tw~:t;::aLl :~dn~r will be boundBbyy: ¢,,~,d~~h~alldo_f~~~/~thereof'
RYAN /BxliERD /?I"'E ~ HERD
[/
STATE OF .f/~/~ )
/ )ss:
COUNTY OF /'/"~¢¢.//--'--~ )
I hereby certify that on this day, before me
personally appearedHYAN H HERD and JAHIE S HEHD
(notary),
known
to be the person(s) described in and who executed the foregoing instrument and acknowledged before
me that he executed the same for the purpose therein expressed.
Witness my hand and official seal this /' ~',/ day of
Residing at:
My Commission Expires:
STATE O F ~,.Jk~ )
)SS:
COUNTY OF
)
Logan, Uiah 84341
I hereby certify, ALza/-o.C~J:~s day, before me, hA', O ~)^o.,\ ~' . X~X.,\ (notary),
personally appeared .-~,.k ~ ,~,* L~' 'kn~{o'be the ~ '
of the corporation nAmed'~n~thA[ he acknowledged exe~u{ing the Same freely and
voluntarily under authority duly vested in them by said corporation.
wit?e~s my hand and official seal this /~ day of,~~.~/ ~~
"' · -
Res~d~: ,,. ~,
My comm~ssion bxpir~s: I /~[~A%~ 45 East 400 No~h
~ I li('~l Logan, Utah ~321
I kqX~ZJ/ My ~omrnission Expires
ZFNB MORTGAGE LOAN MOD F CAT ON AGREEMENT ADJUSTABLE RATE LIb~_~Z~'' .............. ,¢~r:rA~f.~F.~::~l:~;~:~ .......
LIBMOD2 Rev 9/2001
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