2. PROOF OF OWNERSHIP DEED PAB-0140.PDF

MARICOPA COUNTY RECORDER Sy
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When recorded, return to: ;
Mortgage Research Center, LLC dba Veterans United Home Loans
Attn: Final Document Department
$212 A Lemone Industrial Boulevard
Columbla, MO 65201
800-884-5560
LOAN #: 400220102678464
(Space Above Thia Line Far Recording Data]
CASE #; 45-45-6-3162493
DEED OF TRUST
RESIDENTIAL 1-4 [MIN 1003602-9102678464-4 __|
MERS PHONE #: 1-888-679-6377
DEFINITIONS
Words used in multipie sections of this document are defined below and other words are defined in Sections 3, 17, 13,
18, 20 and 21. Certain rules regarding the usage of words used In this document are also provided in Section 16.
{A) “Securlty Instrument” means this document, which is dated May 13, 2020, together with
all Riders to this dacument. .
(B) “Borrower” Is EVERETT RAY MOUDY AND JOANNE ELIZABETH MOUDY, AS TRUSTEES OF THE
EVERETT RAY MOUODY AND JOANNE ELIZABETH MOUDY LIVING TRUST, DATED FEBRUARY 20TH, 2017.
Borrower is the trustor under thls Security Instrument. Borrower's mailing address is 616 E Yearling Rd, Phoenix,
AZ 85085. .
{C} “Lender” is Mortgage Research Canter, LLC dba Veterans United Home Loans.
Lender ts a Missouri Limited Liability Company, organized and existing under the laws of
Missourt. Lender's mailing address ts 1400 Veterans United
Drive, Columbia, MO 65203.
(D) “Trustee” is Boston National Title Agency LLC.
Trustee's mailing address Is 129 West Trade St, Charlotte, NC 28202,
{E) “MERS" is Mortgage Electronic Registration Systems, inc. MERS is a separate corporation that is acting solely as
a nominee for Lender and Lender's successors and assigns. MERS is the beneficiary under this Security Instrument.
MERS Is organized and existing under the laws of Delawara, and has an address and telephone number of P.O. Box
2026, Flint, Ml 48501-2026, tel. (888) 679-MERS.
(F) “Note* means the promissory note signed by Barrower and dated May 13, 2020. The Note
states that Borrower owes Lender EIGHT HUNDRED SIXTY NINE THOUSAND SEVEN HUNDRED THIRTEEN AND
NOAGQO CAA Sew ea tee AREA RARRA RR EHERRNHRERRARA EEE Dollars (U.S. $869,713.00 )
plus interest. Borrower has promised ta pay this debt in regular Periodic Payments and to pay the debt in full not later
than June 1, 2080.
ARIZONA.-Single Familly--Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 2003 1/04 (rav. 6/02} initiats:
Elie Mae, inc. Page 1 of 9 AZEDEED 0346
AZEDEED (CLS)
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When recorded, return to:
Mortgage Research Center, LLC dba Veterans United Home Loans
Attn: Final Document Department
3212 A Lemone Industrial Boulevard
Columbia, MO 65201
800-884-5560
LOAN #: 400220102678464
[Space Above This Line For Recording Data}
CASE # 45-45-6-3162493
DEED OF TRUST
RESIDENTIAL 1-4 [MIN 1003502-91026784644 |
MERS PHONE #: 1-888-679-6377
DEFINITIONS
Words used in multiple sections of this document are defined below and other words are defined in Sections
3, 11, 13,
18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16.
{A) “Security Instrument” means this document, which is dated May 13, 2020, with
together
all Riders to this document.
(B) “Borrower” is EVERETT RAY MOUDY AND JOANNE ELIZABETH MOUDY, AS TRUSTEES OF THE
EVERETT RAY MOUDY AND JOANNE ELIZABETH MOUDY LIVING TRUST, DATED FEBRUARY
20TH, 2017.
Borrower is the trustor under this Security Instrument. Borrower's mailing address is 616 E
Yearling Rd, Phoenix,
AZ 85085.
(C) “Lender” is Mortgage Research Center, LLC dba Veterans United Home Loans,
Lenderis a Missouri Limited Liability Company, organized and existing under the laws of
Missouri.
Lender's mailing address is 1400 Veterans United
Drive, Columbia, MO 65203.
(D) “Trustee” is Boston National Title Agency LLC.
Trustee's mailing address is 129 West Trade St, Charlotte, NC 28202.
{E} “MERS” is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is
acting solely as
a nominee for Lender and Lender's successors and assigns. MERS is the beneficiary under this
Security Instrument.
MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box
2026, Flint, Ml 48501-2026, tel. (888) 679-MERS.
(F) “Note” means the promissory note signed by Borrower and dated May 13, 2020. The Note
states that Borrower owes Lender EIGHT HUNDRED SIXTY NINE THOUSAND SEVEN
NOMM1O0* * #8 eR RRR RR ERE KHER HUNDRED THIRTEEN AND
EHH ERAE
Dollars (U.S. $869,713.00
plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later
than June 1, 2050.
ARIZONA--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3003 1/01 (rev. 6/02) Initials:
Ellie Mae, tne.
Page 1 of 9 AZEDEEO 0315
AZEDEED (CLS)
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(S) “Property” means the property that is described below LOAN #: 400220102678464
under the head ing “Transfer of Rights in the Property.”
(H) “Loan” means the debt evidenced by the Note, plus interest,
the Note, and all due any prepayment charges and late charges due under
sums under this Security Instrument, plus interest.
(1) “Riders” means all Riders to this Security Instrument that
executed are executed by Borrower. The following Riders are to be
by Borrower [check box as applicable]:
CO Adjustable Rate Rider C1 Condominium Rider
(J [4 Second Home Rider
Balloon Rider LJ Planned Unit Development Rider ix]
C] 1-4 Family Rider L] Other(s) [specify]
kl Biweekly Payment Rider Inter Vives Trust Rider
VA. Rider
{J) “Applicable Law" means all controllin ig applicable federal, state and local
administrative rules and orders statutes, regulations, ordinances and
(that hav e the effect of law) as well as all applicable final,
opinions. non-appealable judicial
{K) “Community Association Dues, Fees, and Assessments” means all
that are imposed Borrower dues, fees, assessments and other charges
on or the Property by a condomini um association, homeowners
organization. association or similar
{L} “Electronic Funds Transfer” means any transfer of funds, other than transaction
similar a originated by check, draft, or
paper instrument, which is initiated through an electronic terminal, telephonic
tape so as to order, instruct, or authorize a financial instrument, computer, or magnetic
institution to debit or credit an account. Such term includes, but is
not limited to, point-of-sale transfers, automated teller machine
transactions, transfers initiated by telephone, wire
transfers, and automated clearinghouse transfers.
{M) “Escrow Items” means those items that are described in Section 3.
{N) “Miscellaneous Proceeds” means any compensation, settlement, award of
third party (other than insurance damages, or proceeds paid by any
proceeds paid under the coverages described in Section 5) for: (i) damage to, or
destruction of, the Property; (ii) condemnation or other taking of all or any part of the
of condemnation; Property; (iii) conveyance in lieu
or (iv) misrepresentations of, or omissions as to, the value and/or condition of the
(O} “Mortgage Insurance” means insurance Property.
protecting Lender against the nonpayment of, or default on, the Loan.
(P) “Periodic Payment” means the regularly scheduled amount due for (i) principal and interest under
{ii) any amounts under Section 3 of this the Note, plus
Security Instrument.
{Q) “RESPA” means the Real Estate Settlement Procedures Act
(12 U.S.C. §2601 et seq.) and its implementing
regulation, Regulation X (12 C.F.R. Part 1024), as they might be amended from time to
successor legislation time, or any additional or
or regulation that governs the same subject matter. As used in this Security Instrument, “RESPA’”
refers to all requirements and restrictions that are imposed in regard to
Loan does not a “federally related mortgage loan” even if the
qualify as a “federally related mortgage loan” under RESPA,.
(R) “Successor in Interest of Borrower” means any party that has taken title to the
has assumed Borrower's Property, whether or not that party
obligations under the Note and/or this Security Instrument.
TRANSFER OF RIGHTS IN THE PROPERTY
The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's
and the successors and assigns of MERS. This successors and assigns)
all Security Instrument secures to Lender: (i) the repayment of the Loan, and
renewals, extensions and modifications of the Note; and (ji) the performance of Borrower's
under this Security Instrument and the Note. For this covenants and agreements
with purpose, Borrower irrevocably grants and conveys to Trustee, in trust,
power of sale, the following described property located in the
County
[Type of Recording Jurisdiction] of Maricopa
SEE LEGAL [Name of Recording Jurisdiction):
DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF AS EXHIBIT
5	1	11	1	1	13	1844	1866	45	24	82.720894	A.
APN #: 21014026D
which currently has the address of 616 E Yearling Rd, Phoenix,
Arizona 85085 [Street][City]
(‘Property Address’):
[Zip Code]
TOGETHER WITH all the improvements now or hereafter erected on the property, and all
and fixtures now or hereafter a part of the All easements, appurtenances,
property. replacements and additions shall also be covered by this Security
Instrument. Alf of the foregoing is referred to in this Security Instrument the
as “Property.” Borrower understands and
agrees that MERS holds only legal title to the interests granted by Borrower in this
to comply with law Security Instrument, but, if necessary
or custom, MERS (as nominee for Lender and Lender's successors and has
exercise any or all of those interests, assigns) the right: to
including, but not limited to, the tight to foreclose and sell the Property; and to take
any action required of Lender including, but not limited to, releasing and
canceling this Security Instrument.
BORROWER COVENANTS that Borrower is lawfully seised of the estate
and the hereby conveyed and has the right to grant
convey Property and that the Property is unencumbered, for
warrants and will defend except encumbrances of record. Borrower
generally the title to the Property against all claims and demands, to
encumbrances of record. subject any
ARIZONA--Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3003 4/04 {rev. 6/02) intiate LY. 7)
Ellie Mae, Inc.
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THIS SECURITY INSTRUMENT LOAN #: 400220102678464
combines uniform covenants for national use and non-uniform covenants with
limited variations by jurisdiction to constitute a uniform security instrument
covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow items, Prepayment
Charges, and Late Charges. Borrower shall pay
any or all subsequent Lender unpaid, Lender may require that
payments due under the Note and this Security Instrument be made in
forms, as selected by Lender: one or more of the following
(a) cash; (b) money order; (c) certified check, bank check, treasurer’s check
check, provided any such check is drawn an institution or cashier's
upon whose deposits are insured by a federal agency,
instrumentality, or entity; or (d) Electronic Funds Transfer.
Payments are deemed received by Lender when received at the location designated in the Note
location as may be designated by Lender in accordance or at such other
with the notice provisions in Section 15. Lender return
payment or partial payment if the payment or partial may any
payments are insufficient to bring the Loan current. Lender
accept any payment or partial payment insufficient to bring the Loan without may
prejudice to its rights to refuse current, waiver of any rights hereunder or
such payment or partial payments in the future, but Lender is not obligated to apply such
payments at the time such payments are accepted. If each Periodic
then Lender Payment is applied as of its scheduled due date,
need not pay interest on unapplied funds. Lender hold such
may unapplied funds until Borrower makes
payment to bring the Loan current. If Borrower does not do so within a reasonable
apply such funds period of time, Lender shall either
or return them to Borrower. If not applied earlier, such funds will be applied to the
balance under the Note immediately prior to foreciosure. No outstanding principal
future offset or claim which Borrower might have now or in the
against Lender shall relieve Borrower from making payments due under the Note and this
or performing the covenants and Security Instrument
agreements secured by this Security Instrument.
2. Application of Payments or Proceeds, Except as otherwise described in this Section
and applied by Lender shall be applied in the 2, allpayments accepted
following order of priority: (a) interest due under the Note; (b) principal
due under the Note; (c) amounts due under Section 3. Such
order in payments shall be applied to each Periodic Payment in the
which it became due. Any remaining amounts shail be applied first to late
due under this charges, second to any other amounts
Security Instrument, and then to reduce the principal balance of the Note.
if Lender receives a payment from Borrower for a delinquent Periodic
to late Payment which includes a sufficient amount
pay any charge due, the payment may be applied to the delinquent payment and the fate
one Periodic Payment is charge. If more than
outstanding, Lender may apply any payment received from Borrower to the repayment of the
Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that
the payment is applied to the full of any excess exists after
payment one or more Periodic Payments, such excess may be applied to late
charges due. Voluntary prepayments shall be applied first to any
any prepayment charges and then as described in the Note.
Any application of payments, insurance proceeds, or Miscellaneous Proceeds to
not extend principal due under the Note shall
or postpone the due date, or change the amount, of the Periodic
Payments.
3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic
until the Note is paid in Payments are due under the Note,
full, a sum (the °F unds’) to provide for payment of amounts due for: (a) taxes and
and other items which can attain priority over this Security Instrument assessments
leasehald as a fien or encumbrance on the Property; (b)
payments or ground rents on the Property, if any; {c) premiums for any and all insurance
under Section 5; and (d) Mortgage Insurance required by Lender
the premiums, if any, Or any sums payable by Borrower to Lender in lieu of
payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items
“Escrow Items." At origination or at any time during the term of the Loan, Lender are called
Dues, Fees, and may require that Community Association
Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be
Escrow Item. Borrower shall promptly furnish to Lender all notices of an
shall amounts to be paid under this Section. Borrower
pay Lender the Funds for Escrow Items unless Lender waives Borrower's
all Escrow Items. Lender obligation to pay the Funds for any or
may waive Borrower's obligation to pay to Lender Funds for any or all Escrow ftems at time.
Any such waiver may only be in writing. In the event of such waiver, Borrower any
the shall pay directly, when and where payable,
amounts due for any Escrow Items for which payment of Funds has been waived Lender
Shall furnish to Lender by and, if Lender requires,
receipts evidencing such payment within such time period as Lender may require. Borrower's
obligation to make such payments and to provide receipts shall for all be deemed
purposes to be a covenant and
agreement contained in this Security Instrument, as the phrase “covenant and
Borrower is agreement” is used in Section 9. If
obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to the amount due for
an Escrow Item, Lender may exercise its rights under Section 9 and such pay
pay amount and Borrower shall then be
obligated under Section 9 to repay to Lender any such amount. Lender revoke the waiver
Items at time may as to any or all Escrow
any by a notice given in accordance with Section 15 and, such
Lender all Funds, and in such upon revocation, Borrower shall pay to
amounts, that are then required under this Section 3.
Lender may, at any time, collect and hoid Funds in an amount (a) sufficient to permit Lender to
the time apply the Funds at
specified under RESPA, and (b) not to exceed the maximum amount a fender can tequire under RESPA.
shail estimate the amount of Funds due on the basis of current data and Lender
Escrow Items reasonable estimates of expenditures of future
or otherwise in accordance with Applicable Law.
The Funds shall be held in an institution whose deposits are insured
by a federal agency, instrumentality, or entity
(including Lender, if Lender is an institution whose deposits are so insured) or in Federal Home Loan
apply the Funds to pay the Escrow {tems later than any Bank. Lender shall
no the time specified under RESPA. Lender shall not charge Borrower
for holding and applying the Funds, annually analyzing the escrow
account, or verifying the Escrow Items, unless Lender
pays Borrower interest on the Funds and Applicable Law permits Lender to make such
made in writing or Applicable Law a charge. Unless an agreement is
requires interest to be paid on the Funds, Lender shall not be required to Borrower
any interest or earnings on the Funds. Borrower and Lender pay
Funds. Lender can agree in writing, however, that interest shall be paid on the
shall give to Borrower, without charge, an annual accounting of the Funds
If there is a surplus of Funds held in as required by RESPA.
escrow, as defined under RESPA, Lender shall account to Borrower for the
funds in accordance with RESPA. If there is a shortage of Funds held in excess
Borrower escrow, as defined under RESPA, Lender shall notify
as required by RESPA, and Borrower shall pay to Lender the amount to
necessary make up the shortage in
ARIZONA--Singie Family--Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3003 1/04 (rev. 6/02) wits ULI
Ellie Mae, ine,
Page 3 of 9 AZEDE 15
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accordance with LOAN #: 400220102678464
RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in
under RESPA, Lender shall notify Borrower escrow, as defined
as required by RESPA, and Borrower shall pay to Lender the amount
to make up the deficiency in accordance with RESPA, but in no more than 12 necessary
monthly payments.
Upon payment in full of all sums secured by this Security Instrument, Lender shall
Funds held by Lender. promptly refund to Borrower any
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and
impositions attributable to the
Property which can attain priority over this Security instrument, leasehold
if and payments or ground rents on the Property,
any, Community Association Dues, Fees, and Assessments, if any. To the extent that these items Escrow
Borrower shall pay them in the manner provided in Section 3. are ltems,
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower:
agrees in writing to the payment of the obligation secured by the lien in (a)
a manner acceptable to Lender, but only so long
as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends
lien in, legal against enforcement of the
proceedings which in Lender's Opinion operate to prevent the enforcement of the lien while those
proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien
agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines an
of the Property is subject to a lien which can attain that any part
priority over this Security Instrument, Lender may give Borrower a
notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shail
one or more of the actions set forth above in satisfy the lien or take
this Section 4.
Lender may require Borrower ta pay a one-time charge for a real estate tax verification and/or
by Lender in connection with this Loan. reporting service used
5. Property Insurance. Borrower shall keep the improvements
now existing or hereafter erected on the Property
insured against loss by fire, hazards included within the term “extended
but not limited coverage,” and any other hazards including,
to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in
the amounts (including deductible levels) and for the periods that Lender requires. What Lender
the preceding sentences requires pursuant to
can change during the term of the Loan. The insurance carrier providing the insurance shall
be chosen by Borrower subject to Lender's right to disapprove Borrower’s
choice, which right shall not be exercised
unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: {a) a one-time charge for fload
Zone determination, certification and tracking services: or (b) a one-time charge for flood zone determination and
Certification services and subsequent charges each time remappings or similar changes occur which
affect such determination or certification. Borrower shall also be reasonably might
the responsible for the payment of any fees imposed by
Federal Emergency Management Agency in connection with the review of any flood zone determination
from an objection by Borrower. resulting
If Borrower fails to maintain any of the coverages described above, Lender obtain
Lender's may insurance coverage, at
option and Borrower's expense. Lender is under no obligation to purchase particular
any type or amount of
coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower’s in
the Property, or the contents of the Property, against risk, hazard equity
any or liability and might provide greater or lesser
coverage than was previously in effect. Borrower acknowledges that the cost of the insurance
might significantly exceed the cost of insurance that Borrower coverage so obtained
could have obtained. Any amounts disbursed by Lender
under this Section 5 shall become additional debt of Borrower secured this
by Security Instrument. Fhese amounts shall
bear interest at the Note rate from the date of disbursement and shall be
Lender payable, with such interest, upon notice from
to Borrower requesting payment.
All insurance policies required by Lender and renewals of such policies shall be subject to Lender's
disapprove such policies, shall include a standard right to
mortgage clause, and shall name Lender as mortgagee and/or as
an additional loss payee. Lender shalt have the right to hold the policies and renewal certificates. If
Borrower shall promptly give to Lender all receipts of paid Lender requires,
premiums and renewal notices. If Borrower obtains any form
of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the such
include a standard clause Property, policy shall
mortgage and shall name Lender as mortgagee and/or as an additional loss
In the event of loss, Borrower shall give prompt notice to the insurance carrier payee.
of loss if not made and Lender. Lender may make proof
promptly by Borrower. Unless Lender and Borrower otherwise in
agree writing, any insurance
proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration
the Property, if the restoration or repair is or repair of
economically feasible and Lender's security is not lessened. During such repair
and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had
to inspect such Property to ensure the work has been an opportunity
completed to Lender's satisfaction, provided that such inspection
shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in
a series of a single payment ar in
progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law
requires interest to be paid on such insurance proceeds, Lender shall not be required to Borrower
pay any interest or
earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be
of the insurance proceeds and shall be the sole paid out
obligation of Borrower. If the restoration or repair is not economically
feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the
sums secured by this
Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance
be applied in the order provided for in Section 2. proceeds shall
lf Borrower abandons the Property, Lender may file, negotiate and settle available insurance claim
matters. If Borrower does not respond within 30 any and related
days to a notice from Lender that the insurance carrier has offered to
settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the
in either event, or if Lender acquires the notice is given.
Property under Section 22 or otherwise, Borrower hereby assigns to Lender
(a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts under
unpaid the Note or this
Security Instrument, and (b) any other of Borrower's rights (other than the right to refund of unearned
paid by Borrower) under all insurance any premiums
policies covering the Property, insofar as such rights are applicable to the
coverage of the Property. Lender may use the insurance proceeds either to
amounts repair or restore the Property or to pay
unpaid under the Note or this Security Instrument, whether or not then due.
6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's
80 days after the execution of this Instrument principal residence within
Security and shall continue to occupy the Property as Borrower’s principal
residence for at least one year after the date of occupancy, unless Lender otherwise
shall not be agrees in writing, which consent
unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control.
ARIZONA--Single Famlly--Fannte Maei/Freddie Mac UNIFORM INSTRUMENT Form 3003 41/01 {rev. 6/02}
Ellie Mae, Inc.
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7. LOAN #: 400220102678464
Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not
damage or impair the Property, allow the Property to deteriorate commit destroy,
or waste on the Property. Whether or nat
Borrower is residing in the Property, Borrower shall maintain the Property in order to
prevent the Property from
deteriorating or decreasing in value due to its condition. Unless it is determined
pursuant to Section 5 that repair or
restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further
deterioration or damage. If insurance or condemnation proceeds are paid in connection with
of, the damage to, or the taking
Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released
proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in
a series of a single payment or in
progress payments as the work is completed. if the insurance or condemnation
to proceeds are not sufficient
repair or restore the Property, Borrower is not relieved of Borrawer’s obligation for the
restoration. completion of such repair or
Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable
Lender may inspect the interior of the improvements on the Property. Lender shall cause,
give Borrower notice at the time of
or prior to such an interior inspection specifying such reasonable
cause.
8. Borrower’s Loan Application. Borrower shall be in default if, during the Loan
of application process, Borrower
any persons or entities acting at the direction of Borrower or with Borrower's
false, knowledge or consent gave materially
misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material
in connection with the Loan. Material information)
representations include, but are not limited to, representations concerning
Borrower's occupancy of the Property as Borrower's principal residence,
. Protection of Lender’s Interest in the Property and Rights Under this Instrument.
fails to Security If (a) Borrower
perform the covenants and agreements contained in this Security Instrument, (b) there is
might significantly affect Lender's interest in the a legal proceeding that
Property and/or rights under this Security Instrument (such as a
proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which attain
over this Security Instrument or to enforce laws or regulations), or (c) Borrower has may priority
abandoned the Property, then Lender
may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the
this Property and rights under
Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or
the Property. Lender's actions can include, but are not limited to: (a) paying repairing
any sums secured by a lien which has priority
over this Security Instrument; (b} appearing in court; and (c) paying reasonable attorneys’ fees to its interest
the Property and/or rights under this protect in
Security Instrument, including its secured position ina bankruptcy proceeding.
Securing the Property includes, but is nat limited to, entering the Property to make
board doors and repairs, change locks, replace or
up windows, drain water from pipes, eliminate building or other code violations
or dangerous
conditions, and have utilities turned on or off. Although Lender may take action under this Section Lender
have to do so and is not under duty 9, does not
any or obligation to do so. it is agreed that Lender incurs no liability for not taking
any or all actions authorized under this Section 9.
Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower
secured by this
Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and
shall be
payable, with such interest, upon notice from Lender to Borrower
requesting payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower
not surrender the leasehold estate and interests herein shall
conveyed or terminate or cancel the ground lease. Borrower shall
not, without the express written consent of Lender, alter or amend the ground {ease. If Borrower fee
acquires title to the
Property, the leasehold and the fee title shall not merge unless Lender to the in
agrees merger writing.
10. Mortgage Insurance, If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall
pay the premiums required to maintain the Mortgage Insurance in effect. If, for the
any reason, Mortgage Insurance
coverage required by Lender ceases to be available from the mortgage insurer that
previously provided such insurance
and Borrower was required to make separately designated payments toward the premiums for
Borrower shall the Mortgage Insurance,
pay premiums Ttequired to obtain coverage substantially equivalent to the Mortgage Insurance
previously in effect, at a cost substantially equivalent to the cost to Borrower of the Insurance
effect, from an alternate Mortgage previously in
mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance
is not available, Borrower shall continue to pay to Lender the amount of the coverage
due when the insurance separately designated payments that were
coverage ceased to be in effect. Lender will accept, use and retain these
refundable loss reserve in lieu of Mortgage Insurance. payments as a non-
Such loss reserve shall be non-refundable, notwithstanding the
fact that the Loan is ultimately paid in full, and Lender shall not be required to Borrower
such loss pay any interest or earnings on
reserve. Lender can no longer require loss reserve payments if Mortgage Insurance the
and for the period that Lender coverage (in amount
requires) provided by an insurer selected by Lender again becomes available, is obtained,
and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender
Mortgage Insurance as a condition of making the Loan and Borrower required
was required to make separately designated
payments toward the premiums for Mortgage Insurance, Borrower shall the
pay premiums required to maintain
Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's
Insurance ends in accordance with requirement for Mortgage
any written agreement between Borrower and Lender providing for such termination
or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower’s
at the rate provided in the Note. obligation to pay interest
Mortgage Insurance reimburses Lender {or any entity that purchases the Note) for certain losses it incur if
Borrower does not tepay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. may
Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and enter into
agreements with other parties that share or modify their risk, or reduce losses. These may
conditions that agreements are on terms and
are satisfactory to the mortgage insurer and the other party (or parties) to these These
agreements.
agreements may require the mortgage insurer to make Payments using any source of funds that the insurer
may have available (which may include funds obtained from mortgage
Mortgage Insurance premiums),
As a result of these agreements, Lender, any purchaser of the Note, another insurer,
or any affiliate of of the any reinsurer, any other entity,
any foregoing, may receive (directly or indirectly) amounts that derive from (or might be
characterized as) a portion of Borrower's payments for Mortgage Insurance, in for
exchange sharing or modifying the
mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes
insurer's risk in exchange for a share of the a share of the
premiums paid to the insurer, the arrangement is often termed “captive
reinsurance.” Further:
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LOAN #: 400220102678464
{a) Any such agreements will not affect the amounts that Borrower has
agreed to pay for Mortgage
Insurance, or any other terms of the Loan. Such agreements will not increase the amount
Borrower will owe for
Mortgage Insurance, and they will not entitle Borrower to any refund.
{b) Any such agreements will not affect the rights Borrower has - if any - with respect to the
Insurance under the Homeowners Protection Act of 1998 or other law. These Mortgage
receive any rights may include the right to
certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the
Insurance terminated Mortgage
automatically, and/or to receive a refund of any Mortgage Insurance premiums that were
unearned at the time of such cancellation or termination.
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds
shall be paid to Lender. are hereby assigned to and
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration
if the restoration or repair of the Property,
or repair is economically feasible and Lender's security is not lessened. During such and
restoration period, Lender shall have the right to hold such Miscellaneous Praceeds until repair
to Lender has had an opportunity
inspect such Property to ensure the work has been campleted to Lender's satisfaction, that
shall be undertaken provided such inspection
promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of
progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law
to be paid on such Miscellaneous requires interest
Proceeds, Lender shall not be required to pay Borrower any interest or earnings on
such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's
security would be
lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether
then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds or not
shall be applied in the order provided
for in Section 2.
In the event of a total taking, destruction, or foss in value of the Property, the Miscellaneous
Proceeds shall be
applied to the sums secured by this Security Instrument, whether or not then due, with the if
Borrower. excess, any, paid to
In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the
Property
immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the
secured by this Security Instrument immediately before the sums
partial taking, destruction, or loss in value, unless Borrower
and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced the
of the Miscellaneous Proceeds by amount
multiplied by the following fraction: (a) the total amount of the sums secured immediately
before the partial taking, destruction, or loss in value divided by (b) the fair market value of the
before the partial taking, destruction, or loss in value. Any balance shall be to Property immediately
paid Borrower.
In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the
Property
immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured
immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise
writing, the Miscellaneous Proceeds shall be applied to the sums secured this agree in
by Security Instrument whether or not
the sums are then due.
if the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the
in the next Opposing Party (as defined
sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within
30 days after the date the notice is given, Lender is authorized to collect and the Miscellaneous
apply Proceeds either
to restoration or repair of the Property or to the sums secured by this Security Instrument, whether not
or then due.
“Opposing Party” means the third party that owes Borrower Miscellaneous Proceeds the
or party against whom
Borrower has a right of action in regard to Miscellaneous Proceeds.
Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
could result in forfeiture of the Property or other materiat impairment of Lender’s interest in the judgment,
this Property or rights under
Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate in
Section 19, by causing the action or proceeding to be dismissed with as provided
a ruling that, in Lender's judgment, precludes
forfeiture of the Property or other material impairment of Lender's interest in the
Property or rights under this Security
Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender’s interest
in the Property are hereby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order
provided for in Section 2.
12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for
modification of amortization of the sums secured by this Security Instrument payment or
granted by Lender to Borrower or any
Successor in Interest of Borrower shalt not operate to release the liability of Borrower or Successors in Interest of
any
Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower to
or
refuse to extend time for payment or otherwise madify amortization of the sums secured by this Instrument
Security by
reason of any demand made by the original Borrower or any Successors in Interest of Borrower. forbearance
Lender in Any by
exercising any right or remedy including, without limitation, Lender’s acceptance of payments from third
persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver
of or preclude the exercise of any right or remedy.
13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and
that Borrower's obligations and liability shall be joint and several. However, Borrower who agrees
any co-signs this Security
Instrument but does not execute the Note {a “co-signer’): (a) is co-signing this Secutity Instrument to
only mortgage,
grant and convey the co-signer’s interest in the Property under the terms of this Security Instrument; (b) is not
obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and other Borrower personally
any can
agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument
the Note without the co-signer's consent. or
Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's
under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's obligations
rights and benefits
under this Security Instrument. Borrower shall not be released from Borrower's
obligations and liability under this
Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this
Instrument shall bind (except as provided in Section 20) and benefit the successors and Security
assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's
for the purpose of protecting Lender's interest in the Property and default,
rights under this Security Instrument, including, but
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not limited _ LOAN #: 400220102678464
to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of
authority in this Security Instrument to charge a specific fee to Borrower shail not be construed express
as a prohibition on the
charging of such fee. Lender may not charge fees that are expressly prohibited by this
Security Instrument or by
Applicable Law.
if the Loan is subject 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
such loan charge shall be reduced permitted fimits, then: (a) any
by the amount necessary to reduce the charge to the permitted limit; and (b)
sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender any
to make this refund by reducing the principal owed under the Note may choose
or by making a direct payment to Borrower. If a refund
reduces principal, the reduction will be treated as a partial prepayment without
any prepayment charge (whether or not
a prepayment charge is provided for under the Note). Borrower's acceptance of such refund made
any by direct
payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such
15. Notices, All notices given by Borrower or Lender in connection with this overcharge.
Security Instrument must be in writing.
Any natice to Borrower in connection with this Security Instrument shall be deemed to have been to
mailed by first class mail or when actually delivered to Borrower's given Borrower when
notice address if sent by other means. Notice to any
one Borrower shall constitute notice to all Borrowers unless Applicable Law
expressly requires otherwise. The notice
address shall be the Property Address unless Borrower has designated a substitute notice address
by notice to Lender.
Borrower shall promptly hotify Lender of Borrower’s change of address. If Lender specifies
a procedure for reporting
Borrower's change of address, then Borrower shall only report a change of address through that
There be specified procedure.
may only one designated notice address under this Security Instrument at any one time. Any notice to Lender
shall be given by delivering it or by mailing it by first class mail to Lender’s address stated herein unless
Lender has
designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be
deemed to have been given to Lender until actually received by Lender. If notice this
any required by Security Instrument
is also required under Applicable Law, the Applicable Law requirement will satisfy the
corresponding requirement under
this Security Instrument.
16, Governing Law; Severability; Rules of Construction. This Security Instrument shall be
law and the law of the jurisdiction in which the governed by federal
Property is located. All rights and obligations contained in this Security
Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law
allow the might explicitly or implicitly
parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition
against
agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with
Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which be
effect without the conflicting provision. can given
As used in this Security Instrument: (a) words of the masculine gender shall mean and include
corresponding neuter
words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice and
(c) the word “may" gives sole discretion without any obligation to take action. versa:
any
17. Borrower’s Copy. Borrower shall be given one copy of the Note and of this Security Instrument.
18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, “Interest in the
Property” means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests
transferred in a bond for deed, contract for deed, installment sales contract
or escrow agreement, the intent of which
is the transfer of title by Borrower at a future date to a purchaser.
{f all or any part of the Property or any Interest in the Property is sold or transferred {or if Borrower is not
a natural
person and a beneficial interest in Borrower is sold or transferred) without Lender's written
prior consent, Lender may
require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be
exercised by Lender if such exercise is prohibited by Applicable Law.
if Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall
of not less than 30 days from the date the notice is given in accordance provide a period
with Section 15 within which Borrower must pay
all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this
Lender may invoke any remedies permitted by this Security Instrument without further notice demand period,
or on Borrower.
19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have
the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of five
before sale of the Property pursuant to any power of sale contained in this {a) days
Security Instrument; (b) such other period
as Applicable Law might specify for the termination of Borrawer's right to reinstate; or (c) entry of a judgment
this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due enforcing under
this Security Instrument and the Note as if no acceleration had occurred; {b) cures any default of other covenants
any
or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited
to,
reasonable attorneys’ fees, property inspection and valuation fees, and other fees incurred for the of
Lender's interest in the Property and rights under this purpose protecting
Security Instrument; and (d} takes such action as Lender may
reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and
Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender
require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected may
by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer’s check or cashier's
check, provided
any such check is drawn upon an institution whose deposits are insured by a federal
agency, instrumentality or entity;
or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and
obligations secured
hereby shail remain fully effective as if no acceleration had occurred. However, this right to reinstate shall nat in
the case of acceleration under Section 18. apply
20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note
{together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale
result in a change in the entity (known as the “Loan Servicer’) that collects Periodic might
Payments due under the Note and
this Security Instrument and performs other mortgage loan servicing obligations under the Note, this
Security
Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of
the Note. if there is a change of the Loan Servicer, Borrower will be given written notice of the
change which will state
the name and address of the new Loan Servicer, the address to which should be
payments made and any other
information RESPA requires in connection with a notice of transfer of servicing. If the Note is sald and thereafter the Loan
is serviced by a Loan Servicer other than the purchaser of the Note, the loan
mortgage servicing obligations to Borrower
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will remain with the Loan Servicer or be transferred LOAN #: 400220102678464
to a successor Loan Servicer and are not assumed by the Note
purchaser unless otherwise provided by the Note purchaser.
Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual
or the member of a class) that arises from the other party’s actions litigant
pursuant to this Security Instrument or that alleges
that the other party has breached any provision of, or any duty owed by reason of, this
Borrower Security Instrument, until such
or Lender has notified the other party (with such notice given in compliance with the
15) of such alleged breach and afforded the other requirements of Section
party hereto a reasonable period after the giving of such notice to
take corrective action. lf Applicable Law provides a time period which must elapse before certain
that time period will be deemed to be action can be taken,
reasonable for purposes of this paragraph. The notice of acceleration and
opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration
to Section 18 shall be deemed to the given to Borrower pursuant
satisfy notice and opportunity to take corrective action provisions of this Section
20
21. Hazardous Substances. As used in this Section 21: {a) “Hazardous Substances”
are those substances defined
as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the
following substances: gasoline,
kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile
solvents, materials
containing asbestos or formaldehyde, and radioactive materials: (b) “Environmental Law"
of the means federal laws and laws
jurisdiction where the Property is located that relate to health, safety or environmental
“Environmental Cleanup” includes protection: (c)
any response action, remedial action, or removal action, as defined in Environmentat
Law; and (d) an “Environmental Condition’ means a condition that
can cause, contribute to, or otherwise trigger an
Environmental Cleanup.
Borrower shail not cause or permit the presence, use, disposal, storage, or release of Hazardous
or threaten to release Hazardous any Substances,
any Substances, on or in the Property. Borrower shall not do, nor allow else
to do, anything affecting the Property (a) that is in violation of Environmental anyone
any Law, (b) which creates an Environmental
Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates
a condition that
adversely affects the value of the Property. The preceding two sentences shall not apply to the
on the Property of small quantities of Hazardous presence, use, or storage
Substances that are generally recognized to be appropriate to normal
residential uses and to maintenance of the Property (including, but not limited to, hazardous
substances in consumer
products).
Borrower shail promptly give Lender written notice of {a) any investigation, claim, demand, lawsuit other
or action
by any governmental or regulatory agency or private party involving the Property and Hazardous Substance
Environmental Law of which Borrower has actual any or
knowledge, (b) any Environmental Condition, including but not limited
to, any spilling, leaking, discharge, release or threat of release of Hazardous
any Substance, and (c) any condition
caused by the presence, use or release of a Hazardous Substance which affects
If adversely the value of the Property.
Borrower learns, or is notified by any governmental or regulatory authority, or private that
other remediation of any party, any removal or
any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all
necessary remedial actions in accordance with Environmental Law. Nothing herein shall create
for any obligation on Lender
an Environmental Cleanup.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration
following Borrower's
breach of any covenant or agreement in this Security Instrument (but not prior fo acceleration under Section 18
unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b} the action to
cure the default; (c) a date, not less than 30 days from the date the notice is to required
given Borrower, by which the default
must be cured; and (d) that failure to cure the default on or before the date specified in the notice
may result in
acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further
inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the
existence of a default or any other defense of Borrower to acceleration and sale. If the default is non-
not cured on
or before the date specified in the notice, Lender at its option immediate
may require payment in full of all sums
secured hy this Security Instrument without further demand and invoke the of
may power sale and any other
remedies permitted by Applicable Law. Lender shall be entitled to collect ali incurred in
expenses pursuing the
remedies provided in this Section 22, including, but not limited to, reasonable attorneys’ fees and costs of title
evidence.
if Lender invokes the power of sale, Lender shall give written notice to Trustee of the occurrence of event
of default and of Lender's election to cause the Property to be sold. Trustee shall an
record a notice of sale in each
county in which any part of the Property is located and shall mail copies of the notice as prescribed
Law to Borrower and to the other by Applicable
persons prescribed by Applicable Law. After the time required by Applicable
Law and after publication and posting of the notice of sale, Trustee, without demand
on Borrower, shail sell the
Property at public auction to the highest bidder for cash at the time and place designated in the notice of sale.
Trustee may postpone sale of the Property by public announcement at the time and place of
scheduled sale, Lender or its designee purchase the any previously
may Property at any sale.
Trustee shall deliver to the purchaser Trustee’s deed conveying the Property without
any covenant or
warranty, expressed or implied. The recitals in the Trustee’s deed shall be prima facie evidence of the truth of
the statements made therein. Trustee shall apply the proceeds of the sale in the following order: to all
(a)
expenses of the sale, including, but not limited to, reasonable Trustee’s and
attorneys’ fees; (b) to all sums
secured by this Security instrument; and {c} any excess to the person or persons legally entitled to it or to the
county treasurer of the county in which the sale took place.
23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this
Instrument. Borrower shall Pay any recordation costs. Lender may charge Borrower a fee for this Security
Instrument, but only if the fee is paid to a third party for services rendered and the releasing Security
charging of the fee is permitted under
Applicable Law.
24, Substitute Trustee. Lender may, for any reason or cause, from time to time remove Trustee and
appoint a
successor trustee to any Trustee appointed hereunder. Without conveyance of the Property, the successor trustee shall
succeed to all the title, power and duties conferred upon Trustee herein and
by Applicable Law.
25. Time of Essence. Time is of the essence in each covenant of this Security Instrument.
fj
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LOAN #: 400220102678464
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Instrument and in any Rider executed by Borrower and recorded with it. Security
{Seal}
; ASWRUSTEE OF EVERETT RAY MOUDY AND JOANNE
ELIZABETH MOUDY LIVING TRUST UNDER TRUST INSTRUMENT DATED
02/20/2017 AMENDED 05/30/2019
Ow) &
5/13 /BOASD (Seal)
JOANNE E MOUDY, AS TRUSTEE OF EVERETT RAY MOUDY AND JOANNE DATE
ELIZABETH MOUDY LIVING TRUST UNDER TRUST INSTRUMENT DATED
02/20/2017 AMENDED 05/30/2019
BY SIGNING BELOW the undersigned, Settlor(s) of Everett Ray Moudy and Joanne Elizabeth
under trust instrument dated 02/20/2017 Moudy Living Trust
amended 05/30/201 9, acknowledges all of the terms and covenants
contained in this Security Instrument and any rider(s) thereto and agrees to be bound thereby.
(SEAL) TRUST SETTLOR
2 (SEAL) TRUST SETTLOR
J E E MOUDY AS
State of ARIZONA
County of MARICOPA
The foregoing instrument was acknowledged before me this ay \3- 2O Zo
EVERETT R MOUDY AND JOANNE E MOUDY. (date) by
My Commission Expires: S} . AO a4 \{M——___
.
ublic
wears beaver Cc
Lender: Mortgage Research Center, LLC dha Veterans United Home Loans
NMLS ID: 1907
Loan Originator: John Parker
NMLS [D: 996540
EANA LOWRANCE }
iieiny Public - Arizona
Maricopa County 7}
My Cammussion Exptes
4/30;
Commission # 315444
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LOAN #: 400220102678464
CASE #: 45-45-6-3162493
MIN: 1003502-9102678464-4
VA GUARANTEED LOAN AND ASSUMPTION POLICY RIDER
NOTICE: THIS LOAN IS NOTASSUMABLE
WITHOUT
THE APPROVAL OF THE DEPARTMENT
OF
VETERANS AFFAIRS OR ITS AUTHORIZED AGENT.
THIS VA GUARANTEED LOAN AND ASSUMPTION POLICY RIDER is made this
13th day of May, 2020, and is incorporated into and shall be deemed
to amend and supplement the Mortgage, Deed of Trust or Deed to Secure Debt
“Security Instrument”) dated of even date herewith, given by the undersigned {herein (herein
“Borrower’) to secure Borrower's Note to Mortgage Research Center, LLC dha Veterans
United Home Loans, a Missouri Limited Liability Company
and covering the Property described in the {herein “Lender’)
Security Instrument and located at
616 E Yearling Rd
Phoenix, AZ 85085
VAGUARANTEED LOAN COVENANT. In addition to the covenants and agreements made
in the Security Instrument, Borrower and Lender further covenant and follows:
agree as
Ifthe indebtedness secured hereby be guaranteed or insured under Title 38, United States
Code, such Title and Regulations issued thereunder and in effect on the date hereof shall
gavern the rights, duties and liabilities of Borrowerand Lender. Any provisions ofthe
Instrument or other instruments executed in connection with said indebtedness mpriiad whic
are inconsistent with said Title or Regulations, including, but not limited to, the
for payment of any sum in connection with prepayment of the secured indebtedness pe
and the provision that the Lender may accelerate payment of the secured indebtedness
pursuant to Covenant 18 of the Security Instrument, are hereby amended or negated to
the extent necessary to conform such instruments fo said Title or Regulations.
LATE CHARGE: At Lender’s option, and as allowed by applicable state law, Borrower will
pay a “late charge” not exceeding four centum (4%) of the overdue payment when
paid more than fifteen (" 5) days after pet the due date thereof to cover the extra
involved in handling delinquent payments, but such “late charge” shall not be expense payable
out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless
such proceeds are sufficient to discharge the entire indebtedness and all costs
and expenses secured hereby. proper
GUARANTY: Should the Department of Veterans Affairs fail or refuse to issue its
in full amount within 60 days from the date that this loan would become guaranty
for such guaranty committed the normally eligible
upon by Papen of Veterans Affairs under the
provisions of Title 38 of the U.S. Code “Veterans Benefits,” the Mortgagee
indebtedness may declare the
hereby secured at once due and payable and may foreclose a or
may exercise any other rights hereunder or take any other proper action as by law necisee provided.
TRANSFER OF THE PROPERTY: This loan may be declared immediately due and
payable upon transfer of the property securing such loan to any transferee, unless the
acceptability of the assumption of the loan is established pursuant to Section 3714 of
Chapter 37, Title 38, United States Code.
An authorized transfer (“assumption”) of the property shall also be subject to additional
covenants and agreements as set forth below:
{a) ASSUMPTION FUNDING FEE: A fee equal to one-half of 1 percent (.50%) of the
balance of this loan as of the date of transfer of the property shall be payable at the time of
transfer to the loan holder or its authorized agent, as trustee for the Departmento
eterans
VA GUARANTEED LOAN AND ASSUMPTION POLICY RIDER
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LOAN #: 400220102678464
Affairs. If the assumer fails to pay this fee at the time of transfer, the fee shall constitute
an additional debt to that already secured by this instrument, shall bear interest at the rate
herein provided, and, at the option of the payee of the indebtedness hereby secured or
any transferee thereof, shall be immediately due and This fee is automatically
waived if the assumer is under the provisions of Bayete. 38 U.S.C. 3729 (c).
oe
{b) ASSUMPTION PROCESSING CHARGE: Upon for approval to allow
meBulnpaor ofthis loan, a processing fee may be charged by application the loan holder or its authorized
agent for determining the creditworthiness of the assumer and eet revising the
holder's ownership records when an approved transfer is completed. Mond The amount of this
charge shall not exceed the maximum established by the Department of Veterans Affairs
for a loan to which Section 3714 of Chapter 37, Title 38, United States Code applies.
(c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, then the
assumer hereby agrees to assume all of the obligations of the veteran under the terms of
the instruments creating and securing the loan. The assumer further agrees to indemnify
the Department of Veterans Affairs to the extent of any claim payment arising from the
guaranty or insurance of the indebtedness created by this instrument.
IN WITNESS WHEREOF, Borrower(s) has executed this VA Guaranteed Loan and
Assumption Policy Rider.
TAS bN6Seal)
AS TRUSTEE OF EVERETT RAY MOUDY AND JOANNE DATE
ELIZABETH MOUWDY LIVING TRUST UNDER TRUST INSTRUMENT DATED
02/20/2017 AMENDED 05/30/2019
Aocaso é YY) 5/13
[Ro20 (Seal)
JOANNE E MOUDY, AS TRUSTEE OF EVERETT RAY MOUDY AND JOANNE DATE
ELIZABETH MOUDY LIVING TRUST UNDER TRUST INSTRUMENT DATED
02/20/2017 AMENDED 05/30/2019
VA GUARANTEED LOAN AND ASSUMPTION POLICY RIDER Initials:
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emer
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LOAN #: 400220102678464
BY SIGNING BELOW. the undersigned, Settlor(s) of Everett
Living Trust under trust Ray Moudy and Joanne Elizabeth Moudy
instrument dated 02/20/2017 amended 05/30/2019,
terms and covenants contained in this acknowledges all of the
bound Security Instrument and any rider(s) thereto and agrees to be
thereby.
(SEAL) TRUST SETTLOR
EVER’ R
dk O E, wv) AL) Ay
Rane (SEAL) TRUST SETTLOR
JOANNE E MOUuDY 7 g
VA GUARANTEED LOAN AND ASSUMPTION POLICY RIDER
{nitials: LH fon
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LOAN #: 400220102678464
INTER VIVOS REVOCABLE TRUST RIDER
DEFINITIONS USED IN THIS RIDER
(A) “Revocable Trust" means Everett Ray Moudy and Joanne Elizabeth Moudy
Living Trust
created under trust instrument dated February 20, 2017
(B) “Revocable Trust Trustee(s)” means Everett R Moudy AND Joanne E Moudy
trustee(s) of the Revocable Trust.
(C) “Revocable Trust Settlor(s)” means Everett R Moudy AND Joanne E Moudy
settlor(s) of the Revocable Trust.
{D)“Lender’ means Mortgage Research Center, LLC dba Veterans United Home Loans, a
Missouri Limited Liability Company
({E) “Security Instrument” means the Deed of Trust, Mortgage, or Security Deed,
and any riders thereto of the same date as this Rider given to secure the Note to the
Lender of the same date and covering the Property (as defined below).
(F) “Property” means the property described in the Security Instrument and located
at: 616 E Yearling Rd
Phoenix, AZ 85085
THIS INTER VIVOS REVOCABLE TRUST RIDER is made this 13th day
of May, 2020 and is incorporated into and shall be deemed to amend and
supplement the Security Instrument.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in
the Security Instrument, the Revocable Trust Trustee(s), the Revocable Trust Settlor(s)
and the Lender further covenant and.agree as follows:
A. ADDITIONAL BORROWER(S)
The term “Borrower” when used in the Security Instrumentshall referto the Revocable
Trust Trustee(s), the Revocable Trust Settlor(s), and the Revocable Trust, jointly and
severally. Each party signing this Rider below (whether by accepting and agreeing
to the terms and covenants contained herein and agreeing to be bound thereby,
or both) covenants and agrees that, whether or not such party is named as “Bor-
rower" on the first page of the Security Instrument, each covenant and agreement
and undertaking of the “Borrower’ in the Security Instrument shall be such party's
covenant and agreement and undertaking as “Borrower” and shall be enforceable
by the Lender as if such party were named as “Borrower’ in the Secu rity Instrument.
Multistate Inter Vivos Revocable Trust Rider Initials: ay fen
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LOAN #: 400220102678464
BY SIGNING BELOW, the Revocable Trust Trustee(s) accepts and to the
agrees
terms and covenants contained in this Inter Vivos Revocable Trust Rider.
-/5 SOLD (Seal)
UDYYAS TRUSTEE OF EVERETT RAY MOUDY AND JOANNE DATE
ELIZABETH MOUDY LIVING TRUST UNDER TRUST INSTRUMENT DATED
02/20/2017 AMENDED 05/30/2019
0 &. Vous)
3 (Seal)
JOANNE E OUDY, AS TRU E OF EVERETT RAY MOUDY AND(JOANNE DATE
ELIZABETH MOUDY LIVING TRUST UNDER TRUST INSTRUMENT DATED
02/20/2017 AMENDED 05/30/2019
BY SIGNING BELOW, the undersigned, Settlor(s) of Everett Ray Moudy and Joanne Elizabeth Moudy
Living Trust under trust instrument dated 02/20/2017 amended 05/30/2019, acknowledges all of the
terms and covenants contained in this Security instrument and any rider(s) thereto and agrees to be
bound thereby.
(SEAL) TRUST SETTLOR
EVERETT AM
A
a
0 £, YY od.
(SEAL) TRUST SETTLOR
JOANNE E MOUDY . U0
Multistate Inter Vivos Revocable Trust Rider 4 D Ev yi
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Escrow File No... AZ20104117
EXHIBIT A
The following property situated in the County of Maricopa, State of Arizona:
The South 165 feet of the Southeast quarter of the Southeast quarter of the Southeast
quarter of the Northeast quarter of Section 5, Township 4 North, Range 3 East of the Gila
and Salt River Base and Meridian, Maricopa County, Arizona;
Except all coal, oil, gas and other mineral deposits reserved to the United States of
America, as set forth in Patent to said land.
Tax ID: 210-14-026D9
NOTE: The property address and tax parcel identification number listed are provided
solely for informational purposes, without warranty as to accuracy or completeness and
are not hereby insured.
Being that parcel of land conveyed to Everett Ray Moudy and Joanne Elizabeth Moudy, as
Trustees of the Everett Ray Moudy and Joanne Elizabeth Moudy Living Trust, dated
February 20th, 2617 from Everett Ray Moudy and Joanne E. Moudy, husband and wife, as
community property with right of survivorship by that deed dated 2/20/2017 and recorded
2/27/2017 in deed Instrument No. 20170140112 of the Maricopa County, AZ public registry.
Being that parcel of land conveyed to Everett R. Moudy and Joanne E. Moudy, husband
and wife, as community property with right of survivorship from John T. McCarthy and
Debra L. McCarthy, as Trustees of the McCarthy Family Living Trust, dated December
15, 2007 by that deed dated 7/13/2011 and recorded 7/22/2011 in deed Instrument No.
20110611089 of the Maricopa County, AZ public registry.
PARCEL NUMBER(S): 210-14-026D9