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HomeMy WebLinkAbout910241 "00108 RECEIVED 7/25/2005 at 4:15 PM RECEIVING # 910241 BOOK: 592 PAGE: 108 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY State of Wyoming ,[Space Above TELn Linc For Recordl MORTGAG[ THIS MORTGAGE ("Security Instrument") is given on a'ULY The Mortgagor is BEAU DEAN ~ CHRZSTXE DEAN, ("Borrower"). This Security Instrument is given to WELLS which is organized and existing under thc laws of 'm:t~. LrH'rTED ST2~ whose address is P.O. BOX 10304, DES MOINES, 'fA 50'~06 ("Lender' SEIFENTY THREE THOUSAND EIGHT HUNDRED FORTY 01CE A~ This debt is evidenced by Borrower's note dated the same date providea for monthly payments, with the full debt, if not paid earlier, d · This Security Instrument secures to Lender: Note, with interest, and all renewals, extensions and modifications of with interest, advanced under paragraph 7 to protect thc security of thi~ 0057058786 FHA Wyoming Mortgage - 4196 I~)~4RIWYI tg~o-q.O1 vk4p MOAT~AGE FO~MS - {800)621-72~I Ig FHA Case No. 591-0971276 703 2, 2005 AND WIFE ,ES , and 0304 ). Borrower owes Lender the principal sum of o oo/zoo Dollars (U.S. $**********73,841. O0 ). a~ this Security ]nqtmmcnt ("Note"), which ae and payable on AUGUST 01, 203S (a) the repayment of the debt evidenced by the the Note; (b) the payment of all other sums, Security Instrument: and (c) the performance 091.0241. of Borrowcr's covenants and agreements under this Security Instrum~ does hereby mortgage, grant and convey to the Lender with power of in LINCOLN LOT 5A OF BLOCK 1 OF LINCOLN HEIGHTS 5TH ADDITI¢ KEMMERER, LINCOLN COUNTY, WYOMING A~g DIZflCRIBED O! THIS IS A PURCHASE MOIqT~Y SECURITY INSTRD'MiENT. TA WELLS FARGO }IOMiE MORT(~A(~E, P.O. BOX 10304, DES which has the address of 168o TROY COURT, KEMMER:ER Wyoming 83101 [Z~Co,~:] ("Pre TOGETHER WITH all 'thc improvements now or hereafter appurtenances and fixtures now or hereafter a part of the proper~y. covered by this Security Instrument. All of the foregoing is referred to BORROWER COVENANTS that Borrower is lawfully seized of] mortgage, grant and convey the P.mperty and that the Property is unen, Borrower warrants and will defend generally the title to the Property encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenant~ with limited variations by jurisdiction to constitute a uniform security Borrower and Lender covenant and agree as follows: UNIFORM COVENANTS. 1. Payment of Prinelpal, Interest and Late Charge. Borrowl interest on, the debt evidcmced by the Note and late charges due under 2. Monthly Palament of Taxes, Insurance and Other Char[ payment, together with the principal and interest a~ set forth in the special assmsmcnts levied or to be levied against the Property, (b) Property. and (c) premiums for insurance required under paragraph 4. mortgage insurance premium to the Secretory of Housing and Urban ':00109 nt and the Note. For this purpo.qe, Borrower sale, the following described property located County, Wyoming: N, FIRST FILING, TO THE CITY OF T/IF. OFFICIAL PLAT TH~ERI~OF. STATEI4~NTS SHOULD BE S~:NT TO: I1¢ES, IA 503060304 [Street. City], erty Address"); :rected on the property, and all easements, All replacements and additions shall also be n this Security lnsm,ment as the "Property." lie estate hereby conveyed and has the right to :umbered, except l%r encumbrances of record. .gainst all claims and demands, subject to any for national use and non-uniform cov~mants ~trument covering real property. shall pay when due the principal of. -',nd le No~. es. Borrower shall include in each monthly : and any late charged, a .qum ['or (a) taxes and lea_g¢hold payments or ground rents on the In any year in which the Lender must pay a )evelopment ("Secretary"), or in any year in which such premium would have been required if Lender still held th~ Security Instrument, each monthly payment shall also include either: (i) a sum for the annual mortgage insurance p~'emium to be paid by Lender to the Secretary. or (ii) a monthly charge instead of a mortgage insurance premium if thi~ Security Instrument i~ held by the Secretary, in a reasonable amount to be determined by the Secretary. Except fc~r the monthly charge by the Secretary, these items are called "Escrow Items" and the sums paid to Lender are calle.d ["Escrow Funds." Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that may be required for Borrower's escrow accoun; under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. Section 2601 et seq. and implementing reg~lations, 24 CFR Part 3500, a.q they may be amended from time to time ("RESPA"). except that the cushion or nserve permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payment.q are amounts due for the mortgage insurance premium. (~4R(W¥1 19~oa}.r,~ Page vailable in the account may not be ba.scd on 09 0:24 If the amounts held. by Lender for Escrow Items exceed the amc shall account to Borrower for the excess funds as required by RESPA. time are not sufficient to pay the Escrow Items whcn due, Lcndcr ma' make up the shortage as permiued by RESPA. The Escrow Funds are pledged as additional security for all Borrower tenders to Lender the full payment of all such ~m.% Borro~ remaining for all installment items ia), (b), and (c) and any mortgage not become obligated to pay to the Secretary. and Lender shall pre Immediately prior to a foreclosure sale of the Properly or its acquis credited with any balance remaining for all installments for items ia). (' 3. Application of Payments. All payments under paragrap~ I at First, to the mortgage insurance premium to be paid by Leader tc Secretary imtead of the monthly mortgage insurance premium; Second, to any taxes, special ~.~sessments, leasehold payments or insurance premiums, as required: Third, to interest due under the Note; Fourth. to amortization of the principal of the Note: and Fifth. to late charges due under the Note. 4. Fire, Flood and O~her Hazard Insurance. Borrower shall ins now in existence or subsequently erected, against any h~ar~, casualtk Lender reqnires insurance. This insurance shall be maintained in t requires. Borrower shall also insure all improvements on the Proper erected, against loss by floods to the extcm required by the Secretary. approved by Lender. The insurance policies and any renewals shall be clauses in favor of, and in a form acceptable to, Lender. In the event of loss. Borrower shall give Lender immediate notice made promptly by Borrower. Each insurance company concerned is he for such loss directly to Lender, instead of to Borrower and to LeT proceeds may be applied by Lender, at its option, either (a) to the red this Security Instrument, fir.qt to any delinquent amounts applied in the of principal, or (b) to the restoration or repair of the damaged Proc principal shall not extend or postpone the due date of the monthly pay: change the amount of such. payments. Any excess insurance proceeds c indebtedness under the Note and this Security Instrument shall be paid In the event of foreclosure of this Security Instrument or other tn the indebtedness, all right, title and interest of Borrower in and to purchaser. 5. Occupancy, Pm-qervation, Maintenance and Protection of t Leaseholds. Borrower shall occupy, establish, and use the Property days after the execution of this Security Instrument (or within sixty and shall continue to occupy the Property a~ Borrower's principal Occupancy, unless Lender detemfines that requirement will cause undue circumstances exist which are beyond Borrower's control. Borrou circumstances. Borrower shall not commit w~ste or destroy, damage or Property to deteriorate, reasonable wear and tear excepted. Lender ma' or abandoned or the }oan is in default. Lender may take reasonable O0 unts permitted to be held by RESPA, Lender If the amounts of funds held by Lender at any notify the Borrower and require Borrower to .irns secured by this Security Instrument. If :r's account shall be credited with thc balance insurance premium installment that Lender has raptly refund any excess thnds to Borrower. ilion by Lender. Borrower's account shall be ~), and (c). d 2 shall be applied by Lender ,-ts follows: the Secretary or to the monthly charge by the round rents, and fire, flood and other hazard ~re all improvements on the Property, whether .~, and contingencies, including fire, for which ~e amounts and for the periods that Lender ~,, whether now in existence or subsequently All inmrance shall be carried with companies held by Lender and shall include loss payable by mail. Lender may make proof of loss if not reby authorized and dimmed to make payment der jointly. All or any part of the insurance action of the indebtedness under the Note and order in paragraph 3, and then to prepayment erty. Any application of the proceeds to the nents which are referred to in paragraph 2, or vet an amount required to pay all outstanding o the entity legally entitled thereto. nsfer of title to the Property that extinguishes insurance policies in force shall pass to the 're Property; BorroweFs Loan Application; ,s Borrower's principal residence within sixty [ys of a later sale or transfer of the Property) idence for at least one year after the date of hardship for Borrower, or unless extenuating er shall notify Lender of any extenuating subst,'mtially change the Property or ~fllow thc inspec~ the Property if the Property is vacant etlon to protect and preserve such vacant or 110 abandoned Propers:y. Borrower shall also be in default if Borrowi materially false or inacurate information or statements to Lender (( information) in connection with the loan evidenced by the Note, concerning Borrower's occupancy of the Property as a principal leasehold, Borrower shall comply with the provisions of the lca.~e. If leasehold and fee title shall not be merged unless Lender agrees to the 6. Condemnation. The proceeds of any award, or claim for damn any condemnation or other taking of any part of the Property, or hereby assigned and shall be paid to Lender to the extent of the full under thc Note and this Security Instrument. Lender shall apply under the Note and this Security Instrument. first to any delinque paragraph 3, and then to prepayment of principal. Any application of t postpone the due date of the monthly payments, which are referred to payment_s. Any excess proceeds over an amount required to pay all ou Security lrmrurnent shall be paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Righ~ governmental or municipal charges, fines and impositions that are no these obligations on time directly to the entity which is owed the pay Lender's interest in the Property, upon Lender's request Borrowe evidencing these payments. If Borrower fails to make these payments or the payments require covenants and agreements contained in this Security Instrument, or th~ affect Lender's rights in the Property (such as a proceeding in hankn regulations), then Lender may do and pay whatever is necessar3, to rights in the Property, including paymefit of taxes, llaz. ard Jnsur~.nc.e an Any amounts disbursed by Lender under this paragraph shall b~ secured by this Security Instrument. These mounts ,,hall bear interest and at the option of Lender. shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority (a) agrees in writing to the payment of the obligation secured by contests in good faith the lieu by, or defends against enforcement o Lender's opinion operate to prevent the enforcement of the lien; o: agreement satisfactory to Lender subordinating the lien to this Security of the Property is xubject to a lien which may attain priority over this S. a notice identifying the lien. Borrower shall satisfy the lien or take 10 days of the giving of notice. 8. Fees. Lender may collect fees and charges authorized by the Se~ 9. Grounds ['or Acceleration of Debt. (a) Default. Lender may, e, xcept as limited by regulations is: defaults, require immediate payment in full of all sums secured (i) Borrower defaults by failing to pay in full any monthly prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty d-~ in this Security Instrument. (b) Sale Without Credit Approval, Lender ~hall, if permim of the Gum-St. Germain Depositor7 Institutions Act of 1982 approval of the Secretary, require immediate payment in full if: ; 00111 during the loan application process, gave failed to provide Lender with any material :luring, but not lin'deed to. representations sidcnce. If this Security Instrument is on a iorrower acquires fee title to the Property, the ~erger in writing. es, direct or consequ~tial, in connection with ~r conveyance in place of condemnation, are 'nount of the indebtedness that mains unpaid 'proceeds to the reduction of the indebtedness at amounm applied in the order provided in ~e proceeds to the principal shall not extend or m paragraph 2, or change the amount of such [standing indebtedness under the Note and thi~ s in the Property. Borrower shall pay all ~ included in paragraph 2. Borrower shall pay ment. If failure to pay would adversely affect shall promptly furnish to Lender receipts by paragraph 2, or fails to perform any other e i.s a legal proceeding that may significantly prey. for condemnation or to enforce laws or rotect the value of the Property and Lender's other items mentioned in paragraph 2. come an additional debt of Borrower and be rom the date of disbursement, at thc Note rate, ver this Security Instrument unless Borrower: lien in a manner acceptable to Lender; (b) the lien in, legal proceedings which in the (c) secures from the holder of the lien an nstrument. If Lender determines that any pan .~curJty Instrument, Ler~der may give Borrower or more of the actions set forth above within :retary. ued by the Secretary, in the case of payment by this Security Instrument if: payment required by this Security Instrument s, to perform any other obligations contained by applicable law (including Section 341(d) 12 U.S.C. 1701j-3(d)) and with the prior o all sums secured by this Security Instrument ;'00112 (i) All or part of the Property, or a beneficial interest in a trust owning all or part of thc Property, is sold or otherwise transferred (other than by dewis¢ or descent), a.nd (ii) The Property is not occupied hy the purcha.ier or grantee as his or her principal residence, or the purch,~ser or grantee does so occupy the Property but his or her credit ha.~ not been approved in accordance wid~ the requirements of the Secretary. (e) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect tn subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment default.e, to require immediate payment in full and foreclose if not paid. This Security I~strumen.t does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (c) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from the date hereof. Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A written statement or' any authorized agent of the Secretary dated subsequent to fi0 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a fight to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instiiuted. To reinstate the S~cufity Instrument, Borrower .~hall tender in a lump sum all arr~unts required to bring Borrower's account current including, to the extent tl~ey are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable md customary attorneys' fees and expenses properly associated with the foreclosure proceeding, Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the fx~ture, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument, 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of thc suw_~ secured by this Security Instrument granted by Lender to any successor in interest of Borrower .~hall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any 'forbearance by Ler~der in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and A~igns 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 Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs 'this Security Insm~ment but does not execute the Note: (a) is ed-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Secucity 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 the terms of this Security Instrument or the Note without that Bon'ower's consent. : 00il 3 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law require., use of another method. The notice shall be directed to the Proper~y Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail ~o 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 given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. 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 ut' this Security Instrument or the Note which can be given effect without the conflicting provi.~ion. To this end the provisions of this Security Instrument and the Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instmment. 16. HazardoUs Sub.etanees. Borrower shall not cause or perm.it the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anyth.~g affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of .~mall quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower skall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action hy any governmental or regulatory ag~.cy or private party involving the Property and any Hazardous Substance or Environ.mental Law of which Borrower has acrual knowledge. If Borrower learns, or i.s notified by any governmental or regulatory authority, that any removal or other remediation of ,'my Hazardous Substances affecting the Properxy is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental L~w. As used in this paragraph 16, "H~?:~rdous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: ga.*oline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 16. 'Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmen~ protection. NON-UNiFORM COVENANTS. Borrower and. Lender further covenant and agree as follows: 17. Assignment of Rents. Borrower unconditionally assign~ and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the feints and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender'~ notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument. Borrower ~all collect and receive all renu and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute a.~signment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower ~hall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument: (b) lender shall be entitled to collect and receive all of tl~.e rents of the Property: and (c) each tenant of the Property shall pay all rents duc and unpaid to Lender or Lender's agent on Lender's written demand to thc tenant. Borrower has not executed any prior assignment of thc rents and has not and will not perform any act that would prevent Lender from exercising its rights under this paragraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. 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 invalidate any other right or remedy of Lender. This assignment of rent.~ of the Property shall terminate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. If Lender requirm immediate payment in t~ult under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in thi.n paragraph 18, including, but not limited to, reasonable attorneys' fees and cosis of title evidence. If Lender invokes the power of sale, Lender shal} I~ive notice o1' interrt to foreclose to Borrower and to the person in poss~sion or' the Property, if different, in accordance with applicable law. Lender shaft give notice of the sale to Borrower in the manner provided in paragraph 13, Lendm' shall publish the notice of salc~ and thc Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the £ollowing order: (a) to all expenses of the sale, including, but not limited to, reasonable attomey.~' fees; (b) to all sums secured by thi.~ Security In~rument; and (c) any excess to the person or persons legally entitled to it. If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in ~'ull under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act o/' 1994 ("Act") (12 U.S.C. 37Sl et seq.) by requesting a foreclosure commi~ioner d~signated under, the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence .~hall deprive the Secretary ol~ any right.n otherwise available to a Lender under this Para.p~-aph 18 or applicable law. 19. Rele. ase. Upon payment of ail sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 20. Waivers. Borrower waives all rights of homestead exemption in ~he Property and relinquishes all rights or' curtesy and dower in the Property. 21. Riders to this Security Instrument. If one or marc rider~ are executed by Borrower and rceorded together with this Security Instrument. the covenants or' each such rider shall be incorporated into and shall amend and ~upplerrumt the covenants and agreements or' thi~ Security Instrument as if the rider(s) were a part o[ this Security In~[..~ment. [Check applicable box(es)]. L_..2 Con~iominium Rider [] Growing Equity Rider ~T3,xO~ci~cII~G RIDER [--'] Planned Unit D~velopment Rider ['"-] Graduated Payment Rider 00115 BY SIGNING BELOW, Borrower accepts Nd agrees to thc terms contained in this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: (Seal) -Borrower (S~al) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrnw'cr (Seal) -Borrower STATE OF WYOMING, LINCOL~ The foregoing instrument was acknowledged belbre me this o-U~¥ 221~, by BEAU DZAIff AND CERIBTIE DEAN 2005 County ss: My Commission Expires: 7~HELLEY ~ · NOTARY PUBL~ (per.~on acknowledging) Notary Public TAX-EXEMPT FINANCING RIDER FI4^ C~¢ No, 591-0971276 703 THIS TAX-EXEMPT FINANCING RIDER is made this22ND day of JUI,¥ 2005 , and is incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust or Security Deed ("Security lnstrumenU) of the same date given by the undersigned ("Borrower") to secure Borrower's Note ("Note") toW'gLLS F~O BKlqlr, N.A. ("Lender") of the same date and covering the Property described in the Security Irmmtment and located at: 16 80 TROY COURT, KA-'Iffi~gRER, WY $ 3101 [Pm@cr'ty Add r'~.s] ADDITIONAL COYENANTS. In addition to the covenants and agreements made in the SecurRy lnstrumrnt, Borrower and Lender further covenant and agree to amend Paragraph 9 of the Security Instrument, entitled "Grounds for Acceleration of Debt," by adding additional grounds for acceleration as follows: Lender, or such of its guccessors or assigns as may by separate instrument assume respomibility for assuring compliance by the Borrower with the provisions of this Tax-Exempt Financing Rider, may require immediate payment in full of all sums secured by this Security Instrument il': (a) All or part of the Property is sold or otherwise tran.qferred by Borrower to a purchaser or other transferee: (i) Who cannot reasonably be expected to occupy the Property ag a principal residence within a reasonable time after the sale or transfer, all as provided in Section 143(c) and (i)(2) of the Internal Revenue Code: or (ii) Who has had a present ownership interest in a principal residence during any part of the three-year period ending on the date of the sale or transfer, all as provided in Section 143(d) ~.d (i)(2) of the Internal Revenue Code (except that "100 percent" shall be substituted for ~95 percent or more" where the latter appears in Section 143(d)(1)); or Fl'IA Multlntate Tax-Ex~mpt Financing Rider - 10i95 ~?~s058786 87U {9705} VMP MORTGAGE FORMS - {8001§21-7291 (iii) At an acquisition cost which is greater TJ~an 90 percent of the average area purchase price (greater than 110 percent for targeted area residences), all as provided in Section 143(e) and (i)(2) of the Internal Revenue Cod,"; or (iv) Who h~ a gross family income in excess of the applicable median family income as provided in Section 143(0 and 0)(2) of the Internal Revenue Code; or (b) Borrower fails to occupy the Property described in the Security In.~trummt without prior written consent of Lender or its successors or assigns described at the beginning of this Yax-Exempt Financing Rider, or (e) Borrower omits or misrepresents a fact that is material with respect to the provisio~ of Section 143 o1: the Internal Revmue Code in an application for the loan secured by this Security Instrument. Refercnccs arc to the Internal Revenue Code as amended and in effect on the date of issuance of bond~, ~e proceeds of which will bc used to finance the purchase of the Security Instrum~m and are deemed to include thc implementing regulations. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants cantained in this Tax-Exempt Financing Rider. (Seal) f / . (Seal) -Borrower~BEAU DE32,T -Borrower (Seal) /~~4~ (Seal) -Borrower CHRI STXE D~,AN -~r~wcr (Se~l.) (Seal) -B~}rmwcr -Borrower (~gSSTU 19705) (Seal) (Seal) -Borro war -Borrower Page 2 of 2