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HomeMy WebLinkAbout910397 RECEIVED 7/29/2005 at 10:50 AM RECEIVING # 910397 BOOK: 592 PAGE: 578 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For Recording Data] MORTGAGE THIS MORTGAGE ("Security Instrument") is given on .. 07./g.2./.0.5 ............................... The mortgagor is .~.4F~k~ .0.,..W.0LF. L~¥..A¢lp..T.~N !R..A. ~.0.LF.L.E. y,' W~J.S.B.A.N. 0..A.Np..W.I.~-~. 6.S..T.E.N.A.N..T~. B.Y. ........................................... THE ENTIRETIES .... . .......................................... ("Borrower") This Security Instrnment is given to Wells Fargo Financial Wyoming Inc., which is organized and existing under the laws of Wyoming, and whose address is.. g.d.dJ. F0.0.I. HILL BLV.D . ! ~.4¢ ........................................................... .[3Q(K. ?[3 ~ NtiS.,..WY ...... 8.~9. 0. .............................................................................. ("Lender"). Borrower owes Lender the principal sum of.S.Ey.~N.T.Y..~. I. ~.~. ?.H.0fl. S. ~..~D..~.I.a.?(.. 0.0LL~.a.S.' 6.a0. f.I.[.l.'(.. ~.[y.a.N..C.[..~.1~ ............ ............................................ Dollars (U.S. $. 7. 90¢0.. 57 ........ ). This debt is evidenced by Borrower's note dated the same date as this Security h~stmment ("Note"), which provides for monthly payments, with the fifll debt, if not paid earlier, due and payable on.. 07 ! ~7/.1.2 ........................... This Security Instrument secures to Lender: (ia) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced trader paragraph 7 to protect the security of this Security hzstrument and (lc) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in ........... L. I.N. ~ ~ ¢ N ........... County, Wyoming: THE DESCRIPTION OF THE PROPERTY IS ON A SEPARATE FORM ATTACHED TO THIS MORTGAGE/DEED OF TRUST, WHICH DESCRIPTION IS PART OF THIS MORTGAGE/ DEED OF TRUST. which has the address of .............. 1.4. ! S?..W.E~'~. S.TR~.E.]~ .............. , ............. BED6[3..aP ................. , [Stret ~1 [City] Wyoming .......... 8.~l] ~ ............ ("Property Address"'); {Zip Code] _L TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfldly seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower w~u:rants and will defend generally the title to the Property against all claims and demands, subject to any ellcunlbrances of record. PaO$ 1 of 6 WY-2040~005 00579 THIS SECURITY INSTRUMENT 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 mad agree as follows: : 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note mad any prepayment mad late charges due nnder the Note. 2.: Funds for Taxes and Insurance. If requested by Lender in writing, and subject to applicable law, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in fldl, a sum ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (t) any sums payable by Borrower to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally relaied mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedtrres Act of 1974 as amended from time to time, ]2 U.S.C. § 2601 et seq. ("RESPA"), nnless another law that applies to the Fnnds sets a leSser amotmt. If so, Lender may, at may time, collect and hold Fnnds in an amount not to exceed the lesser amonnt. Lender may estimate the mnonnt of Funds due on the basis of current data and reasonable estimates of expenditures of furore Escrow Items or otherwise in accordance with applicable law. The Farads shall be held in an' institution:whose deposits ere instated, by a federal agency, instnunentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Fnnds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, ammally analyzing the escrow acconnt, or verifying the Escrow Items, tmless Lender pays Borrower interest on the Funds and applicable law pemfits Lender to make such a charge. However, Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an anmml accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Instrument. If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to BorrOwer for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower shall pay to Lender the amotmt necessary to make up the deficiency. Borrower shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment in full of all stmas secured by this Security Insmunent, Lender shall promptly rebind to Borrower any Fnnds held by Lender. If, tmder paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale of the Property, shall apply any Fnnds held by Lender at the time of acquisition or sale as a credit against the sums secttred by this Secttrity Insmanent. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender nnder paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable if any under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Insmanent, and leasehold payments or ground rents, if any. If applicable Borrower shall pay these obligatioqs in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. B~3rrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. It' Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien Which has priority over this Security Instrument tmless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instnunent. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Secttrity Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard or 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 coverage" and any other hazards, including flogds Or flbqding, for which Lender requires insurance. This insurance shall be maintained in the amonnts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be tmreasonably withheld. It' Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. Page 2 of 6 _.~Y_,Y-2040-0605 All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clanse. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's secnrity is not lessened. 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 Instrnment, whether or not then due, with any excess paid to Borrower. I2' Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay stmxs secttred by this Security Instrmnent, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If trader paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the stuns secured by this Security h~strtunem inm~ediately prior to the acquisition. 6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence witl:fin sixty days after the execution of this Security Instrnment and shall continue to occupy the Property as Borrower's principal residence for at leas~ one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably witt~eld, or unless extenuating circunxstances exist which are beyond Borrower's control. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or conunit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment conld result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in paragraph 18, by causing the action or proceeding to be disnfissed with a ruling that, in Lender's good faith determination, precludes forfeitttre of the Borrower's interest in the Property or other material impairment of the lien created by this Security h~strtmxent or Lender's security interest. Borrower shall also be in default if Borrower, durfl~g the loan application process, gave materially false or inaccurate information or statements to Lender [or failed to provide Lender with any material information) in co~mection with the loan evidenced by the Note, including, but not linfited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrtunent is on a leasehold, BorroWer shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property. It' Borrower fails to perform the covenants and agreements contained in this Security Instrnment, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrnment, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action nnder this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Secttrity h~strmnent. Unless Borrower m~d Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable., with interest, upon notice from Lender to Borrower requesting payment. 8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrtm~ent, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. 11', 'for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, t¥om an alternate mortgage insurer approved by Lender. 12~ substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, nsc and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amonnt and for the period that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, nntil the requirement Ibr mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. .' Page 3 of 6 WY-2040-0605 9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the ProperW. Lender shall give. Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other ta 'king of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. ~' In the event of a to{al taking of the Property, the proceeds shall be applied to the stuns secured by this Security Instrtmaent, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property hi which the f~/ir market value of the Property immediately before the taking is equal to or greater than the amount of the stuns seem'ed by this Security Instnmmnt immediately before the takhtg, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amom~t of the proceeds multiplied by the following fraction: (a) the total anmtmt of the stmls secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property irmnediately before the taking is less than the amount of the sums secured inmmdiately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this 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 conde~m~or offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 clays after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secfired by this Security Ir/stmrhent, whether or not then due. : ! ' Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to hi paragraphs 1 and 2 or change the anaount of such payments. ll. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the stuns secured by this Security Instnunent granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors hi interest. Lender shall not be required to comnmnce proceedings against any successor in interest or refxtse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrnment by reason of any demand made by the original Borrower or Borrower's successors in hlterest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender ,and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instnnnent only to mortgage, grant and convey that Borrower's interest in the Property under the terms of tiffs Security Instrument; (b) is not personally obligated to pay the stuns secured by this Security Insmm2ent; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or n~ake any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13. Loan Charges. It' the loan secured by this Security Instrument is subject to a law which sets maxinmm loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in comlection with the loan exceed the permitted lhnits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any stuns akeady collected from Borrower which exceeded pernfftted limits will be refunded to Borrower. Lender may choose to make this ref-tmd by reducing the principal owed trader the Note or by making a direct payment to Borrower. ff a retired reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge trader the Note. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ~niiilh~g it by first Class mail tmlass apPlicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other 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. 15. 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 comflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of tiffs Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. BorrOwer shall be given one conformed copy of the Note and of this Security Instrnlnent. WY-2040-0605 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrnment. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrtm~ent. ~ 11' Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all stuns secured by this Security Instrnment. 11' Borrower fails to pay these stuns prior to the expiration of this period, Lender may invoke any remedies permitted by this Security h~strument without fitrther notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enl'orcement of this Security h~strument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable laxv may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in fids Security h~stnanent; or (b) entry of a judgment enforcing this Security Instnunent. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; Co) cures any default of any othe. r covenants or agreements; (c) pays all expenses incurred in enl'orcing this Security Instrument, inchiding, but not limited to, reasonable attorneys' fees; and (d) 'takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the suins secured by this Security Itmtrtwnent shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shalt remain fully effective as if no acceleration had occurred. However, Otis right to reinstate shall not apply in the case of acceleration under paragraph 17. 19. Sale of Note; Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security h~strnment) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity (l.a~ova~ as the "Loan Servicer") that collects monthly payments due trader the Note and this Secttrity lnstrmnent. There also nmy be one or more changes of the Loan Servicer nnrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change in accordance with paragraph 14 above and applicable law. The notice will state the name and address of the new Loan Servicer and the address to which payments should be made. The notice xvill also contain any other information required by applicable law. 20. Hazardous Substauces. Borrower shall not cause or permit the presence, nsc, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. Tne preceding two sentences shall not apply to the presence, use, or storage on the Property of small qtmntities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any govenunental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual 'knowledge. II' Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall prompdy take all necessary remedial actions in accordance with Enviromnental Law. As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Envirotm~ental Laxv and the folloxving substances: gasoline, kerosene, other flanm~able or toxic petrolemn products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 20, 'Ea~viromnental Laxv" means 'federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or envirmm~ental protection. NON-LINIFORM COVENANTS. Borrower and Lender fxtrther covenant and agree as follows: 21. 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 to acceleration under paragraph 17 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (e) a date, not less than 30 days from the date the notice is given to 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 non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and nmy 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 providedin this paragraph 21, including, but not limited to, reasonable attorneys' fees and costs of title evidence. Page 5 of 6 WY-2040-0605 0 3 L03DT ' oo5s3 If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of the sale to Borrower in the manner provided in paragraph 14. Lender shall publish the notice of sale, and the Property shall be sold in the nmnner prescribed by applicable!aw. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security I~strument; and (c) any excess to the person or persons legally entitled to it. 22. Release. Upon payment of all stm~s secured by this Security Instrument, Lender shall release this Security Instrument without, charge to Borrower, except tbr those charges authorized by law. Borrower shall pay any recordation costs. 23. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the property. 24. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each such rider shall be Lncorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part. of this Security Instrnment. [Check applicable box(es)] [] Adjustable Rate P, ider E~ Graduated Payment Rider E~ Balloon Rider Other(s) [specify] Condominium Rider Plmmed Unit Development Rider Rate Improvement Rider 1 - 4 Family Rider Biwee 'kly Payment Rider Second Home Rider m~din BY any rider(s) executed by Borrower and recorded with it. Borrower SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security h~su'ument I...................... (Seal) .......... (Seal) [Space Below This Line For Acknowledgment] STATE OF WYOMING County of ~_"') The foreeoing instnmaent was acknowledged before me figs (SEAL) MY COMMISSION EXPIRES (301. 27, 2008 ~ Notary Public Page 6 of 6 Mortgage/Deed of Trust Addendum Addendum for legal description of Mortgage/Deed of Trust dated 7/22/05, MARK O. WOLFLEY AND TAMIRA WOLFLEY, mortgagor(s)/trustor(s). '00584 Legal description: Lot 10 T~wn~lt~ Of Bedford Block 12 Third Filing, Lincoln County, Wyoming us d~,crlbed on ~e ~ffic, ial plat thereof known as: .t4 1't We~t street': BedEwd, WY 83112 Mark O. Wolfley Tamira Wolfley Date Date Date Date 0 585 ADJUSTABLE RATE RIDER THIS ADJUSTABLE RATE RIDER is made on .... QT./.2.2/.QS. ......... and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Wells Fargo Financial Wyoming, Inc. (the "Lender") of the same date and covering the property described in the Security htstrument and located at: 14 1ST ~/EST STREET BEDFORD ~'IY 83112 [lh'ope~ly Adda'ess] NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH CONTAINS A PROVISION ALLOWING FOR CHANGES IN THE INTEREST RATE. INCREASES IN THE INTEREST RATE WILL RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST RATE WH, L RESULT IN LOWER PAYMENTS. THE NOTE LIM[ITS THE AMOUNT MY INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender fi~rther covenant and agree as follows: 2, INTEREST RATE AND PERIODIC PAYMENT CHANGES The Note provides for an initial interest rate of ..... .~ .. 3.6.%. The Note provides for changes in the interest rate and the payments, as follows: 3. PAYMENTS (A) Scheduled Payments I will pay principal and interest by making payments when scheduled. I will make my schednled payments each month begi~ming on...0 ¢/.2.7./.Q 5. .......................... · (B) Maturity Date and Place of Payments I will make these payments as scheduled tmtil I have paid all of the principal and interest and any other charges described below that I may owe under this Note. My scheduled payments will be applied to interest before principal, lf, on..0.7 ./2.7./.12. ......................... I still owe amonnts under this Note, I will pay those amounts in full on that date, which is called the "maturity date." I will make my scheduled payments at.. 744.1..F0. ql.H.I .LL..B.Ly.0, .1.2.~.3 ..................................... ROCK ~PRINGS NY 82901 or at adifferent if r;~ttli}e'd'l~y' tJa~ ~o't~ H;ic/e'r. ' ....................................... (c) Amount of My Initial Scheduled Payments Each of my initial scheduled payments will be in the amount of U.S. $..1 ~4. ~...0.0 ........ . This amount may change. (D) Scheduled Payment Changes Changes in my scheduled payments will reflect changes h~ the unpaid principal of my loan and in the interest rate that I must pay. The Note Holder will determine my new interest, rate and the changed amount of my scheduled payment in accordance with Section 4 of this Note. (E) Late Charge If the Note Holder has not received the full amount of any monthly payment by the end of 10 calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be the greater of 5 % of that portion of rny payment of principal and interest that is late or $10. I will pay this late charge promptly but only once on each late payment.. 4. INTEREST RATE AND SCHEDULED PAYMENT CHANGES (A) Change Dates Each date on which my interest rate could change is called a "Change Date." The interest rate I will pay may change on ...... .07/. ~.7./0.~. .......... and on every sixth month amfiversary date thereafter that is before the maturity date. There will be no Change Dates on or after the maturity date. The interest rate in effect on the mat~urity date will remain in effect after the marurity date tmtil the full amount of principal has been paid. (B) The Index Begim~ing with the first Change Date, my interest rate will be based on an Index. The 'h~dex' is the highest "Prime Rate" as published by the The Wall Street Journal. The most recent month-end (defined as the last business day of that month) Index available before the date occurring one day preceding one month prior to the Change Date is called the "Current Index." For example, if your Chm~ge Date is .00586 May 13, the most recent month-end Index available on April 12 (one day preceding one month prior to May 13) would be the Index for March 31, assumh]g March 31 is a business day. It' your Change Date is July 1, thC most recent month-end Index available on May 31 would be the Index for April 30, assuming April 30 is a business day.' If the Index is no longer available, the Note Holder will choose a new index which is 'based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest, rate by adding ... ~r.~.0..~N[~ .4~.(!00 .... percentage points ( ....... Q2...3.~..% this mlmber is referred to as the "Margin") to the Current Index. The result of this calculation will be rounded off by the Note Holder to the nearest 0.125 %. Subject to the }imitation,s stated in Section 4(D) below, this amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the scheduled payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in fldl on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my scheduled payment. (D) Limits on Interest Rate Changes My interest rate will never be increased or decreased on the first Change Date by more than three (3%) percentage points. For all Change Dates thereafter, my interest rate will never be increased or decreased by more than (1%) percentage point. Subject to any limitation set forth in Section 6 of the Note, my interest rate will never be more than six (6%) percentage points greater than the initial interest rate set forth in Section 2 above. Notwithstanding anything to the contrary in this Note, my interest rate will never decrease below 3.5 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amonnt of my new scheduled payment begimffng on the first scheduled payment date after the Change Date until the amount of my scheduled payment changes again. (F) Notice of Changes At least 25 days, but not more than 120 days, before the effective date of any payment change, the Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my scheduled payment. The notice will include information required by law to be given to me and also the telephone number of a person who will answer any question I may have regarding the notice. [] FUNDS FOR TAXES AND INSURANCE Uniform Covenant 2 of the Security Instrttment is waived by the Lender. BY SIGNING BELOW, Borrower ~ccepts and agrees to the terms and covenants contained in tiffs Ad. jtrstable Rate Rider. Borrower ................................... (Se l) WY-2040-0605 Page 2 of 2