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HomeMy WebLinkAbout910604FHHLC POST CLOSING MAIL ROOM 1555 W. WALNUT HILL LN. ~200 MC 6712 IRVING, TX 75038 Prepared By: FIRST HORIZON HOME LOAN CORPORATION 1315 SOUTH HIGHWAY 89, SUITE 101 JACKSON, WY 83001 [SlmCe Almw This l.ine For Recording DalaI MORTGAGE M1N 0054193123 100085200541931236 I)[~FINITIONS RECEIVED 81412005 at 4:24 PM RECEIVING# 910604 BOOK: 593 PAGE: 328 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Words tlSed in multiple sections of [his documen~ are deftned below and other words arc defiued iu Sccuons 3, l 1 13, 18, 20 and 21 Certain rules regarding rite usage o[l ~v()l'ds used in this document arc also provided m Sccnon 16 (A) "Security Instrument" means Lhis document, which is dated fogethcr wm~ all Riders to this docLuncnt. (B) "Borrower" rs HOLLEY MCKAY A Marriscl Woman, & BRIAN MCKAY , A Married Man, JOHN DEMELLO , A Married Man BRENDA DEMELLO , Husband & Wife July 29th, 2005 Borruwer is the mortgagor under fhis Security Instrument. (C) "MERS:' is MOlltgagc Electronic Registration Systems, lnc MERS is: separate coq)oration that is acttu~ solely as a uommee fl)r Lender ami Lender's successors and assigns. MERS is the mortgagee umler [his Security Instrument. MERS is organJzed and existing under the laws of Delaware, and has an address aud telephone uumber of P.O Box 2026, Flint MI 48501-2026, tel (888) 679-MERS. WYOMING -Single Family- Fannie Mae/Freddie Mac UNIFORM (~-6A(WY) (ooos) n,t,~ Page 10l 15 ' VMP MOFI]IGAGff FORMS - (800) . NSTRUMENT WITH MERS Form 3051 1/01 00329 (D) "Lender" is FIRST HORIZON HOME LOAN CORPORATION Lender is a CORPORATION organized and cx~stntg under the laws of THE STATE OF KANSAS Lender's address is 4000 Horizon Way, Irving, Texas 75063 (E) "Note" means file promissory note signed by Borrower and da¢ed July 29th, 2005 The Note states thai Bon'ower owes Leuder TWO HUNDRED SIXTY THREE THOUSAND TWO HUNDRED & 00/100 Dollars ([J.S $ 263,200.00 ) plus interest. Borrower bas promised [o pay tiffs debt m regular Periodic Payrne~Jts and to pay fl~e debt in fifll not later than AUGUST t, 2035 (F) "Property" means file property that is described below under the heading "Transfer of Rights Property." (G) "Loan" means the debt evidenced by Lhc Note, plus interest, any prepayment charges and late charges due uncler d~e Note, and all sums'due under dhs Security h~strumcnt, plus interest. (lt) "Riders" meads alt Riders to Offs Security Instrument dmt arc executed' by Borrower. The tbllowing Riders arc to be executed by Borrower lcbeck box as applicable]: Adjuslable Rate Rider Balloon Rider VA Rider Condominium Rider Planned Unit Development Rider Biweekly Payment Rider [~ Secoad [tome Rider L~ '1-4 Family Rider ~-] Other(s) [specify] (1) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinaaces and administrative roles and orders (that have the effect of law) as well ;ts all applicable final, non-appealable judicial opinions. (J) "Conmmnity Association Dues, Fees, and Assessments" means all dues, Ices, assessments and other charges that are imposed on Borrower or the Property by a cortdominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of ~nds, other than a transaction origitmted by check, draft, or similar paper instrument, which is initiated througl'l an electronic terminal, telepl'~ordc instrument, computer, or magl~etic tape so as to order, instruct, or authorize a fimmcial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, autontated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transt~rs. (L) "Escrow Items" means those items dmt are described in Section 3. (Mt "Miscellmmous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under die coverages described ill Section 5) for: (it damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnatiou; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. tN) "Mortgage ]llsurance" lneans insurance protecting Lender against the nonpayment of, or defimlt on. the Loan. (0) 'Pe,-iodic Payment" means file regularly scb. eduled amount due for (i) priucipal and interest under the Note, plus (ii) any mnounts under Section 3 of dds Security lnstnnnent. (Pt "RESPA" means d~e Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as dray rnight be mnended fi'ora time to time, or any additio~ml or successor legislation or reguhltiou that governs fl~e same subject matter. As used irt this Security lnstrmnent, "RESPA." refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if tile Loan does not qualify as a "federally related mortgage loan" under RESPA. 0054193123 . (~:~)~6AiWY) (ooos) Pa~,e2ol,S ~~~rm3051 1101 '003,30 (Q) "Successor in lnCeres/of Borrower" means any party Llmt has taken ti/lo to d~e Property, whether or /hat party has assumed Borrower's obtiganons U~ldcr ~he Note and/or this Security lnstrummm TI'~NSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures m Lender: (i) the repayment of the Loan, and all renewals, extensmns and modifications of fl~e Note, and (ii) the pertbrmance of Borrower's covenants iuld agreements under Security Instrument and fl'~e Note. For this purpose, Borrower does hereby mortgage, grant and convey ~o MERS (solely as nomine~ tbr Lender and Lender's successors and assigns) and to fl~o successors and assigns of MERS, wi~ power of sale, ~e ~bllowing doscribed property located in the County of Lincoln : ['fypc of Rccordh-~g Jurisdkdon] [Name of Recording Jurisdkfion] Lo~ ?03 O~ Lakeview gsta~es &~h Addition co ~he To~ off ~lpine, pa~n Lo~ 60~C o[ the Lake~iew Es~a~es Incorporated T~ac~s A-F, Lincoln County, Wyomin9 as described on Pla~ ~iled ~une 21, 2002 as Ins~umen~ No. 881985 o[ ~he ~eco~ds o[ ~he Lincoln County Clerk. ParcellD Number: County: 193 TRAIL DRIVE ALPINE ("Pfoper£y Address"): 12-3718-29-3-06-044 Ci fy: which currently has fl~e address of [SI. reel] [Cityl , Wyoming 8 312 8 [Zip Code} TOGETHER WITH all the improvements now or hereafter erected on ~c property, and ;dl casements, appurtenances, and fixtures now or hereafter a part of the property All replacements and additions shall also he covered by fids Security lnstrament. All of the lbregoing ~s referred to in this Security lnstrmne]'][ as the "Property "Borrower understands and agrees flint MERS holds only legal title to the interests granted by Borrower in fids Security Instrument, but, if necessary to comply wifla law or custom, MERS (as nominee tbr Lender and Lender's successors and assigns) has the right: to exercise any or all of Omse interests, including, but not limited to, the right to lbreclose and sell fl~e _Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BO~OWER COVENANTS that Borrower is law~flly seised of the estate hereby conveyed a~ld has the right to mortgage, grant and convey the Property and flint the Property is unencumbered, except fi)r encumbrances of record. Borrower warrants and will defend generally the titlo to thc Property against all claims and demands, subject to any encumbrances of record. Tills SECURITY INSTRUMENT combines umtbm~ covenants fbr natimml use and norl-.tHqifon2l covenants with limited variations by jurisdiction tn constitute a unilbrm security instrument covering real property. 0054193123 (~,.~-6 A(WY)(ooosl "0033i UNIFORM COVENANTS. Borrower and Lender covcmmt and agree ils fbllows: 1. Payment o[ Principal, lnlerest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due fl~e principal of, and interest on, file debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow [terns pursoam to Section 3. Payments due under fl~c Note and this Security lnstrmncnt shall be made in currency. However, if any check or oilier instrument received by Lender as payment under fl~e Nora or Security Instrument is returned to Lender unpaid, Lender may require fi'mt any or all subsequent payments due under ~c Note and tiffs Security instrument bc made in one or more of the following tbnns, as selecmd 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 arc insured by a /~dcral insU-umenlality, or emily; or (d) Electronic Fuuds Transfer. Paymems are deemed received by Lender when received at fl~e location clmsignated in iht No~e or such oilier location as may be designated by Lender in accordance with thc notice provisions in Section 15. Lender may return m~y payment or partial paymenl if fl~c payment or partial payllicnts are msufficieut to bring fl'~c Loan currem Lender may accepl any payment or partial payment insufficient to bring fl'~e Loan current, wiiliout waiver of any righis hereunder or prejudice to its rights to relt~se such payment m' pmlia} payments in the ~ture, but Lender is nol obligated to apply such payments at fl-lC time such payments are accepted. If each Periodic Payment is applied as of ds scheduled due date, d~en Lender need nol pay imerest on unapptied hinds. Lender may hold such unapplicd ~nds undl Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasmmblc period of time, Lender shall eifl~er apply such funds or return them ¢o Borrower. If not applied earlier, such funds will be applied to the outstanding principal batancc under the Note immediately prior to foreclosure. No oft~et or claim which Borrower ruight have now or in ll~e furore against Lender shall relieve Borrower from ma~ng payments due under fl~e Note and this Security lnstrumcn[ or perIbnning fl~e covenants and agreements secured by this Security Instrumer~t. 2. Application of Payments or Proceeds. Except as ofllerwise described in this Section 2, all payments accepted aild applied by Lender shall be applied in thc R~tlowing order of priority: (a) interesl due ul~dcr Note; (b) principal due under tl~c Note; (c) mnounls due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it bec~une due. Any remaining amounts shall bc applied first to late charges, second to any other amounts due under fl~is Security hlstl-tnllcnt, and then to reduce die principal balance of the Note. If Lender receives a. payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent paymem and the late charge. If more ~mn one Periodic Payment is outstanding, Lender may al)ply any payment received fi-om Borrower to the repayment of 0~e Periodic Payments if, and to the extent that, ead~ payment can be paid in ~fll. To the extent that any excess exists after fl-~e payment is at)plied fo the t~11 payment of one or more Periodic Paymen[s, such excess ~l~ay be applied to a~y late charges due Voluntary prepaymen[s shall be applied first to any prepaymenf charges and 0~en as described in d~e Note. Any application o[ payments, insurance proceeds, or Miscellaneous Proceeds to principal due u~der the Note shall not extend or postpone the due date, or change dte amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay m Lender on the day Periodic Payments are due under the Note, until ~ae Note is paid in ~dl, a sum (the "Funds") to provide tBr payment of amounts due for: (a) taxes and assessments and other items which can attain priority over fids ~ecurity Instrumen[ as a lien or encumbrance on the Property; ~) leasehold paymeuts or ground rents on the Property, if any; (c) premiums l'br any and all insurauce required by Lender under Section 5; and (d) Mortgage Insurance prcmimns, if any, or any sums payable by Borrower to Lender m lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origimuion or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, aud such dues, tkes aod assessments shall be an Escrow hem. Borrower shall prompdy ~rnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds fief Escrow Items unless Lender waives Borrower's obligation to pay the Funds fi~r any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds t~r any or all Escrow Items at any time. Any such waiver may o~dy be in writing. In the event of such waiver, Borrower shall pay dircctly~ when and where payable, the mnounts due fi)r any Escrow Items tbr which payment of ~-6A(WY) (ooos) Page4 ol ~ ~_~~Fo.[m 3051 1101 ,-00332 Funds has been waived by Lender and, if Lender requires, shall hlrnish Lo Lender receipts evidencing such payment wifldn such time period as Lender may require. Borrower's obligation to make such paymenls and ~o provide receipts shall for all purposes be deemed to be a covenant arm agrccmcnl comaided in this Security Instrument, as ~e phrase "covenant and agreement" is used irt Section 9. If Borrower is obligmed ~o pay Escrow Items directly, pursuanl to a wmver, and Borrower fails [o pay the amouru due ibr an Escrow Item, Lender may exercise ifs rights under Sectioi-i 9 and pay such amount and Borrower sb;tll d~en be obligated under Section 9 [o repay to Lender any such ml~ount. Lender may revoke d~e waiver as to any or all Escrow lierns at any dine by a notice given in accordance wifl~ Section 15 and, upon such revocation, Borruwcr shall pay [o Lender all Funds, and in such amounts, that are tl~e~ required under this Sccdon 3. Lender may, a~ any time, collect and hold Funds m an amouru (a) sul~cient [o permit Lender :o apply d-~e Funds a~ the time specified under RESPA, and (b) not to exceed ~le rnaxin~unl amount a lender can reqmrc under RESPA Lender shall estimate fl~e amoun~ of Funds due on die basis of current data and rcason2ble estimates of expenditures of future Escrow Items or ofliel-wise in accordance wid~ Applicable Law. The Funds shall be hem in an institui~n whose deposits are insured by a lbderal agency, iustrumcntality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or m any Federal Home Loan Bank Lender shall apply the Funds [o l)ay tim Escrow Items no later dian tho time specified under RESPA. Lender shall not charge Borrower tbr holding and applying fl~e Funds, aimually analyzing die escrow accounl, or verifying the Escrow Items. unless Lender pays Borrower imcrcs~ ou die ProMs and Applicable Law penmts Lender ~o make such a charge Unless an agreemcnl is made in wrim~g ur Applicable Law requires interest [o be paid on fl~e Funds, Lcndcr shall not be required to pay Borrower any id[ercs[ or earnings on ~he Funds Borrower and Lender can agree in wridng, however, dial interesi shall be paid on Funds. Lender shall give :o Borrower, widtout charge, an annual accouming of bhe Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall accounl Borrower for the excess hinds in accordance with RESPA. If dtcre is a shortage of Funds held m escrow, as defined under ~SPA, Lender shall nodf~ Borrower as required by RESPA, and Borrower shall pay Lender the muoum necessary to make up the shortage in accordance with RESPA, but in no more than 12 monfldy paynients. If fl~ere is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notii~ Borrower as required by RESPA, and Borrower shall pay to Lender d-~e mnount necessary to make up fl~e deficiency in accordance widx RESPA, but in no more titan 1Z monthly payments. Upon payment m full of all sums secured by fl~is Security Instrument, Lender shall promplly rel~md Borrower any Funds hdd by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can aitain priority over fl~is Security Instrument, leasehold payrnents or ground rents on d~e Property, if any, and Community Association Dues, Fees, and Asscsslncnls, if ally. To thc extcnl dmi these itclns arc Escrow Items, Borrower shall pay fl~em in thc manner provided in Secdon 3. Borrower shall prumptty dischurge any lien which has priority over dds Security lnsu-umcnt unless Borrower: (a) agl'Ces in wridng to die payment of file obligation secured by fl'to lien iu a manner acceptable Lender, but only sp hms as Borrower is performing such agreement; (b) contests the lien in good l~lifl~ by, or dclknds against entUrcement of the lien in, legal proceedings which m Lender's opinion operaie ~o prcvcm thc e~dbrcemcnt of thc lien while fl~ose proceedings are pending, but only until such proceedings are concluded; or (c) secnres from fl~¢ holder of fl~e lien an agreement satisfactory to Lender suhorditmting rite lien ~o d~is Security h-tstrumcnt. If Lender determines that any part of d~e Propcriy is subjec~ to a lien which can attain priority over dtis Security Instrument, Lender may give Borrower a notice idcndtying thc Itch. Wi¢-du l0 ~6A(WY) (ooo5) P~ 5 ol ~5 ~II ~ Form 3051 1/01 "00333 days of d~e date on which ti'mt notice is given, Borrower shall satisfy the lien or take one or more of the actions set t'brth above in d~is Section 4. Lender may require Borrower [o pay a one-time charge i~r a real estate tax verification and/or reporting service used by Lender in connection wiflx d-~is Loan. 5. Property Insurance. Borrower shall keep fl~e improvcmcms now existing or hereafter erected ou d-~e Property insured against loss by fire, hazards included wilhin fl~e term "extended coverage;" and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires irlsurance. This insurance shall be maintained in the m-nounts (including deductible levels) and f~r fl~e periods that Lender requires. What Lender requires pt~rsuant to the preceding semences can change during the term of the Loan. The insurance carrier providing the insm'ance shall be chosen by Borrower sub]ed to Lender's right to disapprove Borrower's choice, which right shall not be exercised m~easonably. Lender may require Borrower to pay, in connection with fl~is Loan, eifl~er: (a) a one-time charge lbr flood zone determination, certification and tracing services; or Ca) a one-time charge l~)r flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might al:i~c[ such detemmmtion or certification. Borrower shall also be responsible for flue payment of any fees imposed by flue Federal Fimergency Manag, ement Agency in conrlection with the review of any flood zone dctem'dnatiou resulting from an objection by Borrower. If Borrower t}dls to maintain any of fl'le coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or mnount of coverage. Theretbre, such coverage shall cover Lender, but might or might not protect Borrower, Bmwower's equity in die Property, or fl~e conteuts of the Property> against any risk, hazard or liability and might provide greater or lesser coverage than was previously in eflkct. Borrower acknowledges flint the cost of fl~e insurance coverage so obtained might significantly exceed d~e cost of insurance fl~at Borrower could have obtained. Any mnounts disbursed by Lender under this Section 5 shall become additio~t debt ol'Borrower secured by fl~is Security lnstrmnent. These ~unounts shall bear interest at the Note rate from die date of disbursement and shall be payable, wifl~ such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall mune Lender as mortgagee and/or as an additional loss payee. Lender shall have fl-ie right to hold the policies and renewal certificates. If Lender requires, Borrower shall l)romptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any h)rm of insurance coverage, not otherwise required by Lender, R~r damage [O, Or destruction of, the Property, such policy shall include a standard mortgage clause and shall mune Lender as mortgagee and/or as an additiomd loss payee. In the event of loss, Borrower shall give prompt notice to fl~e insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower ofl~erwise agree in writing, aay insurance proceeds, whether or not die underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically tkasible aud Lender's security is not lessened. During such repair and restoratiou period, Lender shall have flic right to hold such insurance proceeds until Lender has had an opportumty to inspect such Property to ensure flue work has been complemd to Lender's satish~ction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. U~ess an agreement is made in writing or Applicable Law requires interest to be paid on stich insurance proceeds, Leuder shall not be required to pay Borrower any interest or earnings on such proceeds. Fees tbr public adjusters, or other fl~ird parties, retained by Borrower shall not be paid out of fl~e insurance proceeds and shall be fl~e sole obligation of Borrower. If the restoratiou or repair is not economically feasible or Lender's security would be lessened, the insm'ance proceeds shall be applied to the SUlllS secured by d-ds Security Instrument, whether or not fl~en due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in tl~e order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has oftkrcd to settle a claim, then Lender may negoliatc and settle the claim. The 30-day period will begin when die uotice is given. In either event, or if Lender acquires tl~e 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 amounis unpaid under ~]'~e Note or fids Security lnstrnn~ent, and O) any other ut' Borrower's rights (off,er titan fl~e right to any refund of nncarncd l)rcmiums l)aid by Borrower) under all insurance policies covering the Property, insofar as such rig[its are applicable to the coverage of the Property. Lender may use the insurance proceeds eifl'~er to repair or restore fl~e Property or to pay amounts unpaid under Note or this Security Instrument, whcfl~er or not then due. 6. Occtq)ancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after ~e execution of d~is Security Instrument and shall continue to occupy the Prnperty as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees m writing, which co~ment shall not be ur~easonably wi0fl~eld, or unless extennating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and, Protection or the Property; Inspections. Borrower shall not destroy, dmnage or, impair O~e Property, allow the Property (o deteriorate or commit waste on the Property. Whether or not Borrower is residing in fl~e Property, Borrower shall maintain tt~e Property in order to prevent the Property fl-urn deteriorating or decreasing in value due to its condition. Uuless 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 t~u:ther deterioration or damage, if insurance or condetmmtion proceeds are paid connection with damage to, or the taking ut:, fl~e Property, Borrower shall be responsible fbr rq)airing or restoring fl~e Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for flue repairs and restoration in a single payment or in a series of progress payments as the work is completed If the insurance or condemnation proceeds are not sufficient to repair or restore due Property, Borrower is not relieved of Borrower's obligation fbr fl~e completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspectio~ of the Property. If it bas reasonable cause, Lender may inspect file interior of the improvements on O~e Property. Lender shall 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 de,Trait if, during the Loan application process, Borrower or any persons or entities acting at ~e direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or imiccurate h~formation or statements to Lender (or Ihitcd to provide Lender with material inRmnation) in connection with d~e Loan. Material representations inch~dc, but are nol limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection or Lender's Interest in the Property and Rights Under this Security Instrument. (a) Borrower fails lo perform the coverumts and agreements contained in this Security Instrument, (b) there is a legal proceeding dmt might significantly affect Lender's interest in the Property and/or rights under Security Instrument (such as a proceeding in bankruptcy, probate, ibr condemnation or tbd~iture, fbr enforcement of a lien which may attain priority over this Security Instrument or to en~brcc laws or regulations), or (c) Borrower has abandoned rite Property, then Lender may do and pay lbr whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security h~strun~ent, including protecting and/or assessing fl~e value of the Property, and securing and/or repairing O~e Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security lustrmnent; (b) apl)earing in cum't; and (c) paying reasonable ~6A(WY) (ooo5) P ageTot~5 ~.~[~ Form a os1 1/ol :'.0O335 attorneys' tkes to protect its interest in the Property and/or rights under this Security Instrument, including its secured posilion in a bankruptcy proceeding. Securing d~e Property includes, but is not limited to, entering the Properly to make repairs, change locks, replace or board up doors and windows, drain water fi-om pipes, elimimtte building or edger code violations or dangerous conditions~ and have utilities tun-ted on or off. Although Lender may eke acnon under !his Section 9, Lender does not have to do so and is uot under any duty or obligation to do so. It ~s agreed that Leader incurs no liability for not taking any or all actions authorized under this Section 9. Any ~m~ounts disbursed by Lender under this Section 9 shall become additior~d debt of Borrower secured by tl~is 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 /'rom Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of dxe lease. If Borrower acquires fee title to d~e Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. lVlortgage lnstn'ance. It' Lender required Mortgage lnsurauce as a conditiou of making the Loan, Borrower shall pay the premiums required to maintain dte Mortgage Insurance in effect. If, for auy reason, the Mortgage lusurance coverage required by Lender ceases to be available front the mortgage insurer that previously provided such insurance and Borrower was required to make separately desigmtted payments toward the premiums for Mortgage l'nsurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equiwdent to the cost to Boi-rower of the Mortgage insurance previously in efi:ect, fi-om an altenu~te mortgage insurer selected by Lender. if substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the mnount of the separately desiguated payments that were due when the insurance coverage ceased to be ill effect. Lender will accept, use and retaio d~ese payments ;ts a uon-refundable loss reserve iu lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwid~standing the fact dtat the Loau is ultimately paid ill fi_ill, and Leader shall not be required to pay Borrower auy interest or earnings on such loss reserve. Lender can no longer require loss reserve payments it' Mortgage Insurance coverage (in the muouut and for the period that Leuder requires) provided by an iusurer selected by Lender agaiu becomes available, is obtained, and Lender requires separately desigmtted payments toward the premiums tbr Mortgage Insurance. If Lender required Mortgage Insurance as a condition nf making the Loan and Borrower was required to make separately designated'payments toward d-~e premiums for Mortgage Insurance, Borrower shall pay the prerniums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with ely written agreement between Borrower and Lender providing /'or such termination or until termination is required by Applicable Law. Nothing in dais Section 10 affects Borrower's obligation to pay interest at the rate provided m the Note. Mortgage Insurance reimburses Lender (or any entity that purchases thc Note) for certain losses it may incur if Borrower does not repay rile Loan as agreed. Borrower is uot a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk ou alt such insurance in force fron~ time to time, and fnay enter }ute agreements with other parties that share or modify their risk, or reduce losses. These agreements arc on mnus and condi(ions fltat are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements n~ay require the nlortgagc insurer to make payments using any source of funds that tire mortgage insurer may have awdlable (which may iuclude fi_rods obtained tkorn Ivlortgage h~surance premiums). As a result of daese agreements, Lender, any purchaser of the Note, another in. surer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive fi-om (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the prerniums paid to thc i~tsurer, thc arrangement is often termed "captive reinsurance." Further: (ti) ,'in), such agreements will not affect the amounts tlmt Borrower has agreed I:o pay for Mortgage Insurance, or any bther 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. (~-6A(WY) (ooos) Pag~ ~ of ~s 00336 (bt Any such agreements will not al'I-'ecl the rights Borrower has - if any - with respect to the Morlgage Insurance under the ttomeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation o1' the Mortgage lnsu,'ance, to have the Mortgage Insurance terminated automatically, and/or to receive a ret'und of any Mortgage lnsurmlce premiums that we,'e unearned at the time of such cancellation or termination. 11. Assi~nnent ct' Miscellaneous Proceeds; Forreiture. All Miscellaneous Proceeds are hereby assigned to arid shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened During such repair aud restoration period, Lender shall have the right to hold such Miscelhmeous Proceeds until Lender has had an opportmhty to inspect such Property to ensure the work has been completed to l.ender's satisfaction, provided that such inspection shall be undertaken 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 requires interest to bc paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such ivliscellaueous Proceeds. [f the restoration or repair is [-tot economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums seem'ed by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided tbr in Section 2. Irt the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then clue, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which file fair market w.due of the Property immediately before the partial taking, destructiou, or loss in wllue is equal to or greater than the mnount of the sums secured by this Security Instrmnent immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrumel~t shall be reduced by the ~unount of the Miscellaneous Proceeds multiplied by die tbllowing fraction: (at the total mnount of the sums secured immediately before the partial taking, destruction. or loss in value divided by (bt the t~tir market value of the Property immediately bcfi~re thc partial taking, destruction, or loss in value. Any batmme shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of tile Property ilnmediately before the partial taking, destruction, or loss in w'due is less than tile amount of the sums secured immediately before the partial taking, destruction, or loss in value, mtless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be apl)lied to the sums secured by this Security Insn~ient 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 Opposing Party (as defined in the next sentence) offers to make an award to settle a clairn t~r dmnages, Borrower th)Is to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then clue. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaucous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in 12endcr's judgment, could result in forfeiture of the Property or other material intpainnen[ of Lender's interest iu the Property or rights under this Security instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, iu Lender's judgment, precludes Ibrfeiture of die Property or other material impmnncut of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim fi)[- damages that are attributable to rite impaimmnt of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are riot applied to restoration or repair of the Property shall he applied iii the order provided for in Section 2. (~i~--6A(WY) (ooos) Page 9 ol ~s C ' l' . ~' Form 3051 1/01 0033'7 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument grauted by Lender to Borrower or any Successor in interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to conmaence proceedings against any Successor in Interest of Borrower or to refuse to extend time Ibr payment or otherwise modify amortization of fl~e sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy inclucling, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of' Borrower or in mnourtts 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 tmtl Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security h~strument ordy to mortgage, grant and convey the co-signer's interest in the Property under the tem'~s of this Security Instrument; (b) is not persoually obligated to pay the sums secured by fl~is Sectn'ity Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note wiLhou( the co-signer's conscn[. Subject to flxe provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is apl)roved by Lender, shall obtain all of Borrower's rights and benefits under this Security instrument. Borrower shall not be released Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writiug. The covenants and agreements of flits Security Instrument shall bind (except as provided in Section 20) and benefit fl~e successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower Ices fi)r services performed in connectim~ with Borrower's default, lbr fl~e pm-pose of protecting Lender's interest in die Property and rights under this Security lnstrmnent, including, but not lhnited to, attorneys' fees, property inspectiou and valuation fees. lu regard to any other tees, the absence of express authority in this Security Instrument to charge a specific tee to Borrower shall not be construed as a prohibition on the charging of such lee. Lender may not charge that are expressly prohibited by this Security instrun~ent or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so dmt the imerest or other loan charges collected or to be collected in connection with tine Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by Lhe amora-ti necessary to reduce the charge to tim permitted limit; and (b) a~ly sums already collected fi'om Borrower which exceeded permitted limits will be re~nded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a reiSmd reduces principal, the reduction will be treated ,is a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided tbr under the Note). Borrower's acceptance of any sucL refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 1S. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection wiLh this Security Instrument shall be deemed to have been given to Borrower when mailed hy first class mail or when actttally delivered to Borrower's notice address if sent by od-~er means. Notice m 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 desig~mted a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure ibr reporting Borrower's change address, theu Borrower shall only report a change of address fl~rough Lhat specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Auy 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 desigm~ted another address by notice to Borrower. Any notice in connection with fl~is SecLn-ity Instrument shall not be deemed to have been given to Lender until actually received by Lender. If auy notice' required by this Security lnstrumeut is also required under Applicable Law, rile Applicable Law requirement will satisfy, the correspo~tdiug requirement under this Security Instrument. i~6A(WY) (OddS) Pag~ ~o ut ~s X.,. ~ Form 3o51 16. Governing Law; Severability; Rules or Construction. This Security fustrumen/ shall bc governed by federal law and fl~e law of the jurisdiction in which the Property ts located. All rights and obligations contained in fills Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow file parues to agree by comract or it m~ght be silent, but such silence shall no~ be construed as a prohibition against agreement by contract In the event that any provlsiun or clause of [his Security Instrument or the Note conflicts with Applicable Law, such conflict ~hall not affect other provisions of tl~is Security InStalment or [he Note which caf~ be given effec~ wifilout the conflicting provtsion. As used in this Security [nstnuner~t: (at words of rite masculine gender shall mean and include corresponding neuter words or words of the femimne gender; (bt words un fi~e singular shall mean aad include :lne plural and vice versa; and (ct the word "may" gives sole discretion wilhout any obligation to take al if tlc[Ion. 17. Bo,'rower's Copy. Borrower shall be given one copy of file Note and of fi-ds Security Instrument 18. Transfer or the Property or a Beneficial Interest in Borrower. AS used in this Section 18, "Interest m the Property" means any legal or beneficial interest m the Property, including, but no~ limited to, flmse beneficial interests transferred in a bond fl)r deed, contract for deed, installment s.'fies contract or escrow agreement, fi~e intent of which is the translbr of title by Borrower at a future date to a purchaser. If all or any part of the Property or arty Interest m fi~e Property is sold or transferred (ur it' Borrower is not a nalural person and a beueficial interest in Borrower is sold or transferred) without Lender's prior written collsenl. Leafier may require immediate paymenl tn full of all sums secured by this Security h~strument llowever, this option shall not be exercised by Lerlder if such exercise is prohibited t)y Applicable [.aw. If Ler~der exercises dds opuon, Lender shall gtvc Borrower nouce of acceleration. The no[ice shall provide a period of not less limn 30 days fi-om the date tl~e notice is g~ven m accordance wifi~ Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower t'ails to pay these sums prior [o the expiration of [his period, Lender may invoke arty remedies permitted by fids Security histrtnnent without further notice or demand on Borrower. 19. Borrower's Right to Reinstate At'let Acceleration. Il: Borrower meets certain confiitions. Borrower shall have the ngllt to have enforcement of this Security Instrument discor~tinuefi at any nme prior to the earliest of: (at .five days before sale of the Properly pursuant to any power of sale contained in [his Security Instrument, (bt such other period as Applicable [.aw mtght specify for the termi~mtion ut Bomtwer's right to reinstate; or (ct entry of a judglnent enfurcing fids Security Instrument. Those conditions are that Borrower: (at pays Lender all sums which then would be due uuder fi'ds Security instrument and the Note as if no acceleration hafi occurred, (bt cures any default of any other covenants or agreements; (ct pays [tll expenses incurred in entbrcing fi'ds Security Instrument including, but not limited to, reasolmble attorney~' fees, property inspection and valuation fees, and other fees recurred fur the purpose of protecting Lend~;r's mteresl m the Property and rigt~ts under this Security Instrument, and (d) takes snch aclion as Lender may reasonably require to assure that Lender's interest m the Property and rights under this Security Instrument, and Borrower's obligauon [o pay the stuns secured by fids Security Instrument, shall continue unchanged. Lender may require that Burro'wet pay such reinstatement sums and expenses m one or more of the following lbrms, as selected by Lender: (at cash; (l)) money order; (ct certified check, bank check treasurer's check or cashier's check, provided any such check is drawn upon an_ instnution whose del)USers are insured by ~ federal agency, instrumentality or entny; or (d) Electronic Funds Transfer. [Jpon reinstatement by Borrower, this Security lustrument and obligations secured hereby shall remain fully effective as if no accelcnltiort lind occurred. However, this right to reinstate shall not apply m the case of acceleration under Section 18. 20. Sale of No{e; Change of Loan Servicer; Notice of Grievance. The Note or a partial iuterest in the Note (together with this Security Instrument) can be sold one or more times without prior notice ti) Borrower. A sale might result in a change in the entity (known tls the "Loan Servicer") fimt collects Periodic Payments due under tile Note and this Security lnstrmnent and perlbrlns 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 file Note. If fi~ere is a change of fi~e Loan Servicer, Borrower will be given written notice of thc change which will state the name and address of fi~e new Loan Servicer, the address to which payments should be made and any other infonnation RESPA requires in connection with a 3o51 1101 ........ 77:7 L. 00339 notice of transfer of servicing, if the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain wifl~ the Loan Servicer or be transtkrred to a successor [.()an Servicer and are not assumed by tile Note purchaser unless otherwise provided by the Note purchaser. Neifl~er Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) dmt arises from the other party's actions pursuant to this Security h~strument or dIal alleges flint the driver party has breached any provision of, or any duty owed hy reason of, this Security Instrument, until such Borrower or Lender has notified the oflaer party (with such notice given in compliance with the requireinents of Section 15) of sclch alleged breach and aftbrded the other party hereto a reasonable period after the giving of such notice to take corrective acdon. If Applicable Laxv provides a time period which must elapse before certain action can be taken, that tirnc period will be deemed to be reasmmble fbr purposes of fids paragraph The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and oppbrtunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" ale those substauces defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the lbllowing substances: gasoline, kerosene, other flammable or toxic petrolettm products, toxic pesticides and herbicides, volatile solvents, materials contaiaing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of d~e jurisdiction where fl~e Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Elwironn~ental ConditimF means a condition that eau cause, contribute to, or od~erwise trigger all Environmental Cleamlp. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or da'eaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Enviroranental 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 presence, use, or storage on the Property of small quantities of ltazardous 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 shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by m~y governmental or regulatory agency or private party involving d~e Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. It' Borrower learns, or is notified by any gover~nnental or regulatory authority, or any private party, ti'mt any remowd or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions iu accordance with Environmental Law. Nothing herein shall create any obligariou on Lender for an Environmental Cleanup. (~-6A(WY? (ooos) Page /~./ ~.- Form 3051 1/01 :00340. NON-UNIFORM COVENANTS. Borrower and Lender furfller covenartt 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 lnstrun~ent (bnt not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) lhe defanlt; (b) the action required to cure the defaull; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must he cored; and (d) lhat t'aihu-e to cure the default on or before llie date specified in the notice may resnlt in acceleration of the snms secured by Ibis 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 hefore the date specified in the notice, Lender at its option may require immediate payment in full of all sums secto'ed by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall he entitled to collect all expenses incurred in pursuing the remedies provided in lids Section 22, inclnding, but not limited to, reasonable attorneys' fees and costs of tide evidence. It' Lender invokes the power or sale, Lender shall give notice of intent to foreclose to Bor,'ower ~md to the person in possession of the Property, if different, itl accordance with Al)plicahle Law. Lender shall give notice of the sale to Borrower in the manner provided in Sec/ion 15. Lender shall puhlish lhe notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lende,' or ils designee ~nay purchase the Property a~ any sale. The proceeds of [he sale shall be applied in the following order: (a) to ~dl expenses of the s','de, including, but not limited to, reasonable a£torneys' fees; (h) to all sums secured by /his Securily Instrument; and (c) any excess Io the person or pe,-sons legally entitled to it. 23. Release. Upon payment of all sums secured by [his Security Instrument. Lender shall release fi'ds Sect~riU lnslrumem Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing fids Security Instrumenl, bul only if fl~e fee is paid to ~ third party for services rendered and the charging of the tee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of tile homestead exemption laws of Wyoming. ~6A(WY) (oous) P.ge mol ~s Form 3051 1101 BY SIGNING BELOW, Borrower accel)rS and agrees to fl~e terms and covemtnts contained in this Security instrument and in ally Rider executed by Borrower and recorded with it. Witnesses: (Se~il) -Borrower -~~-~ ~~. ~-. (Seal) BRIAN MCtCAY (Seal) -Bo,'rower ,o/ (Se:d) BRENDA DEM~.L LO Borrow,zr (Seal) -Borrower tScal) --Borrower (Seal) -Borrower (Seal) -Borrower 0054193123 (~c~6A(WY) (ooos) Page 14 OI lfi Form 3051 1/01 ,.- 00342 STATE OF V~gOMINC, LINCOLN The fm:egoing instrument was acl,mowledged before mc this by HOLLgY /-ICI~Y a a~AN i,iC~i- ~ JOHN DEMELLO & BRENDA DEMELLO Colll]~.y ss: ~00 ~ My Cominission Expires: q- ,'E' -07 Nolary F'ublic 0054193123 ~-fiA(WY) Page 15ol 15 Form 3051 1/01 0034 3 State of California ~ Countyof ~r~ / ss. Da(e I~ersonally known m me-- - ~ proved to me on the basis of satisfactory evidence: ~ form(s) of identification ~ credible witness(es) CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT to be the pers, s¢~ whose name(~ is/~cepsubscribe~d~to the within instrument and acknowledged to,.mem that he/she/(hey~xecuted the same in---'his/fler~-ffeiOauthorized capacity~.~), and that by his/he~.~flei.r.J signature~-))on-'fi~he instrument the persor~ or"th-L~ entity upon behalf of which the person~_)acte-d', executed the instrument. WITNESS my hand and official seal. iSeal) OPTIONAL INFORMATION Although thc information in thl~ sect/on is mol reoulred oy idvv, it could prevent fraudulent/ernovc~l and redrtc~ctm~en[ o/this cNm)OWleagmenr [o an LmOUtl')OrlZed document dnd m~y prove useful [o ,oefsons relylmg on tl~e (~rtoc'hed documenL Description of Attached Lbocument 7-be preceding Certificate of Ackrlowledgment Is attached [o a document uHed/for tl~e purpose of ~-'/}~O-trqL-~'~ ~ ~ The, slgne~-~apaci[y or authority is/are as: C~¢¢:~Vndivid ual(s _L~fJ Attorne~ imFact ~-~ Eoroorate Officerts) [~ Guardian/Conserva[o~ F-~ Partne, l imitec/Genera J-~ ]rustee(s) b~ Other: representing' [] Addil~onal Signe,(~) E~J bigne'(s) Thu,nbpril,l(s ~ Oihe~ 00344 FAMILY RIDER (Assignmenl of Renls) THIS 1-4 FAMILY RIDER is made this 29th day ct July, 2005 and is incorporated into ana 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 One "Borrower") to secure Borrower's Note to FIRST HORIZON HOME LOAN CORPORATION (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 193 TRAIL DRIVE, ALPINE, Wyoming 83128 [Property Address] 1.-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to the Property described in the Security Instrument, the following items now or hereafter attached to the Property to the extent they are fixtures are added to the Property description, and shall also constitute the Property covered by the Security Instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intended to be used in connection with the Property, including, but not limited to, those for the purposes of supplying or distributing heating, cooling, electricity, gas, water, air and light, fire prevention and extinguishing apparatus, security and access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains and curtain rods, attached mirrors, cabinets, paneling and attached floor coverings, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the Property covered by the Security Instrument. All of the foregoing together with the Property described in the Securily Instrument (or the leasehold estate if the Security Instrument is on aleasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Property." B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree t0 or make a change in the use of the Property or its zoning classification, unless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and requirements of any governmental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against the Property without Lender's prior written permission. D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards for which insurance is required by Section 5. 0054193123 MULTISTATE 1- 4 FAMILY RIDER - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3170 1/01 (~e-S7R (0411) . '^ (_ ~~ VMP Mortgage SolutiOns, I~%/~ (800)521-7291 / 00'345 E. "BORROWER'S RIGHT TO REINSTATE" DELETED. Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall assign to Lender all leases ol the Property and all security deposits made in connection wi~h leases of the Property. Upon the assignment, Lender shall have the right to modi~, extend or terminate the existing leases and to execute new leases, in Lender's sole discretion. As used n this paragraph G, the word "lease" shall mean "sublease" if the Security instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes Lender or Lender's agents to collec~ the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borrower shall receive the Rents untJh (il Lender has given Borrower notice of default pursuant to Section 22 of the Security Instrument, and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of default to Borrower: (il all Rents received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, lo be applied to the sums secured by the Security Instrument; (ii) Lender shall be entitled to collect and receive all of the Renls of the Property; (iii) Borrower agrees that each tenanl of the Property shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless applicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but nol limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits derived from the Property without any showing as to the inadequacy of the Property as security. If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Section 9. Borrower represents and warrants that Borrower has not executed any prior assignment of the Rents and has not performed, and will not perform, any act that would prevent Lender from exercising its rights under this 'paragraph. Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control o'! or maintain the Property before or after giving notice o1' delaull to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, may do so at any time when a default occurs. Any application of Rents shall not cure or waive any defaull or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall terminate when all the sums secured by the Security Instrument are paid in full. 0054193123 ~-57R (0411) Page 2 of 3 C-~..,, JForm 3170 1/01 346 I. CROSS-DEFAULT PROVISION Borrower's default or breach under any note or agreement in which Lender has an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Securily Instrument. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this 1-4 Family Rider. HO%LE¥ ~CK~Y I/ ' ' A -Borrower BRIAN "CKAY ~ ?E~drrowor (Seal) -Borrower (Seal) BRENDA DEMELLO -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Bor rower -Borrower 0054193123 ~,~-57R (0411) Page 3 of 3 Form 3170 1/01