HomeMy WebLinkAbout910647' 00479
Rettum To:
CENTENNIAL BANK, INC.
4605 HARRISON BOULEVARD
OGDEN, UTAH 84403
Attn.: S}tIPPING DEPT./DOC. CONTROL
Prepm-ed By:
RECEIVED 8/5/2005 at 4:12 PM
RECEIVING # 910647
BOOK: 593 PAGE: 472
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, VVY
]Space Above This Line For Recording Data]
MORTGAGE
MIN 100015%0005582380-7
MERS TELEPHONE: (888) 679-6377
DEFINITIONS
Words nsed in multiple sections of this document are defined below and other words are defined in
Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this document are
also provided in Section 16.
(A) "Security Instrument" meam this document, which is dated July 29, 2005, together with all
Riders to this doeunaent.
01) "Borrower" is DOUGLAS L HARTMANN a married man. Bon'ower is the mortgagor under
this Security Instrument.
(C) "MERS" is Mortgage Electronic Registration Systczns, Inc. /VIERS is a separate corporation that
is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the
mortgagee under this Security Instrument. MERS is organized and existing under thc laws of
Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel.
(888) 679-MERS.
(D) "Lender" is CENTENNIAL BANK, INC.. Lender/s a corporation organ/zed and ex/sting under
the laws of the State of UTAH. Lender's address is 4605 ttARRISON BOULEVARD, OGDEN,
UTAH 84403.
0g) "Note" means the promissoz~¢ note signed by Borrower and dated July 29, 2005. The Note states
that Borrower owes Lender One Hundred Seventy One Thousand Two Hundred And 00/100
Dollars (U.S. $171,200.00) plns interest. Borrower has promised to pay this debt in regular Periodic
Payments and to pay the debt in full not later than August 1, 2035.
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(F) "Property" means the property that is described below under the heading "Transfer of Rights in
the Property."
(G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late
charges due under the Note, and all stuns due m~der this Secm'ity Instrument, plus interest.
(II) "Riders" means all Riders to this Secm-ity Instrument that are executed by Borrower. The
following Riders are to be executed by BmTower [check box as applicable]:
[ ] Adjustable Rate Kider [ ] Condominium Rider [ ] Second Home Rider
[ ] Balloon Rider [ ] Planned Unit Development Rider [ ] 1-4 Family Rider
[ ] VA Rider [ ] Biweekly Payment Rider [ ] Other(s) [specify]
(I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations,
ordinances and administrative rules and orders (that have the effect of law) as well as all applicable
final, non-appealable judicial opinions.
(J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and
other charges that are imposed on BmTower or the Property by a condominium association,
homeowners association or similar organization.
(IQ "Electronic Funds Transfer" means any transfer of ftmds, other than a transaction originated by
check, ch'afl, or similar paper instnnnent, which is initiated through an electronic temfinal, telephonic
instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to
debit or cr6dit an account. Such term includes, but is not linfited to, point-of-sale transfers, automated
teller maclfine transactions, transfers initiated by telephone, wire transfers, and automated
clearinghouse transfers.
(L) "Escrow Items" means those items that are described in Section 3.
(M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds
paid by any flfird party (other than insurance proceeds paid under the coverages described in Section 5)
for: (i) damage to, or destruction of, the Prope~W; (ii) condenmafion or other taking of all or any pa~
of the Property; (iii) conveyance in lieu of condemnation; or (iv) nfisrepresentatious of, or omissions as
to, the value and/or condition of the Property.
(N) "Mortgage Insurance" means insm'ance protecting Lender against the nonpayment of, or default
on, the Loan.
(O) "Periodic Payment" means the regnlarly scheduled amount due for (i) principal and interest under
the Note, plus (ii) any amounts under Section 3 of this Security Instrument.
(P) "RESPA" means the Real Estate SetQement Procedm-es Act (12 U.S.C. Section 2601 et seq. ) and
its im. plementing regulation, Regulation X (24 C.F.R. Pm~ 3500), as they might be amended from time
to time, or any additional or successor legislation or regulation that governs the same subject matter.
As used in this Security Instnmmnt, '~d~SPA" refers to all requkements and restrictions that are
imposed in regard to a "federally related mortgage loan" even ff the Loan does not qualify as a
"federally related mortgage loan" under RESPA.
(Q) "Successor in Interest of Borrower" meaus any party fl~at has taken title to the Property, whether
or not that party has asstuned Bmxower's obligations under the Note and/or th/s Security Inst~ment.
TRANSFEK OF RIGHTS/N THE PKOPEKTY
WYO1VHNG-Singl¢ Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMlgNT WITH MERS Form ~,051 //01
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This SecmSty I~xstnnuent secures to Lender: (i) the repayment of the Loan, and all renewals, extensions
and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements ~mder
this Security Iustnm~ent and the Note. For fids ptuloose, Borrower does hereby mm-tgage, grafit and
convey to MERS (solely as nominee for Lender and Lender's successors mhd assigrm) and to the
successors and assigns of MER8, with power of sale, the following described property located in the
County [Type of Recording Jurisdiction] of LINCOLN [Name of Recording Jurisdiction]:
Lots 1 and 2 of Block 4 of Lincoln Iteights 5th Addition, Third Filing, to the City of
Kemmerer, Lincoln County, Wyoming as described on the official plat flied August 6, 1995
as Instrument No. 641092 of the records of the Lincoln County Clerk.
Parcel ID Number: 12-2116-23-3-04-038.00
1920 BERRY DRIVE which cun-ently has the ad~'ess of
[Street]
KEMMERER [City], Wyomh~g 83101 [Zip Code] ("Property Adch'ess" ):
TOGETHER WITH all the improvements now or hereafter erected on the prope~ry, and all
easements, appm'tenances, and fixtures now or hereafter a prat of the propm%,. All replacements and
additions shall also be covered by this Security Insttment. All of the foregoing is referred to in this
Security h~stnmm~t as the '~Property." Borrower tmderstands and agrees that MERS holds only legal
tire to the interests ~anted by Bon'ower in this Security Instrument, but, if necessary to comply with
law or custom, MER8 (as nominee for Lender and Lender's successors and assigns) has the right: to
exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the
Prope~y; and to take any action requfl'ed of Lender including, but not I/mited to, releasing and
canceling this Security Iustmment.
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed
and has the right to mortgage, grant and convey the Prope~y and that the Property is unencumbered,
except for encumbrances of record. Borrower warrants and will defend generally the title to the
Property against all claims and demm~ds, snbject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-
tmifmm covenants with limited variations by jm'isdicfion to constitute a uniform security insh~m~ent
covering real property.
UNIFORM COVENANTS. Bon'ower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late
Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note
and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for
Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instnunent shall be
WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Forr/~051 1~01
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made in U.S. curt'ency. However, if any check or other instrument received by Lender as payment
under the Note or this Security Instrument is returned to Lender unpaid, Lender may requfi-e that any or
all subsequent payments due under the Note and fl~is Secm-ity Instrument be made in one or more of the
following fom~s, as selected 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 npon an institution whose
deposits are imured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer.
Payments are deemed received by Lender when received at the location designated in the Note
or at such other location as may be designated by Lender in accordance with the notice provisionS in
Section 15. Lender may return any payment or partial payment if the payment or pm'rial payments are
insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient
to bring the Loan current, without waiver of any rights hereunder or prejudice to its fights to refuse
such payment or partial payments in the future, but Lender is not obligated to apply such payments at
the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date,
then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until
Bon'ower makes payment to bring the Loan cun'ent. If Bon'ower does not do so within a reasonable
period of time, Lender shall either apply such funds or retmn them to Borrower. If not applied earlier,
such funds will be applied to the outstanding principal balance under the Note mediately prior to
foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall
relieve Borrower from making payments due under the Note and this Security Instnunent or performing
the covenants and agreements secured by this Security Instrument.
2. Application of Payments or Proceeds. Except as otherwise described in this Section 2,
all payments accepted and appl/ed by Lender shall be applied in the following order ofprim-ity: (a)
interest due under the Note; (b) principal due under fl~e Note; (c) an~ounts due under Section 3. Such
payments shall be applied to each Periodic Payment in the order in which it became due. Any
remaining amounts shall be applied first to late charges, second to any other amounts due under tiffs
Security Instrunaent, and then to reduce the 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
payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any
payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that,
each payment can be paid in full. To the extent that any excess exists after the payment is applied to
the full payment of one or more Periodic Payments, such excess may be applied to any late charges
due. Voluntary prepayments shall be applied fn-st to any prepayment charges and then as described in
the Note.
Any application of payments, imurance proceeds, or Miscellaneous Proceeds to principal due
under the Note shall not extend or postpone the due date, or change the amount, of the Periodic
Payments.
3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are
due under the Note, until the Note is paid in full, a stun (the "Funds" ) to provide for payment of
amounts due for: (a) taxes and assessments and other items which can attain priority over this Secm-ity
Instalment as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the
Property, if any; (c) premiums for any m~d all insm'ance required by Lender under Section 5; and (d)
Mortgage Insurance premiums, if any, or any stuns payable by Borrower to Lender in lieu of
payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These
items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may
WYOMING-Single Family- Fannie Mae/Freddie Ma..c UNIFORM INSTRU1V[ENT WITH 1VIERS Form 3051 1101
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require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower,
and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to
Lender all notices of amounts to be paid under this Section. Bon'ower shall pay Lender the Funds for
Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow
Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at
any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay
directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds
has been waived by Lender and, if Lender requh'es, shall furnish to Lender receipts evidencing such
payment within such time period as Lender may require. Borrower's obligation to make such payments
and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in
this Security Instrument, as the phrase" covenant and agreement" is used in Section 9. IfBon'ower is
obligated to pay Escrow Items directly, pursuant to a waiver, mad Borrower fails to pay the amount due
for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower
shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the
waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and,
upon such revocation, Borrower shall pay to Lender all Ftmds, and in such amounts, that are then
required under this Section 3.
Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender
to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a
lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of
cam'ent data and reasonable estimates of expenditures of future Escrow Items or otherwise in
accordance with Applicable Law.
The Funds shall be held in an institution whose deposits are insured by a federal agency,
hasm~mentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or
in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than
the time specified under RESPA. Lender shall not charge Borrower for holding and applying the
Funds, annually analyzing the escrow account, o~ verifying the Escrow Items, unless Lender pays
Borrower interest on the Funds and Applicable Law pemxits Lender to make such a charge. Unless an
agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall
not be required to pay Borrower any interest or em~ngs on the Funds. Borrower and Lender can agree
ha writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without
charge, an annual accounting of the Funds as required by RESPA.
If there is a surplus of Funds held in escrow, as de£med under RESPA, Lender shall account to
Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in
escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Bon'ower
shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in
no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under
RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the
amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12
monthly payments.
Upon payment in ftfll of all sums secured by this Security Ins/axtment, Lender shall promptly
refund to Bo~Tower any Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, ~harges, fines, and impositions
atla'~utable to the Property which can attain priority over this Security Insta'mnent, leasehold payments
or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if
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any. To the extent that thesi items are Escrow Items, Borrower shall pay them in the manner provided
in Section 3.
Borrower shall promptly discharge any lien which has priority over this Security Instlment
unless Borrower: (a) agrees in writing to the payment of the obligation seem-ed by the lien in a manner
acceptable to Lender, but only so long as Bm-rower is peffmming such agreement; (b) contests the lien
in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's
opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only
until such proceedings are concluded; or (c) secures from the holder of the lien an agreement
satisfacto13, to Lender subordinating the lien to this SecmSty Instrument. If Lender detexmines that any
part of the Property is subject to a lien wlfich can attain priority over this Security Instrument, Lender
may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is
given, Bon'ower shall satisfy the lien or take one or more of the actions set forth above in this Section
4.
Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or
reporting service used by Lender in connection with this Loan.
5. Property Insurance. Bon'ower shall keep the improvements now existing or hereafter
erected on the Property insurM against loss by fire, hazards included within the term "extended
coverage," and any other hazards including, but not limited to, earthquakes and floods, for which
Lander requires insurance. This insurance shall be maintained in the amounts (including deductible
levels) and for the periods that Lender requires, W hat Lender requires pursuant to the preceding
sentences can change dm'ing the term of the Loan. The insm'ance carrier providing the insurance shall
be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not
be exercised tun'easonably. Lender may require Bol~ower to pay, in connection with th/s Loan, either:
(a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time
charge for flood zone determination and certification services and subsequent charges each time
remappings or similar changes occur which reasonably m/ght affect such determination or certification.
Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency
Management Agency in connection with the review of any flood zone detmmination resulting from an
objection by Borrower.
If Borrower fails to maintain any of the coverages descried 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 amount of coverage. Therefore, such coverage shall cover Lender, but
might or might not protect Bon'ower, Borrower's equity in the Property, or the contents of the Propen'y,
against any risk, hazard or liability and might provide greater or lesser coverage than was previously in
effect. Bon'ower acknowledges that the cost of the insurance coverage so obtained might significantly
exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender
under this Section 5 shall become additional debt of Bon'ower secured by this Security Instrument.
These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable,
with such h~terest, upon notice fi'om 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 name
Lender as mortgagee and/or as an additional loss payee. Lender shall have the fight to hold the policies
and renewal certificates. If Lender requires, Bm'rower shall promptly give to Lender all receipts of
paid premiurm and renewal notices. If Borrower obtains any folrn of/nsurance coverage, not
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otherwise requked by Lender, for damage to, or destruction of, the Propelty, such policy shall include a
standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender.
Lender may lmke proof of loss if not made promptly by Borrower. Unless Lender and Borrower
otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was
required by Lender, shall be applied to restoration or repah' of the Property, if the restoration or repair
is economically feasible and Lender's security is not lessened. Dating such repair and restoration
period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity
to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that
such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and
restoration in a single payment or hq a series of progress payments as the work is completed. Unless an
agreement is made in writing or Apphcable Law requires interest to be paid on such insurance
proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees
for public adjusters, or other third parties, retained by Borrower shah not be paid out of the insurance
proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically
feasible or'Lender's security would be lessened, the instu'ance proceeds shall be applied to the sums
sectu'ed by this Security h~strument, whether or not then due, with the excess, if any, paid to Borrower.
Such insurance proceeds shall be applied in the order provided for in Section 2.
If Borrower abandon, the Property, Lender may file, negotiate and settle any available
in"urance clainl and related matters. If Borrower does not respond within 30 days to a notice from
Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the
claim. The 30-day period will begin when the notice is g/yen. In either event, or if Lender acquires the
Property trader Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to
any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security
In"tnunent, and (b) any other of Borrower's tights (other than the tight to any refund of unearned
premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights
are applicable to the coverage of the Propen'y. Lender may use the insurance proceeds either to repair
or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or
not then due.
6. Occupancy. Borrower shall occupy, establish, and use thc Property as Borrower's
principal residence with/n 60 days after the execution of this Security Imtrument and shall continue to
occnpy the Property as Borrower's principal residence for at least one year after the date of occupancy,
unless Lender otherwise agrees in writh~g, which consent shall not be mzreasonably withheld, or unless
extenuating circumstances exist which are beyond Bon'ower's control.
7. Preservation, Maintenance and Protection of the Property; Inspection.. Borrower
shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on
the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the
Property in order to prevent the Property fi'om deteriorating or decreasing in.value due to its condition.
Unless it is dete~m/aed pursuant to Section 5 that repair or restoration is not economically feasible,
Borrower shall promptly repair the Property if damaged to avoid ftu'ther deterioration or damage. If
insurance or condemnation proceeds are paid in connection with damage to, or the taldag of, the
Property, Bon'ower shall be responsible for repaking or restoring the Property only if Lender has
released proceeds for such patposes. Lender may disburse proceeds for the repah's and restoration in a
single payment or in a series of progress payments as the work is completed. If the huuranee or
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condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of
Borrower's obligation for the completion of such repair or restoration.
Lender or its agent may make reasonable entries npon and inspections of the Property. If it
has reasonable cause, Lender may inspect the interior of the improvements on the 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 default if, during the Loan
application process, Borrower or any persons or entities acting at the direction of Borrower or with
Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or
statements to Lender (or failed to provide Lender with material information) in connection with the
Loan. Material representations include, but are not limited to, representations concenaing Borrower's
oqcupancy of the Property as Bo~:rower's principal residence.
9. Proteetion of Lender's Interest in the Property and Rights Under this Seeurlty
Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security
Instrument, (b) there is a legal proceeding that might significanfly affect Lender's interest in the
?roperty and/or rights under this Secm-ity Instnunent (such as a proceeding in bankruptcy, probate, for
condemnation or foffeitm-e, for enforcement of a lien which may attain priority over this Security
Insmm~ent or to e~fforce laws or regulations), or (c) Bon'ower has abandoned the Property, then Lender
may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Propen3,
and rights under this Security Instnmaent, including protecting and/or assessing the value of the
Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited
to: (a) paying any sum secured by a lien which has priority over this Security Instrument; (b)
appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property
and/or rights under this Security Instnmaent, including its seem-ed position in a banh'uptcy proceeding.
Securing the Property includes, but is not limited to, entering the Property to make repairs, change
locks, replace or board up doors and windows, drain water fi'om pipes, eliminate building or other code
violations or dangerous conditions, and have utilities turned on or off. Although Lender may take
action nnder this Section 9, Lender does not have to do so and is not under any duty or obligation to do
so. It is agreed that Lender incurs no liability for not taking any or ail actions authorized under this
Section 9.
Any amounts disbursed by Lender nnder this Section 9 shall become additional debt of
Borrower secured by this Security Instnunent. These amounts shall bear interest at the Note rate fi'om
the date of disbursement and shall be payable, with such interest, upon notice ~om Lender to Borrower
requesting payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of
the lease. If Bon'ower acquires fee tire to the ProperS, the leasehold and the fee title shall not merge
unless Lender agrees to the merger in va'iting.
10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making
the Loan, Bon'ower shall pay the premiums required to maintain the Moa~gage Insurance in effect. If,
for any reason, the Mortgage Insurance coverage required by Lender ceases to be available fi'om the
mortgage insurer that previously provided such insurance and Bon'ower was required to make
separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the
preminms required to obtain coverage substantially equivalent to the Mortgage Insm'anee previously in
effect, at a cost snbstantially equivalent to the cost to Borrower of the Mortgage Insurance previously hr
effect, f~om an alte~mte mortgage insurer selected by Lender. If substantially equivalent Mortgage
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Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the
separately designated payments that were due when the insurance coverage ceased to be in effect.
Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage
Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is
ultimately paid ha full, and Lender shall not be requh'ed to pay Borrower any interest or earnings on
such loss resex, e. Lender can no longer require loss reset-ce payments if Mortgage Insurance coverage
(in the amount and for the period that Lender reqnires) provided by an insm-er selected by Lender again
becomes available, is obtained, and Lender reqnires separately designated payments toward the
preminms for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making
the Loan and Bon'ower was required to make separately designated payments toward the premiums for
Mortgage Insurance, Borrower shall pay the premkuns required to maintain Mortgage Imurance in
effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insm'anee
ends in accordance with any vn4tten agreement between Borrower and Lender providing for such
termination or until termination is required by Applicable Law. Nothing in this Section 10 affects
Borrower's obligation to pay interest at the rate provided in the Note.
Mortgage Insm'ance reimburses Lender (or any entity that purchases the Note) fox' certaiu
losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a pan'y to the
Mortgage Insurance.
Mortgage insurers evaluate their total risk on aH such insurance in forc.e from time to time, and
may enter into agreements with other parties that share or nlodify their risk, or reduce losses. These
agreements are on terms and conditions that are satisfactory to the mm~gage insurer and the other prow
(or parties) to these agreements. These agu'eements nlay require the mortgage insurer to make payments
using any source of funds that the mortgage imurer may have available (which may include funds
obtained from Mortgage Insurance premiums).
As a result of these agreements, Lender, any purchaser of the Note, another imurer, any
reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly)
amounts that derive from (or might be characterized as) a portion of Borrower's payments for
Mortgage Insurance, in 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 premiums paid to the insurer, the arrangement is often termed "captive
reinsurance." Further:
(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the
amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any
refund.
(b) Any such agreements will not affect the rights Borrower has - if any - with respect to
the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These
rights may include the right to receive certain disclosures, to request and obtain cancellation of
the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to
receive a refund of any Mortgage Insurance premiums that were unearned at the time of such
cancellation or termination.
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are
hereby assigned to and shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shah be applied to restoration or
repair of the Property, if the restoration or rePair is economically feasible and Lender's security is not
WYOMING-Single Family- Fannie Mae/Freddie Mae UNIFORM INSTRUMENT WITH MERS For~:~051 1/0~
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lessened. During such repair and restoration period, Lender shall have the right to hold such
Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the
work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
promptly. Lender ~my pay for the repairs and restoration in a single disbursement or h~ a series of
progress payments as the work is completed. Unless an agreement is made in writing or Applicable
Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay
Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not
economically feasible or Lender's secm-ity would be lessened, the Miscellaneous Proceeds shall be
applied to the sums secured by this Security InstaLment, whether or not then due, with the excess, if
any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in
Section 2.
ha the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous
Proceeds shall be applied to the stuns secured by this Security l_nstmment, whether or not then due,
with the excess, ffany, 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 the Property immediately before the partial taking, destruction, or loss in value is equal
to or greater than the amount of the sums secured by this Security Instrument immediately before the
partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the
sums seem'ed by this Secm'ity IustrtLment shall be reduced by the amount of the Miscellaneous Proceeds
multiplied by the following fi'action: (a) the total amount of the sums seem'ed irmuediately before the
partial taking, destruction, or loss in value divided by Co) the fait' market value of the Property
immediately before /he part/al talcing, destruction, or loss in value. Any balance shall be paid to
Borrower.
In the event of a partial taking, destruction, or loss in value of the Property in which the fait'
market value of the Property immediately before the partial taking, destruction, or loss in value is less
than the amount of the stuns secured immediately before the partial taking, destruction, or loss in value,
unless Borrower and Lender othenvise agree in writing, the Miscellaneous Proceeds shah be applied to
the sums Secured by fltis Security Instnnuent 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 Pan'y (as defined in the next sentence) offers to make an award to settle a claim for damages,
Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is
authorized to collect and apply the Miscellmaeous Proceeds either to restoration or repair of the
Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing
Party" means the third party that owes Bm'rower Miscellaneous Proceeds or the party against whom
BolTower has a right of action in regard to Miscellaneous Proceeds.
Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun
that, in Lender's judgment, could result in fmfeiture of the Property or other material impairment of
Lender's interest in the Property or fights under this Security Instrument. Borrower can cure such a
default and, if acceleration has occmxed, reh~state as provided in Section 19, by causing the action or
proceeding to be dismissed with a ruling that, hi Lender's judgment, precludes forfeiture of the
Property or other material impairment of Lender's haterest in the Property or rights under this Secm'ity
Instrument. The proceeds of any award or claim for danmges that are attributable to the impahment of
Lender's interest in the Property are hereby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shah
be applied in the order provided for in Section 2.
WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS For_)~051 1/01
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12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the
time for payment or modification of amm~ization of the sums secured by this SecuriW Ins~ument
granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the
liabiliW of Bon'ower or any Successors in Interest of Bon'ower. Lender shall not be requh'ed to
commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for
payment or otherwise modify amon'ization of the sums secured by this Security Instnunent by reason of
any demand made by the origiml Borrower or any Successors in Interest of Bm:rower. Any
forbearance by Lender in exercising any right or remedy including, without limitation, Lender's
acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts
less than the amount than due, shall not be a waiver of or preclude the exercise of any right or remedy.
13. Joint and Several Liability; Co-signers; Successor s and Assigns Bound. Borrower
covenants and agrees that Borrower's obligations and liability shall bc joint and several. However, any
Borrower who co-signs this Security Instrument bnt does not execute the Note (a "co-signer"): (a) is
co-sig~fing this SecmSty Instrument only to mol~gage, grant and convey the co-signer's interest in the
Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums
seem'ed by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to
extend, modify, forbear or make any accommodations with regard to the terrm of this Security
Inshment or the Note without the co-signer's consent.
Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes
Borrower's obligations under tlfis Security Insttment in writing, and is approved by Lender, shall
obtain all of Borrower's rights and benefits under this Secm-ity Instrument. Borrower shall not be
released from Borrower's obligations and 1/ability under this Security Instrmment nnless Lender agrees
to such release in writing. The covenants and agreements of this Security Instrument shall bind (except
as provided in Section 20) and benefit the successors and assigns of Lender.
14. Loan Charges. Lender may charge Bon'ower fees for services peffm~ned in connection
with Bmtrower's default, for the purpose of protecting Lender's interest in the Property and rights under
this Secm'ity Instrument, including, but not limited to, attorneys' fees, property inspection and valuation
fees. In regard to any other fees, the absence of express authority in this Secm-ity Instrument to charge
a specific fee to Borrower shall not be construed as a prokibition on the charging of such fee. Lender
may not charge fees that are expressly prohibited by this Security Insttment or by Applicable Law.
If the Loan is subject to a law wlfich sets maximin loan charges, and that law is finally
intmpreted so that the interest or other loan charges collected or to be collected in connection with the
Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary m reduce the charge to the pemfitted 15uit; and Co) any sums already collected from
Borrower wlfich exceeded permitted limits will be refunded to Borrower. Lender may choose to make
this refund by reducing the principal owed under the Note or by making a direct payment to Bon'ower.
If a refimd reduces principal, the reduction will be treated as a partial prepayment without any
prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's
acceptance of any such refund made by dh'ect payment to Borrower will constitute a waiver of any right
of action Bmu:ower might have arising out of such overcharge.
15. Notices. All notices given by Borrower or Lender in connection with this Security
Insta'ument must be in writing. Any notice to Borrower in connection with this Security Instnm~ent
shall be deemed to lmve been given to Borrower when marled by first class mail or when actually
delivered to Borrower's notice ad&ess if sent by other means. Notice to any one Borrower shall
constitute notice to all Borrowers unless Applicable Law expressly requ/res otherwise. The notice
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add-ess shall be the Property Address unless Borrower has designated a substitute notice address by
notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender
specifies a procedure for reporting Borrower's chauge of address, then Borrower shall only report a
change of address thi'ough that specified procedure. There may be only one designated notice address
trader this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or
by mailing it by first class marl to Lender's address stated herein unless Lender has designated another
address by notice to Borrower. A.ny notice in connection with tiffs Security Instrument shall not be
deemed to have been given to Lender until actually received by Lender. If any notice required by this
Secnrity Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy
the corresponding requirement under this Secm-ity Instrument.
16. Governing Law; Severability; Rules of Construction. This Security Imtmment shall
be governed by federal law and the law of the jurisdiction in which the Property is located. All rights
and obligations contained in this Security Instrument are subject to any requirements and limitations of
Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or
it might be silent, but such silence shall not be construed as a prohibition against agreement by contract.
In the event that any provision or clause of this Security Instrument or the Note cmfflicts 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.
As used in this Security Instnmaent: (a) words of the masculine gender shall mean and include
corresponding neuter words or words of the ferah~ue gender; (b) words in the singular shall mean and
include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation
to take any action.
17. Borrower's Copy. BmTower shall be given one copy of the Note and of this Security
Instrument.
18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section
18, "interest in the Property" means any legal or beneficial interest in the Propel~y, including, but not
lira/ted to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales
contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to
a purchaser.
If all or any part of the Properly or any Interest in the Property is sold or transferred (or if
Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without
Lender's prior written consent, Lender may require immediate payment in full of all sunas secured by
this SecmSty Instrument. However, tiffs option shall not be exercised by Lender if such exercise is
prohibited by Applicable Law.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice
shall provide a period of not less than 30 days fi'om the date the notice is given in accordance with
Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower
fails to pay these sums prior to the exph'afion of this period, Lender may invoke any remedies permitted
by this SecmSty Instnm~ent without fmther notice or demand on Borrower.
19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain
conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued
at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of
sale contained in this Security Instrument; (b) such other period as Applicable Law might spec/fy for
the termination of Borrower's fight to reinstate; or (c) entry of a judgment enforcing this Security
Instavament. Those conditions are that Borrower: (a) pays Lender all sums which then would be due
WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01
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trader tiffs Security Instrument and the Note as if no accelerahon had occun'ed; (b) cures any default of
any other covenants or agreements; (c) pays all expenses incmxed in enforcing this Security Instrument,
including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and
other fees incurxed for the purpose of protecting Lender's interest ia the Property and rights under this
Secur'ity Instrmuant; and (d) takes such action as Lender may reasonably requ/re to assure that Lender's
interest in the Prope~W and rights under this Security Instrmuent, and Borrower's obligation to pay the
sums secured by this Security Instrument, shall continue unchanged. Lender may require that
Borrower pay such reinstatement sums and expenses h~ one or more of the following forms, as selected
by Lender: (a) cash; (b) money order; (c) certified check, bank cheek, treasurer's check or cashier's
check, provided any such check is drawn upon an institution whose deposits are insured by a federal
agency, instrumentality or entity; or (d) Elect~'osfic Funds Transfer. Upon reinstatement by BmTower,
this Security Instrument and obhgations secured hereby shall remain fully effective as if no acceleration
had occmTed. However, this right to reinstate shall not apply in the case of acceleration under Section
18.
20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial
interest in the Note (together with this Security Instrument) can be sold one or more times without prior
notice to Borrower. A sale might result in a change in the entity (known as the "Loan Se~wicer" ) that
collects Periodic Payments due under the Note and this Security Instrument and perfmTnS 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 Selwicer unrelated to a sale of the Note. If there
is a change of the Loan Servicer, Borrower will be given written notice of the change which will state
the name and adch'ess of the new Loan Servicer, the adch-ess to which payments should be made and any
other information RESPA requh'es in counecfion with a 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 Bon'ower will remain with the Loan Servicer or be transferred to
a successor Loan Servicer and are not assmned by the Note purchaser unless otherwise provided by the
Note purchaser.
Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as
either an individual litigant or the member of a class) tlmt arises fi'om the other party's actions pursuant
to this Security Iastnrment or that alleges that the other pm'ty has breached any provision of, or any
duty owed by reason of, tiffs Security Instrument, until such Borrower or Lender has notified the other
prow (with such notice given in compliance with the requirements of Section 15) of such alleged
breach and afforded the other pa~y hereto a reasonable period after the giving of such notice to take
corrective action. If Applicable Law provides a time period which must elapse before certain action
can be taken, that time period will be deemed to be reasonable for proposes of this 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
opportunity to take corrective action provisions of this Section 20.
21. Hazardous Substances. As used h~ this Section 21: (a) "Haz~u'dous Substmsces" m'e
those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law
and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic
pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and
radioactive materials; (b) "Envkonmental Law" means federal laws and laws of the jurisdictiun where
the Prope~W 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 Environmental
WYOMING-Single Fmnily- Fa~mie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01
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Law; and (d) an "Bnvironmental Condition" means a condition that can cause, contn~oute to, or
otherwise trigger an Bnvironmental Cleanup.
Bon'ower shall not cause or permit the presence, use, disposal, storage, or release of any
Hazardous Substances, or th'eaten to release any Hazardous Substances, on or in the Propcu'ty.
Bon'ower 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 Bnvkonmental 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, uge, or storage on
the Property of small quantifies of Hazardous 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 af (a) any investigation, claim, demand,
lawsuit or other action by any governmental or regulatory agency or private party Evolving the
Property and any Hazardous Substance or Bnvkonmental Law of which Borrower has actual
knowledge, (b) any Bnvkonmental 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. If
Borrower learns, or is notified by any gove~Tamntal or regulatory authority, or any private party, that
any removal or other remediafion of any Hazardous Substance affecting the Property is necessary,
Borrower shall promptly take all necessary remedial actions in accordance with Bnvh'onmental Law.
Nothing herein shall create any obligation on Lender for an Bnvfl'onmental Cleanup.
NON-UNIFORM COVENANTS. Borrower aM Lender tin'thor covenant and agree as
follows:
22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration
following Borrower's breach of any covenant or agreement in this Security Instrument (but not
prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice
shall specify: (a) the default; (b) the action required to cure the default; (c) 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 sate of the Property. The notice
slmll 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 may invoke the power of sale and any other remedies
permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in
pursuing the remedies provided in this Section 22, including, but not limited to, reasonable
attorneys' fees and costs of title evidence.
If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to
Borrower and to the per son in possession of ti~e Property, if different, in accordance with
Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in
Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner
prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale.
The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale,
WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01
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including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security
Instrument; and (c) any excess to the person or persons legally entitled to it.
23. Release. Upon payment of all stu~s secured by tl~is Security Instrument, Lender shall
release this Security Instnnnent. Bon'ower shah pay any recordation costs. Lender may charge
Bm:rower a fee for releasing this Security Instnunent, but only if the fee is paid to a third party for
services rendered and the charging of the fee is permitted under Applicable Law.
24. Waivers. Borrower releases and waives all rights trader and by viztue of the homestead
exemption laws of Wyoming.
WYOMING-Single Family- Fannie Mae/Freddie Mae UNIFORM INSTRUMENT WITH 1VIERS Forn~30$1 1/01
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BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in
this Security Instrmnent and in any R/der executed by Bon'ower and recorded w/th it.
Wimesses:
(Seal)
-gon'ower
(Seal)
-Borrower
(Seal)
-Bon'ower
(Seal)
-Borrower
WYOMING-Single Family- Fannie MadFreddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01
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STATE OF WYOMING,
The foregoing instrument was acknowledged before me this
DOUGLAS L HARTMANN
My Commission Expires: /
Notary Publi~~t~ ~
WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS