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Home My WebLink About911602Prepared by: Wells Fargo Financial, Inc.. 604 Locust Des Moines, iowa 50309 RECEIVED 9/7/2005 at 11:04 AM RECEIVING # 911602 BOOK: 596 PAGE: 782 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Return to: WELLS FARGO FINANCIAL WYOMING, INC. 2441 FOOTHILL BLVD 1243 ROCK SPR1NGS, WY 82901 MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 9, 11, 16, 18 and 19. Certain rules regarding the usage of words used in this document are also provided in Section 14. (A) "Security Instrument" means this document, which is dated 08/25/05 , together with all Riders to this document. (B) "Borrower" is SONDRA GILBERT AND PAUL GILBERT Borrower is the mortgagor under this Security Instrument. (C) "Lender" is Wells Fargo Financial \Vymrfing, Inc. Lender is a corporation organized and existing under the laws of Wyoming. Lender's address is 2441 FOOTHILL BLVD=1243 ROCK SPRINGS, WY 82901 . Lender is the mortgagee under this Security Instrument. (D) "Note" rneans the p:'omiss,:.,B, note signed by Borrower and dated 08/25/05 . The Note states that Borrower owes Lender $ 37064.76 (U.S. Dollars) plus interest. Bon'ower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than ._. 08/30/ 9 . (E) "Propert)," means the property that is described below under the heading "Transfer of Rights in the Prot. erty. (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The Ibllowing Riders are to be executed by Bon-ower [check box as applicable]: Adjustable Rate Rider Balloon Rider 1-4 Fanzily Rider [_~ Condominium Rider [] Plmmed Unit Development Rider ~ Biweekly Payment R/der Second Home Rider Other(s) [specify] (H) "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. (1) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated tN'ough an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. Page 1 of § I IIIIII IIIII II!11 IIIII IIIII Ilill III!1 IIIII IIII IIII 52941531 WY-2041.0805 (K) "Miscellaneous Proceeds,' means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 4) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (L) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or detkault on, the Loan. (M) "Periodic Payment" means the regularly scheduled amount due for principal and interest under the Note. (N) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from tirne to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are ilnposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (O) "Successor in Interest of Borrower" means any pan~y that has taken title to the Property, whether or not that party has assumed Bon'ower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrunaent secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Bon'ower's covenants and agn'eements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, ~ant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] The Description of Property is attached hereto as "Addendum A to Mortgage Description of Property" and is specifically incorporated herein. which cun'ently has the address of 269 SADLE DR [Street] ATE_N_A , Wyoming 83118 [City] [Zip Code] ( 'Property Address") TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument: All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Bon'ower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-mfifonn covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Bon'ower and Lender covenant and agee as follows: 1. Payment of Principal, Interest, Escrow Ite~ns, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal o~; and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Payments dne under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returued to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, 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 upon an I IIIIII IIII! IIIII IIIII IIIII IIIII IIIII IIiil IIII IIII 52941531 Page 2 of 9 WY-2041-0805 institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. 2. Application of Pa.ments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) fees and charges due under the Note; (b) interest due under the Note; and (c) principal due under the Note. 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 any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the alnount, of the Periodic Payments. 3. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or gq'ound rents on the Property, if any, and Conununity Association Dues, Fees, and Assessments, if any. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (al) aga'ees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borro~ver is performing snch agq'eement; (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 satiSfactory to Lender subordinating the lien to this Security Instrmnent. If Lender deterlrdnes that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Withha i0 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth aboVe in this Section 3. Lender may require Borrower to pay a one-time charge for real estate tax verification and/or reporting service used by Lender in connection with this Loan. 4. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and t~r thc periods that Lender rccluires. 'What Lender requires pursuant to the preceding sentences can change during the ten'n of the Loan. The insurance carrier providing the insurance shall be chosen by Borrow'er subject to Lender's right to disapprove Bon-ower's choice, which right shall not be exercised um'easonably. Lender may require Borrower to pay, in com~ection with this Loan, either: (a) a one-time charge tBr flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification sen'ices and subsequent charges each time remappings or similar changes occur which reasonably might affect such deterlnination or certification. Borrower shall also be responsible for the payment of any tees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the 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 amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and nfight provide greater or lesser coverage than was previously in effeCt. Borrower ackmoWledges 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 4 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with 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 name Lender as mo~lgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise reqnired by Lender, for damage to or destruction of, the Property, 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 make 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 I IIIIII Illll IIIII Illll II!11 IIIII IIIII IIIII 1111 I!11 52941531 Page 3 of 9 WY-2041-0805 00785 Lender, 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 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 in 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 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 shall not be paid out of the insurance proceeds and shall be the sole obligation of Bon'ower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the 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 offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 20 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 Instrument, and (b) any other of Borrower's rights (other than the right 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 Property. 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. 5. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agn'ees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 6. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or con-unit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detern-fined pursuant to Section 4 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if' damaged to avoid further deterioration or damage, if insurance or conde~rmation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condenmation 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 upon 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. 7. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Bon'ower or any persons or entities acting at the direction of Borrower or with Bon'ower's M:owledge or consent gave materially false, misleading, or inaccurate infonrtation 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 concerning Borrower's occupancy of the Property as Borrower's principal residence. 8. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perforn~ the covenants and agreements contained in this Security h~strument, (b) there isa legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in banlcruptcy, probate, for condenmation or forfeiture, for enforcement of a lien ~vhich may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, 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 sums secured by a lien which has priority over this Security Instrument; (b') appearing in I IIIIII IIIII IIIII II[ll IIIII IIIII IIIII IIIii IIII Illl 52941531 Page 4 of 9 WY-2041-0805 court; and (c) paying Reasonable Attorneys' Fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a ban 'kruptcy 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 mined on or off. Although Lender may take action under this Section 8, 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 all actions authorized under this Section 8. Any amounts disbursed by Lender under this Section 8 shall become additional debt of Borroxver secured by this Security h~strurnent. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security h~strument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the tee title shall not merge unless Lender agrees to the merger in writing. 9. 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 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 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 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 be paid on such Miscellaneous Proceeds, Leuder shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether 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. h~ the event of a total ta'king, 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 due, with the excess, if any, paid to Bon'ower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property irmnediately 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 in2-nediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be re&~ced by the amouut of the Miscellaneous Proceeds multiplied by the following fi'action: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. h~ the event of a partial taking, destruction, or loss in value of the Property in which the lair market value of the Property inunediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured inmaediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to 1hake an award to settle a claim for damages, Borrower t~ils 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 due. "Opposing Party" means the third party that owes Bon'ower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or cri~rfinal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impain~ent of Lender's iuterest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 17, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material ilnpairment of Lender's interest in the Property or rights under this Security h~strument. The proceeds of any award or claim for darnages that are attributable to the irnpairlnent of Lender's interest in the Property are hereby assigned and shall be paid to Lender. I I!1111 II111 IIIII IIIII IIIII IIIII IIIII I1111 IIII Illl 52941531 Page 5 of 9 WY-2041-0805 All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 10. 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 granted by Lender to Bon'ower 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 connnence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Bon'ower or any Successors in Interest of Bon'ower. 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 alnounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 11. Joint and Several Liability`; Co-signers; Successors and 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 only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrmnent; (b) is not personally obligated to pay the sun'~s secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any acconnnodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 16, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrurnent in writing, and is approved by Lender, shall obtain all of Borrower's fights and benefits tinder this Security hastrument. Borrower shall not be released ti'om Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 18) and benefit the successors and assigns of Lender. 12, Loan Charges. Lender may charge Borrower lees tbr services performed in connection with Borrower's default, for the pm-pose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, thc absence of express authority in this Security h~strument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from BmTower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal oxved under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower m/ght have arising out of such overcharge. 13. Notices. All notices given by Bon'ower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one BolTower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Bo~Tower 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 Bon'ower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Insn'nment at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated ano~er address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security hastrument. 14. Governing Law; Severability; Rules of Construction. This Security Instrument 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 I IIIIII IIIII IIIII IIIII IIIll IIIll IIIII IIIII IIII IIII 52941531 Page 6 of 9 WY-2041-0805 '00758 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 conflicts 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 Instrument: (a) words of the mascnline gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 15. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrurnent. 16. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 16, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any interest in the Property is sold or transferred (or if Bon'ower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require i~runediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. It' 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 13 within which Borrower must pay all sums secured by this Security Instrument. Il' Borrower fails to pa5' these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without fi.~rther notice or demand on Borrower. 17. Borrower's Right to Reinstate Mter 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 specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instmn~ent. Those conditions arc that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (lb) cures any def-ault of any other covenants or agreelnents; (c) pays all expenses incm-red in enforcing this Security hastrument, including, but not limited to, Reasonable Attorneys' Fees, property inspection and valuation fees, and other fees incmTed for the purpose of protecting Lender's interest in the Property and rights tinder this Security Instnlment; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property. and rights tinder this Security Instrmnent, and Borrower's obligation to pay the sums secured by this Security h~stmment, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, 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 upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (id) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 16. 18. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instnunent) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (lo~own as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instmlnent and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also nfight be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Se~wicer, the address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter thc Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. 19. Hazardous Substances. As used in this Section 19: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and I I!1111 I[111 IIIII Illll !1111 IIIII IIIII IIIII IIII IIII 52941531 Page 7 of 9 WY-2041-0805 the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Properly 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 Law; and ('d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Bon'ower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Enviromnental Law, (b) which creates an Enviromnental 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 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 consmner products). Borrower shall promptly give Lender written notice of (a) any investigation, clairn, dernand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous'Substance or Enviromnental Law of which Bon'ower 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 Propelxy. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Bon'ower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 20. 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 16 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action reqnired to cure the defanlt; (c) a date, not less than 30 days frown the date the notice is given to Borrower, by which the default mnst be cnred; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of BOrrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require hnmediate payment in full of all sums secured by this Securi~ Instrument without further delnand 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 20, 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 foreclosure to Borrower and to the person in possession of the Property, it' different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 13. 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, iucluding, but not limited to, reasouable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 21. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security insn-ument. Bon-ower shall pay any recordation costs. Lender may charge Borrower a t~e for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is pemfitted under Applicable Law. 22. Waivers. Borrower releases and waives all rights under and by virtue of homestead exemption laws of Wyoming. I IIIIll I1111 IIlll IIIll IIIII IIIII IIIII IIIII III III1 52941531 Page 8 of 9 WY-2041-0805 ,~,00790 BY SIGNING BELOW, Borrower accepts and'agrees to the temps and covenants contained in this Security Instrument and in any Rider executed by Bon'ower and recorded with it. Bon'ower PAUL GILBFRT (Seal) (Seal) Borrower (Seal) Bo~ower (Seal) [Space Below This Line For Acknowledgment] STATE OF WYOM~G County of __51~._ _e~__/~5(~/~ .......... The foregoing instrument was ac'lmowledged before by ~ ~,'/~2 ~ /,a~t,{ 6,' me this (SEAL) MYCOMMI~ION EXPIFI~ES~ ~OCJ'.?, ~2008_ I Notary Public Page 9 of 9 I IIIIII IIIII Ilill IIIII IIIII IIIII IIIII IIIII IIII IIII 5294'153'i WY-2041-0805 ADDENDUM A TO NOTICE OF LIEN ON MORTGAGED PREMISES AND REQUEST FOR NOTICE OF FORECLOSURE Description of Property Lot 22 of Nord/~ RanCha~ Division No, 3, Lincoln County, described on the official plat thereof. "0079l Wyoming NA-3879-0805 00792.. ADJUSTABLE RATE RIDER THIS ADJUSTABLE RATE RIDER is made on 08/25/05 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Securit5' Instrument") of the same date given by the undersigned (the "Borrower") to secure Bon'ower's Adjustable Rate Note (the "Note") to Wells Fargo Financial Wyoming, Inc. (the "Lender") of the stone date and covering the property described in the Security Instrument and located at: 269 SADLE DR ATENA, WY 83118 [Property Address] NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH CONTAINS A PROVISION ALLOWING FOR CHANGES IN THE INTEREST RATE. INCREASES IN THE INTEREST RATE WILL RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST RATE WILL RESULT IN LOWER PAYMENTS. THE NOTE LIMITS THE AMOUNT MY INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM AND MINIMUM RATE l MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security hlstnunent, Borrower (hereinafter 'T" and "me") and Lender (hereinafter "Note Holder") fin'ther covenant and a~ee as follows: 1. INTEREST RATE AND PERIODIC PAYMENT CHANGES The Note provides for an initial interest rate as well as for changes in the interest rate and the payments. 2. PAYMENTS (A) Scheduled Payments i will pay principal and interest by making payments when scheduled. I will make rny scheduled payments each month as required under the Note. (B) Maturity Date and Place of PaYments 1 will make these payments as scheduled until 1 have paid all of the principal and interest and any other charges described below that I may owe under tine Note. My scheduled payments will be applied to interest before principal. It; on the Maturity Date set forth in the Note I still owe amounts under the Note, I will pay those amounts in full on the "maturity date." I will make my scheduled payments at or to the place(s) specified by the Note, or at a different place if required by the Note Holder. (C) Amount of My Initial Scheduled Payments Each of my initial scheduled payments will be in the amount as specified in the Note. This amount rnay change as provided in the Note. (D) Scheduled Payment Changes I IIIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIII IIII 52941531 Page 1 of 3 WY-2041-0805 Changes in my scheduled payments will reflect changes in the unpaid principal of my loan and in the interest rate that I must pay. The Note Holder will determine my new interest rate and the changed an~ount of my scheduled payment in accordance with the Note. (E) Late Charge If the Note Holder has not received the full amount of any monthly payment by the end of the grace period specified in the Note, I will pay a late charge to the Note Holder as provided by the Note. I will pay this late charge promptly but only once on each late payment. 3. INTEREST RATE AND SCHEDULED PAYMENT CHANGES (A) Change Dates Each date on which my interest rate could change is called a "Change Date." The interest rate i will pay may change on tile Change Date specified in the Note, and on every sixth month anniversary date thereafter that is before the maturity date. There will be no Change Dates on or after the maturity date. The interest rate in effect on the maturity date will remain in effect after the maturity date until the full amount of principal has been paid. (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is tile highest "Prime Rate" as published by the The l~al! Street .lourna/. Thc most recent month-end (defined as the last business day of that month) Index available before the date occurring one day preceding one month prior to the Change Date is called the "Current Index." For example, if your Change Date is May 13, the most recent month-end Index available on April 12 ('one day preceding one month prior to May 13) would be the h~dex for March 31, assuming March 31 is a business day. If your Change Date is July 1, the most recent month-end Index available on May 31 would be the Index for April 30, assuming April 30 is a business day. If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable intbrmation. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding the Margin specified in the Note to the Current Index. The result of this calculation will be rounded off by the Notc Holder to the nearest 0.125%. Subject to the limitations stated in Section 3(D) below, this amount will be my new interest rate until the next Change Date. The Note Holder will then detemfine the amount of the scheduled payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my scheduled payment. (D) Limits on Interest Rate Changes My interest rate will never be increased or decreased on the first Change Date by more than three (3%1) percentage points. For all Change Dates thereafter, my interest rate will never be increased or decreased by more than one (1%) percentage point. Subject to any limitation set forth in Section 6 of the Note, my interest rate will never be more than six (6%) percentage points greater than the initial interest rate set forth in the Note. Notwithstanding anything to the contra~ in the Note, my interest rate will never decrease below 3.5%. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new scheduled payment begimfing on the first scheduled payment date after the Change Date until the amount of my scheduled payment changes again. (F) Notice of Changes At least 25 days, but no more than 120 days, before the effective date of any payment change, the Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my scheduled payment. The notice will include information required by law to be given to me and also the telephone number of a person who will answer any question I may have regarding the notice. FUNDS FOR TAXES AND INSURANCE Uniform Covenant 2 of the Security Instrument is waived by tile Lender. I IIIIII IIIII IIIII IIIII IIII IIIII IIIII IIIII IIII IIII 52941531 Page 2 of 3 WY-2041-0805 BY SIGNING BELOW, Borrower accepts and agrees to the tenns and covenants contained in this Adjustable Rate Rider. SONDRA GILBE~ · ~-~A_~-~.~,~,4,,~ - PAUL GILBERT Bon'ower Bo~ower (Seal) (Seal) (Seal) (Seal) Page 3 of 3 I IIIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIII Ilil 52941531 wY-2041-0805