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Home My WebLink About912556 50869 (01) "';¡ì05t11 . ' d '.. l,,_ í!t)é!) .... - WHEN RECORDED, MAIL TO: Bank of Jackson Hole 1',0, Box 7000 Jackson, WYOMING 830027000 RECEIVED 10/6/2005 at 3:59 PM RECEIVING # 912556 BOOK: 600 PAGE: 501 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY This Instrument was prepared by: Banl{ of Jackson Hole 1',0. Box 7000 Jackson, WYOMING 830027000 307-733-8064 MIN: 100015700058625985 Loan Number: McCanley, JoAnne Order Number: 50869 (Space Above This Line For Recording Data) MORTGAGE DEFtNITIONS 0/ 1. ~U Words used in multiple sections of this document are defined below and other words are defined in Sections 3, I I, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated September 26, 2005, together with all Riders to this document. (B) "BOITOWel'" is JoAnne McCauley, a single woman. Borrower is the mortgagor under this Security Instrument. (C) "Lender" is Bank of Jackson Hole, organized and existing under the laws of\Vyoming. Lender's address is 1',0. Box 7000, Jackson, WYOMING 830027000, Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated September 26,2005. The Note states that Borrower owes Lender THREE HUNDRED EIGHTY-TWO THOUSAND FIVE HUNDRED and no/l00 DoHars (U.S. $382,500,00) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in fbllnot later than Octobe.- 1, 2035, (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all stllns due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riclers are to be executed by Borrower (check box as applicable): [!J Adjustable Rate Rider o Balloon Rider o 1-4 Family Rider o Other (Specify) - o o o Condominium Rider Planned Unit Development Rider Biweekly Payment Rider o o Secondl-Iome Rider VA r~ider (II) "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. (I) "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 simiJar 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 through 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. (K) "Escrow Items" means those items that are described inSection 3. (L) "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 5) for: (i) damage to, or destruction ot: the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in tieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mor·tgage Insurance" meaÌ1s insurance protecting Lender against the nonpayment of, or default on, the Loan, (N) "Pedodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. WYOMING - Singfe Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 8 . /-¡ ~ Form 3051 Borrower(s) Inilial~rJÌA~' rT-- / 1/01 IDS, Ine, . (800) 554·1872 -'~-'..._----~----' iJ- .tr.-,,·;¡ "> c;56 \ 0.-j"·~ \,,' 0 (I 5 0 2 (0) "RESP A" means the Real Estate Settlement Procedures Act (12 U .S.C. § 2601 el seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended Ü-om time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this S€curity Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under IŒSPA. (1') "Successor in Interest of BOITowel'" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN TI·Ir;; PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modiJ~cations of the Note; and (i i) the performance of Borrower's covenants and agreements under this Security Instrument and the Note, For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power ofsaJe, the following described property located in the County of Lincoln: Lot 63 in Star Valley Ranch Plat3, as platted and recorded in the offjcíall'Cl~onls of Lincoln COllnty, Wyoming. Parcel Identillcation Number: which currenlly has the address of: 240 Chokecherry Drive Thaync, WYOMING 83127 ("Property Address"): TOGETHER WITI·I all the improvements now or hereafter erected on the property, and all easements, appurtenances, and t~xtures 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 seized of the estate hereby cOnveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower 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-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering rea! property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: I. Payment of Principal, Intel'est, Escrow Items, Prepayment Charges, and Late Chargcs, Borrower shall pay when due the principal oC and interest on, the debt evidenced by the Note and any prepayment charges and late Cllltrges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due 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 returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrurnent 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 institution whose deposits are insured 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 jf the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insumcient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the fì.lture, 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 Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such fÜnds or return them to Borrower. Ifnot applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure, No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower fi'OIll making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrurnent. 2. Application ofPaymcnts 01' 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) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section ], 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 this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment tì'om 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 thÜt, each payment can be paid in fult. 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 first to any prepayment charges and then as described in 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 amount, of the Periodic Payments, 3. Fnnds for Escl'ow Items. Borrower shall pay to Lender on the day Periodic Payments are due umier the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM li~STRUMENT Page 2 of 8 o Form 3051 1J01 8oemwocr" !"itir~~·- IDS, Ine" (BOO) 554·1B72 - "', v, """ Y",L' ,0 ~j ~'.:~, ;..,,::E ~ Ù -' Û 0 5 (I 3 any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurauce premiums, ifany, or any sums payable by Borrower to Lender in lieu of the 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 require tha[ Community Association Dues, Fees, and Assessments, ifany, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender alJ notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds tor any or alJ 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 IÒr which payment of Funds has been waived by Lender and, if Lender requires, 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 shalJ for all purposes bc deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and 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 SLlch 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 shalJ pay to Lender all Funds, 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) sufIÌcient 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 current data andJeasonabJe estimates of expenditures o[[uture 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, instrumentality, 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, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits 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 earnings on the Funds, Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds, Lender shall give [0 Borrower, without charge, an annual accounting of the Funds as required by RESPA. . If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower tor 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 Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with rŒSPA, but in no more than 12 monthly payments, If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notity 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 nlll of all sums secured by this Security Instrument, Lender shall promptly re[und to Borrower any Funds held by Lender. 4, Charges; Liens. Borrower shall pay all taxes, assessments, charges, tines, and impositions attributable to the Property which can altain priority over this Security Instrument, leasehold payments or ground rents on the Property, ifany, and Community Association Dues, Fees, and Assessments, if any. To the extent that these 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 Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing 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 whije those proceedings are pending, but only until such proceedings are concluded; or (c) secures fÌ"om the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines 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. Within 10 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 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. Propel'ty Insurance, Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by tire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, tor which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and [or the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance 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 unreasonably, Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-lime 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 rernappings or similar changes occur which reasonably might aITect such determination or certiJication. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Managernent Agency in connection with the review of any Ilood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any ofthe coverages described above, Lender may obtain insurance coverage, at L.ender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. T'herefÒre, 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 might provide greater or lesser coverage than was previously in effect. Borrower 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 IDS, Ine, . (800) 554·1872 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 3 of 8 ,//").Form 3051 1/01 Borrower(s) Il1itialsr-¡;iý,"-- / ,~"-~'~------'-'-'-" ~\ · , ., !L--'r~C' 'V·! ",I .,'. ..,·...:)U lL. ,-:.1 ",_11·'" >J) 005n4 by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate tì'om the date of disbursement and shall be payable, with such interest, upon notice ÍÌ"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 joss payee. Lender shall have the right to hold lhe policies and renewal certif1cates, 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 required 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 pàyee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss ifnot made promptly by Borrower. Unless Lender and Borrow~r otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration Dr 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 qpportunity 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 sllch 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 Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sUl:ns 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 tìle, 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 3D-day period will begin when the notice is given, In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the 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 Ihe 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 uncleI' the Nole or this Security Instrument, whether or not then due, 6, Occupancy, BOfl'owe{ 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 tor at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7, Prescl"Vation, Maintenauce and Protection of the Property; Inspections. 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 from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid tÌJrther deterioration or damage. If insurance or condemnation 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 jf Lender has released proceeds for such purposes. Lender may disburse proceeds tor the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore 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 ofthe 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 (,)( or prior to such an interior inspection specitying such reasonable cause, 8. Borrower's Loan Application. Borrower shall be in default it~ 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 concerning Borrower's occupancy ofthe Property as Borrower's principal residence. 9, Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If(a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legaJ proceeding that might significantly alTect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for entorcement of a lien which 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 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 bankruptcy 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 from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. [t is agreed that Lender incurs no liability for not taking any or all actions authorized umler this Section 9. WYOMtNG - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 4 of 8 _,(~ Form 3051 1/01 Borrower(s) Initi¡JY--".' IDS. Inc, - (800) 554-1872 Ü2J',;_I~:'~, S5 b '~I f\ r.: ," C" ,Uti;)'!I;) Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate fì'om the date of disbursement and shall be payable, with such interest, upon notice tì-om Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express wriHen consent of Lender, alter or amend the ground lease. lfBorrower acquires fee title to the Property, the leasehold and the fee tille shall not merge unless Lender agrees to the merger in writing. 10. MOI,tgage InsunHlce, If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. It: 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 Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fì-om an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage 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 in full, and Lender shall not be required to pay Borrower any interest or earnings on slich loss reserve. Lender can no longer require loss reserve payments ifIvlortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward ¡he premiums tor Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain rvlortgage Insurance in effect, or to provide a non-retÌJndable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section] 0 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance, Mortgage insurers evaluate their total risk on all such insurance in force fì'om time to time, and may enter into agreements with other parties that share or modity their risk, or reduce losses. These agreements are on terms and conditions that are salislílctory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include 1ì.lI1ds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that deri ve fì'om (or Might be characterized as) a portion of Borrower' s payments lor 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 lor a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) A ny such agl"eements will not affect the amounts that Dorrower has agl'eed to pay for Mortgage Insul'ance, or any other terms of the Loan, Such agreements will not innease the amollnt llorrowel" will owe rOl' MOl,tgage Insnnmce, and they will not entitle ßOlTower to any refund, (b) Any such agreements will not affect the rights ßorrower has - if any - with respect to the Mortgage Insunmce under the lIomeowners Pl"Otection Act of 1998 or any other law. These dghts may include the I'ight to I'eceive cedain disclosul'es, to request and obtain cancellation of the Mortgage Insurance, To have the Modgage Iusunll1ce tenninated automatically, and/ol' to I'eceive a refuud of any Mortgage Insurance premiums that wel'e uneanled at the time of such cancellation or termination, 11. Assignment of Miscellaneous Proceeds; Forfeitul'e, 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 shaH 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, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restorätion 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. In the event ofa total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, ifany, 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 belore the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secmed by this Security Instrument immediately before the partial taking, destruction, or Joss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (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. In the event of a partial taking, destruction, or loss in value of the Property in which the fiJiI' market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial IDS, Ine, - (800) 554-1872 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 5 of 8 ..../,1 Form 30.51 Borrower(s) Initials (jy-v---' / }/ 1/01 · r~ I~'-i_'" ILl<£. ,.,-,. JocJïU On 5 (I 6 jU taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sllfns 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 make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days atler 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 Borrower 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 criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under Ihis Security Instrument. BorrOlver can cure such a default and, ifacceleration has occurred, reinstate as provided in Section 19, 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 impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim tor damages that are allributabJe [0 the impairment 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 shall be applied in the order provided for in Section 2, 12. Borrower" Not Released; Forbearance By Lellder Not a Waiver. Extension of the time f()r payment or modifìcation of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence 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 Borrower or any Successors in Interest of Borrower. 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 then due, shall not be a waiver of or preclude the exercise of any right or remedy, 13, Joint and Sevel'al Liability; Co-signel's; Snccesso,·s 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 Instrument only to mortgage, 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 secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommol~lIjons with regard [0 lhe terms of this Security Instrument 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 this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from 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 20) and benefit the SUCCessors and assigns of Lender. 14, Loall Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspect'ion and valuation fees, In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may nol 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 hom Borrower which 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 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 might have arising out of sllch overcharge, 15. Notices, All notices given by Borrower 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 Jìrst class mail or when actually delivered to Borrower's notice address if sent by other means, Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise, The notice address 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. [I' Lender speci fies a procedure for reporting Borrower'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 Instrument at anyone time. Any notice to Lencler shall be given by delivering it or by mailing it by fìrst class mail to Lender's address stated herein unless Lender has designated another 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 Instrumentis also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16, Goveming Law; Severability; Rules ofConstnrctioIl. 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 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 provisìon or WYOMING" Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 6 of 8 //~ Form 3051 Borrower(s) InitiaISi¡ì<-1'r---'·- i/ ,/ 1/01 IDS,lne, ~(800) 554·1872 / ':'¿','.', ·,'S,56 lA r I ;l-." '-:...41 .-J1 ...~ - -- '-rì,r.::-r7 .U,JJ\! . clause of this Security Instrument or the Note contlicts 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 masculhie gender shall mean and include corresponding neuter words or words ofthe 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, 17. Borrower's Copy, Borrower shall be given one copy of the Note and of this Security Instrument. 18, Transfer of the Property 01' a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those benetìcial 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 luture date to a purchaser. If all or any part of the Property 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 h.dl of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if stich exercise is prohihited 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 from 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 expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further 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 belÒre 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 Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as ifno acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other tees incuÍTed fÒr the purpose oC protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights umier this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement SllJl1S 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 (d) Electronic Funds Transfer. UpOi1 reinstatement by Borrower, this Security tnstrument and obligations secured hereby shat remain fully effective as ifno acceleration had occurred. However, this right to reinstate shall not apply in the case oCacceleration under Section 18. 20. Sale of Note; Change of Loan Service!"; 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 sate might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law, There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change ofthe Loan Servicer, Borrower will be given written notice ofthe change which will state the nap1e and address of the new Loan ServiceI', the address to which payments should be made and any other information RESP A requires in connection 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 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. 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) that arises tiom the other party's actions pursuant to this Security Instrument or that alleges ¡hat the other party has breached any provision of, or any duty olved by reason of, this Security Instrument, until such Borrower or Lender has notified the other pal1y (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party 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 purposes 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. Hazíll'dous Substances. As used in this Section 21: (a) "Hazardous Substances" are 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) "Env ironmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as detined 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, Borrower shall not do, nor allow anyone else to do, anything atTecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value ofthe 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 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 7 of 8 IDS.lne - (800) 554-1872 ,-", Form 3051 1/01 Boe"woc(.' I"u;.¥t~-' ~-~ ':' ~_. ,-'C¡¡~ " .r' J.' ..-.--:,:jU \,;, ) Q. ! _~f"" J _It '---' 005U8 appropriate to norma! residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any I"Iazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and ( c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notiiìed by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance afIecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordiwce with Environmental Law, Nothing herein shall create any obligation on Lender for an Environmental Cleanup, NON-UNIFORlvl COVENANTS, Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lende,' shall give notice to Borrowel' prior to accelen1tion following Bon-owel"s breach of any cov,enant or agreement in this Security lnstl'ument (but not prior to accelenltion under Section 18 uuless Applicable Law provides othenvise), The notice shall specify: (a) the default; (b) the action "equh'ed to cure the default; (c) a date, not less than 30 days from the dare (he uotice is giveu to Bon-ower, by which the default must be cU"ed; aud (d) that failure to cUI'e the default on or befo"e the date specified in the notice may "esult in acceleration of the sums secu"ed by this Security Instrument and sale ofthe PáJperty. The notice shall further inform Bon-ower of the right to reinstate after acceleration and the right to bdng a court action to assert the non-existence of a default or any other defense of Bon-ower to acceleratiou and sale. If the default is not cUl'ed on or before the date specified in the notice, Lender at its option may require immediate payment iu full of all sums secured by th,is Security Instrument without furthcr demand and may invoke the powel' of sale and any other remcdies permitted by Applicable Law, Lender shall be entitled to collect all expenses incurred in pursuing the I'emedies provided in this Section 22, illcluding, 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 nO'Tower and to the penon in possession of the P"opel"!y, if diffe"eut, in accordance with Applicable Law, Lender shall give notice of the sale to BO!Tower in the manner provided in Section 15. Lende,' shall publish the notice of sale, and the PJ"Operty shall be sold in the mannel' I)'escribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied ill the following onler: (a) to all expenses of the sale, including, but not limited to, reasonable aÍlomeys' fees; (b) to all sums secured by this Security Instl'Ulllent; and (c) any excess to the person 01' persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee 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 permilteduuder Applicable Law. 24. Waivers, Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: (Seal -Borrower / (SealL -Borrower STATE OF WYOMfNG, County ss: )~e/f1c&lV'- !}0 day of sY.-fT¡;¡'YJ~ , JC~ by The foregoing instrument was acknowledged before me this JoAnne McCauley. Witness my hand and ofjìcial seal. 1_ My Commission Expires: q ~/3 -ðw (Seal) . ~¡':':S;_·',;~,<·~~."~~.~RTìÑ.' Notary Public ¡ u', "r State of : ,,, ",,'1 Wyoming ¡, ::~):;L:,'~n Expires September 13, 2006 ~~ ~ ~~- IDS,lne - (800) 554·1872 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 8 of 8 Form 3051 1/01 ~ SAl.l.Y L MARTIN. Notary Public County of State of Lincoln Wyoming . ~ires S~ptember 13, 2006 .' f"''', ...'-,1'· ,J};:) '0 005ng Alter Recording Return To: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 830027000 Prepared By: Bank of Jacl(son Hole P.O. Box 7000 Jacl(son, WYOMING 830027000 307-733-8064 (Space Above This Line For Recording Data) DOC ID #: INTEREST ONLY ADJUSTABLE RATE RIDER (Six-Month LIBOR Index (As Published Iu The Willi Street Journal) - Rate Caps) THIS InterestOnly ADJUSTABLE RATE RIDER is made this 26th day of September, 2005, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Deed to Secure Debt (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note [0: Bank of Jacl{son Hole (the "Lender") of the same date and covering the properiy described in the Security Instrument and located at: 240 Chokecherry Drive Thayne, WYOMING 83127 (Property Address) THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE AND MY MONTHLY I)AYMENT. THIS NOTE LIMITS HIE AMOUNT MY ADJUSTABLE INTEREST nATE CAN CHANGE Äf ANY ONE TrME AND TilE MAXIMUM RATE I MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender fllliher covenant and agree as follows: A. INTEnEST RATE AND MONTHLY PAYMENT CHANGES The Note provides tòr an initial interest rate of 9.300%. The Note provides for changes in the interest rate and the monthly payments, as follows: 4. AD.HJSTAHLE INTEREST RATE AND MONTHLY PAYMENT CtJANGES (A) Change Dates The interest rate I will pay will change on the 1st day of October, 2008, and on thaI day every 6th month thereafter. Each date on which my interest rate could change is called a "Change Date," MUL TIST A TE BC-ARM Rider Page 1 of 3 , ~/ì FE-4279 (0410) //(, Borrower(s) Initlal~ IDS,lne· (.00) 554-1872 ,.....,.,...---.---. '-'-~r ';1.~-·r·L' ,ij:::J" ~Ju .'. 0 0 51 0 (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the average of interbank offered rates tor six (6) month V,S. dollar-denominated deposits in the London market ("LlBOR."), as published in The Wall Street Journal. The most recent Index figure available as of the date 45 days before the Change Date is called the "Cun'ent Index," If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information, The Note Holder will give me notice of this choice. (C) Calculation of Changcs Before each Change Date, the Note Holder will calculate my new interest rate by adding NINE AND ONE HALF percentage points (9.500%) to the Current Index, The Note Holder will then round the result of this addili,.'1I to the nearest one-eighth of one percentage point (0. I 25%). Subject to the lîmits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date, The Note Holder will then detemlÌne the amount of the monthly payment that would be sufiìcient to repay the unpaid principal that I am expected to owe at the Change Date in filll 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 monthly payment. (D) Limits 011 Intel"est Ratc Changes The interest rate I am required to pay at the first Change Date will not be greater than 10.800% or less than 9.500%, Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than ONE AND ONE HALF percentage point(s) (1.500%) from the rate of interest I have been paying for the preceding six months. My interest rate will never be greater than 16.300% or less than 9.300%, (E) Effectivc Date of Changcs My new interest rate will become effective on each Change Date, I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes Before the effective date of any change in my interest rate and/or monthly payment, the Note Holder will deliver or mail to me a notice of such change, The notice will include information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice, (G) Date of First Principal and Interest Payment The date of my first payment consisting of both principal and interest on this Note (the "First Principal and Interest Payment Due Date") shall be the first monthly payment date after the first Change Date, ß. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant 18 of the Security Instrument is amended to read as follows: 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 Property, inc;!uding, 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 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 fitll 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. Page 2 of 3 /"þ-',FE-4279 (0410) '- ;; f-___ Borrower(s} Initiafs - 1) ,-- MUL TI5T A TE BC-ARM Rider )DS,II1C, - (800) 554-IH72 "J:S·ij'~5S6 .,' 00511 If Lender exercises this option to require immediate payment in full, Lender shall give Borrower notice of acceleration, The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all Slllns secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice /1 or demand on Borrower. (..!~ '7A~&J~ / - j ,F loAllIíe McCauley / I (Seal) -Borrower MUL TlST A TE BC-ARM Rider IDS.lnc . (WO) 554·1 H72 Page 30f3 --1Sean -Borrower FE-4279 (0410)