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HomeMy WebLinkAbout913619 0nnåGq I.. du... v ('.-- [ " /) " f.>' Retum To: MOUNTAIN AMERICA FEDERAL CREDIT UNION 7181 SOUTH CAMPUS VIEW DRIVE WEST JORDAN, UTAH 84084 Attn.: SHll)PING DEPT./DOC. CONTROL Prepared By: RECEIVED 11/10/2005 at 4:07 PM RECEIVING # 913619 BOOf<: 604 PAGE: 463 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For Recording Datal MORTGAGE ~TIN 1001214-0136118567-3 MERS TELEPHONE: (888) 679·6377 DEFTINITIONS I L.~ Words used in mu1tiple sections of this document are defined below and other words are defìned in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. b (A) "Security Instrument" means this document, which is dated October 31,2005, together with al1 Riders to this document. (B) "Borrower" is RICHARD H. LOADER and CARMA L. LOADER husband and wife. Borrower is the mortgagor under this Security Instrument. (C) "MERS" is ~ortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. ~ERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is MOUNTAIN AMERICA FEDERAL CREDIT UNION. Lender is a Federal Credit Union organized and existing under the laws of the United States. Lender's adùress is 7181 SOUTH CAMPUS VIEW DRIVE, WEST JORDAN, UTAH 84084. (E) "Note" means the promissOlY note signed by Borrower and dated October 31, 2005. The Note states that BOlTower owes Lender Eighty Thousand And 00/100 Dol1ars (U.S. $ 80,000.00) plus interest. BOlTower has promised to pay this debt in regular Periodic Payments and to pay the debt in ful1 not later than November 1, 2035. WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUl\1ENT WITH l\1ERS Form 3051 1/01 Page I of 17 ý) " ,. i} Initials: ! (fì'~5, r ----~\.,..---- wycmertd ç: v."? {" \ tn .(,')' o{j "j\ .C"' . (~ a .....g "-~ "'--~ ('~.1 Ù jl ':2J r· ) C 1 (! " ~ I \ Ó. U 'ï ,_, \.. .t.a (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sUlns due under this Security Instrument, plus interest. (II) "Riders" means all Riders to this Security Instrument that are executed by BOlTower. The following Riders are to be executed by Bon'ower [check box as applicable]: [ ] Adjustable Rate Rider [ ] Balloon Rider [ ] VA Rider [] Condominium Rider [X] Planned Unit Development Rider [ ] Biweekly Payment Rider [ ] Second Home Rider [] 1-4 Family Rider [] Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on BOlTower or the Property by a condominium association, homeowners association or similar organization. (K) "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 tern1 includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are desclibed in Section 3. (M) "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 lieu of condenmation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (0) "Periodic 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. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq. ) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject malter. As used in this Security Instrument, "RESP A" 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 RESP A. (Q) "Successor in Interest of Borrower" 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 THE PROPERTY WYOl\lJNG-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITn ¡VIERS Form 3051 1/01 Page 2 of] 7 /J // ~e.. Initials: !2-.!..LJ/ -' c( "/' '':( \ 61S .r-nnð6-f":' ~~.. \.} \).i. J This Security Instmment secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfom1ance of Borrower's covenants and agreements under this Security Instmment and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the County [Type of Recording Jurisdiction] of LINCOLN [Name of Recording JurisdiLiion]: LOT 84 OF STAR VALLEY RANCH PLAT 6, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICAL PLAT THEREOF. VIN #lDAI86876/77 Parcel ID Number: 12-3518-30-4-01-028.00 107 OAK DRIVE THAYNE [City] , Wyoming 83127 [Zip Code] ("Property Address"): which clln'ently has the address of [Street] 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 Instmment as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instmment. 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. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. TInS SECURITY INSTRUMENT combines unifonn covenants for national use and non- unifonn covenants with limited variations by jurisdiction to constitute a unifonn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal ot~ and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bon"ower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instmment shall be WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTlWMENT WITH ¡VIERS Form 3051 1/01 Page 3 of 17 '"") j +' Initials: If! /..,)::.:..' ~ ..( t ·. q."'Q r", i('::·, .-;, ~ ~), b ""\1 :j '\1.J ",-j ...:..,~.:,¡~ .....; ~ I"' 1-\ (" '6 n . t,t b.)' 'U' \-- \.~ ... ..... 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 Instrument be made in one or more of the following fonns, as selected by Lender: (a) cash; (b) money order; (c) certitìed 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, instrnmentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partia] payments are insufficient to bring the Loan ClllTent. Lender may accept any payment or partial payment insufficient 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 future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If BOlTower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. 11.' not applied earlier, such funds will be applied to the outstanding principal balance unckr the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve BOITower from making payments due under the Note and this Security 1nstrument or perfoIl11ing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and 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 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. 1f Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from BOlTower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied 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. Funds for Escrow Items. BOIl'ower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds" ) to provide tor 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 any; (c) premiums tor any and all insurance required by Lender under Section 5; and (d) Mortgage 1nsurance premiums, if any, or any sums payable by BOlTower 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 tenn of the Loan, Lender may WYOl\1fNG-Single Family- Fannie Mae/Freddie Mac UNIFOHM INSTRUMENT WITH MERS Form 3051 1/01 Page 4 of 17 ,.) ¡:f LP Initials:!; /1/')'"-01/ _ "'...éy c--Z \ ~r) '(r ¡'J .;T,), }("" 4J 1(>- ",J'J,~:,,' .,,''\.}''!!''::::J ;t"\nð6-7 \..' '\.} \)..... . require that Community Association Dues, Fees, and Assessments, if any, be escrowed by BOITower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fìm1Ísh to Lender all notices of am~:)Unts 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 for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. BOITower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase" covenant and agreement" is used in Section 9. 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 such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all 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) sufficient to pennit Lender to apply the Funds at the time specified under RESP A, and (b) not to exceed the maximum amount a lender can require under RESP A. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an iustitution 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 RESP A. 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 pern1Íts 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 to Borrower, without charge, an annual accounting of the Funds as required by RESP A. If there is a surplus of Funds held in escrow, as defined under RESP A, Lender shall account to Borrower for the excess funds in accordance with RESP A. If there is a shortage of Funds held in escrow, as defined under RESP A, Lender shall notify BOITower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESP A , but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESP A, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instmment, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instmmcnt, leaschold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if WYOMING-Single Family- Fannie MaelFreddie Mac UNIFORM INSTRUMENT WITH !VIERS Form 3051 1/01 Page 5 of17 .. .' '7 /1 ~l 1I1Itlats:,J) I¡I" ,,!__. c,/ ^ ~ t ,'" 0 " ,,\ "I,,{~ 11 Q,.,' '~~,.J ,~ ..~_i..;; '.....11{} '..:ãL J r'-("Gn ' ! \ ~ (. ") ., i.. \) ,j ''':: Q any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shal1 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 perfom1Íng such agreement; (b) conte~;ts 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 arc 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 detennines 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 shal1 satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. 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 shal1 be maintained in the amounts (including deductible levels) and for the periods that Lender requires. W hat Lender requires pursuant to the preceding sentences can change during the tenn of the Loan. The insurance caITier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove BOITower's choice, which right s11allnot be exercised unreasonably. Lender may require BOITower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for Hood zone detennination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect sllch determination or certification. BOITower shal1 also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone detell11ination 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 BOlTO\ver's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but nright or might not protect Borrower, BOlTower'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 by Lender under this Section 5 shall become additional debt of BOlTower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such 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 mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certiticates. If Lender requires, Borrower shall promptly give to Lender al1 receipts of paid premiums and renewal notices. If BOITower obtains any fonn of insurance coverage, not WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/0.1 Page6ofl7 j;é).¿/--( Initials: 7 // .J.... 'I t, f-7 J.::_ \. ('I "í-ì, 1l:'::i .r. /"\ (' "'" i.. ~) \..: ,16 9 otherwise required by Lender, for damage to, or destmction of, the Property, such policy shaH include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional Joss payee. In the event of loss, Bon-ower shall give prompt notice to the insurance can'ier and Lender. Lender may make proof of loss if not made promptly by BOITower. Unless Lender and Borrower otherwise agree in \vriting, any insurance proceeds, whether or not the underlying insurance was required by 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 undeliaken 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 eamings on such proceeds. Fees for public adjusters, or other third parties, retained by BOITower shall not be paid out of the insurance proceeds and shaH 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 sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to BOITower. 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 BOITower does not respond within 30 days to a notice from Lender that the insurance caITier has oftèred 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, Bon'ower 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 BOITower's rights (other than the right to any refund of uneamed premiums paid by BOITower) 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. 6. Occupancy. BOITower shall occupy, establish, and use the Property as BOlTower's principal residence within 60 days after the execution of this Security Instmment 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 agrees in writing, which consent shall not be unreasonably witlùleld, or unless extenuating circumstances exist which are beyond Bon'ower's control. 7. Preservation, Maintcnance and Protection of the Property; Inspections. BOITower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Bon-ower is residing in the Property, BOITower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value clue to its condition. Unless it is detem1Îned pursuant to Section 5 that repair or restoration is not economic:ally feasible, Bon-ower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid in connection with damage to, or the taking of, the Propeliy, BOITower 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 WYOMING-Single Family- Fannie MaelFreddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 Page 7 of 17 t))J c.p Initials: 12-!J! ,-).., . "·EG -0< Z ,r:: "1 Q¡ \~'à,J (', (\ n å ì") 0, \.' ,J \.' ... . condemnation proceeds are not sufficient to repair or restore the Property, BOITO\ver is not relieved of BOITower's obligation for the comp]etion of such repair or restoration. Lender or its agent may make reasonab]e 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 BOlTower notice at the time of or prior to sÙch an interior inspection specifying such reasonable cause. 8. Borrower's Loan AppJication. BOlTower shall be in default if, during the Loan application process, BOITower or any persons or entities acting at the direction of BOlTower 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. Materia] representations include, but are not limited to, representations conceming BOlTower's occupancy of the Property as BOlTower's pril1cipa] residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) BOlTower fails to perfoml the covenants and agreements contained in this Security Instmment, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instmment (such as a proceeding in bankmptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instmment or to enforce laws or regulations), or (c) Bon'ower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the 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 Instnnnent; (b) appearing in court; and (c) paying reasonable attomeys' 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 hlmed 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. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of BOlTower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice fì'om Lender to Bon-ower requesting payment. If this Security Instmment is on a leasehold, Bon-ower shall comply with all the provisions of the lease. If Bon-ower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Bon-ower shall pay the premiums required to maintain the Mortgage Insurance in eftèct. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and BOlTower was required to make separate]y designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equiva]ent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to BOlTower of the Mortgage Insurance previously in effect, from an altemate mortgage insurer selected by Lender. If substantially equivalentf\10rtgage WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTIWJ\fENT WITH J\IERS Form 3051 1/01 Page 8 of 17 /; 7 / I .f.! Initials:,? /'0:/- _I-, _ ---~- '( ,~( \ (: n {-, ,1 1'1 "1 ,~, '....J J ¿;,.~ , -i. 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 Jieu 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 BOITower any interest or eamings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage 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 the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and BOlTower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such tem1Ínation or until termination is required by Applicable Law. Nothing in this Section 10 affects BOITower'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 from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on teffi1S and conditions that are satisfactory 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 flmds 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 derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often temled "captive reinsurance." FlIIiher: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain canceHation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All :tvliscellaneous 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 WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH ]vIERS Form 3051 1/01 Page 9 of 17 f."? 1/. (. Initials: ¡'L~~ '~ f " \1 êC¡, -4---..........:/ 1'-'· n n :r "'J <) .¡.. \.i \." (.~ , ¡woW 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, Lender shall not be required to pay Borrower any interest or eamings on such Miscellaneous Proceeds. If the restoration or repair is not economically íèasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instmment, 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 of a total taking, destruction, or loss in value of thc Property, the Miscellaneous Proceeds shall be applied to the SUIns 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 immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the SUlns secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Procèeds multiplied by the following fraction; (a) the total amount of the sums secured immediately before the partial taking, destmction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destmction, or loss in value. Any balance shall be paid to Borrower. In the event of a pm1ial taking, destmction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the pm1ial 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 BOITower 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 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 BOITower Miscellaneous Proceeds or the party against whom BOITower has a right of action in regard to Miscellaneous Proceeds. Bon-ower 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 impainnent of Lender's interest 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 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 impainnent of Lender's interest in the Property or rights under this Security Instmment. The proceeds of any award or claim for damages that are attributable to 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. WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUJ\lENT WITH MERS Form 3051 1/01 Page 10 of 17 /;/I¡;/- .-{ Initials: v.'. h ï,------.-~· (' X.' Z \ \;:j ~i ~~~L,.1, Q} 19' ,'. ('! (\ ¿J PJ ? ,~. ..." J ... I .....J 12. Borrower Not Released; Forbearance By Lender Not a 'Vaiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of BOITower 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 BOlTower or any Successors in Interest of Borrmver. 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 BOITower 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 Several Liability; Co-signers; Successor s and Assigns BOllnd. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Bon-ower who co-signs this Security Instmment but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instmment only to mortgage, grant and convey the co-signer's interest in the Property under the tenns 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 Bon-ower can agree to extend, modify, forbear or make any accommodations with regard to the tenns of this Security Instmment or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Bon'ower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Bon-ower's rights and benefits under this Security Instrument. Bon'ower 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. ]4. Loan Charges. Lender may charge Borrower fees for services perfom1ed in connection with Bon-ower'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 inspection 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 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 pennitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pennitted limit; and (b) any sums already collected from Bon-ower which exceeded pennitted 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 such overcharge. ]5. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in \Vfiting. 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 anyone Borrower shall constitute notice to all Bon-owers unless Applicable Law expressly requires otherwise. The notice WYOMING-Single Family, Fannie Mac/Freddie Mac UNIFORM INSTRUMENT WITH MERS Fonn 3051 I/O I Page II of 17 ;~) / ¡ J) Initials: /) /)' l,_ /-c.-~--r:r-- - '"( :t. Z {~'~ Q ~"""'"-'..... r' IÎ (ì " r' 'of ~.., r,) \,,: ¿l , ¿l: address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of BOITower's change of address. If Lender specifies 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. 1'\11Y 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 another address by notice to BOITower. 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 Instrument. 16. 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 Instmment are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instl1.lment or the Note which can be given eiTect without the conflicting provision. As used in this Security Instmment: (a) words of the masculine 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. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Benelicial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or benetìcial 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 fllture date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transfelTed (or if BOITower is not a natural person and a beneficial interest in BOITower is sold or transferred) without Lender's prior written consent, Lender may require immediate 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. If Lender exercises this option, Lender shall give Bon'ower 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 BOITower 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 pem1itted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If BOITower meets certain conditions, BOITower 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 Instmment; (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 sUlns which then would be due \VYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH 1\lERS Form 3051 1/01 Page 12 of 17 ../}LJ/\-f:) I . . I I-I I ¡ mtIa s: -4--il~ 1'.;( ~ \ ,eA" <V, 'l:\..:\1., J (' (Ì 0- f r" t:: '., ,.J _, ¿.;: / \.1 under this Security Instmment and the Note as if no acceleration had occun-ed; (b) cures any default of any other covenants or agreements; (c) pays all expenses incun-ed in enforcing this Security Instrument, including, but not limited to, reasonable attomeys' fees, property inspection and valuation fees, and other fees incun-ed for the purpose of 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 under this Security Instrument, and BOI1'ower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Bon-ower pay such reinstatement sums and expenses in one or more of the following fOI111S, 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, instmmentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occun-ed. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicerj 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 Bon-ower. A sale might result in a change in the entity (known as the "Loan Servicer" ) that collects Periodic Payments due under the Note and this Security Instnllnent and perf 011115 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 ServiceI' unrelated to a sale of the Note. If there is a change of the Loan ServiceI', Borrower will be given written notice of the change which will state the name and address of the new Loan ServiceI', the address to which payments should be made and any other infol1nation RESPA 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 Bon-ower will remain with the Loan ServiceI' or be transfen-ed to a successor Loan ServiceI' and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Bon-ower 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 from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (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 afìer the giving of such notice to take con-ective 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 pUIl)oses of this paragraph. The notice of acceleration and opportunity to cure given to Bon-ower pursuant to Section 22 and the notice of acceleration given to Bon-ower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used 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 flanunable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fonnaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or envirorunental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 Page 13 of 17 þP ¡ I ~1J Initials: f/ / L-' .uu,/ , ......C J.';f____ t · .'~', ,;f); {:'. ."-;:1 c~ \1 '--____i -'-~..,~ 'tJ,' JL::j (" !Î O. ,1 ~/' r: I,. ',) ,;'--,.: U Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or othelwise trigger an Environmental Cleanup. Bon-ower 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 a1low anyone else to do, anything affecting the Property (a) that is in violation of any Envirolill1ental 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 of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of sma1l quantities of Hazardous Substances that are generally recognized to be appropriate to norn1al 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 Hazardous Substance or Environmental Law of which BOlTower 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 Bon-ower 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 sha1l 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. Bon-ower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attOl"neys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the per son in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lendel' 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, WY01\HNG-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH 1\1ERS Form 305] liD] Pagel4ofl7 ,»/1'-/' Initials: /i /Y (-) J " 'C j~ '-- " {~'1) ZG. 'L~""':y r· (Î (' ..1 t', ,..., ,~. .. ,! \.'~::: , , including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the persou or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instmment, Lender shall release this Security Instmment. Borrower shaJl pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instmment, but only if the fee is paid to a third party for services rendered and the charging of the fee is pennitted under Applicable Law. 24. 'Vaivers. Borrower releases and waives aJl rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING-Single Family- Fannie Mae!Freddie J\Iac UNIFORM INSTRUMENT WITH MERS Form 3051 1101 Pagel50fl7 /7//'{~ Initials: " , :---=: '-( .::zú '....... o.r.,: ¡r-' "';:'¡ ~r':· '.I~, 4'( "'""it/ \..._'}'...~"-..&' n ("'. .1 " C) t '\) t..,~ k":: , u BY SIGNING BELOW, BOlTower accepts and agrees to the tem1S and covenants contained in this Security Instrument and in any Rider executed by Bon-ower and recorded with it. Witnesses: " / 0' /iÍ "'-- () /J /- /. ' , - ,./" ;" Î/--;5/;('1 .-""" )1 Jr.""' ,/Cé L '-'L--' RICHARD If. LOADER y (Seal) -Bon-ower /, 1 1, ð Gr,d<-"Jrvve.'-. ~ (l'...."i.. CLv, (Seal) ..Bon-ower CARMA L. LOADER (Seal) -Bon-ower (Seal) ..Bon'ower WYOMING-Single Family- Fannie Mile/Freddie Mile UNIFORM INSTRUMENT WITH J\1ERS Form 3051 1/01 Page 16 of 17 \ \ '. ,(' ,,' "";':Ç,' 'f! <£:" 'Co -dLJ Jì (\ .Y ~" 9 ' '~" ,.... .' \.J \.... .... STATE OF WYOMING, l\-rf\l-\- County ss:3n \ 1 L_Il \<e The foregoing instmment was acknowledged before me this ('X I A-- -,~) \~--~I)C~') by RICHARD H. LOADER and CARMA L. LOADER My Commission Expires: 7/----:J,/t:Vi!o \-,~~r~:r\j~\JJ\f\\L~\_k'\\.V~1\ \ Notary Public U " 'l()¡{NA M WVI\,WJ Nola¡y Public Slöla 0/ Utah M~ Comln, EJq¡J.'¡¡"; Ju 2, 2003 ,,,. 7181 S CiålIpU$V;,¡¡vlX \\\,;ú.J.:.WI UT I) (¡¡j. ~......,,,,,,,,,,,...,..~ .'-"-":-,'..,, WYOIVIING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 Page 17 of 17 . . ,1/ /1. '¡-' InItla]s: £.L¡)' ,J-~ . ~-~ ';;( Z --6' .\ n ~-, ~',',- "1"" ~'," , i . "~, ' .~__-' ~·_._4 .._~-' ,_.'.;.~ r· n (-" ,1 (J 0, ~.. '..) \.' L~ Ü PLANNED UNIT DEVELOPMENT RIDER TI-lIS PLANNED UNIT DEVELOPMENT RIDER is made this 31st day of October, 2005, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed ofTmst, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to MOUNTAIN AMERICA FEDERAL CREDIT UNION (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 107 OAK DRIVE, THAYNE, WYOMING 83127 [Property Address] The Property includes, but is not limited to, a paicel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in the Covenants, Conditions and Restrictions of the STAR VALLEY RANCH (the "Declaration"). The Property is a part of a plmmed unit development known as STAR VALLEY RANCH [Name of Planned Unit Development] (the "POO"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the POO (the "Owners Association" ) and the uses, benefits and proceeds of Borrower's interest. pun COVENANTS. In addition to the covenants and agreements made in the Security Instmment, BOlTower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perfom1 all of Borrower's obligations under the PUD's Constih¡ent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, tmst instrument or any equivalent document which creates the OViIlers Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constih¡ent Documents. B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insUling the Property which is satistàctory to MtJI,TISTATE PUD RIDER - Single Family - INSTRUMENT Page I 01'3 Fannie Mae/Freddie Mac UNIFORM Form 3150 1/01 j n ¡¡~f' Initials: ¡t/I) ,)-.-' , / usc3150 '-c:. ~':Z: ,~ If r. . : ! \ C ,1 () ... '., ,) .,&;...:öl Lender and which provides insurance coverage in the amounts (including deductible levels), for the periocls, and against loss by fire, hazarcls included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the telm of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of propeliy insurance proceeds in lieu of restoration or repair following a loss (0 the Property, or to common areas and facilities of the PUD, any proceeds payable to BOlTower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in fonn, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the conm10n areas and facilities of the PUD, or for any conveyance in lieu of condenmation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or tennination of the PUD, except for abandonn1ent or tem1ination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) tennination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt MULTISTATE PUD RIDER - Single Family - INSTRUMENT Page 201'3 Fannie Mae/Freddie Mac UNIFORM Form 3150 1/01 " ;:71/. --I' Initials: ¡( II .)--.... . , ..... '5< ~- ·___1 ~~,·;i [1>19 r t.... ('l ,9 8 r¡ \~. "..) tj ..... ./' . ..... ~.., of BOITower secured by the Security Instrument. Unless Borrower and Lender agree to other tenns of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. ,¡J ? ;J ~ / cf /J il¿t:'i1/á~if /11 ,/'þt'Y!'c--:l;"/L/~ (Seal) mCHARD II; LOADER ·Bon·ower ~ Cuv....-v'----'---- ;t.. (;(1,,-,-- "'{L',- (Seal) CARI\IA L. LOADER -Borrower (Seal) -Borrower (Seal) -BolTower MULTISTATE PUD RIDER - Single Family -- INSTRUMENT Fannie Mae/Freddie Mac UNIFORM Form 31501/01 Page 3 of3 \