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HomeMy WebLinkAbout913731 (. n n () r, '.., ',) i.) () tJ ~:J '( / After Recording Return To: FIRST NATIONAL BANK WEST RECEIVED 11/15/2005 at 4:37 PM RECEIVING # 913731 BOOK: 604 PAGE: 832 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY PO BOX 3110 ALPINE, WY 83128 [Space Above This Line For Recording Data] MORTGAGE MITCHELL LOAN NUMBER: PARCEL NUMBER: 13226056395 12-3419-01-2-01-010.00 DEFINITIONS Words used in multiple sections of this document are defIned below and other words are defIned in Sections 3, II, 13, J 8, 20 and 21. Certain ruJes regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated NOVEMBER 14, 2005 together with all Riders to this document. (ß) "Borrower" is STEVEN LEWIS MITCHELL AND KATHRYN MARIE MITCHELL,HUSBAND AND WIFE AS TENANTS BY THE ENTIRETIES Bon-ower is the mortgagor under this Security Instrument. (C) "Lender" is FIRST NATIONAL BANK - WEST Lender is a NATIONAL BANKING ASSOCIATION laws of UNITED STATES OF AMERICA RIVER ROAD ALPINE, WY 83128-0100 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated The Note states that Borrower owes Lender ONE HUNDRED EIGHTY THOUSAND AND 00/100 Dollars (U.S. $ 180,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than DECEMBER 1, 2035 (E) "Property" means the property that is described below,under the heading "Transfer of Rights in the Property." (Ii") "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all stuns due under this Security Instrument, plus interest. organized and existing under the . Lender's address is 100 GREYS NOVEMBER 14, 2005 .¿ WYOMING - Single Family - I'annie Mac/Freddie l\lae VNIFORl\IINSTRlJl\JENT OOCUIIVYI (Page 1 of 13 pages) DOCU1WYl.VTX 11/04/2000 Form 30511101 Initials ~::""H t"l\ -:;ï:-----·,-·~ . Initials.') ~ vv'\.. :... r- ,-\ (' 0 " ') \.' ~....) ~. ,i (} ~) v G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: o Adjustable Rate Rider o Balloon Rider o 1-4 Family Rider o Condominium Rider ŒJ Planned Unit Development Rider o Other(s) [specify] o Second Home Rider o Biweekly Payment Rider (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opmlOns. (1) "Comm unity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated 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 in Section 3. (L) "Miscellaneous Proceeds" means any compensation, sett]ement, 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 of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insun1l1ce" means insurance protecting Lender against the nonpayment of, or default on, the L·oan. (N) "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. (0) "RESP A" means the Real Estate Settlement Procedures Act (12 U.s.c. §260 I 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, "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 RESPA. (P) "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 This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements 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 of sa]e, the following described property located in the COUNTY (Type of Recording Jurisdiction) of LINCOLN (Name of Recording Jurisdiction) LOT 13 OF STAR VALLEY RANCH PLAT 5, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. which currently has the address of 25 BARBERRY WAY [Street] THAYNE [City] ,Wyoming 83127 [Zip Code] ("Property Address"). WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORJ\I INSTRVJ\IENT DOCUIWY2 (Page 2 oj 13 pages) DOC01WY2.VTX 11/04/2000 FOrtll J051 1101 ¡n¡¡kJ:d~!yJ J\~L ~ nitìJb,~} l-}'v\'" l {' a. ,s"" ~ . I' 1 "'jj .: c òJ...L n r' (') .-, /1 " .: ~.' (),~) .. TOGETHER WITI,} all the improvements now or hereaf1er erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully 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 wammts 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 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 of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds far 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 n:lurned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an 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 ] 5. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or pmiial 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 Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not 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 from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and 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. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied tlrst 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. Borrower 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 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 any; (c) premiums for any and all insurance WYOMING - Single Famity - Fannie Mae/Freddie I\lae lJNIFORM INSTlWMENT DOCUIWY3 (Page 3 of 13 pages) DOCU1WY3.VTX 11/04/2000 Form 3051 1/01 Ii ~ Ii l ~ '~: ,',; ~;:, V-rV) /'v1 ,$Cf~ h .. ~ , ,~J/1. 1-, 1Ì¡ (" ~t '. ~ r~ ." '~_.f '.,f l...' '.....J \J required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section ) O. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shaH be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender thc 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 a]] Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shaH 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, shaH furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for a]] 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 BOlTower fails to pay the amount duc for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated undcr 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 sha]] pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any timc, co]]ect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or utherwise in accordance with Applicablc 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 Fedcral f lome 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 BOlTower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays BOITower 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 sha]] be paid on the Funds. Le¡¡dcr shall give to Borrower, w ¡thout charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESP A, Lender shall account to Bon-ower for the excess f1mds 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 RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender sha]] 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 Instrument, leasehold payments or ground rents on the Property, if any, 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 securcd 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 while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Properly 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 WYOMING - Single Famity -J<anuic Mac/Freddie \lac IINIFOnJ\IJNSTlUJJ\IENT DOCUIWY4 {Page 4 of13 page!>} DOCU1WY4.VTX 11/04/2000 Form 3051 1/01 ¡ I V (~11V¡ . ··-......1 C ' IVI \.~-.J L.. t ~___ l': ~~ ~--.. ." cJ",1 r~J'·~'~"'iIi " v·3iL ('.[":'I.-.ç ',,~(: U_' U 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 rcporting 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 tire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and tloods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the tenn 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-time charge for tlood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by BOlTower. If BOlTower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, 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, BOlTower acknO\vledges 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 Borrower secured by this Securily 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 mOJ1gage 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 certificates. If Lender requires, Bon'ower shall promptly give to Lender all receipts of paid premiums and renewal notices. I f 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 payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Un]ess an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. Jf the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sUlns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and seHle any available insurance claim and related matters. If Borrower Joes not respond within 3D 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 the Property, insofar as such rights WYOMING - Single Family - Fannie l\1:lefFrc¡ ¡Jie Mac UNIFOnl\IINSTIWMENT DOCUIWY5 (Pag<c: 5 of I 3 pages) DOCUJWYS. VTX 11/04/2000 Form 3051 1/01 V Jv'\ 1v1 2) L /'} f , ('~ :1 ('} ('\ <') . . f-""1 \. ," \ / U ._j J are applicable to the coverage of the Property. Lenckr 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. Bon-ower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance 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 BOITower 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 further 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 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. I f the insurance or condemnation proceeds are not sufficient to repair or restore the Propeli)', Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Propelty. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. BOITO\ver shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender wilh material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning BOlTower's occupancy of the 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 perfonn the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect 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 enforcement 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. It is agreed that Lender incurs no liability for not taking any or all actions authorized uncler this Section 9. 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 Nott; rate fi'om the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Bon-ower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground 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, BOlTower shall pay the premiums required to maintain the Mortgage Insurance in effect. IC for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, BOlTo\Ver shall pay the premiums required to obtain coverage substantially equivalent to WYOI\UNG - Single Family - Fannic I\lilc/Freddic Mac lINIFOIlI\IINSTRUJ\1ENT Form 3051 1101 Doell I WY6 (Page 6 of J 3 page,) DOCU1WY6.VTX 11/04/2000 tl , rtl tV) . S (~-/~X~ l e '_. :: -". .:.-~ .1'1. (" /"~ (' ç'') .. . () . . '. . u" \.. '.,.} ~ J U .~.. the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. 1 f 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 lnsurance, 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 such Joss reserve. Lender can no longer require loss reserve payments if MOIigage 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 l.oan and Borrower 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 termination or until termination is required by Applicab]e Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. MOIigage 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. BorroW\:r 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 terms 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 funds obtained from Mortgage lnsurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any aftïliate 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 aftïliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agrecments will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; 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 shall have the right to hold such Miscellaneous Proceeds until Lender has had an oPPOliunity to inspect such PropeIiy to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall he 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 Bon-ower any interest or eamings on such Miscellaneous Proceeds. If the restoration or repair is not econol1l ically 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 of a total taking, destruction, or loss in value of the Propeliy, 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 BOITower. WYOMING - Single Family - Fannie 1\lae/Fretltlie Mac UNIFORM INSTIWI\IENT DOCUIIVY7 (Page 7 of 13 pages) DOCU1WY7.VTX 11/04/2000 Fnrm 3051 I/O I '1Iìikib V'/~/fILI .. ¿-'" , '.''''.' II iÍ ¡¡;·d~ \J L, v"'\. . . ,.:-,1 L C! C 2: :.: :] Tn 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 SlUns secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) Ihe tOlal amount of the SUIJIS secured immediately before the partial taking, destruction, or loss in value divided by (h) 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, deslruction, 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 SUlns secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the Slllns sccured by this Security Instrument whether or not the sums are then due. Tf the Property is abandoned by Borrower, or if, aner 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, Burrower n¡ils to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security InSh'lunent, 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 Propel1y or other material impairment of Lenckr'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 impairment of Lender's interest in the Property or rights ullder this Security Instrument. The proceeds of any award or claim fÒr 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 Properly shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time fur payment or modification of amortization of the sUlns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of BCllTower shall not operate to release the liability of Borrower or any Successors in Interest of BOlTower. 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 slllns secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Bon-ower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or prec1ude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that BOlTower'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 sUlns 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 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 releasedlì·om BOlTower'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 bene!ìtthe successors and assigns of Lender. 14. Loan 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, altomeys' fees, property inspection and valuation fees. Tn regard to any WYO¡\l1NG - Single Family - Fannie Mac/Freddie ]\ ac lINIFOnM INSTlW¡\IENT DOCUI WY8 (Page 8 of 13 pages) DOCU1WYB.VTX 11/04/2000 Form 3051 1/01 ~n¡ibls .YH~'1 Jníik+·?5-L(~~~ .- -, ,... -. "0 !,' " t".I {to J '..;~! () 1 , /"-:11 other fees, the absence of express authority in this Security Instrument to charge a specific fee to Rorrower 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. I I' the Loan is subject to a law which sets maximum loan charges, and lh<it law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed [he permitted Jimits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any SIlIns already collected from 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 /lot 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. 15. Notices. All notices given by Borrower or Lender in connectiolJ with this Security Jnstrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Propel1y Address unless Borrower has dcsignated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender spec ifies 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 [his Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated 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 Instrument is also requireclunder Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement uncler this Security Instrument. 16. Governing Law; SeveralJilitYj Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any rcquiremenls and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, hut such silence shall not be construed as a prohibition against agreement by contract. ]n the even! that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the 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 obJigation 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 Beneficial Interest in Borrower. As used in this Section] 8, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future dale 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 full of all sums secured by this Security Jnstrument. 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 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 Borrowcr fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Jnstrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, BOlTower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of WYOMING - Single Family - F¡lIlI1ie Mac/Freddie Mac UNIFOnM INSTIUJi\IENT DOClIIWY9 (Page 9 of 13 pages) DOCU1WY9.YTX 11/04/2000 Form 305t 1101 iiilii,,¡~:: t/¡\, \\1\ "'('Cc -,). rl\--1"", t /n~ t' ~, ,-} .,,~ \. J \: \.-.' Ll -k.. (a) five days before sale of the Property pursll:lnl lü any pOIVcr of sale contained in this Security Illstnllnent; (b) such other period as Applicable Law migllt specify li)r the termination of Borrower's right 10 reinstate; or (c) entry of a judgment enforcing this Security InstnllllL'nl. Those conditions :Ire that Borro\\é'r: (n) pays Lender all Slims which then would be due ulHkr this Security Instrulntnt and tht Noll: as if no accekratioll hnd occurred; (b) cures any def~\l¡ t of nny other covenants or agreements; (c) pays all expenses incurred in enforcing this Secllriry Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valunlion fees, and other fees incurred for the purpose of protecting Lendt:r'~: interest in the Property and rights under this Security Instrument; and (d) takes sllch action as Lender may reasonably requir.: to aSSure that l.ender's inlerèst in the Property and rights uJ1lkr this Security Inslrument, and Borrower's obligation to pay Ille Slims secured hy this Stcurity Instrument, shall continue unchanged. Lemkr may require that Borrower pay such reinstatement SlIms :Ind expenses in on,; or more of the following forms, as selected by Lender: ea) cash; (b) money order; (c) certilied check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are iusured by a fL'deral agency, instrument¡¡ ity or entity; or (d) Electronic Funds Trilnsfcr. Upon reinstatement by Borrower, this Security Instrument and obligations secmed hereby shall remain fully effective ¡IS if no accèleralion had occurred. However, this right to n:instate shall not apply in the case of acceleration under Section IS. 20. Sale of Note; Change of Loan Servicer; Notice of Grievancc, The Note or a partial inkrest in the Note (together with this Security Instrument) can be s(Jld one or more times without prior nut ice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicèr") that colkcts Periudic Payments due under the Note and this Security Instrument and performs other fl ortgage loan servicing obligations under the Note, this Securily Instrument, and Ap¡dicable Law. There also might be one or more changts of the l.oan Strvicer Ilnrelall:d to a sale of the Nole. I f there is a change of the Loan Servicer, Borrower will be gi ven written not ice of the change which will slate Ihe name and acldress of the new Loan Servicer, thi: acldri:ss to which pa)'mi:nts should be madi: and any other information RES!'A requires in connection with a notice of transfi:r of servicing. ] f the Note is sold and thereafter the Loan is serviced by a Loan Servicer other th;ln the purchaser of the Note, (he mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a SLlccessor Loan Servicer ¡lIId are not assum0d by the Note purchaser unless otherwise provided by the Note purchaser. Neither ßurrower nor Lender may commcnce, join, ur b0 joincd to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuallt to this Security Instrument or that alleges that the other party has breached any provisiun of, or all)' dllt)' owed by reason of, this Security Instrument, until such Borrower or Lender has notilied the other party (with SUC/I nl)ticc given in compliance with the requirements of Section J 5) of such alleged breach and afforded the (¡Iltc' " party 110rt!o a reasonable period after the giving of such notice to take cOITecti Vt action. I f Applicable Law prov ides a time period which must elapse before cerlain aclion call be takell, thaI lime perind will be ¡kèlned In be re;ts()!)¡¡bk fnr purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursU¡t!)l tn Seclio ) :2:2 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the nOlice 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 snbstances: gasoline, kerosene, other flammable or toxic pelroleum products, toxic Pèsticides and herbicides, vo1atile solvents, matwials containjng asbestos or formaldehyde, and radioactive materials; (b) ·'Environmental Law" means federal Jaws and 1aws of the jurisdiction where the !'rnperty is localed that rdate to health, safdy or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defin0c1 in Environmenlal Law; and (d) an "Environmental Condition" means a condition that ('¡In cause, contrihnte to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit Ihe presence, use, disposal, storage, or release of any lIazardous Substances, or Ihr0a!èn to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Properly (a) thaI is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (e) which, due to the pr0sence, use, or rel0ase of a IlazanlollS Substance, creates a condition that adv0rsely affects the vallie of the Property. The preceding two sentences sh¡tl/ not apply to the presence, use, or storage on the Properly of small quantities of Hazardous Substances thai are generally WYOI\IING -- Singh: Family - Fauuie l\!ae/Fnddie !\fac lINIFOHI\IINSTRlIl\IENT DOClJIII'Y¡O (l'ag" 1 Ii uf 13 pages) DOCU1WYA.VTX 11/04/2000 Form 3051 1/0 I r Jj ~ 1',1\ IV\ , C(-/Vì. U -'V ~ \. .i ¡ -~ ¡ i j':) : ~ - ~ . ~ , , .,: ,Ii ,2.fL· ,r· /~ [, '::¡ "j () '" U \} L,' "i S:. c ,'~ . recognized to be appropriate to normal residential uses and to maintenance of the Propclty (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 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 Propel1y. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental CJeanup. NON-UNIFORM COVENANTS. Borrower 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 rcsult 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 attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person 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. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law, Lender or its designee lIIay 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, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shaH pay any recordation costs. Lender may charge Borrower a fee tor 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 permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYO"nNG - Single Family - F:¡nnie M:¡e/Fndùie "I:¡c UNIFORM INSnur¡\ŒNT DOCUIWYII (Page 11 of /3 pages) DOClJIWYB.VTX 11/04/2000 Form )051 IIOt I/o f~¡ 1\1 " f~ c ¡vl ,...J,. ,,", t " ~~:.:t (, ('i (\ ·0 .) ') '" ,I ~ ' ~ '~¡¡ J BY SIGNING BELOW, Borrower accepts and agrees to the tenl1S and covenants contained in thisSeéllrity Instrument and in any Rider executed by Borrower and recorded with it. ~.hv-Vv-- ~tN~ ~/l-t/~ NOV 1 4 2005 - BORROWER - STEVEN LEWIS MITCHELL - DATE - tlttflt1-V~1 tl (;(;1 /,1 ê l'iliA f·hll,{ Nay 1 4 2005 - BORR~KATHRYN MARIE MITCHELL - DATE - WYOMING - Singte Family - Fannie J\Iac/Freddie trIac UNIFOHJ\IINSTIWJ\IENT DOCUIWYI2 (Page 12 of13 pages) DoculWYC. VTX 6/6/2002 Form JOS1 l!OI " I' . /..,,' '1 . -' ,. o;";¡ ., (1'.... ,,,-).¡ ,,,:'\t '" } '( ! (; '~i 't [Space Delow This Line For Acknowledgment] ST A TE OF WYOMING COUNTY OF LINCOLN The foregoing instrument was acknowledged before me by STEVEN LEWIS MITCHELL AND KATHRYN MARIE MITCHELL, AS TENANTS BY THE ENTIRETIES this 14TH day of NOVEMBER, 2005 _-.......~'~v'-_ê·~,_··__..·~_..·, ~ PÐMtJONES~V~t;Ô1AfiipiJbûê' COUNTY OF STAlE OF LINCOLN, WYOMING MYC~,~,~1 Witness my hand and official seal. Q~A¡::va-/· Notary Pub)ic PENNY .:r0ÆS My Commission Expires: SEPTEMBER 18.L..2º-Q7 WYOMING - Single Family - Fannie Mac/Freddie Mac UNIFORM INSTRUMENT DOCU I IVY ) (Page J 3 vi J 3 pages) DOCU1WYD.VTX 6/6/2002 Form 3051 1/01 ~/{\"II\/I ' I"" I \';,", ~ .;, " , ,.., "' .~.I,--.;,~< .,.__... . .... "___'" S L(/V'L f ~ ;-'" 'I. ,- (:CC4~5 MORTGAGE ADDENDUM MITCHELL LOAN #: 13226056395 The following is an Addendum to the Mortgage. The addendum checked shall be incorporated into, and recorded with, the Mortgage. TAX EXEMPT FINANCING RIDER THIS TAX-EXEMPT FINANC1NG is incorporated into and shall be deemed to amend the terms of the Mortgage to which it is attached. In addition to the covenants and agreements made in the Security instrument, Borrower and Lender further covenant and agree as follows: Lender, or such of its successors or assigns as may, by separate instrument, assume responsibility for assuring compliance by the BOITower with the provisions of this Tax-Exempt Financing Rider, may require immediate payment in tùll of all sums secured by this Security Instrument if: (a) All or paJ1 of the Property sold or otherwise transferred (other than by devise, descent or opcration of law) by Borrower to a purchaser or other transferee: (i) Who cannot reasonably be expected to occupy the property as a principal resident within a reasonable time after the sale or transfer, all as provided in Section l43(c) and (i)(2) of the Internal Revenue Code; or (ii) Who has had a present ownership interest in a principal Residence during any part of the three-year period ending on the date of the sale or transfer, all as provided in Section l43(d) and (i)(2) of the Internal Revenue Code; or (iii) At an acquisition cost which is greater than 90 percent of the average area purchase price (greater than 110 percent for targeted area residences), all as provided in Section I43(e) and (i)(2) of the Internal Revenue Code; or (iv) Whose family income exceeds applicable income limits as provided in Section 143(f) and (i)(2) of the Internal Revenue Code. (b) Borrower fails to occupy the property described in the Security Instrument without prior written consent of Lender or its successors or assigns described at the beginning of this Tax-Exempt Financing Rider; or (c) Borrower omits or misrepresents a fact that is materia] with respect to the provisions of Section 143 of the Internal Revenue Code in an application for the Joan secured by this Security Instrument. References are to the Internal Revenue Code as amended, in effect on the date of execution of the Security Instrument and are deemed to include the implementing regulations. DOCIJSIP I OOCLJSIP1. VTX 12/03/2003 Page 1 of2 t~ It ·IlVL. SL' \.- r'1__ ~~ nCD4G "1'1. ( :'-, 13226056395 BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions in this Tax-Exempt Financing Rider. NOV 1 4 2005 DATE - NOV 1 4 2005 DATE &8cfJk\'&ž. VTX 12/03(2003 Page 2 01'2 I ".' '. V~:>,~j j~ ("', /...., ,t"-. r-"" '. , "..: ,:' l i......~ '.j \ .' \..- :r " PLANNED UNIT DEVELOPMENT HIDER MITCHELL LOAN #: 13226056395 TIllS PLANNED UNIT DEVELOPMENT RIDER is made this 14TH day of NOVEMBER 2005 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to FIRST NATIONAL BANK - WEST (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 25 BARBERRY WAY, THAYNE, WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other sllch parcels and certain common areas and facilities, as described in: DECLÞ.RATION, CONVENANTS, CONDITIONS AND RESTRICTIONS (the "Declaration"). The Property is a part of a planned unit development known as: STAR VALLEY RANCH [Name of Planned Unit Development] (the "PUD"). The Property also includes Bon-ower's interest in the homeowners association or equivaJent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Bon-ower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Bon-ower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Bon-ower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-Jaws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constit11ent Docllments. !\IlILTlSTATE P(lD RIDER--Single Family--f.'annie !\Iae/Freddie !\lac UN I FORI\I INSTIUJI\IENT Form 3150 1/01 DOCVRPAI úJilge I of3 page:,) DOCURPAl.VTX 11/16/2004 liir,k~k, \¿~~'I t\!L zs: G i~/"\... f i'.' '~ 14iioU r· /..... ,~(""'o .. " ':' '../ ,',' () .' ,,. \) \.'" ':r Ü 13226056395 B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Propél1y which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and 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, 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 propel1y insurance coverage on the Property is deemed satis/ìed 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 term 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 property insurance proceeds in lieu of restoration or repair following a loss to 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 sUlns secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. BOITower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, 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 Propeliy or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, 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 II. 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 (0: (i) the abandonment or termination of the PUD, except for abandonment or termination 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 of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of paYI11t:nt, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice fì-om Lender to BOITower requesting payment. MULTlSTATE PlID RIDER-,Sillgle Family--Fallllie Mae/Freddie Mac UNIFORI\1INSTIWJ\lENT 1?2cC~~~:VTX 11/16/2004 (page 2 of3 pages) Form 3150 1/01 fIll/v)." S L ¡/V,\ ,,]jj ,--. r.. (-¡ .r: (q ;-.J ~} (; ::~ J 13226056395 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this PUD Rider. '"'\ NOV 1 4 2005 NOV 1 4 2D05 !\IULTlSTATE PUD RIOER--Single Family--Fannic J\lHelFrcddi,' !\lac UNIFORJ\I INSTIUlJ\1ENT R?cC;¡kW'~~VTX 11/16/2004 ÚJag~ 3 of3 P{/g~s) Forlll 3150 1101 ..