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HomeMy WebLinkAbout913765 ,':,:;':,;', ;, : '\ ',:~ ': "i, ,~' ' ~' 50833 (04) ,r¡ c-( (U ~, (- ,('. ," t'" !~ ! ; \ .' ¿.~ " \." :~ After l-econling plcase return to: IndyMac Bank¡ F.S.B. c/o Docurrent Managerrent [Company Name] [Name of Natural Person] 904 E. 104th Street Building B¡ Suite 400/500 [Street Address] Kansas City¡ MO 64131 [City. State Zip Code] RECEIVED 11/17/2005 at 8:19 AM RECEIVING # 913765 BOOK: 605 PAGE: 74 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For Recording Data] 14 J ;, d ,?\ \ I MORTGAGE MIN 100055401221109665 DEFINITIONS Words used in mnltiple sections of this document are defined below and other words are defined in Scctions 3, ]], 13, 18, 20 and 2]. Certain mles regarding the usage of words used ill [his documcnt arc also provided in Scction 16. (A) "Security Instrument" means this document, which is dated together with all Riders to this document. November 8, 2005 ¿"-: r~\ , IJJ I.I£V¡ J /aka Eileen H.Merritt (B) "Borrower" is G Alan MERRITT and Eileen B MERRITT¡ Husband and Wife¡ as joint tenants with right of survivorship, and not as tenants in common . Borrower is the mortgagor lmder this Security Instmment. (C) "]vIERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender ~U1d Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of De]aware, and has all address and te]cphone number of P.O. Box 2026, Flint, Ml 48501-2026, tel. (888) 679-MERS. (D) "Lender" is IndyMac Bank¡ F.S.B. ¡ a federally chartered savings bank Lcndcr is a Federal United States of America pasadena¡ CA 91101 Loan No: 122110966 Wyoming 1\!OIigagc-Singk Family-Fannie J\lac/Fn'ddie J\ ac UN IFO RJ\ 1 INSTRlJi\1ENT -THE COHI'LlANl'E SOURCE, INC.- Pag" 1 uf 14 \·MW.'''Jllpli~lceSOU''é wm I II!! IIII~il ~1111~i !~!mllm!!1 m IIIIII i~lml Savings Bank organized and existing undcr tile laws of . Lcnder's addrcss is 155 North Lake Avenue¡ I\1ERS I\lodilicd]iol'lll 31151 (JI/Ol H.ltJll\'\' tJH/tJO 1tJ2000, '!llè C('lIIpli.m~:;:: S,HI1\;C;, Inc, . ,t .~ f.'. ( ,."} or ¡ ¡.'').t.:,: ¡:~ ~,) ,,~i .1:.. ;,--,4 ~' '-... ~~ .r· (ì r~" ~"" ,... ,~. \.J \._; ii_~ ~ J (E) "Note" means the promissory note signed by Borrower and dated November 8, 2005 The Note states that Borrower owes Lender three hundred sixty thousand and NO/100ths Dollars (U.S. $ 360 ¡ 000 . 00 ) plus intercst. Borrower has promised to pay this dcbt in reg1¡]ar Periodic Payments and to pay the debt in 1'1111 not later than December 1, 2035 . (F) "Pro]JeI1y" means the property that is describcd below under thc heading "Transfer of Rights ill the Property, " (G) "Loan" means the debt evidenced by thc Note, plus interest, any prepayment charges and late charges dlle under the Note, and all snms due under this Security Instrument, plus interest. (II) "RidCl"s" me~U1S all Riders to this Security Instnnllent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable}: :0 Adjustable Rate Rider o Balloon Rider o 1-4 Family Rider o Othcr(s) [specify] o Condominium Rider o Planned Unit Development Rider o Revocablc Tl1lst Rider o Second Home Rider o Biwcekly Paymcnt Rider (1) "ApIJlicable Law" means all controlling applicable federal, statc and local statutcs, regulations, ordinances and administrative mles and ordcrs (that have thc effect of law) as wcll as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fccs, and Assessments" means all dues, fees, assessmcnts and othcr charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of flmds, other than a transaction originated by check, draft, or similar paper instmment, which is initiated through an electronic teoninal, telephonic instn1J1Jent, computer, or magnetic tape so as to order, instmct, or authorize a financial institution to dcbit or credit an account. Such term includes, but is not limited to, point-of-salc transfers, automated teller machine transactions, transfers initiated by telcphone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items Ùwt are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlcment, award of damagcs, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damagc to, or ckstruction of, the Property; (ii) condemnation or othcr taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, thc value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or dcfault on, the Loan. (0) "Periodic Payment" means the regularly scheduled amOl1nt duc for (i) pIincipal and interest undcr the Note, plus (ii) any amonnts under Section 3 of this Secllrity Instmment. Loan No: 122110966 Wyumiug Mutigage-Siugl" Family-Fanuie Mac/Freddie Mac IJNIFOHi\! INSTlUJJ\IENT -TilE CO~JI>LlANCE SOURCfè, INC.- Page 2 uf 1-1 \'.'\\'\\1 ,Ç0J111IliJJlc;:soUr¡;e C() n Illilllllilimlllllllllll~llmlllllllllllml i\IEHSJ\luditicd Furm 31151 1Il/IIJ H.J1J1II'Y 1J8/11IJ Ù20ÙO, The Cnl1lplìallCc Suun.'r:, Inc. ;'" .,':;:':',';',' f ' .u, .'Ii' ., j ,,"',; iL ..J (J <~\ -,;i.~~,.J & 'u~- " '\ (\ " ".' G f....J t.l \__ i .~ (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S. C. §260 1 et seq.) and ils implementing regulation, Regulation X (24 C.F.R. Part 35(0), as they might be amended from time to timc, or any additional or Sllccessor legislation or regulation that governs the same subjcct mattcr. As used in tllÍs Sccurity Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "fcderally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESP A. (Q) "Successor in Interest of Bon-ower" means any party that has taken title to the Property, whcther or not Ulat party has assumed Borro-wer's obligations under the Note ancllor this Securi!y Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instmment sccures to Lcnder: (i) the repaymcnt of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agrecmcnts under this Secmity Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convcy to JvfERS (solely as nominee for Lender and Lender's successors and assigns) ancl to the successors and assigns of MERS, with power of sale, the following described property located in the County of Lincoln [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] Legal description attached hereto and made a part hereof. which cunently has tlle address of THAYNE , Wyoming 1831 CDUNI'Y ROAD 122 [Street] 83127 ("Propcrty Address"): {Zip Code] [City] TOGETHER WITH all the improvements now or hereafter erectcd on the propcrty, and all cascments, appurtenanccs, and fixtures now or hercafter a part of the property. All rcplacements and additions shall also be covered by this Security Instnllnent. All of the foregoing is rcfcrrcd to in this Security TnsLrul11ent as the "Propcrty." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if nccessary to comply with law or custom, MERS (as nominec [or Lcnder and Lender's successors and assigns) has the right: to exercise any or all of those intercsts, including, but not limitcd to, the right to foreclose and sell the Property; and to take any action rcquired of Lender illcluding, but not limited to, releasing and canceling this Security Tnstnnnent. BORROWER COVENANTS that Borrower is lawfully seiscd of the estate hercby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, exccpt for encumbrances of record. Borrower wanants and will defcnd generally Ih',: title to thc Properly against all claims and demands, subject to any encllmbrances of record. Loan No: 122110966 Wyoming Modgagc-Sjngle Family-Fannie Mac/Frcddic Mac UNJFORJ\J INSTRUMENT -THE COMI'LlANCE SOURCE, INC.-- Page 3 of 14 w,,,vwlnptiaJl"'f'UléOCOm 111Ii! Wllil 111!lil !llm I~II~IIII!IIIIII[IIII MERS Modilh'¡[ 1<'''1'1113051 01101 HJUl\\'¥ IJS/UU ù2000. '111-= Compliance Source. lac . '- J ~Ii ('l·~. ~ J.~ Y";! l) :~:J ..,...~ ...~ .... r ('\ I~ ,~, t') 1"': \. ~....,: !\..~. \_.. ; i Tl-IIS 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. UNIFOJUvI COVENANTS, Borrower and Lcnder covenant and agree as fo]]ows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and intercst on, the debt evidenced by the Note and any prepaymcnt charges and latc charges dne under the Note. Borrower shall also pay flll1ds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument sha]] be made in U.S. currency. Howevcr, if any check or other instrument received by Lender as payment under 111e Note or this Security Instmment is returned to Lcnder unpaid, Lendcr may require that any or all subsequent payments due undcr 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 fedcral agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lcnder 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. Lendcr may rcturn any payment or partial payment if the payment or paI1ial payments are insufficient to bring [he Loan currcnt. Lender may accept any paymcnt or partial payment insut1ìcicnt to bring thc Loan current, wilhout waiver of any rights hereunder or prejudice to its rights to rcfuse 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 datc, then Lender need not pay interest on unapplied funds. Lendcr may hold such unapplied TImds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender sha]] either apply such flmds or rcturn them to Borrower. If not applied earlier, such funds will be applied [0 Ùle outstanding principal balance under the Note immcdiately prior to foreclosure. No orfset or claim which Borrowcr might have now or in the future against Lender shall relievc Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreemcnts sccured by this Sccurity Instmment. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, a]] payments acceptcd and applied by Lender shall be applied in the following order of priority (a) interest due under the Note; (b) plincipal due under the Note; (c) amounts due under Section 3. Such payments shall bc applied to each Periodic Payment in the order in which it became duc. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce thc principal balance or the Note. If Lender rcceives a payment from Borrowcr for a delinquent Periodic Paymcnt 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 Ùlan one Periodic Payment is outstanding, Lender may apply any payment received from Borrowcr to the repaymcnt of the Periodic Payments if, and to the extent that, each payment can bc paid in full. To the extcnt that any excess exists after tlle payment is applied to Ùle rull payment of one or more Periodic Payments, such cxccss may be applied to any late charges due. Voluntary prcpayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Misce]]aneous Proceeds to principal due undcr the Note shall not extend or postpone the due datc, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shan pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in 1'1111, a sum (the "Fllnds") to provide for paymcnt of amounts due for: (a) taxcs and assessments and other items which can alia in priOlity over ùlÎs Security Instrument as a lien or encumbrance on the Property; (b) ]easehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lendcr uuder Section 5; and Cd) Mortgage Insurance premiums, if any, or any Sllms payable by Borrower to Lcnder in lieu of the payment of Mortgagc Insurance premiums in accordance with the provisions of Section 10, These items are ca]jcd "Escrow Items." At origination or at any time during thc term of the Loan, Lender may require that Community Association Dues, Fces, and Assessments, if any, be escrowed by Borrower, Loan No: 122110966 Wyoming J\JoJigagc-Singlò Family-Falllli(' Mac/Fn,¡ ¡\ic Mac UNIFORM INSTRUI\IENT -THE Cmll'LlANCE SOURCE, INC.- Page 4 of 14 w"'" .CO"'pliMlc,soUrccCOJ!i 1m 1m¡1~ IIIII~I ¡II iii Ilml II 111m Illml J\IEHS l\r,,¡ ilic¡¡ FlJl'ln 3051 01/01 I4JtllWY tls/tllJ ù200û, 'lh:: C\¡mpliancc: Source, fne, "..,.;...;., ". "",.-. .ii. -: ,'-, n ¡ 'J ~:~, ~ "'~ "~.Ji r¡ ["1 " t') () ',) t.- '_, ¿ U and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender allnoticcs of amounts to be paid under this Section. Bonower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lendcr may waive Borrower's obligation to pay to Lender Funds for any or aU Escrow Items at any time. Any such waiver may only bc in writing. In the event of such waiver, Bonower shall pay directly, whcn and whcre payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lcndcr and, if Lender rcquires, shall furnish to Lendcr receipts evidencing such payment within such time period as Lender may rcquire. Borrower's obligation to make sllch payments and to providc receipts shall for a]] purposes be dcemcd to be a covenant and agrcement containcd in this Security I nstnJJ\lent, as the phrase "covellant and agreclllent" is used in Scction 9. If Borrowcr is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay thc amount duc for an Escrow [(em, Lender may exercisc its rights under Section 9 and pay such amount and BOITower shaU then be obligated undcr Section 9 to repay to Lcndcr any such amount. Lendcr 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, Borrowcr shall pay to Lendcr all Funds, and in such amounts, that are theJl requircd under this Section 3. Lcnder may, at any time, coUect and hold Funds in an amouut Ca) sufììcient to pcrmit Lcnder to <¡PpJy the Fmrds at the time specified under RESP A, and (b) not to exceed the maximum amount a lender can rcquire under RESPA. Lender shaU estimate the amount of Funds due on the basis of current data and reasonable cstimatcs of expenditures of Jì¡ture Escrow Items or otherwise in accordance with Applicable Law. The Funds sha]] be hcld in an institution whose deposits arc insured by a fedcral agency, instmmcntality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Homc Loan Bank. Lender sha]] apply thc Funds to pay the Escrow Items no latcr than thc time spccified under RESP A. Lcndcr sha]] not charge Borrower for holding and applying the Funds, annua]]y analyzing thc escrow account, or verifying the Escrow Items, unless Lender pays Borrower intercst on the Funds and Applicable Law permits Lcnder to makc such a charge. Unless an agreement is made in writing or Applicable Law requires intercst to bc paid on the FuncJs, Lender shaU not be rcquired to pay Borrowcr any interest or earnings on the Funds. BOITowcr and Lcnder cau agree in writing, however, that interest shall be paid on the Funds. Lcnder shall give to Borrower, without charge, an annml 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 shaU account to BOlTower for thc excess funds in accordance with RESP A. If there is a shortage of Funds hcld in escrow, as defined under RESPA, Lender shall notify Borrower as requilCd by RESPA, and Borrower shall pay to Lender thc amollnt necessary to make up the shortage in accordance with RESP A, but in no more than 12 monthly payments. If therc is a deficiency of Funds held in cscrow, as defined under RESPA, Lender shall notify Borrower as requircd by RESPA, and Borrower sha]] pay to Lender the amount necessary to make up the delíciency in accordance with RESPA, but in no more than 12 monllùy payments. Upon payment in [1111 of all sums secured by this Security Instmmcnt, Lcnder shan promptly rcfund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property \vhich can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Comnnmity Association Dues, Fees, and Assessments, if any. To thc extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Scction 3. Borrower shall promptly discharge any lien which has priority ovcr this Secmity Instrument lInless Borrower: (a) agrees in writing to the payment of thc obligation secured by the lien in a manncr acceptable 10 Lender, but only so long as Borrower is performing such agreement; (b) contests the licn in good faith by, or defends against enforcement of the licn in, legal proceedings which in Lcnder's opinion operatc to prevent the enforcement of the licn while those proceedings are pending, but only until such procccdings arc concludcd; or (c) sccures from the holder of the lien an agrcement satisfactory to Lender snbordinating the lien to this Security Instrument. If Lender dctermines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lendcr may give Borrowcr a notice identifying the lien. Within 10 days of the date on which Loan No: 122110966 Wyuming 1\luIigage-Single Family-Fannie Mac/Freddie Mac LJNIFORJ\lINSTRLJi\1ENT -TilE CO~IPLlANCE SO[)RCE, INc.- P"ge 5 uf 14 W\\W ,(;Ül1¡1)Jj¡¡]¡C~5Ü¡Lr(;è.çlml I~!I !IIIII mll~l! 1111Ii~ ~111!llllillll iillm J\lERS J\fuditied Furm 3051 ollln 143Ul\\'Y 118/110 C<WOO, TIle: C'lilllpliaw,;c Source, tHe. . . ',;,;,~ : ,;' :,~.;....¡,: ,;, .,." { ) ~~.i ~r t'....,:'.! . '" ~I·'· .{'t1. ~~) " - - ~:,lr').. I,~, (J tl \./ , J 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 rcal cstate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep thc improvements now existing or hereafter erected on the Property insured against loss by firc, hazards includcd within the term "extended coverage," and any other hazards including, but not limited to, em1hquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lendcr requires. What Lender requires pursuant to the preceding sentences can change during the term of [he Loan. The insnrance carrier providing tlIe insurance shall be chosen by Borrowcr subject to Lendcr's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lendcr may require Borrower to pay, in conncction with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking scrvices; or (b) a one-time charge for flood zone determination and certificaÜon scrvices and subsequent charges each time remappings or similar changes occur which reasonably might affect sllch dctermination or certification. Borrowcr shaH also be responsible for the payment of any fees imposed by the Federal Emcrgency Management Agency in connection with the review of any flood zone determination resulting from an objcction by Borrower. If Borrower fails to maintain any of the coverages described abovc, Lcnder may obtain insurance coverage, at Leudcr's option and Borrower's expense. Lender is lluder no obligation to purchase any particular type or amount of coverage. Thercfore, sllch coverage shall covcr Lender, but might or might not protect Borrower, Borrowcr's equity in tlIe Property, or the contents of the PropeJ1y, against any risk, hazard or liability and might providc grcater or lesser coverage than was previollsly in effect. Borrower acknowledges that the cost of the insurance covcrage so obtained might significantly excced the cost of insurance that Borrower could have obtaincd. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instmment. These amounts shall bear interest at the Note rate from the date of disbursemcnt and shall be payable, with such interest, upon notice from Lender to Borrower requcsting payment. All insurance policies required by Lender and renewals of such policies shall be subjcctto Lcnder's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagec and/or as an additional loss payee. Lender shall havc thc right to hold the policies and renewal certificates. If Lendcr requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. 11' Borrower obtains any form of insurance covcrage, not olhelìvise rcquircd by Lender, for damage to, or destmction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagcc aneVor as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lendcr. Lender lnay make proof of loss if not madc promptly by Borrower. Unless Lender and Bon'ower othenvisc agrce in writing, any insnrance proceeds, whether or not the underlying insurance was required by Lender, shall bc applicd to rcstoration or repair of the Property, if the restoration or repair is economically fcasible and Lender's security is not lcsscned. During sllch repair and restoration period, Lender shall have the right to hold sllch insurance proceeds until Lender has had an opportunity to inspcct such Propcrty to ensurc the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disbursc proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is complcted. Unless an agreement is made in wriling or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any inlerest or earnings on such proceeds. Fees for public adjusters, or ollter third parties, retained by Borrower shall not be paid out of the insnrance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessencd, the insurancc proceeds shall be applied to the SUlllS secured by this Sccurity lnstnullent, whether or not tlIen due, with the cxcess, if any, paid to Borrower. Such insurance procecds sh,ùl be applied in the ordcr provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and rclated matters. If Borrower does not respond within 30 days to a notice from Lender that the iusurance canier has Loan No: 122110966 Wyoming J\fo1igagc-Singlè Family-Fannie J\lac/l'rcddic Mac UNIFOHJ\I INSTHUMENT -TilE CO~1J'LIANCE SOlJRCE, INC.- Page 6 of] 4 \...'ww. c(,mp!i,:ulC¡;SOlUCè ,cum 1IIIIIIinmlllllllllllillillillllllllllm J\IIWS Modilicd Form 3115] 01/01 14JII1\\'Y IIS/lJII (6;2000> 'Ih~ CnmpliJI¡ce Sümœ, Inc, .. .. 1 .~ ~;;:; {~~'~i r· :'ì n (",!", " "\ I ,', U ." ~.... \.,' I V '.- offered to settle a claim, then Lender may negotiate and scttle the claim. The 30-day period wi]] begin when the notice is given. In either event, or if Lender acquires the Propcrly under Section 22 or othenvise, Borrower hereby assigns to Lender (a) BOITower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instmment, and (b) any other of Borrower's rights (othcr than thc right to any rcfund of unearned premiums paid by Borrowcr) under a]] insurance policies covcring the Prope¡1y, insofar as such rights are applicablc to the coverage of the Property. Lender may use the insurance procceds either to repair or restorc the Property or to pay amounts unpaid under the Note OJ' this Security Instrument, whether or not then duc. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residcnce within 60 days aftcr the execntion of this Security Instrument and shall continne to occupy the Property as BOITower's principal residence for at least one year after the date of occupancy, unless Lender othenvise agrees in writing, which consent sha]] not be unreasonably withheld, or unlcss extcnuating circnmsf<mces exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not dcstroy, damage or impair the Property, allow the Propcrty to deteriorate or commit waste on the Property. Whcther or not BOITower is residing in the Propcrty, BOlTower shall maintain thc Property in order to prcvent the Property from deteriorating or decreasing in valuc due to its condition. Unless it is dctcnnined pursuant to Scction 5 that repair or rcstoration is not economically feasible, Borrower shall promptly repair thc Property if damaged to avoid further deterioration or damage. If insurance or condemnation procccds are paid in conncction with damage to, or the taking o( thc Property, Borrower shall be responsible for repairing or rcstoriug the Propcrly only if Lender has releascd proceeds for such purposes. Lender may disburse proceeds for tJle repairs and restoration in a single payment or in a selies of progress payments as the work is completed. If thc insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable cntries upon and inspections of thc Property. If it has rcasonable cause, Lendcr may inspectthc intaior of the improvements on thc Property. Lender shall givc Borrower notice at the timc of or prior to sllch an interior inspection specifying such reasonable cause. R. Borrower's Loan Application. Borrower shall be in dcfault if, during the Loan application process, BOITower or any persons or entities acting at the dircction of BOlTowcr or with Borrowcr's knowlcdge or consent gave materia]]y false, mislcading, or inaccurMe information or statcmcnts to Lender (or failed to provide Leuder with material information) in cOlUlection with thc Loan. MaterÎ<ù represcntations include, bnt are not limitcd to, rcpresentations conceming Borrower's occupancy of thc Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) BOlTower [ails to perform the covenants and agreements contained in this Sccurity Instl1lment, (b) there is a legal procceding that might signilícantJy affect Lendcr's intcrest in the Propcrty ancVor rights undcr this Security Instrument (such as a procecding in bankruptcy, probate, [or condcmnation or forfeiturc, for enforcement of a licn which may attain priority ovcr this Security Instmment or to enforce laws or rcgnlations), or (c) Borrower has abandoned the Property, then Lcnder may do and pay for whatever is reasonablc or appropriate to protcct Lcnder's interest in the Property and rights under this Security Instrumcnt, including protecting and/or assessing the valuc of the Property, and securing ,mellor repairing the Property. Lender's aClions can include, but are not limited to: (a) paying any sunlS secured by a licn which has priority over this Sccurity Instrumcnt; (b) appearing in court; and (c) paying reasonable attomeys' fees to protect its interest in thc Property ,mellor rights lmder Ihis Security Instrument, inclnding its secured position in a bankruptcy proceeding. Securing the Property includcs, but is not limited to, cntering the PropCI1y to makc rcpairs, change locks, rcplace or board up doors and windows, drain water from pipes, eliminate building or othcr code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lcndcr does not have to do so and is not undcr allY dufy or obligation to do so. It is agrecd that Lender incurs no liability for not taking any or all actions authorizecJ under this Section 9. Loan No: 122110966 Wyoming !\IOligagc-Single Family-Fannie J\I;II'/Freddic !\lat' UNIFORM INSTHUi\IENT -TilE CO~II'LlANCE SOUUCE, INC.- l'agc 7 of 14 \'>\w CUILll'lioLlCCS01I1(èÇ(>JII Illjllillll¡mlll~WIIIII~II¡ Ii 1~11iI~llim !\1ERS i\1"dil¡"¡[ FIIl'm 31151 111/111 14311 I IV \' IISIUO ltJ2000, 'niç C\'mpliaH(;ç SÜ!1rct, jllC, " t d ,¿ " '. (j¡~) (, f-ì (~ _ () .~] \.' ;~,; t, I¡; (; .1L Any amounts disbursed by Lender under this Section 9 shall become additional dcbt of Borrowcr secured by this Security Instmmcnt. These amounts shall bear interest at the Note ratc from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instmment is on a leasehold, Borrower sha]] comply with a]] the provisions ofthc lease. If Borrower acquires fee title to the Property, the leaschold and tilC fee title sha]] not merge unlcss Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lendcr required Mortgage Insurance as a condition of making thc Loan, Borrower sha]] pay the premiums rcquired to maintain the Mortgage Insurance in effect. If, for any rcason, the Mortgage Insurance coverage required by Lender ceases to be available from tile mortgage insurer 1hat previously provided such insurance and Borrower was required to make separatcly designated paymcnts toward tile premiuIIls for Mortgage Insurance, Borrower shal] pay the premiums required to obtain coverage substantia]]y equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an altemate mortgage insurer selected by Lender. If substantia]]y equivalent Mortgage Insurance coverage is not available, Borrower sha] continue to pay to Lender the alllount of the separately designated payments that werc due when tJlC insurance coverage ceased to be in effect. Lendcr will ,lCcepl, use and retain these payments as a non-reflmdable loss reserve in lieu of Mortgage Insurance. Such loss reserve s]uùl be non-refundable, notwithstanding tile fact that the Loan is ultimately paid in fu]], and Lender shall not be required to pay Borrower any interest or eamings on such loss rcserve. Lender can no longcr requirc 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 Insurancc as a condition of making the Loan and Borrower was required to makc separately designated payments toward thc premiums for Mortgage Insurance, Borrower sha]] pay the premiums required to maintain Mortgage Insurance in effcct, or to provide a non-rcfundable loss rcserve, until Lender's rcquirement for Mortgage Insurance ends in accordance witil any written agrecment betwecn BorrO\ver and Lender providing for such tennination or until tennination is rCCJuired by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lendcr (or any entity that purchases the Note) for certain losses it may incur if Borrower does not rcpay the Loan as agrced. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on a]] such insurance in force from time to time, and may cntcr into agreemcnts with other pmties that share or modify thcir risk, or reducc losscs. These agrcements are on tcrms and conditions that are satisfactory to the mortgage insurcr and the other party (or partics) to these agreements. These agreements may rcquire the mortgage insurer to makc payments using any source of fuuds that the mortgage insurer may have available (which may include funds obtained from M0l1gage Insurancc premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurcr, any rcinsurcr, any other entity, or any affiliate of any of the forcgoing, may receive (directly or indircctly) amollnts 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 snch agrecment 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 tcrmed "captive reinsl1ICll1ce." Further: (a) Any sllch agreements will not affect the amounts that Borrower has agreed to pay for Mo,-tgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurancc, and the)' will not entitle Borrower to any refund. (h) Any such agreements will not affect the rights BOlTower 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 ohtain cancellation of the Mortgagc lusurance, to havc the Mortgage Insurancc terminated automatically, and/or to receive a refulld of any :Mortgage Insurance premiums that wcre unearncd at thc time of such canecIlation or tcrmination. Loan No: 122110966 Wyoming Mortgagc-Singl" Family-Fannie ¡\hc/Frcddic Mac UNIFOH~r INSTIHJJ\ŒNT -TIfE CO~fl'LLu"CE SOURCE, INC.- l'agc k uf 14 """ complíamesoUfcocom III!I !IIIII mllll !lIlm I~IIII I~ 1111111111111 J\ŒRS J\J"dilicI Form 3U51 OJ/tH l1JUl\\'Y U8/UIJ 02000, T1\t Cnmpliam:e SUIUl,;C;:, fHC, ( ,:,,',->;-,1 . ,r"·.,;·r,, ., ,,"I'" , ~;' \{}¡ ,\.]} ':''1['1' no ",. ~) t: ~i~.. l.'; :i~'~ 11. Assignment of Miscellaneous Proceeds; Fod'eiture. All Miscellaneous Proceeds are hcreby assigncd to and shall be paid to Lcnder. If the Property is damaged, such Miscellaneous Proceeds shall be appl ied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lesscned. Dming such repair and restoration period, Lender shall have the light to hold such Miscellancous Proceeds until Lcnder has had an opportunity to inspect such Property to ensure the work has been complctcd to Lcnder's satisfaction, provided Úlat such inspection shall be undcl1aken prompÚy. Lcnder may pay for the repairs and restoration in a single disbmsement or in a series of progress payments as the \,ark is complctcd. Unless an agreemcnt is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lendcr shall nut be rcqllired to pay Bon'ower any interest or earnings on such Miscellaneous Proceeds. If thc restoration or repair is not cconomically feasible or Lender's sccurity would be lessened, the Miscellaneolls Procecds shall be applied to the SIlIns secured by this Security Instrument, whether or not thcn duc, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. Intlle event of a total taking, destruction, or loss in valuc of Úle Property, the Miscellaneous Procecds shall bc applied to the Sllms secured by this Secmity Instrument, whether or not thcn duc, with Úle excess, if any, paid to Borrower. In thc event of a partial taking, destruction, or loss in value of thc Property in which the fair market value of the Propeliy immediately before the partial taking, destnlction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instmment immediatcly before the partial taking, destruction, or loss in value, unless Borrower and Lendcr otherwise agree in writing, the sllJns sccurcd by this Security Instml11ent shall be reduced by thc amount of the MisceJlaneous Proceeds multiplied by the following fraction: (a) the total amount of the smns secured immediately before the partial taking, destlllction, or loss in value divided by (b) thc nlir markct value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrowcr. In the event of a partial taking, destmction, or loss in value ofthc Property in which thc fair ¡narket value of the Property immediately before Úle partial taking, destruction, or loss in valuc is lcss than the amount of the sums secured immediately before the partial taking, destmction, or loss in value, unless Borrower and Lcnder othenvise agree in wliting, the MÎsce]]aneous Proceeds shall be applied to the sums sccured by this Secllfity rnstTumcnt whether or not the sums are Úlen due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrowcr that the Opposing Party (as defined in the next sentence) offers to make an award to scttle a claim for damages, Borrower fails to respond to Lender within 30 days after the datc the notice is given, Lender is authorizcd to collect and apply the I'vIisccllaneous Proceeds either to restoration or repair of the Property or to thc sums secured by this Sccurity Instnlll1ent, whcther or not then due. "Opposing Party" means the third party that owcs Borrower Miscellancous Proceeds or the party against whom Borrower has a right of action in rcgardto Miscellancous Proceeds. Borrower shall be in default if any action or procecding, whcther civil or criminal, is begun that, in Lender's judgment, could rcsult in forfeÎlure of thc Property or other matcrial impairment of Lender's intcrest in the Property or rights undcr this SecUlity Instrument. Borrower can cure such a default and, if acceleration has OCCUlTcd, reinstate as providcd in Scction 19, by causing thc action or proceeding to be dismisscd with a ruling that, in Lender's judgment, precllldes forfeiture of the Propelty or other material impairmcnt of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award ar claim for damages that are attributable to the impainnent of Lcnder's interest in thc Propcrty are hercby assigned and shall bc paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or rcpair of thc Property shall bc applicd in the order provided for in Scction 2. 12, Borrower Not Released; Forbearance By Lendcr Not a Waiver. Extension of the time for paymcnt or modificatioll of am0l1ization of the sums sccured by this Secnrity Instrument granted by Lendcr to Borrower or any Successor in Interest of Borrower shall not operate to reI case the liability of Borrower or any Sllccessors in Interest of Borrower. Lendcr shall not be required to commence procecdings against any Successor in Intcrest of Loan No: 122110966 Wyoming J\[oIigage-Singl" Family-Jêannie J\lac/Fn'¡ ¡ ic !\lac UNIFORM INSTHUJ\JENT -TilE CO~O'UAI\'CE SOlJR02, INC.- Page 9 0/'14 W"OV COIlpli""",01lCC'""'" 111~¡IIIII!IIIII~I~II~il mI!l II ~llljllll!lim MERS J\IIHlitic¡ Form 31151 11l/1) HHlI \\'Y 1181110 «nooo, 'llle Complianç.:;: SO\l[(;ç, Inc. . '- .. ... ~ .; , ; -: ' . ,1 " .rO (~~ (' to, (~ () ,,_ ...".\,.il""-I,,,'LJ Borrower or to refuse to extend time for payment or otherwise modi fy amortization of the sums secured by this Secnrity Instmment by rcason of auy demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearancc by Lender in excrcising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Intcrest of Borrower or in amounts Icss than the amount then due, shall not be a waiver of or precludc the exercise of any right or remedy. ] 3. Joint and Several Liahility; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and sevcral. However, any Borrowcr who co-signs this Secnrity Instnnnent but does not cxecute the Note (a "co-signcr"): (a) is co-signing this Security Instnunent only to mortgagc, grant and convey thc co-signer's interest in the Property undcr thc terms of this Secmity Instrument; (b) is not personally obligated to pay the sums secnred by this Security Iustrument; culd (c) agrees that Lcnder and any other Borrowcr can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Secnrity Instnunent or the Note without the co-signcr's consent. Subject to the provisions of Scction 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instnnnent in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not bc released from Borrower's obligations and liability under this Sccurity Instnnnent 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 bencjìt thc successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for scrvices perfonned in connection willl Borrower's default, for the purpose of protecting Lendcr's interest in llle Property and rights under this Sccurity Instrument, including, but not limited to, attomeys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instnll11cnt to charge a specific fce to Borrower shall not be constmed as a prohibition on the charging of such fee. Lender may not charge fees that are exprcssly 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 intcqJrcted so that the interest or olller loan charges collected or to be collected in connection with the Loan exceed the pennitled limits, then: (a) any such loan charge shall bc rcduced by the amount necessary to reduce the chargc to the permitted limit; and (b) any smns already collected from Borrower which exceeded permitted limits will bc refllnded 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 ref1111d reduces principal, the reduction will be trcated as a partial prcpayment 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. 15. Notices. All notices given by Borrower or Lender in connection with [his Security Instrument must be in writing. Any notice to Borrower in connection with this Security fnstrument shall be deem cd to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any onc Borrower shall constitute notice to all Borrowers unless Applicablc Law expressly requires otherwise. The notice address shall be the Properly Address unless Borrowcr has dcsignatcd a substitute notice address by notice to Lender. Borrowcr shall promptly notify Lendcr of Borrower's change of address. If Lender specitìes a procedure for reporting Borrowcr's change of address, then Borrower shall only report a change of addrcss through that specified procedure. Thcre may be only oue designatcd noticc address undcr this Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first cJass mail to Lender's address stated hcrein unless Lender has designated another address by noticc to Borrower. Any notice in connection with this Security Instrument shallllot be deemed to havc been given to Lendcr until actualJy rcceived by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicablc Law requirement wilJ satisfy thc conesponding requircment under this Security Instmment. Hi. Governing Law; Severability; Rules of Construction. This Security Instmment shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations containcd Loan No: 122110966 Wyuming Mlltigagc-Sjngle Family-Fannie Mae/Freddie Mac UNIFOllI\IINSTIWJ\JENT -TilE CO~H'LL\NCE SOURCE, INC.- l)age 1.0 111'14 www"u"pli'Hctsourcec,un mllllllll Imlll !111111i111l1~ 1IIIIIIIIIm I\IEns l\1odi1icd Forlll 3051 OWI1 143U 1 IVY U8/11U ù2000, 'J11è Compli<1/lct: Spurce, Jne, ,..".,.. (" /...~ r~ P, r) J"',' .. ',¡ ;;, ( , ,~1 \.,l \. ,,' 'oJ" ....1 :l. in this Security Instrument are subject to any requirements and Jimitations of Applicable Law. Applicablc Law might explicitly or implicitly allow the partics to agree by contract or it might he silent, but such silence shalJ not be construed as a prohibition against agrecment by contract. In thc evcnt that any provision or clause of this Security Instmmelll 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 Sccurity Instnllnent: (a) words of the masculinc gendcr shall mean and include corresponding neuter words or words of the fcminine 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 aclion. 17. Borrower's Copy. Borrowcr shall be given one copy of the Note and of lhis Secnrity Instnnnent. 18. Tnmsfer of the Property or a Beneficial Inten'st in Borrower. As L1sed in this Scction I ß, "Intercst in the Propeliy" means any legal or beneficial intcrest in thc Property, including, but not limited to, thosc bcneficial interests transferred in a bond for deed, contract for deed, instalJment sales contract or escrow agreement, Ú1e intent of wllich is thc transfer of title by Borrowcr at a future date to a purchaser. If all or any part of the Property or any Intcrest in the Property is sold or transfcrred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior writtcn consent, Lender may require immediate payment in 1'1111 of all snms sccured by this Security InstnJlncnt. However, this option shall not be exercised by Lender if such cxcrcise is prohibited by Applicable Law. If Lender exercises this option, Lender sha1l givc Borrower notice of acccleration. The notice shan providc a period of not Icss than 30 days from the dale the noticc is given in accordancc with Scction 15 witliin which Bon-ower must pay all sums secured by this Security lnstnul1cnt. If Borrower fails to pay thcse sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets ceJiain conditions, Borrower sha1l have the right to have enforcement of this Sccnrity Instrumeu[ discontinued at any lime prior to the earliest of: (a) five days before sale of the Properly pursuant to any power of sale contained in this Security Instrumcnt; (b) such other period as Applicable Law might specify for the tcrmination of Borrower's light to rcinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions ;u'e Úwt Borrowcr: (a) pays Lendcr all slllns which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any de fan It of any othcr covenants or agreements; (c) pays aJ] cxpenses incurrcd in enforcing this Security Instrulllcnt, including, but not limited to, reasonable attorneys' fees, propcrty inspection and vaJuation fecs, and othcr fees incurred for thc purpose of protecting Lender's interest in the Property and rights undcr this Sccurity Instrument; and (d) takes such action as Lender may reasonably rcquire to assure that Lender's intercst in the Propcrty and rights under this Security Instrumcnt, and Borrowcr's obligation to pay the Sluns secured by this Security Instrument, shall continuc unchauged. Lcnder may require that Borrower pay such reinstatement stuns and expenscs in one onnore of thc following forms, as selccted by Lender: (a) cash; (b) money order; (c) certified check, bank chcck, treasurer's check or cashier's check, provided any sllch check is drawn upon an institution whose deposits are insured by a fed em 1 agency, instnunentality or entity; or (d) Electronic Funds Transfer. Upon rcinstalcment by Borrower, this Security Instnunent and obligations sccured hereby shall rcmain fully effective as if no accelcration had occulTed. However, this right to reinstatc shall not apply in the case of accelera1 ionunclcr Scction 18. 20. Sale of Notej Change of Loan Sen'icerj Notice of Grievance. Thc Note or a partial intcrest in the Note (togethcr with this Security Instrument) can be sold one or more times without prior notice to Borrowcr. A sale might resn1t in a change in thc entity (known as the "Loan Servicer") thal coJlects Periodic Paymcnts clue under thc Note and this Secnrity Instrument and pcrforms other mortgage loan servicing obligations under the Notc, this Security Instnnnent, and Applicahle Law, There also might be one or more changes of thc Loan Servicer unrclated to a sale of the Note. If thcre is a change of the Loan Servicer, Borrower will bc given writtcn notice of the change which will statc the name and address of the new Loan Scrvicer, the address to which payments should bc made and any other information RESP A requires in connection with a notice of transfer of scrvicing. If thc Notc is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, 1he mortgagc loan scrvicing Loan No: 122110966 Wyuming Murtgage-Singl" Family-Fannie Mac/Frclldic ¡\lac UNiFOH.J\llNSTlWJ\1ENT -Trm COillI'LL\NCE SOURCE, INC.- Page Ilnf14 WWWWJllpli"""CSnur'è.c"m 1m ¡II In mll¡~ W!WI m I~I ~IIII m~ 1IIIml MEns J\fudilied 1'01'111 3051 01/01 HJlIlI\'Y II~/OO ~nooo, '111è COlllp]jall~e Slmrct:, lno. . . ~ It., >Y, ,f..n... i"," '4,J~.J;. :~~' {~ ':_.~' ;.~; 3 obligations to Borrower will remain with the Loan Servicer or bc transferred to a successor Loan Serviccr and are not assumed by the Note purchaser unless othcrwise provided by the Note purchascr. Neither Borrower nor Lender may commeuce, join, or be joined to any judicial C1ction (as either an individual litigant or the member of a class) that arises from the other party's actions pmsuant to this SecUlit)' Instrument or that alleges that the other party has breachcd any provision of, or any duty owcd by rcason of, this Security Instmmcnt, until such Borrower or Lender has notificd 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 pcriod after the giving of such notice to take corrective action. 11' Applicable Law provides a timc period which must elapse bcfore certain action can be taken, that time pcriod will be decmed to be reasonable [or purposes of this paragraph. The noticc of acceleration ~U1d opportunity to cmc given to Borrower pursuant to ScctiOll 22 and the notice o[ acceleration given to Borrower pursuant to Section 18 shaH bc dcemcd to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazanlous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances dcfined as toxic or hazardous substances, pollutants, or wastcs by Environmental Law and the following substances: gasoline, kerosenc, other Jlammable or toxic petroleum products, toxic pesticides and herbicides, volati]e solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmcnta] Law" means federal laws and laws of the jmisdiction where the Property is located that relate to health, safety or enviroumenta] protection; (c) "Environmental Cleallup" includes any rcsponse action, remediaJ action, or removal action, as defined in Environmental Law; and (d) an "EnvirolUl1Cntal Condition" means a condition that can cause, contributc to, or otherwise trigger an Environmental Clcanup, Borrower shall not cause or permit [he prescnce, 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 allO\v anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the ProPC¡ty. The preceding two scntences shall not apply to the presence, usc, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the PropeI1y (including, but not limited to, hC1zardous substances in consumer products). BOITower shall promptly give Lender Wllllen 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 knowlcdge, (b) any Enviroumental Condition, including hut not limited to, any spilling, leaking, discharge, release or thrcat of releasc of any Hazardous Substance, and (c) any condition caused by the presence, use or releasc of a Hazardous Substance which adverscly a(Tects the value of thc Property. If Borrower learns, or is notificd by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substm¡ce 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 Lendcr for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenaut aud agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower J)J-ior to accclenttion following BOITower's hreaeh of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless A lplicahle Law llrovides othenvise). The notice shall specify: (a) the default; (h) the action required to cure the default; (c) a date, not less than 30 days fmm the date the notice is given to Borrower, by which the default must he 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 Instlïlment and sale of the Property. The noticc shall further inform Borrower of the right to reinstate after acceleration and the right to hring a COUI-t action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the (1cfault is not cured on or before the (late specified in the notice, Lender at its Loan No: 122110966 Wyollling J\loligage-Singlè Family-]Iannie Mae/Freddie Mae UNIFOIlMINSTIHIJ\IENT -THE COMPLIANCE SOlfRCE, INC.- Page 12 of 1~ www.......pli." ,eos,,,,, "C01fl 1m IIII~!I mll~! IIIW¡ IIII~IIII!I m¡ Illml J\lEIlS Mudi1i"I( Fllrm 305¡ 01101 143tJIWY tJ8/UO ,tJ2000, rJ1~e COlllpJiôJ.Ht.:ç SO\lfCè, Inc. ~ , ,,( " r- f~ 0 " () !'"") , "...: ~ , ',_~ (¡ lJ option may require immediate payment in full of all sums secured hy this Security Instrument without further demand and may' invoke the power of sale and any other remedies permitted hy Applicahle Law. Lender shall he entitled to collect all expenses incuITed in pursuing the remedies provided in this Section 22, including, hut not limited to, reasonahle attorneys' '·'.'es 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 pCI'son in possession of the Property, if different, in accordance with Applicahle Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall puhlish the uotice of sale, and the Propel-ty shall he sold in the manner prescrihed hy Applicable Law. Lender or its designee may purchase the Property at any sale. The procceds of the sale shall he applied in the following order: (a) to all expenses of the sale, including, hut not limited to, rea son a hIe attorneys' fees; (h) to all sums secured hy this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all slims secured by this Security Instrument, Lendcr shall release this Security Instnllnent. Borrower shall pay any recordation costs. Lendcr may charge Borrower a fee for relcasing this Security Instrument, but only if the fec is paid to a third party for services rendcred and the charging of thc fee is permitted under Applicable Law. 24. \\'aivers. Borrower releases and waives all rights under and by virtue of the homestcad cxemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrecs to the tenns and covenants containcd in this Sccurity Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ,"'J,.. JL~)",,~JJ Elleen B MERRITT aka Eileen H. ' C-~l (Scal) M~I'§",r,UJ;- Printcd Name: [Please Complete] ,I, D t/ F" 'v G '\../.A,.i'jl/1 I " , {I .1/ ) ,,\ 1,',17 ;, (" .r.' " / I vn -·f·f/··.... (ii../ i. (5":<11) =-t~r~ -BOITOWèf Printed Name: [Please Complete} (Scal) -130ITO\Vèf (Sea 1) -Borrower [Acknowledgment on Following Page] Loan No: 122110966 Wyoming MoJigagc-Single Family-FallnÏl' Mac/Frcd,Ij¡, ¡\lac IJN1FOR¡\1 INSTRUMENT -TIm CO~II'LlANCE SOURCE, INC.- Page 13 of] oj wmv,cl'IJlpliaIlcesoUlcecolll 1m Iml~~ mll~1 IIIIIIIIIII!II! IIIII~ Illml ¡\!ERS J\lodilkd Fun" 3051 OlltH HJIJ ¡ IVY 1J8/1J1J ~2000, TIlt: COlllpJianc= Source, lne . . ;t:; ~.~~ r", :) c: \~~ :~; [~l State of Wyoming County of Lincoln § § § Before me the undersigned authOlity, on this d;¡y personally appeared G Alan MERRITT /aka Eileen B MERRITT and (~~l) Eileen H. Merritt known to me (or proved to me through an identity card or other document) to bc the person(s) whose name is subscribed to the foregoing instnJlnent, and acknowledgcd to me that he/shc/they executed the same for the purposes and consideration thcrcin expressed. Given under my hand and seal on this 8th day of November, 2005 -ðCÙ, (Seal) ..~ -- f~'.o-'-·--_·c'" ~ h./\: C\;; ~ CC>.i~:..:.f V L....<.-.¡ ,<' ~'\yC"" ~.~~' ./ , "'~'-"""'] , " , i J .---- ..' Notary Public My Commission E>qJircs: I D ! ç / ;)_oCJ-t I(ABf34 t 'ila'iJê.. NOWW PU8:JG C6u,\ty 6f. ~i\ ' gia~é 01 Uuœk1 ~ W¡Cûmj¡¡g ~e¿~-- Loan No: 122110966 Wyoming J\(ortgage-Single Family·Fannie .\lac/Frcd¡ jl' Mac IJNIFORi\1 INSTIHJMFNT -TilE CO~ 'LJANCE SOlJ)~CE, INC.- Page 1-1 (11'1-1 ,,,vwcompliallctsourcecom II~~ i~1111 mlll~ Willi m I~IIII~II!I ~~llm i\IEHSi\Jodilied Fonn 3051 01/01 HJIIIW\, IISllIfJ (:02000, 'n~è Clìlllpliancc SlHUÇ:;:, Inc. "..... .,J, ~". <J"I/'..<¿. ,:.,' (} (~ . ~I ~~) (J \,.' \.,' '1_... '",; Ò FIXED/ ADJUSTABLE RATE RIDER (One-Year Treasury Index - Rate Caps) Loan 1/: 122110966 MIN: 100055401221109665 THIS FIXED/ADJUSTABLE RATE RIDER is made úlis 8th day ofNoverriber 2005 and is incorporated into and shall be deemed to amend and supplement Úle Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by Úle undersigned ("Borrower") to secure Borrower's Fixed/Adjustable R¡lte Note (the "Note") to Ind-jMac Bank¡ F. S . B., a federally chartered savings bank ("Lender") of the same date and covering Úle property described in Úle Security Instrument and locatecl at: 1831 CDUNrY ROAD 122, THAYNE, WY 83127 [Propeliy Address] THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as foIlows: A. ADJUSTABLE RATE AND MONTHLY PA Yl\lENT CHANGES The Note provides for an initial fixed interest rate of 7.500 %. The Note also provides for a change in the initial tixed rate to an adjustable interest rate, as follows: 4. ADJUSTABLE INTEREST RATE AND MONTHLY PA YI\ lE NT CHANGES (A) Change Dates The initial fixed interest rate I \ViII pay wi]] change to an adjustable interest rate on the first clay of December 2010 , and the adjustable interest rate I wiIl pay may change on that day every 12th monÚl thereafter. The date on which my initial íÏxed interest rate changes to an adjustable interest rate, and each date on which my adjustable interest rate could change, is ca]]ed a "Change Date." 11111111111111111111111111111111l1li1111111111111111111111111111111111 MUL TI5T A TE FIXED/ADJUST ABLE RATE RIDER - ONE-YEAR TREASURY INDEX- Single Family Page 1 of 4 Initials: f t·,\, 8480548 (0309) VMP Mortgage Solutions (800)521-7291 "', .r-. I '\. 6008 8/03 """ >J ~';j ~~~ ,:~j ,.... . ,:'l r~ " r. '" .', "'D . ',,' \"J 'I ,-.', ,_ ~, .....J (B) The Index Beginning with the first Change Date, my adjustable interest rate will be based on an Index. The "Index" is the weekly average yield 011 United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note HoJcler will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding two and 750/1000ths percentage points ( 2.750 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighù1 of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until ÙIe next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result of Ù¡is calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater Ùlan 12.500 % or less than 2.750 %. Thereafter, my adjustabJe interest rate will never be increased or decreased on any single Change Date by more tJ1an two percemage points from the rate of interest I have been paying for the preceding 12 months. My interest rate wjll never be greater than 13.500 %. (E) Effective Date of Changes My new interest rate wiU become effective on each Change Date. I will pay the amount of my new monthly payment beginning on Ùle first monÙ¡ly payment date after Ù¡e Change Date untiJ the amount of my montJ1ly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my initial tixed interest rate to an adjustable interest rate and of any changes in my adjustable interest rate before the effective date of any change. The notice will include tlleamount of my monthly payment, any information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice. (G) Date of First Principal and Interest Payment The date of my first payment consisting of both principal and interest on this Note (the "First Principal and Interest Payment Due Date") shall be Ù1e first montJ11y payment due after the tirst Change Date. Loan No: 122110966 8480548 10309) Page 2 of 4 Initials: 6008 8/03 1111111111111111111111 11111 1111111111111111111111111111111111111111111 . . ,; f '- ,. ~...~;l.),' """ B. TRANSFER OF TIlE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER t' (~ t~ .., (1 r) ,) L· :,,,, oJ U ]. Until Borrower's initial tixed interest rate changes to an adjustable intaest rate under the terms stated in Section A above, Uniform Covenant 18 of tht: Security Instrumem shall read as follows; Transfer of the Property or a Beneficial Interest in Borrower. As lIsed in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneticial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, Ùle intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of ùle 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 Instrument. However, ùlis option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender ext:rcises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of Hot less than 30 days from tIle date the notice is given in accordance with Section 15 within which Borrower must pay all sums sel'ured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of tllis period, Lender may invoke any remedies penmtted by this Security Instrument without further notice or demand on Borrower. 2. When Borrower's initial tixed interest rate changes to an adjustabJe interest rate under the terms stated in Section A above, Uniform Covenant 18 of the Security Instrument described in Section 81 above shall thtn cease to be in effect, and the provisions of Uniform Covtnant 18 of the Stcurity Instrumtllt shall be amended to read as follows; Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section ] 8, "Interest in the Property" means any legal or btntticial intert:st in ùle Property, including, but not limited to, those btndïcial inttrests transferred in a bond for deed, contract for dttd, installmtnt sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of tht Property or any Interest in the Property is sold or transtáred (or if Borrower i~ not a natural person and a beneticial interest in Borrower is sold or transferred) without Lender's prior wrÜten consent, Lender Jllay require imIl1tdiate payment in I'ull 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. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender informatioJl required by Lender to evaluate the intenckd transferee as if a new loan were being made to Ùle transftree; anel (b) Lender reasonably dettrmines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Ltnder. To the extent permitted by Applicable Law, Lender llJay charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may reqllirt the transferee to sign an assumption agreement that is acceptable to Lender and that obligatts the transferee to keep all the promises and agœements made in the Note and in this Security I Ilstrumellt. Borrower will continue to be obligated under tlle Note and ùlis Security Instrument unless Lender releases Borrower in writing. Loan No: 122110966 8480548 10309) 01 V'I Initials: "- Page 3 of 4 I I 6008 8/03 . ,',;11. ',','.';';':" (' c c ~,~' 9 1 If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less tJ1an 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all SUlns secured by this Security Instmment. If Borrower fails to pay these Stuns prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained ill thi:V Fixed/Adjustable Rate Rider. ð 0 ,..1 ¡' : ._ /. // /-'" \ 1 J. \~ì'\ . ~< I I/y /.1 ;,) ,( t. \ .'''' :~-·~....;f}/....._.. (p, ~~\.~\iE:R~ITT I¡~~l 1, ,; A. (Seal) iAJan ~;4; c<1//I(Seal) - 'i"+ -Borrower -Borrower Eileen H. Merritt!\ '---'tV \ (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 8480548 (0309) Page 4 of 4 6008 8/03 (Seal) (Seal) -Borrower - Borrower Loan No: 122110966 I 1111111111111111111111111111111 11111111111111111111[11111111111111111 .".,.. --..- ------~ -- - -- _______..J "!, ~. "---.- J , ';-::,E ~~~ i' to"; /1 .,~t; Ct 4'") '.' ',) ~ ,. ~!~! '..J i,':" EXHIBIT "A" T/'al [)dll 01 the SE 1/4NW1/4 of Section 19. T34N R 1 t OW of Ihe, 6th P.M., Lincoln County. Wyoming. being part 0' II\d[ tracl 01 lee a''! in the Office of the Clelk 01 Lincoln COllf1ly ir1 Book I 04pn on paUü 306 rluscriiJcd as lollows: UeginJling i>t a 3/8' Xl r steel spike on the sOlllhlinc ~( th~ said 5E 1I.4t~W I /4, N B9 °41.0' E. 1668.87 (eel (rani the west one· quarter corner o( said Section 19 (ound as descrlhed In the Cerll(led Land Corner Recordation Certificate filed in the said Office; thence N 00° 39 8' E, 19.07 (eet to a point on nn existt'n9 fence line along the north right of way line Qf the TI,ayne·Bed(ord COUIHY Road 1'10,12·122; thence cOl1linuing N 00°39.8' E, 164.32 fee! along an existing fence line to a po in!; ¡hence N 89°41.0' E, parallel to the soulh line of the said SE 1/4NW1/4. 356 28 feet to a point; thene" S 00039,8' W, 168.22 feet to a point on an existing lenee lioe illong saId l10rth light of way lioe; thence continuiog S 00"39.8' W 1 5.07 (eet to a 3/8" X J 2" sleel spike on the said south line, S 89 0" 1 .0' W. 3161.48 feet fr0l11 the eas t ona-quarter corne; of S aid Section 19 round as described in the Certified Land Corner Recordation Certificate filed in the said Office; thence S 89 °41.0' W, 356.26 feet along the said south line to the spike of beginning. '--- -"- . .