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HomeMy WebLinkAbout913801 "!ì0161': '-'~.J ~ <~ó After Recording Return To: RECEIVED 11/17/2005 at 4:04 PM RECEIVING # 913801 BOOK: 605 PAGE: 165 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY Decision One Mortgage Company, LLC 6060 J.A. Jones Drive, Suite 1000 Charlotte, North Carolina 28287 ¡j 1 0,. ¿rt'.· Vv,¿ \~, 'IV..,!;l í (}1\lJI \/ [Space Aboye This Line For Recording Data] Loan Number 2100051121850 ~1IN: 100077910005249020 6& MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined be10w and other words are defined in Sections 3. 11, 13, 18, 20 and 21. Certain mles 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 8, 2005, togcther with a1l Riders to this document. Husband and Hife (B) "Borrower" is RICHARD SCOTT BECK and CHIUSTIA M BECK. Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. JHERS is the mortgagce under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501- 2026, tel. (888) 679- MERS. (D) "Lender" is Dccision One Mortgage Company, LLC. Lender is a LIMITED LIABILITY COMPANY organized and existing under the laws of NORTH CAROLINA. Lender's address is 6060 .LA. JONES DRIVE, SlJITE 1000, CHARLOTTE, NORTH CAROLINA 28287. (E) "Note" means the promissory note signed by Borrower and dated NOVEMln~R 8, 2005. The Note states that Burrower owcs Lender ONE HUNDRED SIXTY-FIVE THOUSAND AND OOIlOOths D01lars (U.S.$165,000.00) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in fulJ not later than DECEJ\1BER 1, 2035. (F) "Property" means the property that is described below under the heading "Transfer of Rights in thc Property." (G) "Loan" means the debt evidenced by the Note. plus interest, any prepayment charges and late charges due undcr the Note, and all sums due under this Security Instrument, plus interest. (II) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The folJowing Riders are to be executed by Borrower [check box as applicable]: IX] Adjustable Rate Rider 0 Condominium Rider o Balloon Rider 0 PI aImed Unit Development Rider 01-4 Family Rider OBiweekly Payment Ridcr o Second Home Rider o Other(s) [specify] f, lJ¡;' (JVß- ì~ì,,~~iì~fïï~r'ìl¡[Œtrflrlrmr¡rlll ÌliÎI(¡íÍlïrlliïl~(ŒlìIÌl[líÏi(i¡ll!mrR UMENT [, '::-:;',:>:;: ".; Form 3051 1/01 (page 1 of 11 pages) . . û9:i38ú:1 c: 00166 (I) "Applicable Law" means all controlling applicable federal, state and local statutes, rcgulations, ordinanccs and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such 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. (L) "Escrow Items" means those items that are describcd in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction 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. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (0) "Periodic Payment" means the reglllarly scheduled amount due for (i) principal and interest under thc Note, plus (ii) any amounts under Section 3 of this Security Instmment. (P) "RESP A" means the Real Estate Settlement Proccdures Act (12 U.s. c. § 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESP A" refcrs to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESP A. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instmment secures to Lender: (i) the repayment of thc 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 MERS (solely as nomince for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property locatcd in the CounlY of LINCOLN [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] SEE ATTACHED SCHEDillÆ "A" which currently has the address of 555 HOBACK TIlA YNE , Wyoming 83127 [Zip Code] [Street] ("Property Address"): [City] WYOMTNG--Single Family--Fal1l1ie Mae/Freddie Mac UNIFORM INSTRUMENT a .¿,ß tyvß litH (page 2 or 11 pa,~ës) Form 3051 . . 09jL3~01. C00167 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security InstruIl1ent~ All of the foregoing is referred to in this Security Instrument as the" Property." Borrower understands and agn:es that M ERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instmmcnt. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform coven,mts with limited variat ions 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 for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrumellt shall be made in U.S. currency. Howcver, if allY check or othcr instrument received by Lcnder as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instmment 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, instrumcntality, 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 prov isions in Section 15. Lender may return any payment or partial payment if the payment or partial payments arc insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereundcr 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 docs not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied carlier, such funds will be applied to thc outstanding principal balance under the Note inm1ediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lencler shall relieve Borrower from making payments clue under the Note and this Security Instmment 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 clue under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applicd to each Periodic Payment in the order in which it becan1e 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 deJinquent 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 bc 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 tirst 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 paymcnt of amounts due for: (a) taxes and assessmcnts and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leaschold payments or ground rents on the Property, if any; (c) premiums for allY and a]] insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lendcr in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are ca]]ed "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 WYOMING--Single Falllily--Fannie Mac/Freddie ¡\fac UNIFORM INSTRUMENTg Form 3051 1/01 (page 3 of II pages) rz'? (2 r}l{ 0". ",. ~-\ .r~ C\ OJ¡: ~::Y J"..!'-3q C00168 escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the cvent of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lendcr requires, shall furnish to Lender receipts cvidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Sccurity Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to [Jay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lendcr to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lcnder can require under RESPA. Lender shall cstimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall bc held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lendcr is an institution whose dcposits are so insurcd) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later them the time specified under RESP A. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pem1its 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 bc required to pay Borrowcr any interest or earnings on the Funds. Borrower and Lender can agrec in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordancc with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lendcr shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the éU110unt 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 ddïciency 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 shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security 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 unJess Borrower: (a) agrecs in writing to the payment of thc obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against cnforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings arc pending, but only until such proceedings are concluded; or (c) secures from the holder of thc lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instmment, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth abovc in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and lor reporting service used by Lender in conncction with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erectcd on (hc Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, bUl not limited to, earthquakes and floods, for which Lender requires insurance. This insurancc shall bc maintained in the amounts (including deductible levels) and for the pcriods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carricr providing the insurance shall be choscn by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably . Lcnder may require Borrower WYOl\IlNG--Single Family--Fannie Mac/Freddie Mac UNIFORM INSTRUMENT Fonll 3051 1/01 úJage 4 of 1 ] pages) () (¡ t ¡, <.\ .j,) (1}1)!(~ no'''''' "'¡Qifi'''i>- IV ~ &'-.1~, 'U.A;. ~00169 to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification serviccs 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 thc Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instmment. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise 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, whcther or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the rcstoration 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. Lendcr may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance procceds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third partics, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurancc proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any availablc insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a c]aim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in a11 amount not to exceed the amounts unpaid undcr 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) undcr all insurance policies covering the Property, insofar as such rights arc applicable to the coverage of the Property. Lendcr may \lse 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. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrowcr's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrecs 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. Whethcr m not Borrower is residing in the Property, Borrower shall maintain the Property jn order to prevent thc Property from dcteriorating 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 disbllrse proceeds for the repairs and restoration in a sillgle payment or in a series of progress payments as the work is completed. If the insunmce 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. WYOl\HNG--Single Family--Fanniel\ fae/Freddie /\fac lJNIFOR1\f INSTRUMENT Form 3051 1/01 úJage 5 of 11 pages) /1 .9 lJ" ".,.:;./) (> Jl(l--)--- /, i' " DS'/i 380ii \.'. 001 7 0 Lendcr or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable causc, Lender may inspect thc interior of the improvements on the Property. Lender shall give Borrower notice at the timc of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application proccss, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the I~roperty and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) thcre is a legal proceeding thai might significantJy 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 aballdoned 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 rcpairing the Property. lendcr'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 ,md/or rights undcr 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 pipcs, eliminate building or other code violations or dangerous conditions, ,1m1 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 authorizcd under 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 Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless lender agrces to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance ~U1d Borrower was required to make separately designated payments tov:ard the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by lender. If substantially equivalent Mortgage Insurancc 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-rctì.mdable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the loan is ultimately paid in full, and lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer rcquire loss reserve paymcnts if Mortgage Insurance coverage (in the amount and for the periocJ 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 !vfortgage Insurance. If lender required Mortgage Insurance as a condition of making thc loan and Borrowcr was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premillms required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requiremcnt for Ivfortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such tcrmination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at thc rate provided in the Note. Ivfortgage Insurancc reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losscs. These agreements are on tcrms 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 sourcc of funds that the mortgage insurcr may have available (which may include funds obtained from Mortgage Insurancc premiums). WYOl\HNG--Single Family--Fannie Mae/Freddie Mac UNIFOnl\1 INSTRUl\fENT Form 3051 1/01 (page 6 of 11 pages) (: .~ ;/1 " Y".!,), (l ' ,,~ /1'7; 1:>, ,,----- nq'>í! 38ijjt 'UÜ -As a 'result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that dcrive from (or ¡night be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for 1\ fortgage Insurance, or any other terms of the I,oan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (h) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the IIomeO\\11ers 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; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progrcss payments as the work is completed. Unless an agreement is made in writing or Applicable Law reqllires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Misccllaneous 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, destmction, or loss in value of the Property, the Miscellêmeous 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. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market valuc 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 Instmment immediately before the partial taking, destruction, or loss in value, unless Borrower ,md Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of thc Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destmction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to rcspond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Procecds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whcther civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under [his Security Instrument. Borrower can cure such a default and, if acceleration has occurrcd, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a mling that, in Lender's judgment, precludcs forfciture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impainnent 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 thc Property shall be applied in thc order provided for in Section 2. 00171 'VYOMING--Single Family--Fannic Mac/F¡'cddic Mac UNIFORM INSTRUMENT Fonn 3051 1/01 (page 7 of 11 pages) (I \1 /)/ /\.ú.b () YV1:< r'..;.\ ,,)/nrfl..;¡¡l {j~Lu(J'U~ r-' n. 0 11"'j é) \.' ',). {~ 12. Borrower Not Released; Forbearance By Lcnder Not a Waivcr. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lcnder to Borrower or any Successor in Interest of Borrower shall not operate to release thc liability of Borrower or any Successors jn Interest of Borrower. Lender shall not bc required to commence proceedings against any Successor in Interest of Borrower or to refuse to extcnd time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lendcr in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrowcr or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instmment; (b) is not persona]]y obligated to pay the sums secured by this Security Instnunent; and (c) agrees that Lender and (my other Borrower 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 Succcssor in Interest of Borrower who assumes Borrower's obligations under this Security Instmment in writing, and is approved by Lender, sha]] obtain a]] of Borrower's rights and benefits under this Security Instmment. Borrower sha]] not be released from Borrower's ohligations and liability under this Sccurity Instrument unless Lcnder agrces to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's defalllt, for the purpose of protecting Lender's interest in the Property and rights under this Security Instmment, including, but not limited to, attorneys' fces, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instmment or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan excecd the permitted limits, then: (a) any sllch loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choosc to make this refund by reducing the principal owed under the Note or by making a direet payment to Borrower. If a refund reduccs principal, the reduction will be treated as a partial prepayment without any prepayment chargc (whether or not a prepayment charge is provided for under the Note). Borrower's acceptanee of any such refund made by direct payment to Borrower will constitute a waivcr 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 this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first c1ass mail or when actually delivered to Borrower's notice addrcss if sent by othe¡ means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The nol ice address shall be thc Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, thcn Borrowcr shall only report a change of address through that spccified procedure. There may be only one dcsignated notice address under this Security Instrumcnt at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lendcr's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instmment shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instmment. 16. Governing Law; Severability; Rules of Construction. This Security Instrumcnt shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agrcement by contract. In the event that any provision or elause of this Security Instrument or the Note cont1icts with Applicable Law, such connict shall not affect other provisions of this Security Instrument or thc Note which can be given effect without the conflicting provIsIon. As used in this Security Instrument: (a) words of the mascllline gcnder shall mcan 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 wle discretion without any obligation to take any action. 17. Borrower's Copy. Borrower sha]] be given one copy of the Note and of this Security Instmment. 'YYOJ\HNG--Single Family--Fannic Mac/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (¡¡age 8 of 11 pages) K I)") . /}.( '). ,~-f:) f1 Jí}lr:2) rï¿;1'\ :ri¡{~:01. U..:::;~~-,q 00173 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Intercst in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transfcáed in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transfcrred (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 Instmment. 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 tl¡is Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lendcr may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of salc contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to rcinstate; or (c) entry of a judgment enforcing this Security Instnll11ent. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrumcnt and thc Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspcction and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the SlJlns secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) ccrtified check, bank chcck, treasurer's chcck 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. Upon reinstatement by Borrowcr, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply jn the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and perfoDns other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan ServiceI' unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the nanle and address of the new Loan Servicer, the address to which payments should be made and any other information RESP A requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter thc Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will rcmain with the Loan Servicer or be transferrcd to a successor Loan ServiceI' and are not assumed by the Note purchaser unless otherwise provided by thc Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section IS) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can bc taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of accelcration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" arc those substanccs defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other tlammable or toxic petroleum products, toxic pesticidcs and herbicides, volatile solvents, materia]s containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means fedcrallaws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any responsc action, remedial action, or removal action, as defined in Environmenta] Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. WYOM1NG--Single Family--Faunie 1\Jae/Freddie J\Jac U1\'IFORJ\I INSTIWMENT Form 3051 1/01 úJage 9 of II pages) /) ,"'I { r ',~ " 'C" i- f) )Vì, .. ( /1 r.rSu_~- tl~ ~J ·t1 ~1) ¡:::,I :fìt 1l.~ '-:I ,,--' ___ 't...,J \.....:r, U ¡,.JU B I I . I d· 1 I ¡. II d S 1 '.' no i 7 4 orrower s 1al not cause or permit t 1e presence, usc, Isposa, storage, or rc ease 0 any lazar ous u )stances, or th'reaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone dse 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 prcsence, use, or release of a Hazardous Substance, creates a condition that adverscly affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storagc on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (illcluding, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Ll:nder 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 Substancc 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, usc or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation or 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 Environmcntal Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant alld 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 de fan It; (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 n¡red; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of t he 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 nssert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured un 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 Applicahle 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 hy Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all slims secured hy this Security Instrument; and (c) any excess to the person or persolls legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fce for releasing this Security Instrument, hut 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. WYOJ\HNG--Single Family--Fannie Mac/Freddie Mac UNIFOR1\IINSTRU1\fENT Form 3051 1/01 (page 10 of 11 pages) () X. "') J''.·"I7Y_ () ~) /yY(~----p 0:5)41 38.01 , !.101.75 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: a{ j ç ,0 )/'" /}, I ~t1i·v-j/.At_C-l' /5(!L/¿ (Seal) RICHARD SCOTT BECK -Borrower /!,ì JI,-i ~~ u)lIßd{ (S"I) ËnRISIJ'IA M IW":K ~C!- / -Borrower (Seal) (Seal) -Borrower -Borrower [Space Below This Line For Acknowledgment] State of WYOMING County of l \ ,,,,C D\'t\ ss The foregoing instmment was acknowledged before me by RICHARD SCOTT BECK and CIIlUSTIA M BECK this 8TH day of NOVEMBER, 2005. W' - a:- . KRISTI NOTARY PUBLIC County of State of Lincoln Wyoming My Conm1ission Expires: 11_// - /, Ití Cy L./' l.~ / I I'- (Jr ¡l _j:J__ C_-)V?{/t; Llel) (. l?')):"--(f I~ ) N~áry Pllblic() ~/' Aí í\~ h' ' V .7IIe!' -l{; ('- (Print or typc name) (Seal) \VYOMING--Single Family--Fannie Mac/Freddie Mac UNIFORM INSTRUI\'IENT Form 3051 1/01 úwge 11 of 11 pages) . ., '-, ,'" .n ,:-",f'r-4l. {j¡ ~..y~1\ ,.j~ V ~ . :J0176 Lot 29 of Cedar Creek Ranches Second Filingl Lincoln County I Wyoming as described on the official plat No. 215-F filed September 71 2005 as Instrument No. 911629 of the records of the Lincoln County Clerk. . . ('\/ì0177 '\.,~) . eo e· "" ~1 "'I 'j.)in ,,;.¡. '0.:::y LL~~_:HJh~ Loan Number 2100051121850 ADJUST ABLE RATE RIDER (LIßOR Index - Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 8TH day of NOVEMBER, 2005, and is incorporated into and shall be deemed to amcnd and supplcment the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure the Borrower's Note to DECISION ONE MORTGAGE COMPANY, LLC (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 555 HOBACK, THAYNE, WYOMING 83127 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RA TE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made lI1 the Security Instrument, Borrower and Lender further covenant and agrec as follows: A. INTEREST RATE AND MONTHLY PAYJ\cffiNT CHANGES The Note provides for an initial interest rate of 6.84%. The Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTEREST RATE AND MONTHLY P A YI\ŒNT CHANGES (A) Change Dates The interest rate I will pay may change on the 1ST day of DECEMBER, 2007, and on that day every sixth month thereafter. Each date on which my interest rate could change is called a "Change Date." (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. Thc "Index" is the average of interbank offcred rates for six-month U. S. dollar.denominated deposits in the London market ("LIBOR"), as published in The Wall Street Journal. The most recent Index figure available as of the first business day of the month immediately preceding the month in which the Change Date occurs is called the "Current Indcx." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Bcfore each Change Date, the Note Holder will calculate my new interest rate by adding FIVE AND 84/100THS percentage points (5.84%) to the Currcnt Index. The Note Holder will then round the rcsult of this addition to the nearest one-eighth 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 the 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 datc at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. J\IUI.TJSTATE ADJUSTABLE RATE RIDER (UBOR Indcx)..Single F3mily-.Frcdwc M"c MODIFIED INSTlUl~IENT Form 3192 1101 (page 1 of 3 pages) ¡f) If .:1 '\ ,. j.j. " (ìf113_ 051Jl3801 ('00178 (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 9.84% or less than 6.84%. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than ONE percentage point (1 %) from the ratc of interest I have been paying for the preceding six months. My interest rate will never be greater than 12.84% or less than 6.84%. (E) Effective Date of Changes My new interest rate will bccome effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given to me and also the titlc and tclephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Unifoml Covenant 18 of the Security Instrument is amended to reaù as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not Jimited to, those beneficial interests transferred in a bond for cleed, contract for deed, installment sales contract or escrow agreement, the intcnt of which is the transfer of title by Borrower at a fl1ture date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if a 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 Instmment. However, this option shall not bc 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 information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lendcr'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 Lender. To the extent permitted by Applicable Law, Lcnder may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also require the transferee to sign an assllmption agreement that is acceptable to Lender and that obligates thc transferee to keep all the promises and agreements made in the Note and in this Security Instrumcnt. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in 1'1111, Lemler shall give Borrower notice of acceleration. The notice shall provide a perioù of not less than 30 days from the datc the notice is given in accordance with Section 15 within which Borrower mllst pay all sums secured by this Security Instmmcnt. If Borrower fails to pay these sums prior to the expiration of this period, Lendcr may invoke any remedies permitted by this Security Instrument without fllrther notice or clemand on Borrower. I\ruLTISTATE ADJUSTABLE RATE RIDER (UBOR Illdex)..Single f'amily-Frc' ¡lie Mac MODIFIED INSTRUMENT Form 3192 1/01 (page] oJ.1 pages) f1}f! !\. \J. .:'1 · 'J IF) Lj}?t;::L.---- uSnl GGû:i r, îo ':.,~) ,1 7 9 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. J1'¡) .1), 0 1 l' // 1/ / :- ' kl;' ¿L·t-If" . ':'-0<- L>·t! IDel RICHAIW SCOTT BECK (Seal) ·Borrower (Seal) -Borrower !\IULTISTATE ADJUSTABLE RATE RIDER (LIBOR Index)--Single Family-Freddie Mac MODIFIED INSTRU~IENT Fnnn 3192 I/OI (page 3 of.l pages) . '-