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HomeMy WebLinkAbout913831 r· ,n (~ .- 6 7 \-" ,) ./ ,~. },\ ,} 50922 (04) \VHEN RECORDED, MAIL TO: Bank of Jackson Hole Post Office Box 7000 Jackson, WYOMING 83002 This Instrument was prepared by: Bank of Jackson Hole Post Oftice Box 7000 Jackson, WYOMING 83002 307-732-3050 MIN: 100015700060449671 Loan Number: 106941913 Order Number: 50922 RECEIVED 11/18/2005 at 11:48AM RECEIVING # 913831 BOOK: 605 PAGE: 267 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY (Space Above This Line For Recording Data) -- MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, II, 13, 18,20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated November 10, 200S, together with all Riders to this document. (B) "Borrower" is Sean P. Thompson, an unmarried person, Bon-ower is the mortgagor under this Security Instrument. (C) "Lender" is Bank of Jackson Hole, organized and existing under the laws of Wyoming, Lender's address is Post Office Box 7000, Jackson, WYOMING 83lJ02. Lender is the mortgagee under this Security Instrument. :)1 ¡q 'I, J (D) "Note" means the promissory note signed by Borrower and dated November 10, 2lJ05, The Note states that Borrower owes Lender NINETY -SEVEN THOUSAND TWO HUNDRED and no/I 00 Dollars (U,S. $97,200.00) plus interest, Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than December 1,2035, (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders art: to be executed by Borrower (check box as applicable): [! Adjustable Rate Rider o Balloon Rider o 1-4 Family Rider o Other (Specify) - o o o Condominium Rider Plalmed Unit Development Rider Biweekly Payment Rider o o Second Home Rider VA Rider (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions, (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization, . (.1) "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 tìnancial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers, (K) "Escrow Items" means those items that are described in Section 3, (L) "Miscellaneous Proceeds" means any compensation, 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) L'(1I1demnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations oC or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. 105, Inc. - (800) 554-1872 / /J~rm 3051 Borrower(s) Initials l,"_)j_ 1/01 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 8 .', ') (' ."\ 6 3 ,-,,~ \) ~ " " ~;'J "'"1:1 f-~¡ .~. {" ,.<t ""~-' ,," r·'·"JJ... ~....}' ",-J ".:".~~ <..J "__..JJI (0) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. § 260 I eI seq.) and its implemcnting 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" refers to a1l 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 loa II" under RESPA. (P) "Successor in Interest of Borrower" means allY party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications ofthc Note; and (ii) the perfprmance of Burrower's covenants and agreements umier this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's sllcœssors and assigns, with power of sale, the following described property located in the County of Lincoln: See attached "Exhibit A" Parcel Identification Number: 31190310032300 which currently has the address of: 6954 Bittercreek Rd. Afton, WYOMING 83110 ("Property Address"): 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. A1I replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Hems, 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 Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by lender: (a) cash; (b) money order; (c) certitìed check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. lender may accept any payment or partial payment insufticient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. ¡feach Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. Ifnot applied earlier, such funds will be applied to the outst.lnding principal balance unlkr the Note immediately prior to foreclosure. No otTset 01' claim which Borrower might have now or in the future against Lender shall relieve Borrower tì-ommaking payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Applkation of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amouuts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower tor a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received tì'um Borrower to the repayment ofthc Periodic Payments i r, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied 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 91' postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if IDS. Inc. . (800) 554-1872 Borrower(s) Initials / 7rr13051 1/01 L\ -~-~ WYOMING - Single Famity - Fannie Mae/Freddie Mac UNIFORM tNSTRUMENT Page 2 of 8 .. " , J , ..' "', "'"1 .,.,~ '(1 :~:) _;L. <~, C~il f,..j ~ ('n('\'~~9 ì., '..) J (~ U \.. any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) )\'10rtgage Insurance premiums, ifany, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section In, These items are called "Escrow Items," At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, ifany, be 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 tè)[' 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 ev,-,nt of such waiver, Borrower shall pay directly, when al1ll where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment withill such time period as I elJ(kr may require, Borrower's obligation to make such payme:nls and to provide receipts shall for all purposes he detmcd to be a cuYenant and agreement contained in this Security instrument, as the phrase "covenant and agreement" is used in Section 9, If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender rnay exercise its rights under Section 9 and pay such amount and Borrower shall then bè obligatèd under Section 9 to repay to Lender any such amoun!. Lender may revoke the waivèr as to any or all Escrow Items at any timè by a notice given in accordance with Section 15 and, upon such rèvocation, Borrower shaH pay to Lender all Funds, and in such amounts, that aæ then required under this Section 3, Lènder may, at any time, collect and hold Funds in an amount (a) sufÏÌcièntto permit Lender to apply the Funds at thè timè specified undèr RESP A, and (b) not to exceed the maximum amount a lender can require under RESP A, Lender shall estimate the amount of Funds due on the basis ufcurrent data and reasonable estimates ofèxpenditures of future Escrow Items or otherwise in aec,xdanCè with Applicable Law. Thè Funds shall be held in an institution whosè deposits arè insured by a federal agency, instrumentality, or èntity (including Lender, if Lender is an institlltion whose deposits are so insured) or in any Fedaal Homè Loan Bank. Lender shall apply thè Funds to pay thè Escrow Items no later than the time spècitied under RESP A. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing thè escrow account, or verifying lhe Escrow items, unless Lender pays Borrower intèrest on the Funds and Applicable Law permits Lèndèr to make such a cbarge, Unless an agreement is made in writing or Applicable Law requires interest to be paid on th(: Funds, Lender shall not be required to pay Borrower any interèst or earnings on the Funds, Borrowèr and Lender can agrèe in writing, however, that intèrest shaH be paid on the Funds, Lènder shall give to Borrower, without chargè, an annual accounting of Ihè Funds as rèquired by RESPA. If there is a surplus of Funds held in escrow, as defined under RESP A, Lender shall account to Borrower for the excess funds in accordance with RESP A. If there: is a shorta¡;,: ofFuncls held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount neCèssary to make up the shortage in accordanCè Ililh RESP A, but in no more than 12 monthly payments, Iftherè is a deficiency of Funds held in eserow, as detinèd under RESPA, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lèndcr the amount necessary to make up the deficiency in accordance with RESP A, but in no more than 12 monthly payments. Upon payment in full of all SUlns secured by this Security Instmment, Lèncler shall promptly refund to Borrower any Funds held by Lender. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM tNSTRUMENT Page 3 of 8 4. Charges; Liens. Borrower shall pay all taxes, assessments, chargès, fines, and impositions attributablè to the Propèrly \vhich can attain priority over this Security Instrument, leasehold paymènts or ground rents on the Propèrty, ifany, and Community Association Dues, Fèes, and Assessments, if any. To the ex!ènt that thèse items arè Escrow Itèms, Borrower shall pay them in the mannèr provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptablè to Lender, but only so long as Borrower is performing sueh agreement; (b) contests the lien in good faith by, or defends against enfì.1rcement of the lien in, legal proceedings whieh in Lènder's opinion operate to prevent the enforcemènt of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agrèemènt satisfactory to Lender subordinating thè lièn to this Securily Instrument. If Lender determines that any part of the Propèrty is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days ofthè date on which that notice is given, Borrower shall satisfy the licn or take one or 1l1Orè of thè actions set forth above in this Sèction 4. Lèndèr may require Borrower to pay a one-time charge for a real èstate tax veriíìcation and/or reporting service uSèd by LèlHler in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards ineludèd within the term "extended coverage," anel any other hazards including, but not limited 10, earthquakes and tloods, for which Lender requires insurance. This insurancc shall bè maintainèd in thè amounts (inclllding deductible levds) and for the periods that Lender requires, What Lender requires pursuant to the prèceding sentènCès can change during thè term of the Loan, Thè insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choiCè, which right shall not be exercised unreasonably. Lender may rèquire Borrower to pay, in connection with this Loan, either: (a) a onè-lime chargè for flood zone detem1ination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsèquent charges each time rcmappings or similar changes occur which reasonably might affect such ¡ktermination or Cèrtification. Borrower shall also be responsible for the payment of any fees imposèd by the Fedèral Emergèncy Management Agency in connèction wilh lhe review of any flood zone determination rèsulting from an objection by Borrower. If Borrower tàils to maintain any of the coverages dtscribed abovè, Lènder may obtain insurance COVèl1lge, at Lènuer's option and Borrower's expense. Lendèr is under no obligation to purchase any particular lypè or amollnt of covèfage, Therdore, sllch coverage shall cover Lender, but might or might not protect Borrower, BOITower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage lhan was previously in dIec!. Borrower acknowlèdges that the cost ofthè insuranCè coverage so obtained might significantly eXCèed the cost of insurance that Borrower could have obtained, Any amounts disbursed / I»rm 3051 1/01 Borrower(s) Initials 0 " ~ IDS, Inc. - (800) 554-1872 ',i ...., ""1')'j"1' ¡'I -: . - J Ji ._. '.~.__'-:i'-J - ~._J; ,__.';'" '- _..1 ---' n (\ n ."/ 01 ",) j,~ , by Lender under this Section 5 shall become additiünal debt of BÜlll)\\'er ,;ecun:d by this Se"urity [nstrument These am"unts shall bear interest at Ihe Nute rate frum the Jak of disbursement and shall be: paY~lblt, Wilh such inkrt'Ost, upon Ilolict from Lender tn 13lllluII'er requesting payment. All insurance policies requirtd by Lender and renewals uf stich policies skill he stlbjt'Oct to I.ender's right to disapprove such policies, shall inchlclt a standard morlgagc cbust, and s ¡;illname Ixnder as 111lJrtg~lgêc 'II)(I/nr as all additil1l1al IllS'; p'IYCt. L,'nd" sh.dl have the right tn Iwld the policies and Ie:newal cèrtifieatès. If L"lder rèquires, Borrowc:r shall prumptly gile tll Lender ,dl rl~ceiph (lfpai,l premiums and rell(;wal notices.lfBorr')lI'er obtains any 1~1I11l ufin,;uran('è COl'èrilge, nut otherwise rtquirtd by !.ender, fur damage to, or destrtlcliun of, the Property, sUt'h jJl\liL'y shall include a standard mortgagc clause .Ind shall name I.l:nder as morlg:lgec alHl/or .IS an additional loss paYèe. In the èvent of loss, B01l'(I\I'er shall give prompl notice to the insurance carrier and lender. Lender may make lm,,]f of loss if not made promptly by Borrower. Unless Lender and Borrower o¡herwise agree in writing, any insllr:iJJce proceeds, II'hélher or Iwt the underlying insurance was required hy Lender, shall be applied to restoration or repair uf Ihe Property, if the restnr;di'ln or repair is economically feasible and L.ender's security is not Itssened. During such repair and restoration pc:riod, Lènder shall have ihe; right to Iwld such insurance proceeds until Lender has had un opportunity to inspect slIch Property to ensure the work has been cCHnpklc:d III L"llder's salisl¡¡etion, providl,d that sllch inspection shall be; ulHkrt~lktn pil)l11ptly Lender may disburse procttds it)r tht rep'lirs :Ind rtstoi'atioJJ in a single payment or in a stries ofpnJgrèss payments as the work is c()mpltléd. Unless an agreement is mack in writmg or :\pplil'abk I aw reqnirès intere;st to he; paid un such insurancè prot'eeds, Lender shalllwt he; lÙ¡llìred to pay Hormwtr any inkrtst or earnings llll slll,h procetds. Fees f,)r public adjllsters, or other third partiès, retaine:d by !1ormwer shall not be paid 'Hit ufthe insurance pmcel'ds and shall he the sole obligation of Bormwer. If the restoratioll or repair is not t'Oconomically feasible or Lènder's security \'.'ulIld he Icsse:ned, the insurance proceeds shall be appli<:d to the SIUns seculùJ by this Security Instrumènt, whether or nl1t then dlle, with the excess, if'lny, paid to Burrower. Such insurance pn)ceeds shall be applied in tht order providtd ItJ!' in Section 2. If Borrower abandons the ProPèrty, Le:nder may file, negotiate: and settle any available inslllancc claim and relillc:d malleI's. If Borrower does not respond within 30 days to a lwtice frLim Ltuder that the: iuslllanœ carricr has olfered 10 settle ¡¡ claim, then Leu,kr may negotiate and sdtlt the claim. The 3D-day period will begin when the notiee is givtn. (n tither event, or if L<:nder acquires tile Pmpaty lindeI' Section 22 or otherwise, Borrower hereby ~lssigns to Lender (d) Borrower's rights to any iusllrance proceeds in an anWllnt uut to exceed the amounts unpaid llIlder the Notè or this Security lnstrumènt, aud (b) any other ofBrllTOIver's rights (lltlll'r Ihan the right to ,Iny refund of unearned premiullls paid by Burrower) under all insurance policies covering the I'ruperty, insoJÚ as such righls are applicablè to thè coverage of the Property. Lender may use the insurance proceeds either to repair ur restore the Property or tu pay allluunts unpdid lindeI' the Note or this Security Instrument, whether or not thèn due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrowa's principal residence willln! 60 ddYS alkr the execution of this Security Instrument and shall continue to occupy the Property as Borrower's priucipal residenl:t for at Itasl une yerlr afler the date of occupancy, unless Lender otherwise agrees in writing, which l'onsent shall not be unreasunably witllhcld, or nnless extenuating cil'CInllslances exist which are beyond Borrower's control. 7. Prèservntion, Maintenance and Protection of the Property; Inspedjous. BurlOwèr shall not destrLiY, damage or imp'lir the Prope¡1y, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in th<: I'rope:rty, ßOrlower shall maintain the Property in order to prevent the Prop<:rty from dele I i"rating or decrèasing in vallie dlle to its condition. Llnless it is determined plllsuant to Section 5 that rèpair or resturatiün is not econunlically feasible, Bornlll'cr shall promplly repair the Proptr!y if damaged to avoid further deterioration or damage. If insurance or condemnation procc'eds are paid in clmneetion with damage to, or the taking o( the Propèrty, Borrower shall be responsible for repairing or restoring the Pmperty only ifLe:nder has relea'iêd prueeeds for sllch purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a seri,,, of progress payments as Ihe work is completed. If thè insllnlnl:e or condtmnation proceeds arè nol sufJìcient to repair or restore the Property, Borrower is Jwt relieved of Borroll'er's obligation fnr the completion üf such repair or restoralion. Lemler or its agent may make reasonable entries upon and inspecti(Jns of the Property. rf it has reasonable cause, r endèr may inspect the inkrior of the improvements on the Pnlj1èrty. Lender shall give: normwer nutiee at the: time of or III ill!' to such an interinr inspection spècifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in defaull if, during the Loan appliealion proœss, Borrowèr or any persons or entities acting at ¡he direction of Borrower or with Borrower's knowledge or consent gave materially ¡':'¡Sè, mislt.¡ding, or inaccmate information or statements to lenda (or failed to provide Lencltr with material infurmatiun) in connection with the Loan. ì'vfakrial representations include, but are lIot limited to, representations conCèrning Borrower's occup~lncy of the Prop"rty as Borro\\cr's principal residence. 9. Protection of Lender's Interest in thc PrDperty and nights Under this Security Instrumcnt. ¡f(a) nmrower Llils tü perform the: covenants aud agreements contained in this Security Instrument, (b) there ¡.; a legal proceeding tklt mig/lt ,;igliillcantly affècl Lender's interest in the Property anetlor rights under this Secmity Instrumeut (such as a proeeedillg in bankrllplcy, prolnte, fnr condemnation or ft)rlèiture, for enforcell1ènt III' a lien which may attain priority over thi, Seeurity Instrllment or tl) enforce laws In regulations), or (c) Borroll'er has abandoned the Pmpaty, then Lemler may do rllld pay for whatever is reasonable or appmpriate to pruteci I.ender's interest in the Pmperty and rights under this Security Instrument, including protecting andlor :Issessing thc value of the I'lOpc:rty, and securing and/ur reprtiring the Pmperty. lender's actions can include, but are not limited tn: (a) paying any sums secured by a lien II'hicl, bas Pllllrity uver this Security Jnstrul1le;nt; (b) appearing in cumt; and (c) paying reasunable a!tomeYs' fees [0 protect its interest in the Property and/or rights under this Security Instrument, including its secured pusition in a bankruptcy proceeding. Securing the Property incllldes, but is not limited tn, entering the Pmperty 10 make repairs, change locks, rq\lat'e (11' board lip duors and windows, d!:lin water It'om pipes, clinlillate bllil,ling or oth(;! codè violations or dangerous conditiuns, and hill'e lllilitiès tmned on or otT Although Lender may take ¡¡ction under this Section 9, Lender does not have to du so and is not linder any dllty or obligation to do so. It is agrl'ed tJwlLender ilH'lIl'; 110 licd,ility for not taking any or all aClions ¡¡¡tthorized under this Section 9. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM tNSTRUMENT Påge 4 of B !y-ní 3051 1/01 ,'~\ Borrower(s) Initiats J -~- --~ IDS, IlIe. . (800) 554·1672 ... ,'.J ;',' <J-'>; ':,.-:/ ;Iì;' 11 Í1 f,"-¡ f' .,.~t::;d..L .'J....~ .........;..0 ('nnr""¡1 '-, ,) u t:.. .L 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 tì·om the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground lease. IfBolTower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, 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 and Borrower W,IS required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substnntially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent ]v[ortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a nOIHc:fundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, ]utwithstanding (he Eld 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. I.",nder can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required M0l1gage InsuraÌ1ce as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for ce11ain 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 tì'om time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfact,)ry to the mortgage insurer and the other party (or parties) to these agrecments. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Ivfortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any a11ìliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or Might be characterized as) a p0l1ion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If sllch 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 Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amouut Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements wiII not affect the rights Borrower has - if any - with respect to the .Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance. To have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; 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 Prope¡1y, 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 progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event ofa total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrol,ver. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of th", Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount ofthe 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 thc Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial WYOMING - Single Famity - Fannte Mae/Freddie Mac UNtFORM INSTRUMENT Page 5 of 8 --!'73ÓS·1 1/01 Borrower(s) Initials ~_ IDS. Inc. . (800) 554-1872 ';_J ~'~) J~ ~_~ tJ .~~ :L (, n Or. 1"'1 <) '-- \) --' t.. , ~ taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Ivliscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the stuns are then due, If the Property is abandoned by Borrower, or if, after notice by lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days af1er the date the notice is given, lender is authorized to collect and apply the ~vliscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes BOITower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of lender's interest in the Property or rights undér this Sécurity Instrument. Borrower can cure such a default and, if acceleration has occulTed, reinstate as provided in Section ¡ 9, by causing the action or proceeding to be dismissed with a ruling that, in lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that arc cdlributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided tor in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or moditication of amortization of the sums secured by this Security Instrument granted by lendl:r to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payml:nt or otherwise modify amortization of the s\nns secured by this Security Instrument by re'ason of any demand made by the original Borrower or any Successors in Interest of BOITower. Any forbearance by lender in exercising any right or remedy includiug, without limitation, Lender's al:ceptance of payments ii'om third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and 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 ink rest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the Slllns secured by this Security Instrument; and (c) agrees that lender and any other Borrower can agree to extend,modify, forbear or make any accomlllodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section ¡ 8, any Successor in Interest of Borrower who assumes Borrowcr's obligations ulHkr this Security Instnnnent in writing, and is approved by Lender, shall obtain all of Borrower's rights and bendits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrulllent unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's deEwlt, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrowèr shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable law. Ifthe loan is subject to a law which sets maximum loan charges, and that law is tinally interpreted so that (he interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or 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 arisiug 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 class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specitìes a procedure: for reporting Borrower's change of address, then Borrower shall only report a change of address through that specitìed procedure. There may be only one designated notice address under this Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by tirst class mail to Lender's address stated herein unless lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by l.ender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Iustrument are subject to any requirements and limitations of Applicable Law. Applicable law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 6 of 8 L- Form 3051 1/01 Borrower(s) Initials~t:" IDS. Inc. - (800) 554-1872 ,. :-, n n (\ ....7 ') '.- ,) '.' r::. J clause of this Sccurity Instrument or the Note cont1icts with Applicable Law, such conflict shall not afft:ct other provisions of this Security Instrument or the Note which can be given effect without the conllicting provision. As used in this Security Instrumt:nt: (a) words of the masculine gender shall mean and include corresponding neuter wlnds or words of the feminine gender; (b) words in the singular shall mean and include: the plural and vice versa; and (c) the word "may" gives sole discretion without an)' obligation to take any action. 17. Borrower's Copy. Bon'ower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneticial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond fè)r 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. Ifall or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior wlitten consent, Lender may require immediate paymc;nt in full of all Slllns securc;d by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Se:curity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entl)' of a judgment enforcing this Security Instrument. Those conditiuns are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acœleration had occurred; (b) cures any default of any other covenants or agreements; (c) pa ys all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpost: of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as LC'nder 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 Slllns secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expl:nses in one or more of the following forms, as selected by Lender: (a) c'ash; (b) money order; (c) certifìed check, bank check, treasurer's cht:ck 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 Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to I einstak shall not apply in 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 performs other mortgdgL' loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan ServiceI', the address to which payments should be macle and any other information RESP A requires in connection with a notice of transfer of servicing. If the Note IS sold and thereafter the Loan is serviced by a I .oan Servicer other than the pure:haser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises 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 orSection 15) of such alleged breach ancl afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given tu Burrower 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 lIsed in this Section 21: (a) "Hazardous Substances" are those substances defincd as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, otht:r tlammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or tèJlmalc!ehyde, and radioactive materials; (b) "Enviroru11ental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or thrt:¡lten to release any Hazardous Substances, un or in the Property. Borrower shall not do, nor allow anyone else to do, anything arrecting 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 ofa Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be WYOMING - Single Famity - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 7 of 8 l/ Borrower(s) tnitial0 IDS. Inc. - (800) 554-1872 · "j ''-1' f'i "l'\! ''¿ {. ..:~- 1"1! ',. \. :.~ ~..iJ J1¡ _-'1 '-__,' .:....~ L~...J -- r"' (I (ì ("I t'7 .., '-',) .! t:.. L1 appropriate to normal residential uses and to maintenance of the Property (including, but not limikd to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limikd to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presc:nce, use 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 of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender fòr an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant ane! agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not le·ss than30 days from 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 Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to hring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purclHlse 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 SIlIllS secnred by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall Jay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only ¡fthe 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 [he homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms ane! covenants contained in this Security Instrument and in any Rider Gxecuted by Borrower and recorded with it. Witnesses: // S /~~// ..-- ____--·-cL-;;::-:4jJ. ~~--- -"Sean P. Tholllpso (Seal) -Borrower _ _ (SealL -Borrower STATE OF WYOMING, 7-ero~ County ss: The foregoing instrument was acknowledged before me this Sean P. Thompson. Witness my hand and official seal. My Commission Expires: cO (ç / W07 (Seal) .'--:':'-''¿''¡~..'"'' .:./...:.....,-'...., ..",:;.'~l:.'''"-~'~",''--':::" ".,...;.,..,.,~:.,...,"...::../.-:,/..:::.,.:_~.-,,\,. '" ".....'~ '. A.>: f ~~/~:l.~;~~ ::f v~ 'fU~~i/:;Ç; ~/u;~:;~·";·::t J \. I "'J. ¡'t ~..¡.y \'J".';''''',j ~. ~:, ':\\1' ~<~'~-·.'~~{J~7..:~:'\'"f' ~:'~~;"<_L-": 'OI'12ð' ~~- ô~",L~ L::·~:~~~:.:;:;.~.~~;::.:.:...:Z'f':!:;L:~:;=-.;¿'j -f-t-¡ J L (ù day of ¡vv{)C2a.-'I.?':;:;J-y- 7{)(.-~Ç- by ~~;) ~A Notmy Public . WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 8 of 8 Form 3051 1/01 IDS. Inc. - (800) 554-1872 .~~ ! ',,, < i "-,";:) ".~ A¡j \j it"'-I) II '. ),( ...J'....J~ ._!J.....~ ..:..~._-,- (, I'" 0. (': r-¡ 5 '-' ,) .' (.. A1/N: 100015700060449671 Loan Number: 106941913 ADJUSTABLE RATE RIDER (LlBOR Six-Month Index (As Published In The \Val! Street Journal) - Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 10th day of Novemher, 2005, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned ("Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Bank of Jackson Hole ("Lender") of the same date and covering the property described in the Security Instrumen( and located at: 6954 Bittercreek Rd. Afton, WYOMING 83110 (Property Address) THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE Lll\IITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE l\1AXIl\IUM 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 follows; A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 8.000%. The Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the 1st day of December, 2008, and on that day every SIXth month thereafter. Each date on which my interest rate could change is cnlled a "Change Date." (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the average of interbank offered rates for six-month U.S. dollar-denominated deposits in the London market ("LlBOR"), as published in The Wall Street Journal. The most recent Index ligure available as of the first business day of the month immediately preceding the month in which the Change Date occurs is cal!ed the "Current Index." If the Index is no longer available, the Note Holder will choose a new Index that is based upon comparable infol111ation. The Note Holder will give me notice of this choice. /// MULTISTATE ADJUSTABLE RATE RIDER· LlBOR SIX·MONTH INDEX (AS PUBLISHED IN THE WALL S..TRtr'JOURNAL)- Single Family. Fannie Mae Uniform Instrument Page 1 of 3 I" / arm 3138 1/01 Borrower(s) Initials ~.~ IDS. Inc.. (800)554-1872 ~j' \.(:. i";! ..r'o;¡ tf--¡ ·..·r. ..; '~.!J... 'f)¡ (. '¡ (-"". ~t 1 ~ --.;.I '---' ......]1 '(.oJ ..:III r' - n {ì i" 7 .(' '-' ,j ..II;;' U AUN: 100015700060449671 Loan Number: 106941913 (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding SEVEN percentage point(s) (7.000%) to the Current Index. The Note Holder will then round the result 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 Date at my new interest rate in substantially equal payments. The result of this calClilation 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 than 11.000% or less than 8.000%. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than ONE percentage point(s) (1.000%) from the rate of intcrest I have been paying for the preceding SIX months. My interest rate will never be greater than 14.000%, or less than 8.000%. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment dale 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 titk and telephone number of a person who will answer any question I may have regarding the notice. ß. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Unifonn Covenant 18 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreell1ént, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If aH or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all Slllns secured by this Security Instrument. However, this option shall not be exercised by Lender if 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 Lender's security wiH 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 pel111itted by Applicable Law, Lender may charge a reasonable fèe as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. 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 full, Lcmler shaH give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these Sluns prior to the Ä-~ MULTISTATE ADJUSTABLE RATE RIDER - LlBOR SIX-MONTH INDEX (AS PUBLISHED IN THE WALL STREET)OURNAL)- Singte Family - Fannie Mae Uniform Instrument Page 2 of 3 ÝEP.r'm.. rm 3.138 1/01 Borrower(s) Initials ----..I__L IDS. Inc., (800)554-1872 -- -- " r'nO'''''77 "',) -' c:. U ~SJ :S:.~ G~j¡ '1 MlN: 100015700060449671 Loal/ NUlllber: 106941913 expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. Borrower accepts and agrees to the terms and covenants contained 111 this Seal -Borrower ~ealL -Borrower MUL TISTATE ADJUSTABLE RATE RIDER - LlBOR SIX-MONTH INDEX (AS PUBLISHED IN THE WALL STREET JOURNAL)- Single FijI/lily - Fannie Mae Unirorm Instrument Page 3 of 3 Form 3138 1/01 IDS, Inc., (800)554-1872 SEP-15-0C ~c ," ~ ..r,¡ \:(,~.) "" î; . ~ ,--') )~~ ,,-'~ (j ~,Jj .j, FROIH,jlld 11 tl~ Company EXflIBIT 307-733-6186 1-504 ) 0 F-352 That part of theWl/2NE1/ 4 of Seetlon 3 I T31N, Rl191'1, Linc J n í'.n 0 ,"', "'7 8' County, \'lyoming, it being the intent to more correctly des~]'ib'é ,) \ t::.. a part of that tract of record in the Office of the C}erk í Lincoln County in Book 391 of Photostatic Records on page as follows: COiYlMENCING at the the north\vest corner of the 1'1"81/4 of Section 3¡ thence 800040'OO''Í'Ì, 836.44 feet to a bathey at the no:r-thwe't corner of that tract of record in said Office in Book 277 j photostatic Records on page 241; thence SOO"39'OO"W, the base bearing for this ;Jurvey ¿.nd desc:dpt.ion, 302.14 feet to the POINT OF BEGINNING i thence N88°0Q'17"E, 196.99 feet, along an existing fence l'nB, to a bat.he~' at a fence corner on the east line of said tra t ; thence SOl"Q4'3HIIVl, 256.52 feêt, along said east line, to -he southeast bathey of said tract; thence 889°25'39"\<1, 201.73 teet_' along the tract to the southwest bathey thereof; south line of -- d thane," N03" 01' 59 "E, 163.91 teet õl.,ng the west line of 0::1 tract, to a bathey; thence NOOü39'OO"B, 87.92 feet along said west line, t:) thõ: POINT OF BEGINNING.