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RECORDING REQUESTED BY:
WORLD SAVINGS BANK
WHEN RECORDED MAIL TO:
WORLD SAVINGS
FINAL DOCUMENTATION
CLOSING DEPARTMENT
P.O. BOX 659548
SAN ANTONIO, TX 78265-9548
LOAN NUMBER: 0032030132
NOTE AMOUNT: $64,000.00
MORTGAGE
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RECEIVED 11/23/2005 at 4:02 PM
RECEIVING # 913972
BOOf(: 605 PAGE: 852
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
THIS IS A FIRST MORTGAGE
THIS MORTGAGE IS SECURITY FOR A PROMISSORY NOTE OF EVEN DATE
HEREWITH WHICH IS DUE AND PAYABLE IN FULL ON DECEMBER 01, 2020.
DEFINITIONS
Words used in multiple sections of this document are defined below and other words
are defined in Sections 3, 1 1, 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 15,
2005 , together with all Riders to this document.
WYOMING - Single F.mily - Fannie Mae/Freddie Mac
UNIFORM INSTRUMENT (Revised) Form 3051 1/01
SD088A 104.15.01/1-01) A88A
Page 1
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LENDER'S USE ONLY
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0032030132
(B) "Borrower" is WILLIAM T. BALMER AND MARJORIE J. BALMER,
HUSBAND AND WIFE
Borrower is the mortgagor under this Security Instrument.
(C)
"Lender" is WOR LD SA V I NGS BANK, FSB,
* * * * * * ~ * * * * *
* * * * * * * * * * * * * * * * * * * * * * * *
ITS SUCCESSORS
AND/OR ASSIGNEES, Lender is A FEDERAL SA V I NGS BANK
organized and existing under the laws of the United States. Lender's address IS
1901 HARRISON STREET, OAKLAND, CALIFORNIA 94612.
Lender is the mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated NOVEMBER
15, 2005 . The Note states that Borrower owes Lender S I X TV FOUR
THOUSAND AND 00/100 * * * * * * * * * * * * * * * * * * * *
* * * * * * * * * * * * Dollars (U,S. $64,000.00) plus interest.
Borrower has promised to pay this debt in regular Periodic Payments and to pay the
debt in full not later than DECEMBER 01, 2020.
(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 are to be executed by Borrower [check box as
applicable] :
C! Adjustable Rate Rider
C! Balloon Rider
C! Condominium Rider
IT] Planned Unit
Development Rider
C! Second Home Rider
C! Quick Qualifying Rider
C! 1 -4 Family Rider
C! Other(s) [specify]
C! Biweekly Payment
Rider
C! Fixed/Adjustable
Rate Rider
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
50088B 104,15.01/1-011 A88B Page 2
Form 3051 1/01
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0032030132
(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,
(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.
(J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction
originated by check, draft, or similar paper instrument, which is initiated through an
electronic terminal, telephonic instrument, computer, or magnetic tape so as to order,
instruct, or authorize a financial institution to debit or credit an account. Such term
includes, but is not limited to, point-of-sale transfers, automated teller machine
transactions, transfers initiated by telephone, wire transfers, and automated
clearinghouse transfers.
(K) "Escrow Items" means those items that are described in Section 3.
(L) "Miscellaneous Proceeds" means any compensation, 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.
(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.
(0) "RESPA" means the Real Estate Settlement Procedures Act (12 u.s.e § 2601 et
seq) and its implementing regulation, Regulation X (24 eF.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, "RESPA"
refers to all requirements and restrictions that are imposed in regard to a "federally
related mortgage loan" even if the Loan does not qualify as a "federally related
mortgage loan" under RESPA.
(P) "Successor in Interest of Borrower" means any party that has taken title to the
Property, whether or not that party has assumed Borrower's obligations under the Note
and/ or this Security Instrument.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
SDOBBC (04.15.01/1-01) ABBC Page 3
Form 3051 1/01
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0032030132
TRANSFER OF RIGHTS IN THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the Loan, and all
renewals, extensions and modifications of the Note; and (ii) the performance of
Borrower's covenants and agreements under this Security Instrument and the Note, For
this purpose, Borrower does hereby mortgage, grant and convey to Lender and
Lender's successors and assigns, with power of sale, the following described property
located in the County of LINCOLN.
SEE EXHIBIT "A" ATTACHED HERETO AND INCORPORATED BY REFERENCE HEREIN
which currently has the address of
83127 ~ ~ ~ ~ " " " ~ " "
1021 VISTA WEST DRIVE, THAYNE, WY
" " " " " " " " "" ("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, All replacements and additions shall also be covered by this Security
Instrument. All of the foregoing is referred to in this Security Instrument as the
"Property."
BORROWER COVENANTS that Borrower is lawfully 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 covenants with limited variations by jurisdiction to constitute a uniform
security instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal. Interest, Escrow Items, Prepayment Charges, and
Late Charges. Borrower shall pay when due the principal of, and interest on, the debt
evidenced by the Note and any prepayment charges and late charges due under the
Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments
due under the Note and this Security Instrument shall be made in U.S. currency. 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
WYOMING - Single family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3051 1/01
500880 (04.15.01/1-011 A880
Page 4
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0032030132
or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c)
certified check, bank check, treasurer's check or cashier's check, provided any such
check is drawn upon an institution whose deposits are insured by a federal agency,
instrumentality, or entity; or (d) Electronic Funds Transfer.
Payments are deemed received by Lender when received at the location
designated in the Note or at such other location as may be designated by Lender in
accordance with the notice provisions in Section 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 insufficient to bring the
loan current, without waiver of any rights hereunder or prejudice to its rights to
refuse such payment or partial payments in the future, but Lender is not obligated to
apply such payments at the time such payments are accepted. If each Periodic
Payment is applied as of its scheduled due date, then Lender need not pay interest on
unapplied funds. lender may hold such unapplied funds until Borrower makes payment
to bring the Loan current. If Borrower does not do so within a reasonable period of
time, as determined solely by Lender, Lender shall either apply such funds or return
them to Borrower, If not applied or returned earlier, such funds will be applied to the
outstanding principal balance under the Note immediately prior to foreclosure. No
offset or claim which Borrower might have now or in the future against Lender shall
relieve Borrower from making payments due under the Note and this Security
Instrument or performing the covenants and agreements secured by this Security
Instrument.
2. Application of Payments or Proceeds. Except as otherwise described in
this Section 2, all payments accepted and applied by lender shall be applied in the
following order of priority: (a) interest due under the Note; (b) principal due under the
Note; (c) amounts due under Section 3. Such payments shall be applied to each
Periodic Payment in the order in which it became due, Any remaining amounts shall be
applied first to late charges, second to any other amounts due under this Security
Instrument, and then to reduce the principal balance of the Note.
If Lender receives a payment from Borrower for a delinquent Periodic Payment
which includes a sufficient amount to pay any late charge due, the payment may be
applied to the delinquent payment and the late charge. If more than one Periodic
Payment is outstanding, Lender may apply any payment received from Borrower to the
repayment of the Periodic Payments if, and to the extent that, each payment can be
paid in full. To the extent that any excess exists after the payment is applied to the
full payment of one or more Periodic Payments, such excess may be applied to any
late charges due. Voluntary prepayments shall be applied first to any prepayment
charges and then as described in the Note.
Any application of payments, insurance proceeds, or Miscellaneous Proceeds to
principal due under the Note shall not extend or postpone the due date, or change the
amount, of the Periodic Payments.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
SDOBBE (04.15,01/1-011 ABBE Page 5
Form 3051 1/01
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0032030132
3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic
Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to
provide for payment of amounts due for: (a) taxes and assessments and other items
which can attain priority over this Security Instrument as a lien or encumbrance on the
Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums
for any and all insurance required by Lender under Section 5; and (d) Mortgage
Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the
payment of Mortgage Insurance premiums in accordance with the provisions of
Section 10. 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, éind
Assessments, if any, 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 for any or
all Escrow Items, Lender may waive Borrower's obligation to pay to Lender Funds for
any or all Escrow Items at any time. Any such waiver may only be in writing, In the
event of such waiver, Borrower shall pay directly, when and where payable, the
amounts due for any Escrow Items for which payment of Funds has been waived by
Lender and, if Lender requires, shall furnish to lender receipts evidencing such
payment within such time period as Lender may require. 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 Security Instrument, as the phrase "covenant
and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items
directly, pursuant to a waiver, and Borrower fails to pay the amount due for an
Escrow Item, Lender may exercise its rights under Section 9 and pay such amount
and Borrower shall then be obligated under Section 9 to repay to Lender any such
amount. Lender may revoke the waiver as to any or all Escrow Items at any time by
a notice given in accordance with Section 15 and, upon such revocation, Borrower
shall pay to Lender all Funds, and in such amounts, that are then required under this
Section 3.
lender may, at any time, collect and hold Funds in an amount (a) sufficient to
permit lender to apply the Funds at the time specified under RESPA, and (b) not to
exceed the maximum amount a lender can require under RESPA. Lender shall estimate
the amount of Funds due on the basis of current data and reasonable estimates of
expenditures of future Escrow Items or otherwise in accordance with Applicable Law.
The Funds shall be held in an institution whose deposits are insured by a federal
agency, instrumentality, or entity (including Lender, if Lender is an institution whose
deposits are so insured) or in any Federal Home loan Bank. Lender shall apply the
Funds to pay the Escrow Items no later than the time specified under RESPA. 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 permits Lender to make such a charge. Unless an
agreement is made in writing or Applicable Law requires interest to be paid on the
Funds, Lender shall not be required to pay Borrower any interest or earnings on the
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3051 1/01
SD088F (04.15,01/1-011 A88F
Page 6
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0032030132
Funds. Borrower and Lender can agree in writing, however, that interest shall be paid
on the Funds Lender shall give to Borrower, without charge, an annual accounting of
the Funds as required by RESP A.
If there is a surplus of Funds held in escrow, as defined under RESP A, Lender
shall account to Borrower for the excess funds in accordance with RESP A. If there is
a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify
Borrower as required by RESP A, and Borrower shall pay to Lender the amount
necessary to make up the shortage in accordance with RESPA, but in no more than
12 monthly payments. If there is a deficiency of Funds held in escrow, as defined
under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall
pay to Lender the amount necessary to make up the deficiency in accordance with
RESP A, 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 unless Borrower: (a) agrees in writing to the payment of the obligation
secured by the lien in a manner acceptable to Lender, but only so long as Borrower is
performing such agreement; (b) contests the lien in good faith by. or defends against
enforcement of the lien in. legal proceedings which in Lender's opinion operate to
prevent the enforcement of the lien while those proceedings are pending. but only until
such proceedings are concluded; or (c) secures from the holeJer of the 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 Instrument. 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 above in this
Section 4.
Lender may require Borrower to pay a one-time charge for a real estate tax
verification and/or reporting service used by Lender in connection with this Loan.
5. Property Insurance. Borrower shall keep the improvements now existing or
hereafter erected on the Property insured against loss by fire. hazards included within
the term "extended coverage," and any other hazards including, but not limited to.
earthquakes and floods, for which Lender requires insurance, This insurance shall be
maintained in the amounts (including deductible levels) and for the periods that Lender
requires, What Lender requires pursuant to the preceding sentences can change during
WYOMING - Single Family - Fannia Maa/Fraddia Mac UNIFORM INSTRUMENT
SD088G (04.15.0111-01) A88G Page 7
Form 3051 1/01
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0032030132
the term of the Loan. The insurance carrier providing the insurance shall be chosen by
Borrower subject to Lender's right to disapprove Borrower's choice, which right shall
not be exercised unreasonably. Lender may require Borrower to pay, in connection
with this Loan, either: (a) a one-time charge for flood zone determination, certification
and tracking services; or (b) a one-time charge for flood zone determination and
certification services and subsequent charges each time remappings or similar changes
occur which reasonably might affect such determination or certification Borrower
shall also be responsible for the payment of any fees imposed by the Federal
Emergency Management Agency in connection with the review of any flood zone
determination resulting from an objection by Borrower.
If Borrower fails to maintain any of the coverages described above, Lender may
obtain such insurance coverage as Lender deems reasonable or appropriate, 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
Instrument These amounts shall bear interest at the Note rate from the date of
disbursement and shall be payable, with such interest, upon notice from Lender to
Borrower requesting payment
All insurance policies required by Lender and renewals of such policies shall be
subject to Lender's right to disapprove such policies, shall include a standard mortgage
clause, and shall name Lender as mortgagee and/or as an additional loss payee, Lender
shall have the right to hold the policies and renewal 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,
whether or not the underlying insurance was required by Lender, shall be applied to
restoration or repair of the Property, if the restoration or repair is economically
feasible and Lender's security is not lessened. During such repair and restoration
period, Lender shall have the right to hold such insurance proceeds until Lender has
had an opportunity to inspect such Property to ensure the work has been completed
to Lender's satisfaction, provided that such inspection shall be undertaken promptly
Lender may disburse proceeds for the repairs and restoration in a single payment or
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3051 1/01
SDOBBH (04.15.01/1-011 ABBH
Page 8
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0032030132
in a series of progress payments as the work is completed Unless an agreement is
made in writing or Applicable Law requires interest to be paid on such insurance
proceeds, Lender shall not be required to pay Borrower any interest or earnings on
such proceeds, Fees for public adjusters, or other third parties, retained by Borrower
shall not be paid out of the insurance proceeds and shall be the sole obligation of
Borrower. 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 insurance proceeds shall be applied in the order provided for In
Section 2.
If Borrower abandons the Property, Lender may file, negotiate and settle any
available insurance claim and related matters. If Borrower does not respond within 30
days to a notice from Lender that the insurance carrier has offered to settle a claim,
then Lender may negotiate and settle the claim. The 3D-day period will begin when
the notice is given. In either event, or if Lender acquires the Property under Section
22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any
insurance proceeds in an amount not to exceed the amounts unpaid under the Note or
this Security Instrument, and (b) any other of Borrower's rights (other than the right to
any refund of unearned premiums paid by Borrower) under all insurance policies
covering the Property, insofar as such rights are applicable to the coverage of the
Property. Lender may use the insurance proceeds either to repair or restore the
Property or to pay amounts unpaid under the Note or this Security Instrument,
whether or not then due.
6. Occupancy. 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 Borrower's principal residence
for at least one year after the date of occupancy, unless Lender otherwise agrees in
writing, which consent shall not be unreasonably withheld, or unless extenuating
circumstances exist which are beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Property; Inspections.
Borrower shall not destroy, damage or impair the Property, allow the Property to
deteriorate or commit waste on the Property, Whether or not Borrower is residing in
the Property, Borrower shall maintain the Property in order to prevent the Property
from deteriorating or decreasing in value due to its condition. Unless it is determined
pursuant to Section 5 that repair or restoration is not economically feasible, Borrower
shall promptly repair the Property if damaged to avoid further deterioration or damage.
If insurance or condemnation proceeds are paid in connection with damage to, or the
taking of, the Property, Borrower shall be responsible for repairing or restoring the
Property only if Lender has released proceeds for such purposes. Lender may
disburse proceeds for the repairs and restoration in a single payment or in a series of
progress payments as the work is completed If the insurance or condemnation
proceeds are not sufficient to repair or restore the Property, Borrower is not
relieved of Borrower's obligation for the completion of such repair or restoration,
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3051 1/01
S00881 (04.15.0111-011 A881
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0032030132
Lender or its agent may make reasonable entries upon and inspections of the
Property. If it has reasonable cause, Lender may inspect the interior of the
improvements on the Property. Lender shall give Borrower notice at the time 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 process, Borrower or any persons or entities acting at the direction
of Borrower or with Borrower's knowledge or consent gave materially false,
misleading, or inaccurate information or statements to Lender (or failed to provide
lender 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 Property and Rights Under this
Security Instrument. If (a) Borrower fails to perform the covenants and agreements
contained in this Security Instrument, (b) there is a legal proceeding that might
significantly affect lender's interest in the Property and/or rights under this Security
Instrument (such as a proceeding in bankruptcy, probate, for condemnation or
forfeiture, for enforcement of a lien which may attain priority over this Security
Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the
Property, then lender may do and pay for whatever it deems reasonable or
appropriate to protect Lender's interest in the Property and rights under this Security
Instrument, including protecting and/or assessing the value of the Property, and
securing and/or repairing the Property. Lender's actions can include, but are not limited
to: (a) paying any sums secured by a lien which has or may attain priority over this
Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to
protect its interest in the Property and! or rights under this Security Instrument,
including its secured position in a bankruptcy proceeding. Securing the Property
includes, but is not limited to, entering the Property to make repairs, change locks,
replace or board up doors and windows, drain water from pipes, eliminate building or
other code violations or dangerous conditions, and have utilities turned on or off.
Although Lender may take action under this Section 9, lender does not have to do so
and is not under any duty or obligation to do so. It is agreed that Lender incurs no
liability for not taking any or all actions authorized 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 agrees to the merger in writing.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
SD088J 104.15.01/1-01) A88J Page 10
Form 3051 1/01
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0032030132
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 was 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 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 Insurance coverage is not available,
Borrower shall continue to pay to lender the amount of the separately designated
payments that were due when the insurance coverage ceased to be in effect Lender
will accept, use and retain these payments as a non-refundable loss reserve in lieu of
Mortgage 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 require
loss reserve payments if Mortgage Insurance coverage (in the amount and for the
period that lender requires) provided by an insurer selected by Lender again becomes
available, is obtained, and Lender requires separately designated payments toward the
premiums for Mortgage Insurance. If lender required Mortgage Insurance as a condition
of making the Loan and 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 certain losses it may incur if Borrower does not repay the Loan as agreed.
Borrower is not a party to the Mortgage Insurance.
Mortgage insurers evaluate their total risk on all such insurance in force from
time to time, and may enter into agreements with other parties that share or modify
their risk, or reduce losses. These agreements are on terms and conditions that are
satisfactory to the mortgage insurer and the other party (or parties) to these
agreements. These agreements may require the mortgage insurer to make payments
using any source of funds that the mortgage insurer may have available (which may
include funds obtained from Mortgage Insurance premiums).
As a result of these agreements, Lender, any purchaser of the Note, another
Insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may
receive (directly or indirectly) amounts that derive from (or might be characterized as) a
portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
SD088K (04.15.01'1-01) ABBK Page 11
Form 3051 1/01
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0032030132
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 Mortgage Insurance, or any other terms of the Loan. Such
agreements will not increase the amount Borrower will owe for Mortgage
Insurance, and they will not entitle Borrower to any refund.
(b) Any such agreements will not affect the rights Borrower has, if any,
with respect to the Mortgage Insurance under the Homeowners Protection Act of
1998 or any other law. These rights may include the right to receive certain
disclosures, to request and obtain cancellation of the Mortgage Insurance, to have
the Mortgage Insurance terminated automatically, and/or to receive a refund of
any Mortgage Insurance premiums that were unearned at the time of such
cancellation or termination.
11. Assignment of Miscellaneous Proceeds; 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 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 of a 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 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 equal to or greater than the amount of the sums
secured by this Security Instrument immediately before the partial taking, destruction,
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3051 1/01
SD088L (04,15.01/1-011 A88L
Page 12
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0032030ì32
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 the
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, destruction, or loss in value, unless Borrower and Lender
otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
secured by this Security Instrument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to
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 after the date the notice is given, Lender is authorized to collect and apply the
Miscellaneous Proceeds, at its option, 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, 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 under this
Security Instrument. Borrower can cure such a default and, if acceleration has
occurred, reinstate as provided in Section 19, by causing the action or proceeding to
be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the
Property or other material impairment of Lender's interest in the Property or rights
under this Security Instrument. The proceeds of any award or claim for damages that
are attributable to the impairment of Lender's interest in the Property are hereby
assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the
Property shall be applied in the order provided for in Section 2.
12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension
of the time for payment or modification of amortization of the sums secured by this
Security Instrument granted by Lender to Borrower or any Successor in Interest of
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 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
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
SD088M (04.15.0111-01) A8BM Page 13
Form 3051 1/01
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0032030132
Borrower. Any forbearance by Lender in exercIsing any right or remedy including,
without limitation, Lender's acceptance of payments from third persons, entities or
Successors in Interest of Borrower or in amounts less than the amount then due, shall
n:Jt 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 Instrument; (b) is not personally obligated to pay the sums secured by
this Security Instrument; and (c) agrees that Lender and any 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 Successor in Interest of Borrower
who assumes Borrower's obligations under this Security Instrument in writing, and is
approved by Lender, shall obtain all of Borrower's rights and benefits under this
Security Instrument Borrower shall not be released from Borrower's obligations and
liability under this Security Instrument unless Lender agrees to such release in writing,
The covenants and agreements of this Security Instrument shall bind (except as
provided in Section 20) and benefit the successors and assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for services performed in
connection with Borrower's default, for the purpose of protecting Lender's interest in
the Property and rights under this Security Instrument, including, but not limited to,
attorneys' fees, property inspection and valuation fees, In regard to any other fees, the
absence of express authority in this Security Instrument to charge a specific fee to
Borrower shall not be construed as a prohibition on the charging of such fee, Lender
may not charge fees that are expressly prohibited by this Security Instrument or by
Applicable Law.
If the Loan IS subject to a law which sets maximum loan charges, and that law
is finally interpreted so that the interest or other loan charges collected or to be
collected in connection with the Loan exceed the 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 arising out of such overcharge.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
SD088N (04.15.01/1-01) A88N Page 14
Form 3051 1/01
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0032030132
15, Notices. Except as otherwise provided in this Section 15, 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, Borrower may give notice to
Lender of a change of Borrower's address in writing or by calling Lender's customer
service telephone number provided on Borrower's billing statement. However, if Lender
specifies a required procedure for reporting Borrower's change of address, then
Borrower shall only report a change of address through that specified procedure
There may be only one designated notice address under this Security Instrument at any
one time. Except as permitted above for changes of address, any notice to Lender
shall be given by delivering it or by mailing it by first class mail to Lender's address
stated herein unless Lender has designated another address by notice to Borrower. Any
notice in connection with this Security Instrument shall not be deemed to have been
given to Lender until actually received by Lender. If any notice required by this Security
Instrument is also 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, to the extent federal law does not
apply, by 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 agreement by contract. In the event that any
provision or clause of this Security Instrument or the Note conflicts with Applicable
Law, such conflict shall not affect other provisions of this Security Instrument or the
Note which can be given effect without the conflicting provision,
As used in this Security Instrument (a) words of the masculine gender shall
mean and include corresponding neuter words or words of the feminine gender; (b)
words in the singular shall mean and include the plural and vice versa; and (c) the
word "may" gives sole discretion without any obligation to take any action.
17. Borrower's Copy, Borrower shall be given one copy of the Note and of
this Security Instrument.
18, Transfer of the Property or a 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 limited to, those beneficial interests transferred in a bond
for deed, contract for deed, installment sales contract or escrow agreement, the intent
of which is the transfer of title by Borrower at a future date to a purchaser.
WYOMING - Single Family - Fannie Mae/Fróddie Mac UNIFORM INSTRUMENT
Form 3051 1/01
5D0880 104,15.01/1-01) A880
REV. (01. 12.03/1-03)
Pag~ 15
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0032030132
If all or any part of the Property or any Interest in the Property is sold or
transferred (or if Borrower is not a natural person and a beneficial interest in
Borrower is sold or transferred) without Lender's prior written consent, Lender may
require immediate payment in full of all sums secured by this Security 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 Security 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 Sec::urity Instrument; (b)
such other period as Applicable Law might specify for the termination of Borrower's
right to reinstate; or (c) entry of a judgment enforcing this Security Instrument Those
conditions are that Borrower: (a) pays Lender all sums which then would be due under
this SeLurity Instrument and the 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 inspection 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 sums 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) certified check, bank check, treasurer's check or cashier's check,
provided any such check is drawn upon an institution whose deposits are insured by a
federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. 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
reinstate 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 mortgage 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
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
SD088P (04.15.01/1-011 A88P Page 16
Form 3051 1/01
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0032030132
change which will state the name and address of the new Loan Servicer, the address
to which payments should be made and any other information RESPA requires in
connection with a notice of transfer of servicing If the Note is sold and thereafter the
Loan is serviced by a Loan Servicer other than the purchaser of the Note, the
mortgage loan servicing obligations to 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 of Section 15) 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 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 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" are those substances defined as toxic or hazardous substances, pollutants,
or wastes by Environmental Law and the following substances: gasoline, kerosene,
other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile
solvents, materials containing asbestos or formaldehyde, and radioactive materials;
(b) "Environmental Law" means federal laws and laws of the jurisdiction where the
Property is located that relate to health, safety or 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 threaten to release any Hazardous
Substances, on or in the Property, Borrower shall not do, nor allow anyone else to
do, anything affecting the Property (a) that is in violation of any Environmental Law, (b)
which creates an Environmental Condition, or (c) which, due to the presence, use, or
release of a Hazardous Substance, creates a condition that adversely affects the value
of the 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 appropriate to normal residential uses and to maintenance of
the Property (including, but not limited to, hazardous substances in consumer products).
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
5D0880 104.15.0111-01) A880 Page 17
Form 3051 1/01
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0032030132
Borrower shall promptly give Lender written notice of (a) any investigation,
claim, demand, lawsuit or other action by any governmental or regulatory agency or
private party involving the Property and any Hazardous Substance or Environmental
Law of which Borrower has actual knowledge, (b) any Environmental Condition, including
but not limited to, any spilling, leaking, discharge, release or threat of release of any
Hazardous Substance, and (c) any condition caused by the presence, use or release of
a Hazardous Substance which adversely affects the value of the Property, If Borrower
learns, or is notified by any governmental or regulatory authority, or any pr ¡vate party,
that any removal or other remediation of any Hazardous Substance affecting the
Property is necessary, Borrower shall promptly take all necessary remedial actions in
accordance with Environmental Law. Nothing herein shall create any obligation on Lender
for an Environmental Cleanup.
NON-UNIFORM COVENANTS, Borrower and Lender further covenant and agree
as follows:
22. Acceleration; Remedies. Lender shall give notice to Borrower prior to
acceleration following Borrower's breach of any covenant or agreement in this
Security Instrument (but not prior to acceleration under Section 18 unless
Applicable Law provides otherwise). The notice shall specify: (a) the default; (b)
the action required to cure the default; (c) a date, not less than 30 days from the
date the notice is given to Borrower, by which the default must be cured; and (d)
that failure to cure the default on or before the date specified in the notice
may result in acceleration of the sums secured by this Security Instrument and
sale of the Property. The notice shall further inform Borrower of the right to
reinstate after acceleration and the right to bring a court action to assert the
non-existence of a default or any other defense of Borrower to acceleration and
sale. If the default is not cured on or before the date specified in the notice,
Lender at its option may require immediate payment in full of all sums
secured by this Security Instrument without further demand and may invoke the
power of sale and any other remedies permitted by Applicable Law. Lender shall
be entitled to collect all expenses incurred in pursuing the remedies provided in
this Section 22, including, but not limited to, reasonable 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 purchase the Property at any sale. The proceeds
of the sale shall be applied in the following order: (a) to all expenses of the sale,
including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by
this Security Instrument; and (c) any excess to the person or persons legally
entitled to it.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFO¡:¡M INSTRUMENT
Form 3051 1/01
SDOB8R 104.15.01/1-011 A88R
Page 18
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0032030132
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 fee for releasing this Security Instrument, but only if
the fee is paid to a third party for services rendered and the charging of the fee is
permitted, whether expressly or by lack of express prohibition, under Applicable Law.
If the fee charged does not exceed any maximum fee set by Applicable Law, the fee
is conclusively presumed to be reasonable.
24, Waivers. Borrower releases and waives all rights and benefits under and by
virtue of the homestead exemption laws of the state of Wyoming.
THIS SPACE IS INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
500885 (04.15.01/1-011 A885 Page 19
Form 3051 1/01
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0032030132
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants
contained in this Security Instrument and in any Rider(s) executed by Borrower and
recorded with it.
(PLEASE SIGN YOUR NAME EXACTLY AS IT APPEARS BELOW)
WILLIAM T.
(Seal)
BORROWER(S}:
/};:t~Jð~~j/ \&I??l/G
MAB"<:JOR I ECJ. BALMER
(Seal)
(Seal)
Utah
STATE OF~,
h7ASHTNC;TON f:OTTNTY SS'
(Seal)
The foregoing ínstrument was acknowledged before me this 21st day 91) November
2005 by h7illiam T. Balmer and Narjorie J. Balmer.
(Seal)
RYAN STEVEN HEATH
Notary Public
State of Utah
My Commission Expires April 19.2008
891 S. Bluff St. Sla.29, SI. George, ur 84770
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y
(Seal)
My commission expires: 4-19-08
Notary Public
ATTACH INDIVIDUAL NOTARY ACKNOWLEDGEMENT
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
50088T1 104.15.0111-01) A88T P¡',GE 20 OF 20
Form 3051 1/01
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EXHIBIT "A"
Lot 52 of Star Valley Ranch Plat 7, Lincoln County, Wyoming as
described on the official plat thereof.
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PLANNED UNIT DEVELOPMENT RIDER
LOAN NUMBER: 0032030132
THIS PLANNED UNIT DEVElOPMENT RIDER is made this 15TH "" "" ""... day of
NOVEMBER, 2005 and is incorporated into and shall be deemed to amend and
supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument")
of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note
to WORLD SAV I NGS BANK, FSB, "" ... "" ... ... ... ... ... "" "" ... "" "" " ""
* * * * ~ * * * * * * * * * *
* ~. * * * * * * * * * * * *
~- * * * * * * * *. *
* -+t- """ "* *
... ... ... ... ITS SUCCESSORS AND/OR
ASSIGNEES, (the "Lender") of the same date and covering the Property described in
the Security Instrument and located at
1021 VISTA WEST DRIVE
THAYNE, WY 83127
[Property Address]
The Property includes, but is not limited to, a parcel of land improved with a dVlÍelling,
together with other such parcels and certain common areas and facilities, as described
in EXHIBIT "A" attached incorporated herein (the "Declaration") The Property is a part
of a planned unit development known as:
S.V. RANCH
[Name of Planned Unit Development]
(the "PUD"). The Property .also includes Borrower's interest In the homeowner
association or equivalent entity owning or managing the common areas .and facilities of
MULTISTATE PUD RIDER - Single Family -
1111111111111111111111111
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Fannie Mae/Freddie Mac UNIFORM INSTRUMENT FORM 3150 1/01
SD447A !l2.01.001l-001 N17A
Page 1
Wy
LENDER'S USE DHLY
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0032030132
the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's
interest.
PUD COVENANTS, In addition to the covenants and agreements made In the
Security Instrument, Borrower and Lender further covenant and agree as follows:
A. PUD Obligations. Borrower shall perform all of Borrower's obligations under
the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration;
(ij) the articles of incorporation, trust instrument or any equivalent document which
creates the Owners Assocation; and (ij) any by-laws or other rules or regulations of
the Owners Association, Borrower shall promptly pay, when due, all dues i:Hìd
assessments imposed pursuant to the Constituent Documents.
B. Property Insurance. So long as the Owners Association maintains, with a
generally accepted insurance carrier, a "master" or "blanket" policy insuring the
Property which is satisfactory to Lender and which provides insurance coverage in the
amounts (including deductible levels), for the periods, and against loss by fire, hazards
included within the term "extended coverage," and any other hazards, including, but not
limited to, earthquakes and floods, from which Lender requires insurance, then:
(i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the
yearly premium installments for property insurance on the Property; and (ii) Borrower's
obligation under Section 5 to maintain property insurance coverage on the Property is
deemed satisfied to the extent that the required coverage is provided by the Owners
Association policy.
What Lender requires as a condition of this waiver can change during the term of
the loan.
Borrower shall give Lender prompt notice of any lapse in required property
insurance coverage provided by the master or blanket policy.
In the event of a distribution of property insurance proceeds in lieu of restoration
or repair following a loss to the Property, or to common areas and facilities of the
PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to
Lender. Lender shall apply the proceeds to the sums secured by the Security
Instrument, whether or not then due, with the excess, if any, paid to Borrower.
C. Public Liability Insurance. Borrower shall take such actions as
reasonable to insure that the Owners Association maintains a public liability
policy acceptable in form, amount, and extent of coverage to Lender.
may be
Insurance
MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
FORM 3150 1/01
S04478 112.01.00/1-001 N178
Page 2
Wy
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0032030132
D. Condemnation. The proceeds of any award or claim for damages, direct or
consequential, payable to Borrower in connection with any condemnation or other
taking of all or any part of the Property or the common areas and facilities of the
PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be
paid to Lender, Such proceeds shall be applied by Lender to the sums secured by the
Security Instrument as provided in Section 11.
E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and
with Lender's prior written consent, either partition or subdivide the Property or
consent to: (i) the abandonment or termination of the PUD, except for abandonment or
termination required by law in the case of substantial destruction by fire or other
casualty or in the case of a taking by condemnation or eminent domain; (ii) any
amendment to any provision of the "Constituent Documents" if the provision is for the
express benefit of Lender; (iii) termination of professional management and which
assumption of self-management of the Owners Association; or (iv) any action would
have the effect of rendering the public liability insurance coverage maintained by the
Owners Association unacceptable to Lender.
F. Remedies. If Borrower does not pay PUD dues and assessments when due,
then Lender may pay them. Any amounts disbursed by Lender under this paragraph F
shall become additional debt of Borrower secured by the Security Instrument Unless
Borrower and Lender agree to other terms of payment, these amounts shall bear
interest from the date of disbursement at the Note rate and shall be payable, with
interest, upon notice from Lender to Borrower requesting payment
THIS SPACE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS.
MUL TISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
FORM 3150 1/01
SD447C 112.01.00/1-001 N17C
Page 3
Wy
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0032030132
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions
contained in this PUD Rider,
(PLEASE SIGN YOUR NAME EXACTLY AS IT APPEARS BELOW)
(Seal)
(Seal)
MAILING ADDRESS: 1021 VISTA WEST DRIVE THAYNE, WY 83127
ATTACH INDIVIDUAL NOTARY ACKNOWLEDGEMENT
STATE OF Utah, Washington County
The foregoing instrument was acknowledged before me this 21st day of November
2005 ~JL -MHHt~u6' RI~~~m.e l:ng~P?ajtl~~j~l11NîE -MAfmfóRM INSTRUMENT
Form 3150 4/00
5044701 (12.01.00/1-001 N170
PAGE40F4
Wy
My commission expires
4-19-08
RYAN STEVEN HEATH
Notary Public
State of Utah
My Commission Expires April 19,2008
891 S. Bluff 51. 51e29, 51. George, UT 84770
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