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HomeMy WebLinkAbout913992 ~/\ (jJU. ,0°, \541, {1\ ì~ Return To: Meridian Trust Federal Credit Union 2223 Warren Avenue Cheyenne, WY 82001 Prepared By: Meridian Trust Federal Credit Union 2223 Warren Avenue Cheyenne, WY 82001 , (Ì n '\ t', (ò ,~) \.1' \.; ~_; U RECEIVED 11/28/2005 at 11: 16 AM RECEIVING # 913992 BOOK: 606 PAGE: 6 JEANNE WAGNER LINCOLN COUNTY CLERK, I<EMMERER, WY [Space Above This Line For Rccorcling Data] Loan Number: 43928 - 504 DEFINITIONS MORTGAGE Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 1 j, 13, 18, 20 and 21. Cenain ruJcs regarding the usage of words used in this document are also provided in Section 16. (A) "Security InstnlJ11ent" means this documcnt, which is dated November 17. 2005 together with all Riders to this document. (ß) "ßorrowerll is Donald C. Baillie AND Judy A, Baillie, HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is Meridian Trust Federal Credit Union Lender is a . organized and existing under the laws of WYOMING WYOMING'Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT G ·6(WY) 100051 ® Page 1 of 15 Initials: VMP MORTGAGE FORrvlS, (8001521,7291 l>DS,WY4 Form 3051 1/01 11111111111111111111111111111111111 IV) }\V)''l! \ -1 ~)'S;2 .:-' r-\ (~ 1"\ r, t"1 '.' ~) (} l.,J 1_.) J Lender's address is 2223 Warren Avenue Cheyenne. WY 82001 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated November 17. 2005 The Note states that Borrower owes Lender One Hundred Thousand Four Hundred Fi fty & 00/100 Dollars (U .S, $100.450,00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than November 20, 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 are to be executed by Borrower [check box as applicable]: " o Adjustable Rate Rider o Balloon Rider o VA Rider o Condominium Rider D Second Home Rider o Planned Unit Deve]opment Rider 0 1-4 Fami]y Rider o Biweek]y Payment Rider 0 Other(s) [specify] (II) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders ([hat have the effect of law) as well as all applicablt: 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, homeo'.'.'Jlers 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, t<:lt:phonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution tu 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) "]Vfiscellaneous Proceeds" means any comp~nsation, selllement, 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 destmction 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, [he value and/or condition of the Property, (lVI) "1\fortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount clue for (i) principal and interest uncleI' the Note, plus (ii) any amounts uncler Section 3 of this Security Instrument. (0) "RESPA" means the Rea] Estate Setllement Procedures Act (]2 use, Section 2601 et seq.) and its implementing regulation, Regulation X (24 C,F.R, Part 3500), as they might be amended from time to time, or any additional or successor legis]ation or regulation that governs the same subject malleI'. As used in this Security Instrument, "RESP A" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage ]oan" even if the Loan does not qualify as a "federally rdated mortgage loan" under RESPA, .. ·6(WY) 10005) ® DDS,WY4 Page 2 of 15 ,""",}fJ q0 ~ Form 3051 1/01 ~, ~~ ,,~j ,~-- :~:J~~ ," 'Î r. "\ ,", () .... it..' 't) ~' \) () (P) IISuccessor in Interest of Borrowerll means any party that has taken titk to the Propcrt:', 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 al1 renewals, extensions and modifications of the Note; and (ii) the performance of Borrowcr's covenants and agreements under this Security Instrument and the Note, For this puqJose, Borrower does hereby mortgage, grant and convey to Lender and Lcnder's successors cU1d assigns, with power of sak, the following described property located in the County of LI NCOLN [Type of Recording Jurisdiction] Lot 159 of Star Valley Ranch Plat 18. Lincoln as described on the official plat thereof, [Name of Recording Juri"liction] County, Wyoming Parcel ID Number: 7i Cedar Court ~, THAYNE ("Property Address"): whieh currently has the address of [Street] ¡CilyJ , Wyoming 83127 [Zip Code] TOGETHER WITH al1 the improvements now or hereafter erected on the property, and al1 easements, appurtenances, and fixtures now or hereafter a part of the property, Al1 replacements and additions shal1 also be covered by this Security Instrument, Al1 of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised uf the estate hereby cunvcycc! and has the right to mortgage, grant and convey the Property and that the Property is unencnmbered, except for encumbrances of record, Borrower warrants and will defend generally the title to the Prùperty 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 inslrument clwering real property. UNIFORM COVENANTS, Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges, Borrowcr shall pay when due the principal of, and interest on, the uebt evidenced by the Note ancl any prepayment charges and late charges clue uncleI' the Note, Borrower shall also pay funds for Escrow Items pursuant to Section 3, Payments due uncler the Note and this Security Instrument shall be made in U,S, currency, However, if any check or other instrument received by Lenuer as pa r nentunder the Note or this ~6 '""n 3051 1101 InitiQ s: , o -6(WY) (0005) ® DDS,WY4 Page 3 of 15 " !.-\.~.~~ ~J-- -\ [' -', ;', 9 I .... ~,) ...; \..)~) .~. >' Security Instrllmc:nt is returned to Lender unpaid, Lender may require that any or all subsequent p~lyments due under the Note and this Security Instrumeut be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) cntified 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 fedéfal 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 IS, Lender may return any payment or panial payment if the payment or partial payments an: insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waivL'r 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 suell payments are accepted. If each Periodic Payment is applied as 61' its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment t(, bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not appliL'd earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure, No offset or claim whiel: Borrower might have now or in the future against Lender shall relieve Borrower frum 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 clue under the Note; (b) principal due under the Note; (c) amounts due uncleI' 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 lnore Periodic Payments, such excess may be appl ied 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, 3, Funds for Escrow Items, Borrower shall pay to Lender on the day Periodic Payments arc 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 (eI) Mortgage Insurance premiums, if any, or any SUll1S payable by Borrower to Lendu 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, and Assessments, if any, be escrowed by Borrower, and such dues, kes 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 Funùs 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 wai vel', Borrower shall pay directly, when and where payabk, [he amuunts o -6(WY) 100051 @ DDS,WY4 ,,,,,,,,,Æ~~ Form 3051 1/01 Page 4 of 15 / ~-./ ~92 (0, ('\ ,~ :',' 0 '.' ',)ii..._ due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lemler requires, shall furnish to Lender receipts evidencing such payment within such time period as Lcnder may require, Borrower's obligation to make such payments and to provide reccipts shall for all purposes be deemed to be a covenant and agreement contained in this Sc'curity 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 RESP A, 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 depl)sits 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 l-IOine 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 amI applying the Funds, ;lI1nually 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 Funds. Borrower and Lender can agree in writing, howcver, 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 RESPA, 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 RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no ¡¡Iun: than 12 monthly payments, If there is a deficiency of Funds hdd 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 deficiency in accordance with RESPA, but in no more than 12 monthly payments, Upon payment in full of all sums secured by this Security InstfLiment, 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 altain priority over this Security Ilbtrulnent, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assess!1leuts, if any, 'I'u the extent that these items are Escrow Items, Borrower shall pay them in the Inanner provided in Section 3, Borrower shall promptly discharge any lien which has priority over this Security Instrument unless BOlrower: (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 holder 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 nutice identifying the (Q -6(WY) 100051 ® DDS-WY4 Påge 5 of 15 ] ,""",Ji C}6 Form 3051 1(01 " ·~lj;2 ,..r" ("\ r¡ .\../ . ~ '.' ,,) tj \_,' .¡ 1 lien, Within 10 days of the date on which that notice is given, Borrower shall satisfy tht 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 estatt tax verification and/or reporting service used by Lender in connection with this Loan. 5, Property Insurance, Borrower shall keep the improvements nlJIV existing or hereafter erected on the Property insured against loss by fire, hazards inclnded within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and tloods, for which Lender requires insurance, This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lencler requires, What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by BorrolVer 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 nond zone determination, certification and tracking services; or (b) a oJ1t~-time charge for tlood zone determination and cerlitïcation 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 tlood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lcnder may obtain insurance coverage, at Lender's option and Borrower's expense, Lender is under no obligation to purchase any particular type or amount of coverage, Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or Jesser 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 Lemler under this Section S shall become additional debt of Borrower secured by this Security Instrument. These amounts shan 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 addilionalloss 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 sha]] 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 requirecl 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 iIispection shall be undertaken promptly, Lender may disburse procL'eds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed, Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance 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 tllen due, with '"',""i~~6 C ·6(WY) ¡00051 ® DDS,WY4 Page 6 of 15 Form 3051 1/01 ,I ) ~,.. 'I'-. . ~=Ð~) 5'-. ;:; (} ,~) .], 2 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 30-day period will begin when the notice is given, In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amOlll1ts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other th:\n 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 (he 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 Properly as Borlllwer's principal resjekncc within 60 days after the execution of this Security Instrument and shall cont i¡¡ue to occupy the Property as Borrower's principal residence for at least olle year after the date of occupancy, unless lender otherwise agrees in writing, which consent shall not be uI1leasonably withheld, or unless extenuating circumstances exist which are beyund 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 pursmUlt to Section 5 that repair or restoration is not economically feasible, Ihnrowtr 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 fOï 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 comp]eteù. If the insurance or condemnation proceeds are not sllllicient to repair or restore the Property, Borrower is not 1'<:1 ieved of Borrower's obligatioll for the completion of such repair or restoration. 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 gi I'e 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, represL'l1tations concerning Borrower's occupancy of the Property as Borrower's principal residence, 9, Protection of Lender's Interest in the Property and Rights l'¡:der this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in lhis Security Instrument, (b) there is a legal proceeding that might significantly affect [ender's interest in the Property and/or rights umler this Security Instrument (such as a proceeding in bankruptcy, probate, felr condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then lender may do and pay for whatever is reasonable or appropriate to protect Lxnder's interesl 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 StlInS secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable " j ~{ì~.Jl ¡'lIllå'Sd~/ 0 Form 3051 1/01 o -6(WY) 100051 @ DDS,WY4 P"ue ) of 1 5 · '--- S:I~¿; .....':' "..... i ~_) . p: ,r) ~, .j attorneys' fees to protect its interest in the Property and/or rights unckr this Security Instrument, including its secured position in a bankruptcy proceeding, Securing the ProperlY includes, but is not limitL'd to, entering the Property to make r(~pairs, change locks, n:place 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 fur 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 reqnesting 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 ill 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 Jvlortgage 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 Ivlortgage 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-rcfundable loss reserve in lieu of Ivlortgage Insurance. Such loss rescrve shall bc non-refundable, notwithstanding the fact that ¡he Loan is ultimately paid in f111l, and Lender shall IlOt be required to pay Borrower any interest or earnings on snch loss rescrve, Lender can no longer require Joss reserve payments if Mortgage Insurancc coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again bt.:comes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance, If Lender required !vlortgage 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 Insnrance ends in accordance wilh any written agreement between Rorrower and Lender providing for such termination or until termination is required by Applicable Law, Nothing ill this Section lO affects Borrower's obligation to pay intt.:rest at tht.: rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases thc Note) fur 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 ,me! 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 ohtained 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 foreguing, may receive (directly or indirectly) amoulllS that derive from (or might be characterized as) a portion of Borrower's payments for Jvlorlgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses, If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance," further: (a) Any such agreements wiII not affect the amounts that Borrower has agreed to pay for l\1ortgage Insurance, or any other terms of the Loan, Such agreemellts "ill not increase the anlOunt Borrower wiII owe for Mortgage Insurance, and they wiII not elltiUe BOI:rW1:' to any refund, ",." l\WJ~ß G ·6(WY) (0005) ® DDS,WY4 Page 8 of 15 Form 3051 1/01 " ..~,:3)2 '~' :~~ n ': 1. ,1 (IJ) Any such agreements will not affect the rights Borrower has - if any - with ITspect to the IHortgage 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 canccllation of the Mortgage Illsuranœ, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that werc ul1e<1J'1wd at thc timc of such cancellation or termination, 11. Assignment of Miscellaneous Procccds; Forfeiture. All ~1iscdlalH:ous 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 e"ll1pleted 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 dm:, 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 tv1iscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then dne, with the excess, if any, paid to Borrower. In the event of a partial ta)';i'lg, 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 Stllns secured by this Security Instrument immediately beforc 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 the Miscellancous 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 ßorrower. In the event of a partial taking, destruction, or loss in value of the Property in whieh the fair market value of the Property immediately before the partial takillg, destruction, or loss in value is Jess 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 seull: a claim for damages, Borrower fails to respond to Lender within 30 days after the dale the notice is gi vcn, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Propcrty or to the Stllns secured by this Security Instrument, whether or not then due. "Opposing P~lrty" means [he 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 LCJlCler's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if accekration has occurred, rei¡istale 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 lnstrument. 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 resturalion or repair of the Property shall be applied in the order provided for in Section 2. ~ -6(WY) 100051 ® DDS,WY4 """Lj£~ß Form 3051 1/01 Page 9 of 15 " :.~i2 ..'\ t~ .....~ r:" . ."~ , ' ..J ~.. '\.J -.../ ......' 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 tIle original Borrower or any Successors in Interest of 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 not be a waiver of or preclude the exercise of any right or remedy, 13, Joint and S(:\'eral Liability; Co-signers; Successors and Assigns BOllnd. 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 undcr the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Sccurity 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 ill writing, aud is approved by Lender, shall obtain all of Borrower's rights and benefits under this SecurilY Imtrul11ent. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to sucl¡ release in writing, The covenants and agreements of this Security Instrument shall bind (except as pruvided 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 Properly 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 nul charge fees that are expressly prohibited by this Security Instrument or by Appl icable Law, If the Lo,¡n 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 perrllitted 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 SUlDS already cullected 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 reductilJIl will be treated as a partial prepayment without any prepayment charge (whcrher or not a prepayment charge is provided fur under the Note), Borrower's acceptance of any such refund made by direct payment 10 Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15, Notices, All notices given by Borrower or Lender in connection with this Security Instrument must be in writing, Any notice to Borrower in connection with this Security Instrument shall be decmed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means, Notice to any onc Borrower shall constitute notice to all Borrowers unless 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 specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specitïed 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 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 unde! this SeLl II ity Instrument, Iq In.tJals (" 'D C-6(WY) (0005) Page lOaf 15 Forrn3051 1/01 @ DDSWY4 :', ~ . (\ r~ ... ..; r· , '\J "J' ~, U 16, Governing I~aw; Severability; Rules of Construction, This Security Instrunwllt shall be governed by federal law and the law of the jurisdiction in which the Property is located, All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law, Applicable Law might explicitly or implicitly allow the parties to agree by c(¡ntract or it might be silent, but such silence shall not be construecl as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note contlicts with Applicable Law, such contlict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the connicting provision. As used in this Security Instrument: (a) words of the masculine gender shal1 rnean :tnd 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, contracl for deed, installment sales contract or escrow agreement, the intent of which is the transfer u:' title by Borrower at a future date to a purchaser. If al1 or any part of the Property or any Interl'st in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or tr;msferred) without Lemler'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 exercist:d by Lender if such exercist: 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 stuns 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 [his Security Instrument without further notice or demand on Burrower. 19. ßorrower's Right to Reinstate Aftcr Acceleration. J f Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at 'Iny 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 Applie,¡ble Law might specify for the ,termination of Borrower's right to reinstate; or (c) enlry of a judgment enforcing this Security Illslrument. Those conditions are that Borrower: (a) pays Lender all sums which then would bl: due under this Security Instrument and the Note as if no acceleration hael 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 inspectiou and valuation fees, and other fees incurred for the purpose of protecting LenJer's interest in the Property and rights uncleI' this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's intcrest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the Stl1ns secured by this Sl'l:urity Instrument, shall continue uncJ1imged, Lender may require that Borrower pay such reinstatement sums and expenses in one or more ('I' the folll1\ving 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 eIepositsare 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 uneler Section 18, 20. Sale of Note; Change of Loan Servicer; Notice of Grievance, The Note or a panial inlntst in the Note (together with this Security Instrument) can be solei one or more tim's withoul 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 anel performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law, There also lllight be one or more changes of the Loan Servicer unrelated to a sale of the Note, If there is a change of the Loan ServiceI', Borrower will be given written notice of the changr which will slate the name and address or the new Lo'n Se" 'w, the "Id"" tn which p' y n"n" ,I", old he ,mde ",:':: ;]g;~t~'ß'n fnHn""oo I<ESP A C·6(WY)I0005J Pagellof15 Furll¡3051 1/01 ® DDSWY4 t{¡ :::: ~"--,'~ :" ,on; l"1 ...., ..: !'J ,,' ':! '" !" I requires in cOllnection with a notice of transfer of servicing. [I' the Note is sold and thereafter the Loan is serviced by a Loan ServiceI' other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan ServiceI' or be transferred to a sllccessor Loan ServiceI' 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 arist:s 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 rt:quirements of Section 15) of such alleged breach and afforded the other party hereto a reasonabk 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 uSl'd 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 petrolcum products, toxic pesticiclès 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 rc:lease 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 maintemUlce of the Property (including, but not limited to, hazardous substances in consumer products), Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrowcr has actual knowkdge, (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 rckase 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 En\' ironmental Law, Nothing herein shall create any oblig:ltion on Lender for an Environmental Cleanup. o ·6(WY) 100051 ® OOS,WY4 " , \' ¡ Page 12 of 15 """,JJq~ß Form 3051 1/01 \J 11 -..-' -- ,'-', n .'.{ () <,I i,] " .... Û 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 (hut 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 curc the default on or hefore the date specified in the notice may result in acceleration uf the sun IS sccured by this Security Instrument and sale of the Property. The notil'C shall further inform Borrower of lhe right to reinstate after acceleration and the right to bring a court action to assert the non-existcnce of a dcl'ault or any other defense of Borrower to accc!er;¡(ion and sale. If the dl'falJlt is not curcd on or before the date specified in the notil'C, Lender at its optJUn 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, includi ng, but not limited to, reasonable attorneys' fees and costs of title evidence. '. If Lender invukes the power of sale, Lender shall give notil'C uf intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance \Iith Applicable Law, Lender shall give notil'C of the sale to Borrower in the manner provided in Section] 5. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescrihed 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 attomeys' fees; (b) to all sums secured by this Security Instrument; and (c) any exccss to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Ltnder shall release this Security Instrument. Borrower shall pay any recordation costs. Lendcr may charge Borrower a fl't for releasing this Security Instrument, but only if the fee is paid to a third party for services relldered alld the charging of the fee is permitted under Applicable Law, 24, Waivers. Borrower releases and waives all rights under and by virlue of the homestead exemplion la..'is of Wyoming, cœ-6(WY) 100051 ® DDS,WY4 Page 13 of 15 ,""""J1~,ð Form 3051 1/01 \' ¡; '- " ~.~r ~>l: ~~,-li'~ (, !\ r. ~"......; C) ,_.' ,,~ ,; :;..", .~. U BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ,0 /!t 1P l/J /Jh.:l1 (tie C__')7)(2dt,-Þ (Seal) -Borrower Donald C. Baillie 9< /)"(1 J ú~iÙ~ Judy A, Baill ie (Seal) -Borrower (Seal) __ (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower ,Borrower (Seal) ____ (Seal) -Borrower -Borrower ~-6(WY) 1(005) ® DDS,WY4 Page 14 of 15 Form 3051 1/01 !} ',._~ STA TE OF WYOMING, LINCOLN The foregoing instrument was acknowledged before me this Novelllber 17. 2005 by Donald C. Baillie AND Judy A, Baillie, HUSBAND AND WIFE My Commission Expires: J LI ){)01 " r..../::V"'.V...._'~../"'~~~,.~.:.;..::J~;;;~;0;.,:~~"--;~:-:.;·I~C 1[' 2VE'(¡LY DOWLlN[¡ . tWThflY PUB" ,æ~ , ¡"'rcA't;." "TATE OF COUtlTY or- 1~+,N::~r\ ~J'IOMItJG LARA...\IE \:·'¡,:Ai41~~1., -~~~ MY COí^"'lss:m<~¡¡p~f1Y.~)f~/\",,~~~?}ç ~;{/',::':?$:-'0Wv~Ý'Ý'k,"Q'vv~:"'~vv v ,,':;iþ ~.2.1111 j ;\ 'é l::Juvr )LLCj' " "¡(ìOJ \. v ) N orary Public ./ Q -6{WY) (0005) ® DDS,WY4 "·,,,,·Æt-'ff Page 1 5 01 15 (, ,-, ,-, ~': 0,\ ". " J ~{; 1:.-. ____ County ss: Form 3051 1(01