HomeMy WebLinkAbout914016
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COUNTRYWIDE HOME LOANS, INC.
MS SV-79 DOCUMENT PROCESSING
P,O.Box 10423
Van Nuys, CA 91410-0423
Pn:pmed By:
JENNIFER ALEXANDER
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RECEIVED 11/28/2005 at 3:59 PM
RECEIVING # 914016
PAGE: 92
BOOK: 606 WAGNER
JEANNE WY
ERK KEMMERER.
LINCOLN COUNTY CL ,
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FA 14404
00011390732011005
[Doc ID #]
[Escrow/Closing #)
MORTGAGE
NUN 1000157-0005725002-5
DEFiNITIONS
Words used Ü1 multiple sections of this document are defined below and other worl!,; arc defincd in Sections 3,
11, 13, ] 8, 20 and 2], Certain rules reganling the lIsagc of words used in this document are also provided in
Section 16,
(
(A) "Security Instrument" means Ihis document, which is dated NOVEHBER 09, 2005
with üll Riders to lhis document
(8) "Borrower" is
STEVEN E SPAULDING, AND LISA M SPAULDING \\l.1.b\û,,~,J i'.·,...l LA), \' C
, together
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Borrower is the mortgagor under this Security Instrument.
(C) "JVIERS" is Mortgage Electronic H,egistration S)'stems, rnc, !ViERS is a scparate corporation that is acting
soJely as a nomilllT for Lender and Lender's successors and assigns, IVlERS is the mortgagee under this
Sccurity Instrulllcnt. lvlERS is organized and existing lindeI' the laws of Delaware, and has an address and
telephone numher of 1'0 Box 2026, Flint, MI 48501-2026, teL (888) 679-t\1ERS,
(D) "Lcnder" is
COUNTRYWIDE HOME LOANS, INC,
Lender is a CORPORATION
organized and existing under the Jaws of NEW YORK
Lendds address is
4500 Park Granada, Calabasas, CA 91302-1613
(E) "Note" means the promissory note signed hy BotTower and dated NOVEtlJBER 09, 2005 ,The
Note stales that BOlTower owes Lender
ONE HUNDRED FOUR THOUSAND and 00/100
Dollars (US, $ 104, 000 , 00 ) plus interest. BOlTower has prom ised to pay this debt in regular
Periodic Paymcnts and to pa)' the debt in full not later than DEcm,mER 01, 2035
(F) "Property" means the property that is descrihed helow under the heading "Transfer of Rights in the
Propert)', "
WYOMING-Single Family,Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS
Page 1 of 11
VMP MORTGAGE FORMS, (800)521,ï291
CHL (08/00)(d)
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'Î~~ (', Form 3051 1/01
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CONVNA
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DOC ID #: 000113~0732011005
(G) "Luan" means the debt e\ldem:ed by the Nl)le, plus interest, any prepay'ment l'harges and Jute eharge,;
due under the Note, and all swns due under this SeeurÌl\ InstnU11ent, plus interest.
(H) "Riders" means all Riders to this Security Instrument tlwt arc executed by Burrower. The roUlJ\\'ing
Riders are to be executed by Borrol\'er [check box;,s applicable]:
!Xl Adjustable Rate Rider
n Balloon Rider
LJ VA Rider
[J Condominiwll Rider
n Planned Unit Development Rider
D Biweekly Payment l\.ider
D Second Bome Rider
'-1 F ' '.
~-=' 1-4 - amlly l(¡der
'--.J Otherl,; ì [specify]
(I) "App j¡:ahle Law" means all controlling applicable federal, state and lucal slatu\es, regula1ions,
ordinances and administmti\'e rules and orders (that have the dIect of law) as \Iell as all apP]¡l:abk llnal,
non-appealable judicial opinions,
(J) "Cummunity Assudatiun Dues, Fees, and Assessments" means aU dues, fees, as,;essmenb and uther
charges that are impused on Borrower or th" Prop"rty by a cundominÌLllll as,;ocia1iun, homco\\'ners assuci"lion
or similar organization,
(K) "Eledwni¡: Funds Transfer" means any transfer of rWlds, other \!lan a \ransac\Ìon originated by check,
dmn, or similar paper instrument, whie]¡ is initiated through an electrurúc tenninal, telephonic instrument,
computer, or magne1ic tape so as to order, ins\rue\, or authorize a finaneial institutiun \0 debit or Cledit an
account Such term includes, but is not limited tu, point-of-sale transfers, automated te]Jer machine
transactions, transfers ini\Ìated by telephone, wire transfers, and automated clearinghouse tran,fers,
(L) "Escrtnr Itcms" means those items that are descrihed m Sec1ion 3,
(M) "1\lisœllancous Proœcùs" means any compensation, settlement, award of damages, lJI proceeds paid by
any third party (other than insurance proceeds paid under the coverages deseIÌbed in Section 5) for: (i) damage
to, or destruction of, the Property; (ii) condemnation or other taking of all Dr any part lJr the Pmperty; (iiI)
conveyance in lieu of cundemnalion; or (iv) misrepresentations of, or omissions as to. the value and/or
condition of the Property,
(N) "1\1ortgage lnsuranœ" means insurance protecting Lender against the nonpayment of, or deLm1t on, the
Loan,
(0) "PeriudiL Payment" means the regularly scheduled amount due 1ln (i) principal and interest under tbe
Note, plus (ii) any amounts under Section 3 of this Security InstrumL:nL
(P) "RESPA" means the Rea] Estate Settlement Procedures Act (12 use, Section 260l et seq,) and its
implementing regulation, Regulation X ~24 C.f.R Part 35(J()), as they might be amended 1Ìom time to time, lJr
any additional or successor legislation or regula\Ìon that governs the same subject matter. As used in this
Security Instrument, "RESP A" refers to all requirements and restric1iolJs that are impos"d in regard to a
"federally related mortgage loan" even if the Loan does not qualify as a "federally related Jnortgage loan"
under RESPA
(Q) "Su¡:œssor in Interest uf Borruwcr" meal!:' any party that has taken title to the Propeliy, whellll:r or not
that party has assumed Borrower's obligatiuns under the Note and/or tillS Security Instrument.
TR.'\NSFER OF RlGI-ITS IN THE PROPERTY
This Security Instrument secures to Lender: (i) tllL: repayment of the Loan, and all renL:\\als, exlL:nsiuns and
mudifications of the Note; and (ii) the perj(mnanCl: of BOITower's covenants and agreements under this
Security Instrument and the Note, For this purpose, Borrower does hereby mortgage, grant and cunVCI' to
wiERS (solely as nominee for Lender and Lemler's successurs and assigns) and to the successors and assigns
or MERS, with power of sale, the following described prupeliy lucated in the
COUNTY of LINCOLN
¡Typ" ofR"cunling Jurisdiction]
lName of TZecordiIlg Jurisdiction]
SEE EXHIBIT "A" ATTACHED HERETO Þ.lJD t-t,lillE A PART HEREOF.
Parcel ID Numher: 32183031524600
206 EÞ~ST 5TH AVENUE, AFTON
¡Slrc"UCily]
which eum:nt]) has \he address of
Wyoming
83110
[Zip Code]
("Property Address"):
dHr>.. -6A(WY) (0005)
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1~llials:
CHL (08/00)
Page 2 of 11
Form 3051 1/01
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DOC ID #: 00011390732011005
TOGETHER \VITH all the imprun:menls nuw or hereafter erected on the property, and all easements,
appurtenances, and fixtures no\\' or hereafter a part uf the property All repLtcements and additions sl!all alsu
be co\'ered b\' this Security Instrwl1ell1, All of the foregoing is refem:d to in this Seeurit\' lnstrurnenl as tIle
"PropeI1Y," BOITower understands and agrees that !'viERS holds only legal title to the interests granted by
BlJITower in tllis SeeuIity Instrument, but, if necessary to comply' with lul\ or cuslum, MERS (as nominee for
Lender and Lender's sw:cesso[S and assigns) has the right. to exercise any or all of those inlerests, including,
but not limited to, the right to foreclose and sell the ProperlY; and to take any ac lion required of Lenc1er
includIng, but not limited to, releasing and canceling tllis Security InstrwneIll,
BORROWER COVENANTS lhat Borrower is lawfully scised ofth¡; eslate here!!y conwyed and has the
righl to mortgage, grant and convey the Prop¡;I1y and that the PropeI1y is unc!Jcumb¡;red, except for
encumora!1L:es of record Bouower warrants and will defend generally the title to the: Property' against all
claims and demands, subject to an)' encumbrances uf reconl
THI S SECUIUTY INSTRIJMFNT combines unifonn covenants for national use and n,)n-ul1if"rm
covenants with limited variatiuns by jurisdiction te) cunstitute 'I unifurm security instnlll1ent c()\'enJlg real
property,
UNIFOIUvl COVENANTS, BOITower and Lender cO\'¡;mmt and agree as follows:
1. Payment of Principal, Interest, Escn", Items, Prepayment Charges, alld Late Charges, 13"!Tt)lVer
shall pay "hen due tl1e prineipal of, and interest on, the debt e:videneed oy the N()te and any prepayment
eharges and late charges due under the Nute, BOlllJ\\er shall also pay funds flJl [SCroll Items pursuant to
Section 3, Payments due under the Note and this Security Instrument shaJJ be made in US ClLJrenc\"
HOlle\'er, if any check mother instrulllt'nt received by Lendl:r as payment under the N,)[c ur this Securit\,
Instrulllent is retul11ed tu Lender LU1paid, Lender may require that any ur all subsequent paymenls due unller
tht' Note and this St'curity Instrument be made in one or nll.He 01' the follul\ing furms, as selected by Lender:
(a) cash; (b) money order; (e) certified check, bank check, treasurer's check or cashier's check, provided any
such check IS dra 1,11 upon an institution whose deposits are insured by a federal agenc:y, JJlslrumentality, or
entity; or (d) Electronic Funds Transfer.
Payments are deemed received by Lender when received at the loeution designated in tbe Note or at such
other loeation as nwy be designated by Lender in accordance \Iith the notice prmisions in SeelÏo J 15. Le1lder
may return any payment or partial payment if the payment or partial payrnents are JJlsuiTiClent to bring the
Loan current. Lender may aecept any payment or partial payment insufTieient tu bring the Loan CIUIenl,
without waiver of any rights hereunder or prejudiee tu its rights tu refuse such payment or paJ1ial payrnt:nts in
the future, but Lender is not obligated to apply such payments at tht: time such payments are al:ceplcd 11 each
Periodic Payment is applied as of its scheduled due date, then Lender nt:ed not pay inluest on lllJapplied
funds, Lender may hold such unapplied funds until BO!Tower makes payment to bring the Loan CUITent. If
BO!Tower does not do so within a reasonable period of time, Lender shall either apply sl](;h funds or retum
them to Borrower. If not applied earlier, such funds wiJJ be applied to the outslanding principal balanee under
the Note immediately prior to foreclosure, No offset or claim "Ilid! Bomll\er might have nuw or in tht: futme
against Lender shall relieve Bonuwer frumma1:ing payments due under the Note and this Securi I\' T nstrument
or perfonning the covenants and agreements seClU'ed oy this Secmity Tnstrument.
2, Application ofPaymt:nts or Proœeds, Exeept as otherwise described in this Section 2, all payments
accepted and applied by Lender shall be applied in the following order of priority: (a) mterest dnt: under the
Note; (b) principal due under the Note; (l:) amounts due under Sectiun 3, Sud! payments shall be applied to
each Periodic Payment in the order in which it beeame due, Any remaining amount, shall be applied first 10
late charges, second to any other amounts due under this Security Instrument, and then to reducc the prmeipaJ
baJanCè of the Note,
If Lender reeeives a payment frum Bonower fl)r a delinquent Periodic Paymellt \\hid! mcludes a
sut1icient amow1t to pay any late charge due, the payment may be applied to the delinqucnt 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 P'J)'ments II dnd to the extenl tbat, each payment can be paid in
full, To the extcnt that any excess exists after the payml:nl is applied to the h¡JI payment of onl: ur more
Periodic Payments, such excess may be applied to any late charges due, Voluntary prepayments shal1 be
applied first to any prepayment charges and then as describcd 111 the Note,
Any applieation of payments, insurance proceeds, or J\1.iscellaneous Procc¡;ds to pril1l:ipal duc under the
Note shal1not extend or postpone the due date, ur ehange the al11l1unt, of the Periodic Payments,
3, Fu.nds for Escrow Itt:UlS, Borro\\'cr shal1 pay to Lcnder on the day Periodic Payments are due under
the Note, until the Note is paid in full, a sum (the "Fw1ds") to provide for payment of amOllllts duc for: (a)
taxes and assessments and other items wllich can attain priurit~.. over this Security In,;trumel1t as a lien or
encumbrance on the Property; (b) leasehold payments ur grow1d rems on the Property, if any; (c) premiums
for any and all insurance required by Lender under Section 5: and (d)J\1ortgage Insurance premIUms, if any, or
any stuns JJuyable by Borrower to Lender in lint of the payment of lVl011gage Insurance jHemiul11s 111
accordance \ViÚ1 Ú1C provisions of Section j() These items are callcd "EsenJ\\ Items," At originalion or al any
time during the tenu of the Loan, Lender may require that Community AssuciaLÍon Dues, Fees, and
Assessments, if any, be eserowed by Borrower, and such dUl:s, fl:es and assessments shall be an E,cro\\' Item,
BOlTower shall PllHUptly fumish to Lender all notices of amounts to be paid undcr this Sel:tiun, Borrower shall
pay Lende:r the Funds for Escrow Items unless Lender waives BOITower's obligation to pay the Funds for any
or all E,crow hcms, Lender maYlvaive ßOITowds obligation to pay to Lendcr Funds for any or all Escrow
Inlilals
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Form 3051 1/01
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Items at any time, .'\ny such waiver may only be in l\Titing, In the event of such waiver, BOlTower S¡Jill] pay
directJy, when and where payable, the amounts due for any Escroll ltems for which payment of Funds has
been waived by Lender and, i¡' Lender requires, shall fumish to Lender Jù,:eipls el'idcncing such payment
within such time period as Lender may require, BOITowds obligation to make such paymenu and to provide
receipts shall for all purposes be deemed to be a CO\'enant and agreement contained in this Security
Instrument, as the phrase "covenant and agreement" is used in Section 9, If Borrower is obligated to pay
Escnm Items direct]y, pursuant to a waiver, and Borwwer fails to pay the amount due for un EscruII Item,
Lender may exercise its rigbts under Section 9 and pa)' such amuwn and Borruwer sb~¡]1 then be obligated
under Section 9 to repay to Lender an)' sLlcb amount. Lender ilia)' revoke tbe waiver as tu an)' or all Esc ()\\
Items at any time by a notice givcn in acconlance with Sectiun ] 5 and, upun such rel'ucation, BOITuwer sball
pay to Lender all Funds, and in sucb amounts, tbat an: tben required under this Sectiun 3,
Lender may, at any time, collect and bold Funds in an amount (a) sutïícient to pennit Lender to appl~ tbe
Funds at tbe time specified under RESPA, and (b) nut tu exceed tbe maximum amuunt a lender cun require
under RESPA, Lender shall estimate the amount of Funds due on the basis of CUITent data and n;asunabJe
estimates of expenditures of future Escrow Items or otherwise in accordance \Iith Apphcab1e Law,
The FWlds sball be held in an institution whose deposits are insured by a Ú;:deral agency, mstnllll entali ll',
or entity (including Lender, if Lender is an institution whose deposits are su insured) or in any FednuJ Hl)]ne
Loan Bank. Lender shall apply the FWlds to pay lIle ESl:IlJ\I' Items no later than the time speciried under
RESPA, Lender shal1 not charge BOITower for holding and applying the Funds, annual1r analyzing the escnJ\\
account, or veri1\'ing the Escro\\' Items, unless Lender pclYS Borrower interest on the FWld,; and Applicable
La\\' pennits Lendc;r to make sm;h a charge, Unless an agreement is nwde in writing or Applicable La\\'
requires interest to be paid on the Funds, Lender shall not be required to pay 130n'ower any interest ur eamings
on the Funds, BorTOwer and Lender can agree in writing, however, that interest shall be paid on the Funds,
Lender shal1 give to BOITower, without l:harge, an annual al:l:lHmting of the Funds a,; rl:quired by RESPA
If tllere is a surplu,; of Funds held in eSl:row, as defined under RESPA, Lender shal1 aCl:uunt tu Borrowc;r
for thl: eXLeSS funds in aœordance with ru~sp:\. II' there is a sh011age of Funds held in eSGO\I, as defined
under RESPA, Lender shall notify BOITower as required by RESPA, and Borrower shal1 par to Lender the
amount necessary to make up the shortage in al:eordance Ilith RESP A, but in no mun: than ]:' montlùy
payments, If there is a deficiency of Funds held in escrow ¡¡, defined under IŒSPA, Lender shall notlt\,
BOlTower as required by IŒSPA, and BOITower shall pay lu Lender the amount necesSèJl} to make up the
deficienl:Y in aœordance with IŒSPA, but in no more than 12 monthly payments,
Upon payment in full of all sums secured by this Security Instrument, Lemler shall promptly refund tu
BOITower any Funds held by Lender.
-t Charges; Liens. Borrower shall pay all taxes, assessments, l:harges, rines, and Jlllpusitiuns al1ributable
to the Property which can attain priority O\'er this Security Instrument, leasehuld paymc;nls or ground rents on
the Property, if any, and Community Association Dues, Fees, and Assessments, if any, To the extent thut these
items are Escrow Items, Borrower shall pay them in the manner provided in Section 3,
Borrower shal1 promptly discharge any lien I\hich has priority over this Security Instrument unless
BUl!Uller: (a) agJc;es in writing to the payment of the obligation secured by the lien in a mannc;r aCl:eplable tu
Lender, but only so long as Borrower is perfonl1ing such agreement; (b) conksts the lien in guud faith by, or
defends against enforcement of the lien in, legal proeeedings whieh in Lender's opiniun operate to prevent the
enforcement of the lien while lIlose proceedings are pending, bLll only until such procc;edings are concluded:
or (c) secures from the holder of the lien an agreement satisbdury to Lender subordinating the lien tu this
Security Instrument. If Lender determine,; that any pdrt of the Property is subject to a lien which ean attain
priority over this Security Instrwnent, Lender md) give ]3u!Tower a notice identifying the lien Within J 0 cld)S
of the date on which that notice i,; given, BOITOIver shall satisfy the hen or take one or more of the actions set
forth ahove in this Section 4.
Lender may require Borrower to pay a one-time charge for a real e,;tate tax veri1îcatioIJ and/or repurting
service used hy Lender in connection with this Loan,
5, Pruperty Insuran¡:e, BOITower shall keep the improvements now exi,;ting or Ilereafter erected un the
Property insured against loss by fire, hazards included within the tenn "extended cuverdge," and anI' other
hazards including, but not limited to, earthquakes and noods, for which Lender reqlJires insurance TIllS
insurance shal1 he maintained in the amounts (including deductible levels) and for the period,; that Lender
requires, What Lendl'r requires pursuant to the preeeding sentences can changc during the term of the Loan,
The insurance ca!Tier providing the insurance shal1 be chosen by Borrower subject to Lellller's right tu
disapprove BOlrower's choice, which right shalJ not be exercised unreasonabll' Lender mal' require Burrower
to pay, in connection with this Loan, either: (a) a one-time charge for Hood zone determinatiun, eertifJcatiun
and tracking services~ or (b) a one-time charge for !lood zone delennination and cerlilîcatiun scrviees awl
subsequent charges each time remappings or similar changes occur which reasonably might affect such
detemrination or certification, Borrower shal1 also be responsible for the payment of any fees impused b)' the
Federal Emergency Jo..1anagement Agency in cOJmeetion with the review uf any 1l0uc1 zone delc;nnilJalÌon
resulting from an objection by Borrower.
11' Borrower fails to maintain any of the coverages described above, Lender may obtain inslmmce
coverage, at Lender's option and BOlTower's expense, Lender is lmder r,,) obligation t,) pwchase anI' paniculaJ
type or amount of coverage, Therefore, sueh coverage shall cover Lender, but might ur might lJot protect
Borrower, BOITower's equity in the Property, or the contents of the 1'ropeJ1)', against any risk, bLurd
! \
o -6A(WY) (0005)
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CHL (08/00)
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Form 3051 1/01
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DOC ID #: 00011390732011005
or liubility and might provide greater or ksser coveruge than \Ias Plèvious]\ in effect. Borrower ucknowkdges
that the cost of the insurunce covewge so obtuined might significantly e:-o:ceed the cost of insurance t[¡at
13orrO\I'er could have obtained, Any amow1ts disbursed by Lender under this Section 5 shull become udditiona]
debt of Bonower secured by tllis Security Instrument These amOW1ls shalllH~ar interest ut the Note rate hom
the date of disbursement and shall be payabk, Ilith such interest, upon JJotice 1Ì'um Lender to BOITO\\CI
requesting payment.
All insurance policies required by Lcnder and renell:ds of such policies shall be subject to Lender's right
to disupprove such pulicies, shall include a standard mOJ1gage clause, and shall name Lender as lI1urlgagee
und/or us an udditionulloss puyee, Lender shall han; the ugLt to hold the policies anll n:nel\':d ceni!Ïeales, If
Lender requires, Borrower shall promptly give to Lender all receIpts of paid µremiums aJlci renewal notices, If
130I1'OI\er obtuins any fon11 of insurance co\'eruge, not otherwise n:quin:d b\ Lender, for damage to, or
destruction or the Property, such policy shall induek a standard mortguge clause and shed] namc L.ender as
mortgagee undiD[ as an additional loss payee,
In the event of loss, Borrower shull give prompt notice to the insurance carrier and Lender. l-end"r may
make proof of loss if not mude promptly by Borrower. Unless Lender and Hurnmer utLerwisL: agn:e in
writing, any insuran¡;e proceeds, whether lJI not the lU1d<:rI','ing insurance \Ias 1ùluirn] by Lemkr, shall be
applied to restoration or repuir of the Property, if the restoration or rcpair is ecunumically' feasible und
Lenders security is not lessened, During such repuir and restoration pcriod, Lender shall have the ught to hold
such insurance proceeds lU1til Lender has had an opportunity to inspect such PH,pert)' to ensure the work has
been completed to Lender's satisfuction, provided that such inspection shaJJ he undertaken promptly', Lender
may dishw'se proceeds for the repuirs and restoration in a smgle payment or in a senes of progress payments
us lhe work is completed, Unless an agreement is made in writing or Applicable La I\' rcquires interest to be
puid on such insllmnce proceeds, Lender shull not be required to pUy' Bonower uny interest or earnings on
such proceeds Fees for public adjusters, or uther third purties, retained by Bunower shall not be paid out of
the insuranee proceeds und shaJJ be the sole obligation of Borrower. If the restoraliun or repuir is not
ecunomicalh feasible ur Lender's security would be lessened, the insurunce proceeds sl¡aJJ be apphc'd to the
sums secured by this Security Instrument, whether or not then due, with the excess, if un)', paid to Burnmer.
Such uburance proceeds shall be applied Jl1 the order provided fur in Section 2
If Burrower abandons the PrL)perty, Lender may file, negotiate and settle an\, a\'ailabk insurdnce claim
and related matters, If BOITower does not respond within 30 du)'s to a nutice fIU]]L Lender that the insurance
carrier hus offered to settle a claim, then Lender may negotiate and senle the claim, The 30-day period \\il!
begin v,hen the notice is given, In either event, ur if Lender acquires the Pwpert,,' under Secliun 22 or
otherwise, 130rruwer hereby assigns to Lender (a) BornJ\\ds rights to any inslUance proceeds in an amowl1
not to exceed tl1l: amounts lUlpaid lUlder the Note or this Security Instrument, dnd (b) any other of Borrower's
rights (olher than the right to an)' refund of uneul11ed premilUl1s pald by' Bonower) under all insuruncT policies
covering the Property, insofar as such rights are applicable to the coverage of tile Property, Lender mal' USl'
the insurance proceeds either to repair or restore the Pwpeny or to pay umounts unpaid under the Nu1e lJr this
Security Instrument, whether or not then due,
G, Occupancy, Borrower shall occupy, estublish, and use the Property as Borrower's principal residence
within 60 days ufter the e:-o:ecution of this Security Instrument and shall continue to oce upy the Property as
Bonower's pru1cipal residence for at least one yeur after the date of œcupancy, unless Lender otherwise
agrees in l\Tiling, which consent shal! not be lU1reasonably withheld, or unless eXlellLwting circumstaIl\TS e:-o:ist
which are beyond Borrower's control.
7, Preserl'ation, J\1aintellann~ and Protection 111' the Pruperty; Inspections, Borrower shall not
destroy, damage ur unpair lhe Pwpeny, allow the Property tu deteriorate or commit waste 0]] the Property,
Whether or not Bonower is residing in the Propel1y, Borrower shall maintuin the Property in order to prevent
the Propel1y from deterioruting or decreasing in vulue due tu its eondition Unless it i,; delennined pursuant to
Section 5 thut repuir or restoration is not economieully feasible, Bono\ler shull prumptly repair tJJt: Property if
damaged to avoid further deterioration or damage, If insurance m condemnation pruceeds me paid in
C01ll1eCtiOn with damage to, or the taking of, the Property, Burrower shall be responsible for repairing or
restoring the Property only if Lender has released proceeds for sueh purposes, Lender may disburse proceeds
for the repairs and restoration in a single payment or in a series of progress payments us the \lork is
completed, If the ulsurance or condemnation prm;eeds are not sufficient to repair or restOJe the Property,
Borrower is ]]01 relieved of Bonower's obligation for the completion of such repair or resturation,
Lender or its agent nwy muke reasonable entries upon and inspections of the Prope11y, If it has
reasonable cause, Lender may ulspect the interior of the improvement,; on lhe Property, Lender shall give
Bonol'Ver notice at thc tune of or prior to such an interior inspection specifying such reasonable cause,
8, Borrower's Loan Application, Borrower shull be in default if, during the Loan application process,
Borrower or un)' persons or entities ucting at the direction of BOJTo\\'er or with Bono\ler's u1lJII'ledge ur
consent ga\'e muterially false, misleading, or inaccurule infolTl1ation or stalt:ments ll) Lender (or failed 10
provide Lender with material information) in connection with the Loun, Material representations indulie, [Jut
are not limited to, representations concen1ing Burrower's oceupancy of the Property as Bono\ler's principal
residence,
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l), Protection of LentJer's Interest in the Propcrty and Rights Undcr this Se¡:urily Instrumcnt. If la)
BOITower fuils to perfonn the cO\'enanb and agreements contained in this Secu[](y Instrument, (h I there is it
kgul proceeding that might significantly ittTect LenJds imerest Ü¡ t]¡e PropeI1)' anJ/ur Ùghts under this
Security Instrument (such as a proceeJing in bank11Jptcy, probate, for conJemnalion or forkiturc, for
enforcement of u ]jen which may uttuin priority over this Security Inslrument or to enforce laws or
regulations), or (c) Borrower has abanJoned tile Prupcrly, then Lender may Jo and puy for \\halever is
reasonabk or uppropriate to protect LenJer's interest in the Property anJ righb unJer this Security Instrument,
incluJing protectÜlg and/or ussessing the I'ulue of the Property, anJ securing unJ/or repairÜlg the Propeny,
Lender's uctions ean incJuJe, but are not limited to: (a) puying any sums secured by ,t lien which Ila:: pÙority
over this Security Instrument; (b) uppearing in cour1: aIlll (c) paying reasolldbk attorneys' fees to prukct its
interest in the ProJ)erty anJ/or rights under this Security Instrument, iJh:!Llding its secured position in a
bankruptcy proceeding, SecurÜlg tIll: hoperty includes, but is not limited tll, entering the Property to muke
repairs, change locks, replace or boarJ up doors anJ windows, Jrain lIakr 1Ì'om pipes, e]jminu1e builJing or
other code violations or dangerous conJitioIb, and huve uLi]j(jes tw'ned on or 011. AltlJOugh Lender ma)' take
action under this Sec(jon 9, Lender Joes not have to do 50 and is notw1Jer any duty or obJigution to do so, It
is agreed tilat LenJer incurs no liability for not taking un)' or all actions authorized under this Sectiun 'J.
Any amowlts disbursed by Lender unJer this Section Y shall become aJditional Jebt of Bunower secureJ
by this Security Instrument. These amounts shall bear interest at the Note rale from the Jate uf dislmrsemenl
and shall be payable, with such interest, upon notice from j ,ender to Borrower ]ùlue:;ting pa)'ment.
If this Securit)' Instrument is on a Jeasehold, Borrower sha]] comply \Ijth a]] the pr()\]sjons uf the' lease',
If Borrower acquires fee title to the Property, the leasehold anJ the fee title shed] not merge unkss Lender
agrees to the merger in writing,
10, l\1ortgage Insuralll:e. If LenJer required l\lortgage Insurance as a conJition of making the Loan,
Borroller sha]] pa)' the premiums requireJ to maintain the Mortgage Insurance in effect. If, for an)' reason, tbe
Mortgage Insurance coverage required b)' LenJer ceases to be uvuiluble 1Ì'om the mortguge jnsurer that
previously provided such insurance and Borrower was required to make separately designateJ p")'Illents
loward tbe premiums for Mortgage Insurance, Hurnmer shall pay the premiwlls requireJ tu obtuin cO\'erdge
substantia]])' equivalent to the Mortgage Insurance prcvicnJsly in dIcTl, al a cost substantially equil'ldent It) the
cuSI to Borrower of the l'Æortgage Insurance prel'iousJ)' in effect, from an alternate Jl1urigage insurer selected
by Lender. If substantia]])' equivalent Mortgage Insurance covcrage is not a\'aiJable, Borrower shall eontinue
to pa)' to Lender tl1e amounl of the separately designated pa)'ments tbat were Jue \\hen the insuranc<: coverage
ceaseJ to be in effect. Lender wi]] accept, use and retam these payments a,; a non-refw1JabJe loss reser',e in
lieu of Mortguge Insurance Such loss reserve shall be non-refundable, notwithstanding the faLl that the Loan
is ultimately paid in full, anJ Lender shall not be required \0 pay Burrower any interest ur eaming,; on such
loss reserve, Lender can no longer require loss reserve payment:-: if Murlgage In:;uranee coverage (in the
amount anJ for the period that Lender requires) proviJeJ by an ll1surer seJected by LenJn again bcc·omes
available, is obtained, and Lender requires ,;eparately Jesignated pa)'ments [()\v,¡rd the premium,; for Mongage
Insurance, If l.enJer required Mortgage Insurunce as a condition of making the Luan and Borrc\\ler was
required to make separately designated payment::; toward the prellllums for lvlungage Insurance, BOITower
shall pay the premiums required to maintain Ivlortgage Insuranee in effect, or tu prol'ide a nun-re\Ì.mJdbJe luss
reserve, until Lender's requirement fur lvlortgage Insurunce ends in accordanee \Iith any written dgreement
betlleen BOITo\\'er and Lender proviJing for such terminatiun or until tennination i,; requireJ by Applicable
Law, Nothing in this Section I Ci affects Borroller's obligation to pay interest at the rdk pruviJeJ in the Note,
Mortguge Insurunce reimburses Lender (ur any entity that purchase,; the Note) for certain le),;ses j[ may
incur if Borrower does nut repay the Loan as agreed, Bunuwer is not a pany tu the lvlurtgage Insurunce,
Mortgage insurers evaluate their total risk on all SUell insurance Ü1 force from time to time:, and lIlay enter
into agreements with oÚ1e:r parties that share or modify their risk, Dr reduce lusses, These agreements are un
tenns and conditions that are satisfaLlory to the mortgage 1lJsurer and the other party (or parties) to these
agreements, These agreements may require the m0l1gage insurer to make payments using any source uf funds
that the mortgage insurer may have availabJe (which may include funds obtaineJ frum Mungage Insurance
premiums ).
As a result of these agreements, Lender, any purchaser of the Note, arj()ther insurer, any reinsurer, any
other entity, ur any affiliate of any of the foregoing, may ree:eive (directly or inJircctly) amounts t]w( uerive
from (or might be characterized as) a pOliion of Bouower's payments for Mongage Insurunce, in e:\cl1,mge for
sharing or modifying the mortgage insmer's risk, or re:ducing losses, If such agreement proviJes that an
affiliate of Lender takes a share of the insurer's risk in e:\change for a share of the premiums puid to the
insurer, the arrangement is often tenneJ "captive reinsurance," Further:
(a) Any such agreements ,yiJI not affect the amounts that Borrower has agreeJ to pay 1'01' Mortgage
Insurance, or any other terms of the Loan, Sud¡ agreements \Vii] not increase the amoun! Borro',cr will
owe for Mortgagc InsUr:UICC, and they '1'iJ] nut entitle Borrower to any refund.
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Form 3051 1/01
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DOC 1D #: 00011390732011005
(h) Any mch agreements will not affect the rights Borrower ha,\ - if any - \lith rl's Jed to the
l\1ortgagl' Insurance unlil'r the Homeowners Protl'ctiun Ad of 1998 or any other Jaw. TJJesl' righls may
indude the right to reœil'l' certain Llisdosures, to request anLl ohtain caJll:CJJation of the Mortgage
Inmranœ, to ha\'l' the Mortgage Insurance tl'rmÌlwted autolllaticaJJy, and/ur to recci\'e a refund of ,¡ny
l\1urtgage Insuranœ premiuIIls that \\'erl' unl'arnl'ù at till' time uf such canœlJatiun ur termination.
11. Assignment of J\1isccllaneuus Pruœeds; Forfeiture, All I\1iscellaneuus PrOl:eeds are hC1cby
assigned to and shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall bc applit:d tu rc:sto:ration or n:palr of the
Propc:rty, irthe rc:storation or repair is economically fc:asible and Lendc:r's security is not lessened, During such
repair and rc:storation period, Lender shall have the right to hold such lvliscellaneuus Pruceeds until 1 ,ender has
had an opportunity to inspect such Property tu ensure the wl)rk has been cumplekd to Lender's satisfaction,
provided that such inspection shall be undC:rlaken promptly, Lender may pay for the repairs amI restoration in
a single disbursement or in a series of progress payments as the work is completed, Unless an agreement is
made in \\Titing or Applieable Lal\' requires interest to be paid on such Miscellaneous Proceeds, Lender shall
not be required to pay Borrower any interest or eamings OJ! such Miscellaneuus Proceeds If the restoration or
repair is not economically feasible or Lender's security would be lessened, the I\1iscdlaneous Proceeds shall
be applied to the Silins secured by this Security Instrument, whetlier or not then dLle, lI'ith the excL'SS, if any,
paid to Borrower. Such I\1ist:ellaneous Procceds shall be applied in the order provided for in Section 2,
In tl1t' cvent of a total taking, dcstruction, or luss in YaJue of the Property, the I\liscellanelJus Procecds
shall be applied to the swns secured by this Security Jnstrument, 1\llether or not then due, with the l:xcess, if
an\', paid to Borrower.
In thc event of a partial taking, destruction, or Jos;; in \'aluc of the Property in wllicll tile LJir market \'alue
of the Property immcdiately before the partial taking, dcstruction, ur loss in \'¡¡lue is cqual to or greatLT than
the amount of the sums securcd by this Security InstruInl:11l immediately béfore the partial t¡¡king, destmction,
or loss in value, unkss BOITower and Lender uthenlise agree in writing, tlic sums sccurcd by this Security
Instrumcnt shall be reduced by the amountufthe Jvliscellaneous Proceeds multiplied by the folhnving Üaction:
(a) the total amount of the sums secured immediately before the pal1ial taking, destruction, or Joss in value
di\'idL'd by (hj the fair market value of the Prope11y immediately before the partialt~¡¡'jng, d<:slruclion, or loss
in valw; /\ny balance shall be paid to Borrower.
In the event of a pal1ialtaking, destruction, or loss in \'aluc of the Pruperty in which thc fair market value
of the Prope11y inllnediatdy before the partial taking, dcstruction, or loss m \'alut: JS less than t1w amount of
thc sums secured immcdiutely before the panial taking, destruction, or los;; in \'ulue, ulli<:ss Born> II <:r and
Lcnder otherwise agree in writing, the Jvliscellaneous Procecds shall be upplied (0 the sums sccurL'd by tIns
SeL'Llrity Instrument whether or not the swns are thcn due,
If thc Property is abandoned hy BOlTo\Vér, or if, afkr nutice by Lcndér t" BU!Tl)\\'C[ that thc Oppusing
Party (as defined in the next sentence) oircrs to mukc an allan] to setll<: a claim fur damages, 13oITo\lcr lÚils to
respond to Lender within 30 days after the date tbe notice is gj\'<:n, Lender i, authorized to collect and ilppl)'
the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums sccured by this
Security Instrwnent, whether or not tllen due, "Oppusing Party" means the third party that owes BOITower
l\1iscellaneous Proceeds or the party against 11110111 BorrO\ler has a right of action in rcgard tu MiscelLmeous
Proceeds,
Borrower shall bc in default if am action or procccding, w]¡dhcr cil'il or cllminal, 1S begun t]¡at, 111
Lender's judgment, could result in forfeiture of the Property or othcr materi~d Ünpdinnen( of Lcndn's interL'st
in the Propeny ur rights under this Security Instrument. BOITower can cure sucb ~¡ defilult and, if ilccelcriltiun
has occulTed, reinstate as pro\'ided in Section 19, by causing the action or proce<:Jing to he dismisscd lIith a
ruling that, in Lender's judgment, precludes forfeiture of thc Property or ot]¡cr material impainnenl uf L<:nder's
interest in the Property or rights under tllis Security Instrwn<:nl The prot:eeds uf allY all'drd or claim for
damages that are at!ribulabk to the impainnent of Lendcr's intercst JlJ the Pwperty are her<:by assign.:d and
shall be paid to Lenda,
All Miscellantòous Proœeds tbat arc not applied to restoration ur rcpair of the Property shall be applicd in
thtò order provided for in Section 2,
12, Borruwer Not Released; ForlH,arance By Lcnder Not a \"aivcr. Exknsion of tbe tJlne for
payment or modification of amortization of the swns sccured by this Security Instrument granted by Lendcr to
BOITolwr or any Successor in Interest of Born.Jwtòr shall not opcrak to relcase th<: liability of Borroll'er or any
Sucœssors in Interest of Borrower. Lender sball nl)t be n:ljuired tu commence proccedings against am'
SUcctòssor in Inter<:st of Bonuwer or to refuse to cxtl:nd timc for payment or utbcn\'is<: m()dii\ iluwrli/illioll of
the sums secured by this Security InstrWntòllt by reason of ilny demand milde by th.: origwal D()n u\lcr ()r <lny
SLlccessors in Interest of Borrower. Any forbcarance by Lendcr in exercising any right or rCIl1<:dy including,
without limitation, Lender's acceptance of payments from third persons, cntiti<:s or Successors in Inkrest of
Borrower or in amounts less than the auwunt then due, shall not bc <I waiver of or preclude: thc cxercise of auy
right or remedy,
13, Joint ,tnd Scveral Liability; Co-signers; Successors and Assigns Bound. Bunu\I<:r ClJ\'emmts and
agrees that Bonower's obligations and liability shall bc Joint and se\L'1al HOII'e\'cr, any BO!Tower who
L'o-signs this Security Instrument but dlJCS not execulL' the Note (a "t:o-signcr"): (a) is t:()-signing this SCL'urit,(
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Form 3051 1/01
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DOC ID #: 00011390732011005
Instrument only to m0l1gage, grant and convey the co,signer's interest in the Property ulllkr the lenns of this
Security Instrwnent; (b) is not personally obligated to pay the sums secured by this Security InstrumenL and
(c) agrees that Lender and any other Borrower can agree to extend, modij\, forbear or make any
accommodations with regard to the tenns of this Security Instrument or the Note without tbc co-signer's
consent.
Subject to the provisions of Section 18, any Successor in Interest of BOlTower who assumes Burrower's
obligations under this Security Instrument in writing, and is appmved by Lender, shall obtain all of BOJTower's
rights and benefits wIder this Security Instrument. Borrower shall not be released Ùom BO!Tower's obligations
and liability under this Security Instrument unless Lender agrees to such re]e¡¡se in \\ riting, The co\'enants and
agreements of this Security Instrument shall bind (except as pw\ided in Sectiun 20) and beneJ]t the succcssurs
and assigns of Lender.
1.:1, Luan Charges, Lender may charge BOlTower feèS for services performed in cOlUJection with
BOlTower's default, fur the purpose of protecting Lender's 1l1teœsl in thc Property and rights under this
Security Instrument, including, but not limited to, attome)'s' fees, property inspectiun and valuation fees, In
regard to any other fees, the absence of express authority ilJ lhis 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 cbarge fees that
are expressly prohibited by tJllS Seeurity Instrument or by Applicable Law,
If the Loan is subject to a lawlVhich sets maximum I()an l:harges, and that law is jìnally inkr¡:reted so
that the interest or otJler loan charges collected or to be colkcted in eonnectiun with the Loan exceed thc
pem1Ïtkd limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge
to the pennitted limit; and (b) any sums already collected f[om Borrower whicb exceedl'd permitted limits will
be refunded tu Borrower. Lender may cholJse to make this refund b)' reducing the principal tHI cd u:1der the
Note or by making a direct payment to Borrower. If a refund reduces principal, the rl'duction will be treated as
a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided fur
under the Note). BOlTower's acceptance of any such refw¡d made by direct payment to BuncHIer will
constitute a wai'ver of an)' right of action B011'ower might have arising out lJf such uI'cn:harge,
15. Notices, All notices gi\'en by Burrower or Lcnder in culUlectiun with this Security Instrument must
be in writing, Any notice to Borrower in cormecti()j] with tlils Security Instrument shall be deemed tu have
been given to Borrower when mailed by 1ìrst class mail or when actually ddivered to Borrower's notice
address if sent by other means. Notice to anyone Borro\\'èf shall constitute notice to all B011'owers unkss
Applicable Law expressly requires otherwise, The notice address shall be the j'wperly Address unless
Borrower has designated a substitute notice address by notice to L:nder. B011'ower shall promptly ]wtify
Lender of Borrower's change of address If Lender spel:i1ìes a procedure for repurting Borrower's d¡¡¡nge of
address, then BO!Tower shall only report a change of add¡ë" through that specijìed prlJcedure, There may be
on]y one designated notice address under this Security Instrument at any une time, Any noticé to Lend¡;r shall
be given by delivering it or by mailing it by 1ìrst class mail to L¡;nder's address stated herein unless Lender has
designated another address by notice to BorrO\ler. An)' notice in connection witb this Security Instruml'nt
shall not be deemed to have been given to Lender Lmtil actually rlél:eived by Lendcr If any notiœ required by
this Security Instrument is also required under Applicable Law, the Applicabk Law requirement will satis1)
the c011'esponding requirement under this Security Instrument,
1(.. CO\'erning Law; SeYerability; Rules of Construction, This Security Instrument shall be governed
by federal law and the law of tJ1e junsdlction in I\hich the Propeny is lucalêd, All rights and obligations
contained in tllis Security Instrument an~ subject to any requirements and limitations lJf Applicabll: Law,
Applicable Law might explicitly or implicitly allol\ the parties to agree by contract or it might be silent, but
such silen¡;e shall not be construed as a prohibition against agreemcnt by contracl In the ev¡;nt ¡j¡at allY
provision or clause of tllis Security Instrument or the Note connie\:; IIllb Applicable Law, such cOllllid shaJJ
not affecl other provisions of this Sl:eurity Instrument or the Noll: \\hid1 can be given effect wilhoul thc
conflicting provision,
As used in tllis Security Instrument: (a) words of the masculilll: gender shall mean and j¡lelude
cCJil'esponding neuter words or words of the feminine gendl:r; (b) lIurds in the singular shall mean amI melllde
the plural and vice versa; and (c) tJle word "may" gives soh~ discretion without any obligalj()n 10 take any
action,
17, Borrower's Copy, Borrower shall be given one copy nf the Not¡; and of this Security Instrument.
18. Transfer uf the Property or a Benetïcial 1ntere.\t in Borruwer, As used in this Scction 18,
"Interest in the Propert)'" means any legal or bene1ìcial inkrléSt 11l tl'Jl: Properly, including, but not limited to,
thnse beneíìcial interests transfelTed in a bund for dl:ed, contract for delòll, inslallment sales ëontract or lòSCIOW
agreement, the intent of which is the transfer nftitle by BO!TOWlòr at a future dale tn a purchasl:r.
If all or any part of the Property or em)' Interlòst in the Pruplòrly is sold or trans1l:ncd (or ifBnHl1\\er is not
a natma] person and a beneficial interest in BOlTower is sold or lransflòneJ) without Lender's prior \\Titten
consent, Lender may require immediate payment in full of all sums secured by this Seemity instrument.
However, tJlis option shall not be exercised by Lender if such exercise is prolilbi1ed by Applicable Law.
If Lender exercises this option, Lender shall give Bonower notice nf acceleration, The notice shaH
provide a period of not Jess than 30 days [rom the date thl: notice is given in accordance with Section 15
within which Borrower must pay all sums secmed by this Security Instrument. If BornJ\\ er fails to pay thl:se
sums prior to the expiration of tllis period, Lender may invoke any ] c'medies p¡;rmitted b) this Security
Instrument without furthl:r notice or demand un BOHower.
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19, Borj'owcl'" Right to Rein,tate After Acceleration, If BO!Tower mee;ts certuin c01JdJtions, Borrower
shal1 have the right to have e;nforeement o( tbis Security Instrument discontinued at any time prior to the
eadies1 of: (a) five days before sale of thc j']()peJ1Y pursuant to any power of sale eontuined in tbis Security
Instrument; (b) such other period as Applicablt:: Law might specil)' for thè tennination of ßOITo\ld,; nght to
reinstate; or (c) entry of a judgment t::nforcing this Se:curit)' Instrumcnt. Those conditions are that Bonower:
(a) pays Lende:r al1 sUl11swhich then would bè due under this Security Instrument and thè NlJle a,s if no
acceleratilJn had occurn:d; (b) cures any deÚwlt of an)' lJthèr COVenants or agre;èments: pays alJ èxpènses
incum:d in enforcing this Security Instnunènt, including, but not limited to, reasonable attorncys' fèes,
propèfty inspectiun and 'Valuation fees, and other fees incurred for the puq)ose of protecting Lender's intere,;t
in the: PropeJ1y and rights nnder this St::curity Instrument; and (d) takes such action as Lender may reasonably
require to assure that Lendds intert::,;t in the PropeI1y and rights under this Se;cmity Irhtnunt.:nl, and
Bonower's obligation to pay the sums se;eured by this Se:eurity Instrwnent, shall continue unchanged, Lender
may require that Bo11'owt::r pay such rt::Übtatement sums <lnd expenses in one or ]¡¡lJre of the fol1lJ\lll1g fOl1ns,
as selected by Lender: (a) cash: (b) money order: (e) certi1ïed check, bank chèck, treasurcr',; check or cashier',;
check, provided any ,;uch check is drawn upon an institution wlJUse deposit,; al e insured by ä kderal agenc)',
instmmentality or entity; or (d) Electj()JjlC FLmds Transfer. Upon reinstatement by BlJ!Tower, thi,; Security
Instrument and obligations ,;ecured hereby shall remain fully effeuive as if no äccekral1un lwd OCCllned,
However, this right to reinstate shall not apply in the case of äcceleration under Seclion ] 8,
10, Sale of Note; Change of Loan Servicer; NotÌl:e of Gric\'ance. The Nutt: OJ d pania] inlerest in the
Nok (together with tllis Secunty Instrwnent) can he sold olle or more times without prior notiet:: to Bonuwer.
A sale might result in a change in the entity (known as the "Loan St::rvicer") that cu1lects PerilJdic Puym.:nts
due under the Nott:: and this Secllrity Instrument and pèrfol1ns oth.:r mortgage loan servicing obligation,; under
the Note, thi,; Security Instrument, and Applicable Law, There also might bc one ur more chang.:s (If the Loan
SeJì'iccr wrrdäted to a sale of the Note, If there is a change of the Loan Ser\'Jcer, Bonower will be given
written notice of the change which will state thè name and address of the new l.oan Ser\'iœr, the addres,; to
which payments should be made and any other infol1nätion RESPA requires in cunnection Ilith a notice of
transfer of servicing, If Ù1e Note is sold and Ù1ereafter the Loan i,; ser\'lced by a Loan St::rvice;r other than the
purchaser of1he Note, Ùle mortgage Joan servicing obligdtioJ1s to BOlTower will remain with the Loan Serviœr
or be transferred to a successor l.oan Sep.icer and are not assumed by the Note purchuser unless ollle;r\lise:
provided by the Note purchaser.
Neither Bo11'ower nor Lender may commenct::, Join, or be joined to any j lldicial acLion (as either an
individual litigant or the member of u class) that arise:s from the other pal1y's uctions pursuant 10 this Se;curity
Instrument or that allegt::s that thè other party has breached any' provision of, or uny duty l)lled by reason of,
this Security Instrument, until ,;uch Bo11'o\\'er or Lender has nlJtij]ed the other party (with such notice gi\'en in
compliance with the requirements uf Section] 5) of "ilch alleged breach and u!Torded th.: uther pûrty herdo a
reasonabk period after Ù1e giving of such notiet:: tlJ take cun'ecti\'e actiun If Applicable Law pwvides û time
period \vhich must dûpse before certain acliun can be taken, that time period will be deemed to be reJsonable
for purposes of ù1is paragraph, The notice of acceleration and opportunity to cure givcn h) ßonlJwer pursuant
to Section 22 and the notice of acceleration gi\'en to Bo11'o\ler pursuant to Section I R shall be deemed to
satisfy the nutice and opponunity to take co11'ective action provisions ofthi,; Section 20,
11. Hazardous Sul»tance,. As used in this Section 21: (a) "Hazardous Sub,;tallce,;" are those substances
defined a,; toxic Dr hazardous substanc;es, po I lLltunts , or wastes by EnvirumnenLal Law and the j'ollolling
substances: gasoline, kerosene, other l1amnwble or toxic petrokum products, toxic pesticide,; and herbicides,
volatile solvents, materials containing asbèS1Ds or fonl1aldehyde, and radioactive Illateriuls: (b)
"Environmental Law" l11e<lns federullaws and laws of the jurisdiction where; the Pruperty is lueatcd that relate
tu health, safety or environmental protection; (e) "Environmental Cleanup" includes any response aclion,
remedial action, or removal action, as defined in Elwironmentûl Law; and (d) an "Environmental CondJlÚm"
lTIeänS a condition that can cause, contrilmte tlL or otheJìvise trigger an Environmental Cleanup,
BOITower shall not cause or permit the presence, u,;e, dispos<Jl, storage, or rd.:use of any J Iazardous
Substances, ur threaten to release any Hazardou,; Substances, on or in the Prop.:rt" ßOlTO\1 er shall not do, nor
allow anyonè else to do, anytlling atlecting the Properly (a) that i,; m viuhllilJn ,1\ dn) Environmental Law, (b)
which creates an Environmental Condition, or (c) w]lich, due to the presence, use, or release of a Halardl)us
Substance, creates a condition thät adl'ersdy afÚ:cls the value of the Pruperty, TIle preceding two sentences
shall not apply tl) the presence, use, or storage on the Property of small ljuantitie,; of Huzardous Substances
thut are generally recognized to be uppropriate to nomwl residential uses and tlJ mainknanee of the j )fl\perty
(including, but not limited to, hazardous substances in consumer products),
Bo11'ower sha1l promptly give Lender written notice of (a) any' II1I'estigûtion, claim, demand, lawsuit or
other action by any goveI1llJlental or regulatory agency or privu1t: pm1y invol\ing the Propeny and any
Häzarduus Substance or Environme:ntal Law of which Bonul\er has actual kno\lledge, (b) any Ell\'ironll1entaJ
Condition, including but not limited tlJ, any spilling, leaking, discharge, rdease or threat ur relêase of any
HazardlJus Substance, and (c) any conditilJn Ci.lust::d by the presence, use or rekase of a Hazardous Substance
which adversely atTects the value of the Pruperty If Bonower leams, or is notified by any govenlmel1ta] or
regulatory authority, or any priv¡¡tt:: party, that any removal or lJ[her remediatiun uf any lIazardous Substance
affecting the Property is necessary, Bonower shall promptly take all necessary remcdial adiuI1=' in accordance
with Envirunmental Law, Nutlling herein shall create any obligation on Lender for an Envirumnental Cleanup,
Initials
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cG -6A(WY) (0005)
(j)
CHL (08/00)
Page 9 of 11
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Form 3051 1/01
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DOC ID #: 00011390732011005
NON-UNIFORM COVENANTS Borrower and Lender f11l1her covenant and agree us follows:
:21, Acceleration; Remedies, Lender shall gil'e Ilutice to Burrower prior to accclt-ratiun follo\Ying
Borrower's breach of any covenant or agreement in this Security Il1Strument (but nut prior to
acceleration under Section 18 unless Applicable Law pru\'ides otherwise), The notice shall speci(\': (a)
the default; (b) tbe action required to cure the default; (c) a date, not less than 3( days from the oate tile
notice is gil'en to Borro\fer, by which the default must be cured; anù (d) that failure to cun' the default
un or befure the date specitïed in the notice may result in acceleration of the stuns secureo I,y this
Security Instrument and sale of the Property, The nutiLl' shall further infurm Burruwer uf the right tu
reinstate after acceleration and the right to bring a court action to assert the nun-existence of;¡ defau1t
ur any uther defense of Borrower tu accderation and sale, If the debult is not cureo on or before the
oate specitïed in the notice, Lender at its option may require immedÜlte payment in full of ajj sum.s
secured by this Security Instrument \I'ithout further ùemand and may inl'oke the l)O\ler of "tic and any
other remedies permitted by Applicable Law, Lender shall be entitled to collect ajj e.:\penscs incurred in
pursuing the remedies provided in this Section 11, including, but not limited to, reasonable attorneys'
fees and costs of title el'idence,
If Lender invukes the power of sale, Lender sl¡¡¡ll give nutice of intent to foredose tu Borrower and
to the penun in pussession uf the Property, if different, in accurdance with Applicable Law, Lender
shall give nutice uf the sale tu BurrU\fer in the manner pruI'ided in Section 15, Lender shall pubJjsh the
nutice uf sale, and the Pruperty shall be suld in the manner prescribed by Applicable Law, Lender ur its
designee may purchase the Property at any sale, The pruceeds uf the sale shall be applied in the
fulluwing order: (a) to all expenses uf the sale, including, but nut limited tu, reasonable atturney,s' fees;
(b) tu all sums secured by this Security Instrument; and (c) any ncess tu the penon ur persons legalll'
en titled to it,
13, RcIease, Upon payment of all slims sêcun:J by thIs SêclIrity Instrwnent, LenJer shull releuse tIlls
Sêcurity Instrument Borrower shall pay any recurdätiùn costs, LenJêr may charge Borro\\'er a fee for
releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the
charging o1'1he fee is pennitted w1der Applicable Law.
1-1, \Vaiven, Borrower releases and waives all rights under and by "irtue uf the homeskäd exemption
laws of\Vyoming,
BY SIGNING BELOW, Bonower accepts and agrees to 1he terms and cO\'enants contained m this
Security lnstrument and in any Rider executed by Borrower and reeorded with it.
\Vitnesses:
(Seal)
STEVEN E, SPAULDING
-!3iJJTu\\,t;;r
(Seul)
LISA ~, SPAULDING
-Hornn\'l:r
(Seal)
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-Burrow>;;:r
"""" -6A(WY) (0005)
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Page10of11
Form 3051 1/01
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STATE OF WYOMING,
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DOC ID #: 00011390732011005
Lincoln County ss:
The foregoing instrument was acknowledged before me tllis 9th day of November, 2005
by Steven E. Spaulding and Lisa Ì\1, Spaulding
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My Commission Expires: 9-15- 07
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Page 11 of 11
Form 3051 1/01
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ALTA COMMITMENT - 1982 - WY
Commitment No,: FA 14404 M
SCHEDULE C
The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is
d~scribed as follows:
Part of Lot 2 of Block 27 of the Town of Aiton, Lincoln County 1 Wyoming
more particularly described as follows:
BEGINNING at the Northwest corner of said Lot 2 and running thence East
6 rods¡
thence South 6 rods;
thence West 6 rods¡
thence North 6 rods to the POINT OF BEGINNING.
ll!n
This fax v¡as received by GFI FAXmaker fax server. For more information, visit: http://wwl/.gficom
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ADJUSTABLE RATE RIDER
(LIßOR Inùex - Rate Caps)
After Recording RetLU11 To:
COUNTRYWIDE HOME LOANS, INC,
MS SV-79 DOCUMENT PROCESSING
P.O,Box 10423
Van Nuys, CA 91410-0423
PIèpared By:
JENNIFER ALEXM~DER
FA 14404
[Escrow/Closing #1
00011390732011005
[Doc 1D HI
TI-ITS ADJUSTABLE:: [ili TE RIDER is maùe this NINTH day of
NOVEMBER I 2005 ,and is incorporated into anù shall be deemed to amend and suppkmelll the
Mortgage, Deed of Trust, or Deed to Secure Debt (the "SecurÌly Instrumcnt") of the same' date gJven b\ the:
undersigned (the "Borrower") to secure Borrower's Note to
COUNTRYWIDE HOME LOANS, INC.
(the "Lender") of the same ùate and co\'ering the property described in the SeCLtrJt)' lnslnuj¡cnt and ]ocate:d at
206 EAST 5TH AVENUE
AFTON, WY 83110
fhopeltj' Address]
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE
INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE
AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE
TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY,
MUL TISTATE ADJUSTABLE RATE RIDER, LlBOR INDEX - Single Family
CONV
. BC - ARM Rider
2U193-XX (01/01)(d) Page 1 of 3
Initials:
1'1
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11390732
111'1 ~ III 111111" IIII j
I, I' II
,I II
00000 0 2 U 1 93'
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DOC ID #: 00011390732011005
ADDITIONAL COVENANTS, In addition (¡¡ the covenants and agreements made in the Security
Instrument, BOlTower and Lcnder furtlle:r covenant amI ¡¡gree as follows:
A, INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest ¡ate of 6 . 875 %, The Note provides for changes in
the interest rate and the monthly payments, as follows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the fir s t
DECEMBER, 2008 , and on that day every sixth month thereafter.
rate could change is called a "Change Date,"
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index, The "Index" is the
average of interbank otTered rates for six-month D,S, dollar-denominated deposits in the London market
("LIBOR"), as published in The Wall SI/'eef JOllmal, The most recent Index figure available as of the uate 45
days before each Change Date is called the "Current Index,"
If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable
infonnation, The Note Holder will give me notice of thi,; choice,
(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new intere,;t rate by adding
FIVE & ONE - HALF percentage point(,;) ( 5 , 500 %) to the Current Index,
The Note Holder will then round the n;sull of this addition to the nearest one,eighth of one percentage point
(0,125%), Subject to the limit,; stated in Section 4(D) beln\V, thi,; rounded amount will be my nell' inkrest rate
until the next Change Date,
The Note Holder will then detenl1ine the: amount of the monthly payment that 1V0uld be sufficient to repay
the unpaid principal that I am expeckd to owe at the Change Date in full on the maturity date at my new interest
rate in substantially equal payments, The: result of this calculation will be the new amount of my monthly
payment.
(D) Limits on Interest Rate Changes
The interest rate I am required lo pay at the 1ìrst Change Date will nl)t he greater than 8 , 375 %
or less than 6 . 875 %, Therea1ìer, my inter.:st rate will never be increased or decæased Oil any
Change Date by more than single ONE & ONE -HALF percentage point(s)
( 1 . 500 %) from the rate of interest. I have been paying for the preceding six monlhs, My interest
rate will never be greater than 13 . 875 % or le:>s than 6 . 875 %,
(E) Effectivc Datc of Changes
My new interest rate will become effective on each Change Date, I will pay the amount of my new
monthly payment beginning on the iirst monthly payment date after the Change Date until the amlJlllll of my
monthly payment changes again,
(F) Nutice of Changes
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of
my monthly payment before the dT.:ctive date of any .:hange, The notice will include int~1TIl1ation r.:< uir.:d by
law to be given me and al,;o the title and telephone number of a per,;on\Vhn will answer any C)ue,;tion I may
have regarding the notice.
day of
Each date on which my interest
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
Uniform Covenant 18 ol'1he Security Instrument is amended to read as follows:
Transfer uf the Propcrty or a Bene1ïcial Interest in Borrower, As med in this Section 18,
"Interest in the Property" means any legal or benelïcial interest in the Prope¡iy, including, but not
limited to, those: benetïcial interests transfened 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.
CONV
. BC - ARM Rider
2U193-XX (01/01)
IOHbl'¿~
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Page 2 of 3
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DOC ID #: 00011390732011005
If all or any part of the Property or any Intere,;t in the Property i,; ,;old or tran,feITed (or If a
BOlTo\\'er is not a natural person and a beneficial intere,;t in Borrower is ,;old or tranôferred) without
Lender's prior writtcn consent, Lender may require immediate payment in full of all sums secun~d by
this Security Instrument. However, this option shall nut be exercised by Lender if such exercise is
prohibited by Applicable Law, Lender also shall not exercise tillS option if: (a) Borrower causcs tn be
submitted to Lender infonnation required by Lender to evaluate the intended tra¡d'eree as if a new
loan were being made to the transferee; and (b) Lender reasonably determines that Lender', security
will not be impaired by the loan assumption and that the risk of a breach of any cuvcnant or
agreement in this Security Instrument is aceeptable tu Lemler.
To the extent pennitted by Applicable Lt\\', Lender may charge a reasonable fee as a condition
to Lender's consent to the loan assumption, Lender m~IY also It:lluire the transfen:e to sign an
assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the
promises and agreements made in the Note and in this Security Instrument. I3o!Tl)wer will conlinue to
be obligated under the Note and this Security Instrument unless Lender releases BOlTower in \vriting,
If Lender exercises th" option to require immediate payment in full, ¡ ,ender shall give BorrolVer
notice of acceleration, The notice shall provide a p"riod of not less than 30 days liOln the dale the
notice is given in accordance with S<:clion 15 within which BonolVcr must pay all sums secured by
this Security Instrument. If BOITower fails to pay these sums prior to the expiration of this period,
Lender may invoke any remedies pennit!èd by this Security Instrull1"nt without further notice or
demand on Borrower.
BY SIGNING BELOW, Bon-ower accepts and agrees to the tenns and covenants contained 111 this
Adjustable Rate Rider.
~L\Ð;' ^ <~jJCj(J, ~
STEVEN E, SP~ULDING .~
(Seal)
- BOfrc)\Ver
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LISA M,
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SPAULDING
(Seal)
- Borrower
(Seal)
- Born)\\'èf
,_ (Seal)
~ Borrower
CONV
. BC - ARM Rider
2U193,XX (01/01)
Page 3 of 3