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FIRST INTERSTATE BANK
P.O. BOX 40. CASPER. WY
82602-0040
Prepared By:
LYNN E. CLUTTER
[Space Above This Line For Recording Dala]-----
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MORTGAGE
DEFINITIONS
RECEIVED 11/29/2005 at 9:44 AM
RECEIVING # 914022
BOOK: 606 PAGE: 133
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Words used in multipJe sections of this document are defined below and other words are defined in
Sections 3, II, 13, 18, 20 and 21. Certain rules regarding the usage of words used in [his document are
also provided in Section 16.
1l\
(A) "Security Instrument" means this document, which is dated NovelTlbel~ 22. 2005
together with all Riders (0 this document.
(B) "Borrower" is STEVE BELL and CARRIE BELL, HUSBAND AND WIFE
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Borrower is the mortgagor under this Security Instrnment.
(C) "Lende.'" is FIRST INTERSTATE BANK
Lender is a CORPORATION
organized and existing under the laws of
STATE or MONTANA
47BELLSTEVE2
WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3051 1/01
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VMP MORTGAGE FORMS -18001521-7291
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Lender's address is P.O. BOX 40, CASPER. WY 82ó02 - 0040
Lender is the mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated
The Note states that Borrower owes Lender Twenty Ni ne Thousand
no/lOO
(U.S. $ 29.400.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic
Payments and to pay the debt in full not later than Decembel0 1, 2010
(E) "Property" means the properly 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 prepaymem charges and lale charges
due under the NOLe, and all sums due under this Security Instrument, plus imerest.
(G) "Ride¡"s" means all Riders to this Security Instrument that are executed by Borrower. The following
Riders are 10 be executed by Borrower [check box as applicable]:
November 22. 2005
Four Hundred and
Dollars
D Adjustable Rate Rider
D Balloon Rider
D VA Rider
D Condominium Rider [-=:J Second Home Rider
D Planned Unit Developmel1l Rider D 1-4 Family Rider
D Biweekly Payment Rider D O[her(s) [specify]
(H) "Applicable Law" means all controlling applicable federal, stene and local statutes, regulations,
ordinances and administrative rules and orders (that have lhe effect of law) as well as all hpplicable final,
non-appealable judicial opinions.
(I) "Community Association Dues, Fees, and Assessments" means all clucs, fees, assessmel1ls and olher
charges that are imposed on Borrower or the Property by a condominium association, homeowners
association or similar organization.
(J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by
check, draft, or similar paper instrument, which is initiated throngh an electronic terminal, telephonic
instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit
or credit an account. Such term includes, but is not limited to, point-uf-sale transfers, automated teller
machine transactions, transfers initiated by telephone, wire Lransfers, and automated clearinghouse
transfers.
(K) "Escrow Items" means those items that are described in Section 3.
(L) "J\1iscellaneolls Proceeds" means any compensation, settlement, award of damages, or proceeds paid
by any third party (other than insurance proceeds paid under the coverages described in Secrion 5) for: (i)
damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the
Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as 10, the
value and/or condition of the Property.
(M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on,
the Loan.
(N) "Periodic Payment" means the regularly scheduled amount clue for (i) principal ane! imerest under the
Note, plus (ii) any amoums under Section 3 of this Security Instrument.
(0) "RESPA" means the Real Estate Settlement Procedures Act (12 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 legislation or regulation that governs the same subject mailer. As used
in this Security Instrument, "RESPA" refers to all requirements and rest ricrions that are imposed in regard
to a "federally related mortgage loan" even if [he Loan does not qualify as a "federally related mortgage
loan" under RESPA.
47BELLSTEVE2
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(P) "Successor in Interest of Borrower" means any pany that has taken lirle to the Properly, whether or
not that pany 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 repaymem of lhe Loan, and all renewals, extensions and
modifications of the Nore; and (ii) the performance of Borrower's covenams and agreements lll1der this
Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to
Lender and Lender's sllccessors and assigns, with power of sale, the following described pruperty located
in the COUNTY of LINCOLN
lTyp~ of R~cording JlIrisdiclion] INdme "I' R~L'() djllg JurisdiclJünl
LOT 81 RIVER VIEW MEADOWS SECOND ADDITION TO THE TOWN Of ALPINE WITHIN
THE SEl/4 OF SECTION 30, T37N. R118W. ACCORDING TO THAT PLAT FILED
FEBRUARY 11. 1994. PLAT NO. 264-0. INSTRUMENT NO. 778568,
This is a 2nd Real Estate Mortgage recording with a 1st Real Estate Mortgage
in favor of First Interestate Bank, dated 11/22/2005 in the original amount
of $217,000.00.
Parcel 10 Number: 37183040012900
611 SNAKE RIVER DR
ALPINE
("Property Address"):
which currently has the address of
[Slreet]
ICilY] , Wyoming 83128 ¡Zip Code]
TOGETHER WITH all rhe improvemel1ls now or hereafter erected on the property, and alJ
easements, appurtenances, and fixtures now or hereafter a part of the propeny. All replacements and
additions shall also be covered by this Security Instrument. All of rhe ft)fegoing is referred to in this
Security Instrument as the "Property."
BORROWER COVENANTS thar Borrower is lawfully seised of the estate hereby conveyed and has
the righL to mortgage, grant and convey the Property and that rhe Properly is unencumbered, excepL for
encumbrances of record. Borrower warrants and will defend generally the titk to the Property against all
claims and demands, subjecr to any encumbrances of record.
TI-fIS SECURITY INSTR UMENT combines uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
property,
UNIFORM COVENANTS. Borrower and Lender covenant and agree as folJows:
1. Payment of Principal, Interest, Escrow Items, P¡'cpayment Charges, and Late Charges.
Borrower shalJ pay when due rhe principal of, allll interesr on, the debt evidenced by the Note and any
prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items
pursuant to Section 3. Payments clue uncler the Note and this Security Instrument shall be made in U,S.
currency. However, if any check or other instrument received by Lender as payment uncler ¡he Note or this
47BELLSTEVE2 1""idIsßß~C:~~')
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Security Instrument is returned to Lender unpaid, Lender may require that any or all subseljuC!ll payments
due under the Note and this Security Instrument be made in one or more of the following flJrrns, as
selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasnrer's clleek or
cashier's check, provided any such check is drawn upon an institution whose deposits are insurn! by a
federal agency, instrumentality, or emity; or (d) Electronic Funds Transfer.
Payments are deemed received by Lender when n:œived at the location designated in the Note or at
such other location as may be designated by Lender in accordance with the notice pmvisil>ns in Section 15.
Lender may return any payment or partial payment if the payment or partial payments are insufficient to
bring the Loan current. Lender may accept any paymem or partial payment insufficient to bring the Loan
current, wiLhout waiver of any rights hereunder or prejudice to its rights to refuse such paYI!lcnt or p,mial
payments in the future, but Lender is not obligated to apply such payments at the time such payrnents are
accepted. If each Periodic Payment is applied as of its scheduìed due date, then Lender !leed not pay
interc:st on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring
the Loan current. If Borrower does not do so within a reasonable period of time, Le!lder shall ",ither apply
such funds or return them to Borrower. If not applied earlier, such funds will be applied {o (1)(: oUlstalllling
principal balance under the Note immediately pritJr [0 foreclosure. No offset or claim which Borrower
might have now or in the future against Lender shall relieve Borrower from making paymel1ls due under
the Note and this Security InstrumenL or performing the covenants and agreemenLs secured by this SecurilY
Instrument.
2. Application of Payments or Proceeds. Except as otherwise described in this Section :2, all
payments accepted and applied by Lender sha1l be applied in the f01lowing order of prinriLy: (a) interest
due under the Note; (b) principal due under the Note; (c) amounlS dne under Section 3, Such payments
shall be applied [0 each Periodic Payment in the ollkr in which it became due. Any n:maining amounts
sha1l be applied first to late charges, second to any other amouI1ls due under ¡his Security Instrurnel1l> and
then to reduce the principal balance of lhe 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 10 the delinquent payment and
the late charge. If more than one Periodic Payment is outstanding, Lender m:ty apply any payment received
from Borrower to the repayment of ¡tIt: Periodic Paymel1ls if, and to the extel1l that, each paymelll l'an be
paid in full. To the exlent Lhat any excess exists afttr [he payment is applied to the fu1l payme1ll of one or
more Periodic Payments, such excess may be appJied to <lny late charges due, Voluntary prepaymems shall
be applied first to any prepayment charges and then as described in the Note.
Any application of payments, insurance proceeds, or Misce1laneous Proceeds to principal due under
the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payme1lls.
3. Funds for Escrow Items. Borrower sha1l pay to Lender on the day Periodic Payments are due
under the Note, until the Note is paid in full, a sum (lhe "Funds ") to provide ft) ' payment of ,llnounts due
for: (a) laxes 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 ¡he Property, if any; (c)
premiums for any and all insurance required by Lender under Section 5; and (d) J'vlortgage Insurance
premiuIlls, if any, or any sums payable by Borrower to Lender in lieu of the paymelll of Mortgage
Insurance premiums in accordance with the provisions uf SecLion 10. Thesc iLems are called "Escrow
Items." At origination or at any time during the term of the Loan, Lender may require that Commnnity
Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and snch dues, fees and
assessments sha1l be an Escrow Item, Borrower sha1l promptly furnish to Lendl~r a1l notices uf al1lOUI1lS ro
be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lel1lkr waives
Borrower's obligation to pay lhe Funds for any or a1l Escrow Items. Lender may waive Burrower's
obligation to pay to Lender Funds for any or a1l Escrow Items al any time. Any such waiver may only be
in writing. In the event of such waiver, Borrower sha1l pay directly, when and where payable, [he amounts
47BELLSTEVE2
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due for any Escrow Items for which payment of Funds has been waived by Lemler and, if Lender requires,
shall furnish to Lender receipts evidencing such payment wiLhin such time period as Lender m'IY require.
Borrower's obligation to make such payments and 10 provide receipts shall for all purposes be deemed to
be a covenant and agreement contained in this Security InstrLunent, as the phrase "covenant and agreement"
is used in Section 9. If BorrO\ver is obligated to pay Escrow Items directly, pursuant LO a waiver, and
Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section l)
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 WiLh 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 Lemler 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 eslimate the amount of Funds due on the basis of current data amI
reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable
Law.
The Funds shall be held in an insliturion whose deposits are insured by a federal agency,
instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in
any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the Lime
specified under RESPA, Lender shall not charge Borrower for holding and applying the Funds, annnally
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, Lemler shall not be required to pay Borrower
any interest or earnings on the Funds. Borrower ami Lender can agree in writing, however, that interest
shall be paid on the Funds. Lender shall give [0 Borrower, withoul charge, an annual accounting of the
Funds as required by RESPA.
If there is a surplus of Funds held in escrow, as defined under RESPA, Lemler shalt account to
Borrower for the excess funds in accordance with RES!'A. If there is a shonage of Funds held in escrow,
as defined under RESPA, Lender shall notify Borrower as required by RESPA, an(1 Borrower shall pay LO
Lender the amount necessary to make up the shonage in accordance with RESPA, but in no more than 12
monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall
notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make
up the deficiency in accordance with RESPA, but in no more than 12 monthly payments.
Upon payment in full of all SUll1S secured by this Security Instrument, Lender shall prompt]y refund
to Borrower any Funds held by Lender.
4, Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
attributable to the Property which can attain priority over [his Security Instrument, leasehold payments or
ground rents on the Property, if any, and Community Association Dues, Fees, and Assessme11ls, if any. To
the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in SecLion 3.
Borrower shall promptly discharge any lien which has priority over ¡his Security Instrument unless
Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable
to Lender, but only so long as Borrower is performing such agreèlllènt; (b) conlèsts 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 prl)ceedings are pending, but ¡lIlly until such proceedings
are concluded; or (c) secures from the holder of the lien an agreemem satisfaclory to Lender subordinating
the lien 10 this Security Instrument. If Lender determines that any pan uf the Propeny is subject to a lien
which can attain priority over this Security Instrument, Lender may give ßl)rrnWer a llotiœ identifying the
47BELLSTEVE2
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lien. Within lO days of the date on which that notice is given, Borrower shall satisfy lhe lien or lake one or
more of ¡he actions se¡ fonh above in this Section 4.
Lender may require Borrower to pay a one-!Îme charge for a real estale lax verification and/or
reponing service used by Lender in connection with this Loan.
5. Property Insurance. Borrower shall keep rhe improvements now exis¡ing or hereat'Ier erec¡ed on
the Property insured agains¡ loss by fire, hazards included within the term "extended coverage." and any
OIher hazards including, but not limited to, earthquakes amI !loads, for which Lender requires insurance.
This insurance shall be maintained in the amOUnIS (including lkductible levels) and for the periods ¡hat
Lender requires. What Lender requires pursuant In Lhe preceding sentences can change during the term of
¡he Loan. The insurance carrier providing ¡he insurance shall b-: chosen by Borrower subject to Lender's
right !O disapprove Borrower's choice, which right shall not be exercised unreasonably. Ltnder Illay
require Borrower to pay, in connection wi¡h this Loan, either: (a) a one-time charge for Ilood zone
determination, cenification and tracking services; or (b) a one-time charge for !lood zone detennination
and certification services and subsequent charges each time remappings or similar changes occur which
reasonably might affect such determination or certification. Borrower shall also be responsible for the
payment of any fees imposed by the Federal El11<:rgency Management Agency in connecLion with the
review of any tlood zone determination resulting from an objection by Borrowtr.
If Borrower fails to maintain any of the coverages described abuve, Lemltr may obtain insurance
coverage, at Lender's option and Borrower's expense. LeEder is under no obligation to purchase any
particular ¡ype or amount of coverage, Therefore, such coverage shall cover Lender, bu¡ might or migh¡
not protect Borrower, Borrower's equity in the Property, or the (()ntents of the Property, against any risk,
hazard or liabiliLy and might provide greater or lesser coverage Lhan was prL:viously in effect. Borrower
acknowledges that the cost of the insurance coverage so obtained might significamly exceed the COS¡ of
insurance that Borrower could have ob¡ained. Any amoums disbursed by Lender under this Section 5 shall
become additional deb¡ of Borrower secured by [his Securi[y Instrument. These amOUI1lS shall bear ¡merest
at the Note rate from the date of disbursement and shall be payable, \\ith such i!Herts¡, upon notice from
Lender to Borrower requesting paymenI.
All insurance policies required by L-:nder and renewals of such policies shall be suhject to Lender's
righ¡ !O disapprove such policies, shall include a standard mortgage clause, and shall nallle Lender as
mortgagee and/or as an additional loss payee. Lender shall have Lhe right lu hl)ld the policies and renewal
certificaIes. If Lender requires, Borrower shall promptly give to Lendtr all receqJlS of paid premiums and
renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required hy Lender,
for damage to, or destructiun of, the Property, such policy shall include a stiu1dard mortgage clause and
shall name Lender as mortgagee and/or as an acldi¡ionalloss payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Ltnder. Lender
may make proof of loss if not made promp¡ly by Borrower. Unless Lender and Borruwer otherwise ilgree
in writing, any insurance proceeds, whe¡her or not the underlying insurance was required by Lender, shall
be applied !O restoration or repair of the Property, if the restoraLion or repair is economically feasible and
Lender's security is no¡ lessened. During such repair ;jjJd restoration period, Lender shall have lhe right to
hold such insurance proceeds umil Lender has had an opportunity to inspect such Property te> ensure lhe
work has been completed to Lender's smisfaction, provided Lhat such inspection sllall he undertaken
promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series
of progress payments as the work is comple¡ed. Unless an agreemem is made in wriling or Applicable Law
requires interes¡ to be paid on such insurance proceeds, Lender shall not he required !O pay Borrower any
inter-:ot or earnings on such proceeds. Fees for public adjuslers, or other third parties, retained by
Borrower shall nOL be paid out of Lhe insurance proceeds and shall he the sole ohligatiun of Borruwer. If
the restoration or repair is not economically feasible or Ll'nder's security would he lessened, the insurance
proceeds shall be applied !O the sums secured by this Securi¡y Instrument, whether or not [hen due, with
47BELLSTEVE2
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the excess, if any, paid to Borrower. Such insurance proceeds shalJ be applied in the order provided for in
Section 2.
If Borrower abandons the Pruperty, Lender may file, negotiate and setrle any available insurance
claim and related matters. If Borrower does nOL respond within 30 days to a notice from Lender ¡hat the
insurance carrier has offered tn settle a claim, then Lender may negotiate and sellle ¡he claim, The 30-day
period will begin when the notice is given, In either event, or if Lender acquires the Property under
Seclion 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance
proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and
(b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by
Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the
coverage of Lhe Property. Lender may use the insurance proceeds either to repair or restore the Property or
to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.
6. Occupancy. Borrower shall occupy, establish, and use the Prupeny as Borrower's principal
residence within 60 days after the execution of this Security Instrument and shall continue to occupy [he
Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender
otherwise agrees in writing, which consent shalJ not be unreasonably withheld, or unless extenuating
circumstances exist which are beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Property; Inspections. Borruwer shalJ not
destroy, damage or impair the Property, alJow the Property 10 cleteriorale or commit waste un the
Propeny. Whether or not Borrower is residing in the Property, Borrower shalJ maintain the Propeny in
order to prevent the Property from deteriorating or decreasing in value due to its condilion. Unless it is
determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall
promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or
condemnation proceeds are paid in connection with damage to, or Ille taking of, the Property, Borrower
shall be responsible for repairing or restoring the Properly only if Lender has released proceeds for stich
purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of
progress payments as the work is completed. If the insurance or condemnation pruCl.'eds are not sufficient
to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of
such repair or restoration.
lender or its agent may make reasonable entries upon and inspections of Lhe Property. If it has
reasonable cause, Lender may inspect the interior of the improvemenls on ¡he Propèrt)'. Lender shall give
Borrower notice at the time of or prior to sllch an interior inspection specifying such reasonable calIse,
8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application
process, Borrower or any persons or entities acting a¡ the direction of Borrower or with Borrower's
knowledge or consent gave materially false, misleading, or inaccurate information or statements tu lènckr
(or failed to provide Lender with material information) in connection \\ith the Loan. Material
representations include, but are not limited to, representations concerning Borrower's occupancy of the
Property as Borrower's principal residence.
9. Protection of Lender's Interest in the Property and Rights lIncler this Secul"it) Instrument. If
(a) Borrower fails to perform the covenants and agreements comained in this Security Instrument, (b) there
is a legal proceeding that might significantly affect Lender's interest in the Property and/or righls under
this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for
enforcement of a lien which may atrain prioriLy over this Security Instnllnèm or 10 enforce laws or
regulations), or (c) Borrower has abandoned the Properly, then Lencler may do and pay for whatever is
reasonable or appropriate to protect Lender's imerest in ¡he Property and rights under this SecuriLY
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 JII)! limited to: (a) paying any SlUns secured by a lien
which has priority over this Security Instrument; (b) appearing in coun; and (c) paying reasonablee
47BELLSTEVE2
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anorneys' fees to protect ils interest in the Property and/or rights under this SecuriLy Instrument, including
its secured position in a bankruptcy pmceeding. Securing the Property includes, but is not limited to,
entering the Property to make repairs, change locks, replace or board up doors and windows, drain water
from pipes, eliminate building or other code violations or dangerous conditions, and have ulilities turned
on or off. Although Lender may rake action under this Section 9, Lemler does not hal'e to do so and is not
under any duty or obligation to do so. It is agreed that Lender incurs no liability for 11l)[ taking any or all
actions aULhorized under this Section 9.
Any amounts disbursed by Lender under ¡his Sel'¡ion 9 shall become addilional debt of Burrower
secured by ¡his Security Instrument. These amounts shall bear imeres¡ at [he NOle rate from the date of
disbursement and shall be payable, with such interest, upon notice from Lender LO Borrower requesting
payment.
If this Security Ins¡fUment is on a leasehold, Borruwer shall comply wi¡h all the provisions of the
lease. If Borrower acquires fee ti¡le to Lhe Propeny, the leasehold and the fee ¡itle shall nor merge unless
Lender agrees !O ¡he merger in writing.
10. Mortgage Insurance. If Lender reqllÎred Mortgage Insurance as a condi¡ion of making the Loan,
Borrower shall pay ¡he premiums required LO maintain the Mortgage Insurance in eJleCl. If, J',)r any reason,
the Mortgage Insurance coverage required by Lender ceases ti) be aVililable from the mortgage insurer thai
previously provided such insurance and Borrower was required to make separalely designalèd paymems
toward the premiums for Mortgage Insurance, Borrower shall pay [he premiums required tn obtain
coverage substantially equivalent to the Mortgage Insurance previously in effect, a¡ a cost substantially
equivalent (0 ¡he cost to Borrower of ¡he Mortgage Insurance previously in effect, from an a/(ernate
mortgage insurer selected by Lender. If subslantially equivalent Mortgage Insurance coverage is nOl
available, Borrower shall continue to pay to Lender the amount of the separalely designated payments ¡hal
were due when ¡he insurance coverage ceased to be in effect. Lender will accept, use and relâin ¡hese
payments as a non-refundable loss reserve in liell of J\.1ortg;ige Insurance. Such loss reserve shall be
non-refundable, notwi¡hstanding lhe fac¡ that [he Loan is uhimaLely paid J1 full, and Lender shall 1i0t be
required to pay Borrower any interest or earnings on such ¡)ss reserve. Lender can no longer require loss
reserve payments if Mortgage Insurance coverage (in Lhe amount and for ¡he period that Lender requires)
provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires
separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage
Insurance as a condition of making Lhe Loan and Borrower was required lO make separately desigl1iued
paymems toward the premiums for Mortgage Insur;1llce, Borrower shall pay the I)[¡~miums required to
maintain tvlongage Insurance in eHect, or to provide a nonrefundable kIss reserve, Ilnil Lender's
requirement for Mongage Insurance ends in accordance with any wrillen agreement between Borrower and
Lender providing for such termination or until termination is reqllired by Applicable Law. Nothing in ¡his
Section 10 affects Borrower's obligation ¡o pay interest at ¡he rare provided in the Note.
~'lortgage Insurance reimburses Lender (or any emity that purchases the Note) for certain losses it
may incur if Borrower does not repay the Loan <is agreed. Borrower is not a party to ¡he Mortgage
Insurance.
Mortgage insurers evalua[e their total risk on all such insurance in force from time lO lime, and may
enter into agreements with other parties that share or modify their risk, or reduce losses, The,e agreemellls
are on ¡erms ami conditions that are satisfactory (0 the mortgage insurer and the other p<trty (or parties) [0
these agreements. These agreements may require [he mortgage insurer (0 make payments using any source
of funds that the mortgage insurer may have available (which may include funds obtained from Mongage
Insurance premiums).
As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
any mher entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) allloums lhat
derive from (or might be characterized as) a portion of Borrower's paymems for Mongage 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 ¡he insurer, the arrangement is of [en termed "caplive reinsurance," Funher:
(a) Auy such agreements will not affect the amouuts that Borrower has agreed to pay for
1\1ortgage Insurance, or any other ttrms of the Loan, Such agreements will not increase the ¡¡nlOunt
Borrowe." will owe for Mortgage Insurance, aud they will not entitle ßorrower to auy refuud.
47BELLSTEVE2
Q -6(WY) 100051
<!J
Påg.a 8 ot 15
In¡¡hi!::,;
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Form 3051
'1/01
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(b) Any such agreements will not affect the rights Borrower has - if any - with resptct to the
Mortgage Insurance under the Homeowners Protectioll Act of 1998 or any other Jaw. These rights
may indude the right to receive eertain disdosures, to request and obtain cancdlatioll of the
Mortgage Insurance, to have the I\Iortgage Insurance terminated automatically, and/or to receive a
refund of any Mortgage Insurance premiums that were unearned at the time of such cancellatiou or
termination.
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Pruceeds are htreby
assigned to and shall be paid to Lender.
If the ProperlY is damaged, such Ivliscellaneous Proceeds shall be applied It) rêstoration or repair of
the ProperlY, 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 1\1 iscellantous Proceeds
umil Lender has had an opportunity to inspect such Properly to t:nsure the work has been completed to
Lender's salisfaction, prov ided that such inspection shall be umknaken promptly. Lender may pay for tht:
repairs and restoration in a single disbursement or in a serit:s of progrtss payments as the work is
completed. Unless an agreement is made in writing or Applicable Law requires interest 10 be paid on such
Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on snch
Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lendt:r's securilY would
be lessened, the Miscellaneous Procet:ds shall bt: applit:d to the Slnm st:cured by this Security Inslrument,
whether or not then due, with the excess, if any, paid \0 Borrowt:r. Such Miscellaneous Proceeds shall bt:
appJied in the order provided for in Section 2.
In the event of a total taking, destruction, or loss in value of tht: Property, lhe Ivl iscellaneous
Proceeds shall be applied to ¡he sums secured by this Security Instrumelll, whether or not then due, with
the excess, if any, paid to Borrower.
In the evel1l of a panial taking, destruction, or loss in value uf tht Property in which the fair market
value of the Property immediately before the partial taking, deslruction, or loss in value is equal to or
greater than the amount of the sums secured by this St:curiry Instrument immediately before Ih,; partial
taking, destruction, or loss in value, unless Borrower and Lender olhtrwise agree in writing, Lhe sums
secured by this Security Instrument shall be reduced by the amOUUl of lhe Miscellaneous Procecòds
multiplied by the following fraction: (a) the total amount of the sums scòcured immediately before the
partial taking, destruction, or loss in value divided by lb) the fair market value of lhe Propeny
immediately before the partial taking, dt:struction, or loss in value. An)' balance shall be paid to Borrower.
In the event of a partial taking, destruction, or loss in value of the Property in \vhich the fair market
value of the Property immediately before the partial taking, destruclion, or Joss in value is kss than the
amount of the sUlns secured inunediately before the partial taking, destruction, or loss ill value, nnkss
Borrower and Lender otherwise agree in wri¡ing, Ihe J\liscellaneous Proceeds shall he applied to the sums
secured by this Security Instnnnent whether or not lhe 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 sellle a claim for damages,
Borrower fails to respond to Lender within 30 days after the date the notice is given, Lemler is authorized
to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Prupeny or to the
sums secured by this Security Instrumem, whether or not then due. "Opposing Pany" means the Lhird pany
that owes Borrower Ivliscellaneous Proceeds or the pany against whom Borrower has a right of aClion in
regard to Miscellaneous Proceeds.
Borrower shall be in default if any action or proceeding, whether civil or criminal, is btgun lhat, in
Lender's judgment, could result in forfeiture of the Propt:ny or olher material impairment of Lender's
interest in the Property or rights under this Security Instrumel1l, Borrower can cure sllch a default amI, if
acceleration has occurred, reinstate as provickd in Section 19, by causing the action or proceeding to be
dismissed with a ruling that, in Lender's judgment, precludes forfeimre of the Property or other material
impairment of Lender's interest in [he Property or rights under this Security Instrument. The proceeds of
any award or claim for damages that are attributable to rhe impairment of Lender's imeresl in the Prüpeny
are hereby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the Pmpeny shall be
applied in the order provided for in Section 2.
47BELLSTEVE2
'?--7'
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Initlals:_.tti::--
Form 3051 1/01
G -6(WY) 10005)
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Pógê 9 ot 15
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12. Borrower Not Released; Forbearance By Lender Nut a Waiver. Extension of the lime for
payment or modification of amortization of the slnns sel'ured by Lhis Security Instrument granted by lender
to Borrower or any Successor in Interest of Borrower shall nm opera¡e to release the liability of ßorruwer
or any Successors in Interest of Borrower. Lender shall not be required 10 commence proceedings against
any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify
amonization of the sums secured by Lhis Security Inslrumeut by reason of any demand made by the original
BornJ\ver or any Successors in Imerest of Borrower. Any forbearance by Lender in exercising any right or
remedy including, without limitation, Lender's acceptance of paymellls from ¡hiI'd persons, entilies or
Successors in Interest of Borrower or in amounts less than the amOlll1l then due, shall nUL be a w,¡j vel' of or
preclude the exercise of any right or remedy.
13. Joint and Several Liability; Co-signers; Successors and Assigns Bonnd. Borrower covenal1lS
¡¡¡nd agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who
co-signs this Security Instrument bur 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 Propeny lindeI' the
terms of this Security Instrument; (b) is not personally obligated to pay the Slllns secured by this Security
Instrument; and (c) agrees that Lender and any olher Borrower can agree (,) extend, modify, forbear or
make any accommodations with regard to the terms of this Security Instnlmel1l or the Note Wilholll lhe
co-signer's consent.
Subject to the provisions of Section 18, any Successor in Interest of Burrower who aSSllme:s
Borrower's obligations under Lhis Security Instrument in wriLing, and is approved by Lender, shall obtain
all of Borrower's rights and benefits under this Security Instrument. Borrower sl¡all not be released from
Borrower's obligations and liability under this Security Instrument unless Lender agrees to sllch I\:lease in
writing. The covenants and agreements of this Securit)' InstrumeJ][ shall bind (except as provided in
Section :20) and benefil the successors and assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for services IwrformC'd in conneclion with
Burrower's default, for Lhe purpose of protecting Le:nde:r's inle:resl in Ihe Prupcny and rights under this
Security Instrument, including, bUL not limited to, attorneys' fees, pruperty inspec'¡i¡Hj awl valuation kes.
In regard to any other fees, the absence of express amhorit)' in this Security Instrumelll to charge a specific
fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lemler may not charge
fees that are expressly prohibited by this Security InsLrument or by Applicable Law.
If the Loan is subject to a law which sets maximum loan charges, and that Jaw is finally interprèled so
that the interest or other loan charges collected or to be collected in connection with the Loan exceed the
permitted limits, then: (a) any such loan charge shall be reduced by the amollnt necessary 10 reduœ the
charge to the permitted limit; and (b) any sums already collecLed from Born)\\'er which exceeded permilkd
limits will be refunded to Borrower. Lender may choose to make this retllnd by reducing the principal
owed under the Note or by making a direct payment to Borrower. If a ret'und reduces principal, the
reduction will be treated as a partial prepayment without any prepayment charge (whelher or not a
prepayment charge is provided for under the NOle). Borrower's acceptance of any sllch 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 Lhis SecuriLY Instrument
must be in writing. Any notice to Borrower in conneL'tion with this Security Instrtnne:nt shall he: deemed to
have been given to Borrower when mailed by first class !Hail or when actllally delivered to Borrower's
notice address if sent by other means. Notice to anyone Borrower shall constitute nOlice to all Burrowers
unless Applicable Law expressly requires otherwise. The notiœ address shall be: ¡he 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 reponing Borrower's
change of address, then Borrower shall only report a change of address lhrmlgh that specified procedure,
There may be only one designaled notice address under Lhis SecllriLy Instrumem at anyone: lime. Any
notice to Lender shall be given by delivering il or by mailing it by first class mail to Le:l1t!e:r's adllress
stated herein unless Lender has designated another address by notiœ to Borrower. Any notiœ in
connection with this Security Instrument shall nOI be deemed to have been given to Lender until actually
received by Lender. If any notice required by this Security Instrument is also æquired under Applicable
Law, the Applicable Law requirement will satisfy the corresponding æquiremcm under this Security
Instrument.
47BELLSTEVE2
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FOIm 3051
1/01
Q -6(WY) (00051
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16. Governing Law; Severability; Rules of Construction. This Security Instrumel1l shall be
governed by federal law and the law of the jurisdictinn in which (he ProperlY is localed. 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 parlies to agree by cOl1lract or it
might be silent, but such silence shall not be construed as a prohibition against agreemem by contract. In
the event that any provision or clause of this Security Instrumel1l or the Nnte cnntlicts with Applicable
Law, such contlict shall not affecL other provisions of this Security Instrumelll or the Note which can be
given effect wirhom the cont1icting provision.
As used in this Security Instrument: (a) words of (he masculine gender shall mean and include
corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and
include the plural and vice versa; and (c) the word "may" gives sole discretion \\ itholl! any obligatinn to
take any aClÎon.
17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Insrrumem.
18, Transfer of the Property or a Beneficial Interest in Borrower. As used in rhis Secrion 18,
"Interest in the Properry" means any legal or hendïcial interest in the ProperlY, including, but nut limited
to, those beneficial interests transferred in a bond for deed, contract for deed, inst,dlmelll sales contract or
escrow agreeme:l1!, the iment of which is the transfer of title by Borrow¡;;r at a future dale [() a purchaser.
If all or any pan of the Propeny or any ll1l¡;;rest in the: ProperlY is sold or transkrred (ur if Borrower
is not a natural person and a beneficial interest in Borrower is sold or transferred) withoul Lende:r's prior
written consent, Lender may require immediate payment in full of all SltmS secured by this Security
Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by
Applicable Law.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall
provide a period of no( Jess than 30 days from Lhe dare the llOtice is given in accordance with Section 15
wilhin which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay
these sums prior to the expiration of this period, Lender may invoke any remedies pennitted by this
Security Instrument without further notice or demand on Borrower.
19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain condilions,
Borrower shall have the right to have enforcement of this Security InsLrument discontinued at any time
prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in
this Security Instrument; (b) such other period as AppJicable Law might specify for the termination of
Borrower's right to reinstate; or (c) entry of a judgment enforcing this SecurilY Instrument. Those
conditions are that ßorrower: (a) pays Lender all sums which then would be due under this SecuriLY
Instrument and the Note as if no acceleration had occurféd; (1)) cures any default of any other cuvenants or
agreements; (c) pays all expenses incurred in enforcing ¡his Security Instrument, including, but not limited
to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred für the
purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d)
takes such action as Lender may reasonably re:quire to assure thm Lender's interest in Lhe Property and
rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security
Instrument, shall continue unchanged. Lender may require thaL Borrower pay such reinstatement sums and
expenses in one or more of the following forms, as sde:cted by Lender: (a) cash; (b) m(Hley order; (c)
certified check, bank check, treasurer's check ur cashier's check, provided any such check is drawn llpon
an institution whose deposits are insured by a federal agency, inslrumemality or emity; or (d) Electronic
Funds Transfer. Upon reinstatement by Borrower, [his Securiry Insrrument and obligations seL'ured hereby
shall remain fully effective as if no acceleration had occurred, However, this right to reinstate shall not
apply in the case of acceleration under Section 18.
20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interesL in
the Note (together with this Security Instrument) can be sold one or more times wilhout prior norice to
Borrower. A sale might result in a change in the elllily (known as (he "Loan Servicer") that collects
Periodic Payments due under the Note and this Security Instrument and performs orher mortgage loan
servicing obligations under the Note, this Security Instrument, and Applicable Law, There aIs..> might be
one or more changes of the Loan Servin:r unrdated to a sale of the Note. If there is a change of lhe Loan
Servicer, Borrower will be given wriLten notice of the change which will srate the name and address of ¡he
new Loan Servicer, the address to which payments should be made and any olhe:r information RESPA
47BELLSTEVE2
4Q-6(WY) i00051
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P¿¡gi; ¡ 1 ot 15
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requires in connection with a notice of transfer of servicing, If the Note is sold and thereafter the Loan is
serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligaLions
to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not
assumed by the Note purchaser unless otherwise provided by the Note purchaser.
NeiLher Borrower nor Lender may commence, join, I)r be joined to any judicial aL'lion (as either an
individual litigant or the member of a class) that arises from the other pany's actions pursuant to this
Security Instrument or that alleges that the other pany has breached any provision of, or any duty owed by
reason of, this Security Instrument, umil such ßorrower or Lender has notified the other pany (with such
notice given in compliance with the requirements of Section IS) of such alleged breach and affurded the
other pany hereto a reasonable period after lhe giving of such notice 10 lake correcrive acriüu, If
Applicable Law provides a time perioel which must elapse before certain action can be taken, that time
period will be deemed to be reasonable for purposes of this paragraph. Tile notice of acceleration and
opportunity to cure given to Borrower pursuant to Section :22 and the nmice of acceleration given tl)
Borrower pursuant 10 SeclÎon 18 shall be deemed to satisfy the nmice anel opponunity to take correclive
action provisions of this Section 20.
21. Hazardous Substances. As used in this Section 21: (a) "IIazardous Subslances" are those
substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Lm' and the
following substances: gasoline, kerosene, other t1all1mable or toxic petroleum products, toxic pesticides
and herbicides, volatile solvents, materials cOl1laining asbestos or formaldehyde, and radioactive materials;
(b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is locared that
relate to health, safety or environmeiHal 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 Ulherwise trigger an Emironmental
Cleanup.
Borrower shall no! cause or permit the presence, use, disposal, storage, or release of any Jlaûlrdous
Substances, or threaten to release any Hazardous Substances, on or in the Properly, ßorrower shall nOI 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 rcJease of a
Hazardous Subslance, creates a condition thai adversely affects the valut of the Property, The preceding
two sentences shall not apply to the presence, use, or storage on the Pmpeny of small quantities or
Hazardous Substances that are generally recognized to be appropriate to normal röidential uses and to
maintenance of the Property (including, but not limited to, hazardous substances in CIHlsumer products).
Borrower shall promptly give Lender written notice of (a) any imestigation, claim, demand, lawsuit
or other action by any governmental or regulatory agency or private pany im'l)lving the Property and any
Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any
Environmental Condition, including bur not limited [0, any spilling, leaking, clisch,¡rge, release or threat of
release of any Hazardous Suhstance, and (c) any condiLion caused by the presence, USt or release of a
Hazardous Substance which adversely affects the value of the ProperlY. If Borrower learns, or is notified
by any governmental or regulatory authority, or any private pany, that any removal or other remediation
of any Hazardous Substance affecting the Property is necessary, Borrower shall prumplly take ,tllnecessary
remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on
Lender for an Environmental Cleanup.
47BELLSTEVE2
G -6(WY) 100051
®
Page 12 of 15
)~
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I'Htjals:~(L_()
Form 3051
1/01
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NON-UNIFORM COVENANTS. Borrower and Lender funher covenant and agree as follows:
22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following
Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to
acceleration under Section 18 unless Applicable Law provides otherwist), 'fht notice shall sptcify: (a)
the default; (b) the action required to cure the ddault; (c) a date, not less than JU days from the date
the notiœ is given to Borrower, by which the ddault must be curul; and (d) Lhat failurt to curt the
dtfault on or before the date sptcified iu the notice may rtSult in acceleration of the sums secured by
this Security Instrument and sale of the Property. The notice ~hall fnrther iuform Burrower of the
right to reinstate after acceleration and the right to bring a court action to assert the non-existence of
a default or any other defense of Borrower to acceleration and sale. If the default is nol curtd on or
before the date specified in the notiœ, Lender at its optioll may require immediate paymellt in full of
all sums secured by this Security Instnllnent without fIJrthtr dtmand and may invoke the powtr of
sale and any other remedies permitted by Applkable Law. L(,nder shall be entitled to collect all
expenses incurred in pnrsning the remedies provided in this Section 22, including, hut not limited to,
reasonable attorneys' fees and costs of title evidence.
If Lender invokes the power of sale, Lender shall give notice of intent to fortclose to BornHl'tr
and to the person in possession of the Properly, if different, in accordance with ApplicabJt Law.
Lender shall give notice of the sale to Borrower in the manner provided ill Section 15. Lender shall
publish the notke of sale, and the Property shall be sold in the màlll1tr prescribed by Applicable
Law. Lender or its designee may purchase the Property at any sale. The proceeds of tht salt shall be
applitd in the following order: (a) to all expenses of the sale, including, but not limited to,
reasonable attorneys' fees; (b) to all sums secured by this Securit) Instrument; àlld (c) allY txcess to
the person or persons legally entitled to it.
23. Release. Upon payment of all sums secured by Lhis Security Instrument, Lender shall release ¡his
Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for
releasing this Security Instrument, bUL only if the fee is paid to a third pany for services rendered and the
charging of the fee is permitted under Applicable Law.
24. '''aivers. Borrower releases and waives all righls under and by vinue of ¡he homeslead
exemption laws of Wyoming.
47BELLSTEVE2
~ -6(WY) 10005)
~®
Page 13 at 15
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BY SIGNING BELOW, Borrower accepts and agrees !O the terms and covenanb contained in this
Security Instrument and in any Rider executed by Borrower and recorded Wilh it.
Witnesses:
__~_ (Seal)
-Borrow~r
__~ (Seal)
-B()rrow~r
. ___ (Seal)
-B"rrow~r
47BELLSTEVE2
G-6(WY) 100051
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CARRIE BELL -B"rr')\\êf
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_ (Seal)
-BOITOWèl
___ _··~_'M_________._
_____ (Seal)
-ßnrn)w~r
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( Seal)
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-Bl1rfuwç:r
Page 14 of 15
form 3051 1/01
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STATE OF WYOMING,
TE:,roAJ
'LINCOLN ().::)
County ss:
The foregoing instmment was acknowledged before me Lhis
by STEVE BELL and CARRIE BELL
NovelTlbet" 22, ?O()~)
My Commission Expires: . to (~ tlf)D-¡
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47BELLSTEVE2
G -6(WY) 100051
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Paue 15 of 15
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Form 3051 1/01