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HomeMy WebLinkAbout914233 I «) (-'nrOi':'l .\~. r,) -..} 0 (:"4' After Recording Return To: RECEIVED 12/6/2005 at 4:23 PM RECEIVING # 914233 BOOK: 606 PAGE: 821 JEANNE WAGNER LINCOLN COUNTY CLERK, f<EMMERER, WY GMAC Mortgage Corp. 100 Witmer Road Horsham, PA 19044-0963 ATTN: Records Management [Spuce Ahove This Line Fur Recording Datu] Luan No. 586693301 MIN 1000375-0586693301-6 IJ MORTGAGE ¡ I") 1. 'L '- Y ,( .j!) fJ DEFINITIONS Words used in multiple sections of this document are detined below and other words are defined in Sections 3, 11, 13, 18,20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated December I, 2005 ,together WiÙ1 all Riders to ùÜs document. (B) "Borrowe¡"" is Dennis J. Kelsch, a single person Borrower is the mortgagor under this Security Instrument. (C) "lVIERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a llonùnee for Lender and Lender's successors and assigns. lUERS is the mortgagee under this Secudty Instrument. MERS is organized and existing under ùle laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-r·."JERS. "TV Oì\ II NG .. SÙlg1e Fmn,l: FalU"e Mae/Freddie Mac UNIFOR~IINSTRUMENT FO/1lI :1051 1/0t ". Jf-. (Page 1 of 18) ]27955463 IllIhals: 346 Gì\!ACi\! - Ci\lS.0042.WY (0001) 1 L<-~';2~ ~'~ ~,t {"'. ¡ì n 00 ') \.' ,) \) 0 {.. t., (D) "Lender" is GMAC Mortgage Corporation Lender is a Corporation Jaws of Pennsylvania 100 Witmer Road, P.O. Box 963, Horsham, PA organized and existing umler the . Lender's address is 19044 (E) 2005 Three "Note" means the promissory note signed by Borrower and dated December . The Note states that Borrower owes Lender Hundred Fifteen Thousand and 00/100 1, DoI!aJ's (U.S. $ 315,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in ti.lllnot later than January 1, 2036 (F) "Propel-ty" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and aI! sums due under this Security Instrument, plus interest. (II) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [clleck box as applicable]: D D D AdjustabJe Rate Rider BaUoon Rider Other(s) [specify] D Condomininm Rider D D Biweek]y Payment Rider D D Planned Ulùt Development Rider Second Home Rider ] -4 Family Rider (1) "A pplicable Law" means all controlling applicabJe federal, state and ]ocal statutes, regulations, ordinances and administrative ruJes and orders (that have Ule effect of law) as well as aU app]icabJe tïna], non-appealabJe judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and oUler charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of ti.lIlds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated througll 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 terlll includes, but is not limited to, point-of-saJe transfers, automated teUer machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "EscJ'Ow Items" llIeans those items that are described in Section 3. (1\1) "l\1isceJlaneous Proceeds" means any compensation, settlement, award of damages, OJ proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) concknmation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. \~rY()i\.IING. Single Family -- Famne MaeJr,edcli, ~Iac UIHHJRkllNSTRUMENT Yo,m 305~ .1/01 ~__'/ (. (,ì\IM!\! - (i\!S.()l1~2.WY (0001) (l'age 2 of 18) IlIltIals: .." _ J '.'~<.' 'L...a \l......' :-'; c-: \::: '~'p ~.1 'j 1._,' U .'~4I \_3 (N) "]\lortgage Insurance" llItam insuranct proœcting Ltnder against tht nOllpaYllleIlt of, or default on, the Loan. (0) "Periodic Payment" mealls tht regularly schedukd amount dut for (i) principal and interest under the Note, plus (ii) any alllOUIlts under Section 3 of tl1Ís Security InstruJl1em. (P) "RESPA" means the Rea] Estate Stttkment Procedures Act (12 USe. §260l et seq.) aud its implemtllting regulation. Regulation X (24 e.F.R. Part 3500), as they might bt amtndtd from time to timt, or allY additioual or sucœssor kgislatioll or rtgulation that gowms the same subjtct uratter. As ustd in ùlis Stcurity InstruJl1tllL, "RESPA" rdÚs to all requiœments and restrictiolls that are imposed ill regard to a "federally related mortgage loan" even if ùle Loan does Dot qualify as a "federally related mortgage loall" undtr RESPA. (Q) "Successor in Interest or Borrower" means any party ÙIat has taken title [() ùIe Property, whether or not ùlat party has assumed Borrower's obligations undel the Note and/(jJ ùÙs Stcurity lnstruurent. TR;\NSFER OF RlGHTS IN THE PROPERTY This Security Instruurent stcures to Lender: (i) ùle rtpaymtlU of tlle Loan, and all J"entwals, exttllsious aud lllodiJications of tlIe Note; aud (ii) Ùlt ptrfonnam:e of Borrower's COvtnants and agreements under this Security lnstrumel]( and tht Note. For tlus purpost, Borrower does hertby mortgage, grant aud convey to MERS (solely as uomÌIæe for Lender and Ltlldtr's SUCCtSSOIS and assigns) and to ùle sucœssors and assigns of IvIERS, witlI powtr of sale, ùIe following describtd propnty located ill Ùle County [Typc of }{et:Onling Jurisdidionl of Lincoln []'\IiIllC of }{cconling Jurisuiclionl SEE SCHEDULE "J\" ATTACHED HERETO Þ..ND MADE A PART HEREOF. which currently has tlIe address of 502 Snow Forest Drive, ¡Slreell Thayne , WyolI\ing 83127 ("Property Addrtss"): ICily} [Zip ('ode] TOGETHER WITH aU tllt improvelllems now or hereafter erected on tht property, and aU tasemeJJts, appurttllaIlces, and fixtures DOW or htreafter a part of Ùlt property. All replacemelUs and additiolls shaH also be covered by ùlÍs Stcurity lllstrument. All of tllt foregoiug is referœd to ill ù1Ìs Security IllStlll111tllt as the "Property." Bonowtr understands alld agœts tlIat MERS holds only kgal title to ùle iuteœsts granted by Burrower ill ùLÌs Stcurity IllStrulllt III , but, if lleœssary to comply WiÙl law or custom, MERS (as nOUÙllet for Ltllder and Lender's sucœssors and assigns) has tllt right: to extrcist allY or aU of those iuœæsts, including, but not lillliœd LU. tllt right to foreclost and sdl tllt Proptrty; and to take any action æquired of Lenda including, but not limÌ1td to, œkasing aud cancding tlÙs Stcurity Iustrumtnt. ( \YYOl\lING -- Siugle family FmulÍf: r..Ja¡;,'FrtddH.- !dac UNlrOR~,J INS nZUhIEt:T Form 30~J 1/0J j Gl\IACi\1 - Cl\lS.OO-l2.\YY (000]) (Page 3 (!f 18) lJúliaJ" YI -- F :¡ / '.. -1.,...'.. J C 8 .;~ L1 BORROWER COVENANTS that Borrower is lawfully seised of Ùle estate hereby conveyed and has the right to mortgage, grail! and lonvey ùle Property and Ùldt ùle Property is unenculnbered, except for encumbrances of relord, Borrower warrants ane! will defend generally ùle title to the Property against all claims aud demands, subject to any encumbrances of record. THIS SECURlTY IN STRUJ'v1ENT combines uniform COVellalltS for natiOllal use aud nOll-unifonn covenallts wiù) liHuted variations by jurisdiction to constitute a uniform secumy instrumellt covering real property, UNIFORJvl COVENANTS. Born)wer and Lender coVelt.mt and agree as follows: 1. Payment of Principal, lnter-est, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due Ùle principal of. and interest on, ùre debt evidenced by the Note and any prepayment charges and late charges due under tile Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Paymellts due under tile Note and tiris Secnrity Instrument shall be made in U.S. cunellcy, However, if any check or otller Ürstrument received by Lender as payment under ùle Note or ùlÍs Security Instrument is returned to Lender unpaid, Lender may require ùlat any or all subsequent paymelllS due under ùle Note and ùÜs Security Instrument be made in one or more of Ùle following forms, as selected by Lender: (a) cash ; (b) money order; (l) <.:ertitïed check, bank c heck, treasurer's check or cashier's check, provided any such check is drawll upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Paymeuts are deemed received by Lender when re<.:eived at tile location desigmted ill Ùle Note or at such oùler location as may be designated by Lender in accOldance witil ùle notile provisions in Sectìon 15, Lender uray return any paymem or partial payment if the payment ur partial payments are insufficient to bring ùle Loan current. Lender may accept allY paYlllem or partial pa)'melJt insufticiem to briug ùle Luanlurrent, WiÙl0Ut waiver of any rights hereunder or prejudice tu its rights to refuse such paYllleut or panial payments in Ùle future, but Lender is nut obligated to apply such payments at the time such paYlllems are accepted, If each Periudic Paymel1t is applied as of its scheduled due date, tilen Lender need not pay interest ou unapplied funds, Lender nla)' hold such unapplied funds until Burruwer makes paymem to bring Ùle Loan cuneu!:. If Borrower does not do so wiù1Îrl a reas01rable period of time, Lender shall eiùler apply such funds or return them to Borrower. If not applied earlier, SUcll funds wi]] be applieel to ùle oUlstanding principal balance under ùre Note inlluediately prior to foreclosure. No offset or claim which Borrower might have now or in Ùle future against Lellder shall relieve Borrower ÌÌ"om nlaking pay Illents due Ullder tile Note and ù1Îs Security Instrument ur performillg ùle covenams and agreements secured by ù1Ís Security Instrument, 2. Application of Payments or Proceeds. Except as otherwise described ill tIlis Section 2, all payments accepted and applied by Lender shall be applied in we followiug order of priority: (a) imerest due under tIle Note; (b) principal due under tIle Note; (c) amounts due mIder Sectiun 3. Such payments shall be applied to each Periudic Payment in Ùle (Heier ill which it became due. A ny remaining amounts shall be applied tïrst to late charges, second to any Oùler all10uuts due under ùlÌs Security Instrument, amI ùlen to reduce ùle prillcÎpal balance uf ùle Nute, LOÞJJ NO: 586693301 \YY(}!\lH\(; .. S.i.uglt huuily n Faunie htae-Fn::cldlt j\bc UNIFORi\l lNSTRI.:I.IEì\T [.'orm 3051 J/OJ Initiub: / U ,), (.I tJ' r . ~: / \. Gl\IACì\J - C¡\IS.fHI-t2,\\'ì' (0001) (l'alil' -I1!fJð) , ~-,; c a ,:~ G If Lender receives a payment from Borrower for a delinquent Periodic Paymeut which includes a sufficiellt amuunt to pay any late charge due, the payment may be applied to tile delinquent payment and tile late charge. If more wan one Periodic Payment is outstanding, Lender may apply any payment received fwm Burrower to the repaymem of tile Periodic Payments if, and to We extent that, each payment call be paid in full. To tile extent tllat any excess exists after the payment is applied to tile full payment of one or more Periodic Paymems, such excess n1.3y be applied to aIlY late charges due. Voluntary prepayments shall be applied first to any prepayment charges and tllen as described in the Note. AllY applicatioll of payments, insurance proceeds, or Miscellalleous Proceeds to principal due under the Note shall not extend or postpone tile due date, or change We amount, of tile Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender (JJl tile day Periodic Payments are due under tile Note, ulltil We Note is paid in full, a sum (tile "Funds") to provide for payment of amounts due for: (a) taxes and assessments and otller items which can attain priority over tl1Îs Security Instrument as a lien or encumbrance on tile Property; (b) lease1lOld paymems or ground rents 011 the Property, if any; (c) premiullls for any and all insurance required by Lender under Section 5; and (d) Mortgage lnsurallce premiums. if any, or any sums payable by Borrower to Lender in lieu of lie payment of Mortgage Insurance premiullls in accordance with the provisiolls of Section 10. These items are called "Escrow Items." At origination or at any time during tile term of tile Loan, Lender n1.3Y require tllat COllilllunity Association Dues, Fees and Assessmems, if any, be escrowed by Borrower, and such dues, fees, and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under tllis Section. Borrower shall pay Lender tile Funds for Escrow Items mùess Lender waives Borrower's obligation to pay tile Funds for any or all Escrow ltenlS. Lender n1.3Y waive Borrower's obligation to pay to Lender Funds for any or all Escrow Itl~ms at any time. Any such waiver lnay only be in writing. In tile event of such waiver, Borrower shall pay directly, when and where payable, tile amouuts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Leuder requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to n1.3ke such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contaiued iu tllÎs Security Instrument, as the phrase "covenant and agreement" is used in Section 9. ]f Borrower is obligated to pay Escrow Hems din:ctly, pursuant to a waiver, and Borrower fails to pay tile aIllount due for an Escrow Item, Lender I11.3Y exercise its rights under Section 9 and pay such amount aud Borrower shaH then be obligated under Section 9 to repay to Lender any such amount. Lender lllay revoke tile waiver as to any or all Escrow Items at any time by a notice givell in accordance Witll Section IS and, UpOIl sud¡ revocation, Borrower shalJ pay to Lender all Fnuds, and in such alllouuts, tllat are tllen required under tllÎs Section 3. Lender ¡my. at any time, collect and hold Funds in au amount (a) sufJïcient to permit Lender to appJy tIJe Funds at tile time specified under RESPA, aud (b) Hot to exceed tile maximum antoum a lender can require under RESPA. Lender shaH estÏlnate tile amount of Funds due on tile basis of current data and reasonable estimates of expenditures of future Escrow Items or otllerwise in accordance WitIl ApplicabIe Law. LOAN NO: 586693301 GJ\1AC,\J - CJ\1S.(HI42.WY (0001) (Page 5 «f 18) \\'\'Ol\lI1'\'G .- S1llgll'.: family - Faun.!t: t\·!aéifrt:ddit !\[a¡,; t'¡<1ftHU.] Ji;;;Tkl1J\lEN'¡ Form :305J 1/Ul ¡/l llli tials: (. I i ; .. 1/( ,> ~; ¡ -,-,-<.s ~. ':'; c 8 ;~ G The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumenta]ity, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Ban];. Lt'uder shall apply tile Funds to pay tile Escrow hems no later than the time specitïed under RESPA. Lender shall not charge Borrower for holding and applying [be Funds. anllually analyzing tlie escrow account, or verifying the Escrow Items, unless Lender pays Borrower illterèst on the Funds and Applicable Law permits Lender to lmke such a charge. Ulùess an agreemellt is made Í11 \Vri ting or Applicable La \V requires illterest to be paid on the Funds, Lender shall not be required to pay Borrower any imerest or earnings on tile Funds. Borrower and Lender can agree in writing, llo\\'e\'er, tilat interest shall be paid on tile Funds. Lender shall givè to Borrower, without charge, an auuual accounting of tile Fnnds as required by RESPA. If there is a surpl us of Funds held iu escrow, as defined under RESP A, Lender sha]J account III Borrower for tile excess funds in accordance with RESP A. If tilere is a s]JUrtage of Funds held in escrow, as detined under RESP A, Lender shall notify Borrower as required by rU:SPA, and Burrower shall pay to Lender tile alllount necessary to make np tile shortage in accordance with RESPA, but in no lllore than 12 1ll0Jltil]y payments. If Ùlere is a deficiency of Funds held in escrow, as detined under RESP A, Lender shall notify Borrower as required by RESPA, aud Borrower shall pay to Lender tile allloullt necessary to make up Ùle deficiency in accordance witil RESP A, but in no lllore than 12 lllonùlly paymellts. UpUJI paymem in full of all SUlllS secured by tilÍs Security Instrllmem, Lender shall promptly refund to Borrower any Funds l1dd by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, tines, and impositions attributable to the Property which can attain priority over tiJis Security Instrument, leasehold payments or ground rems on the Property, if any, and Conununity Association Dues, Fees, and Assessments, if any. To tile extent ùlat Ùlese itellls are Escrow Items, Borrower shall pay Ùle)]} ill the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this SeCUril) hlstnnnent unless Borrower: (a) agrees ill writing to tile payment of ùle obligation secured by the lien in a manner acceptable to Lender, but on] y su long as Burrower is performing such agreement; (b) contests the lien ill good faith by, or defends agaiust enforcement of the liell ill, legal proceedings which in Lender's opÍllÍon operate to prevent tile enforcemeut of tile Ii ell while diose proceedings are pending, but oul y UlUiJ such proceedings are concluded; or (c) secures frOIll dIe holder of tile lien all agleement satisfactory to Leuder subordinating tile liell to ùlis Security lustrUlnellt. If Lender determines that any pan of tile Property is subject tu a liell which can attain priority over ti1Îs Security Instrument, Lender Illay give Borrower a notice identifying Ùle lien. WiÙlill ]0 days of the dale Oil which thai notice is given, BO!Tower shall satisfy tile lien or take one or mOle of tile actions set ¡"orùl above in this Section 4. Lender may require Borrower to pay a oue-time charge for a rea] estate tax verificatioll and/or reporting service used by Lender ill cOJUlection Witil tilis Loan. 5. Property Insurance. Borrower shall keep ùle impruvellJents no\l' exisrillg or hereafter erected OIl tile Property insured agaiust loss by tire, hazards included wid1În tile terIII "extended coverage," and al1\ oùler hazards inc]udiug. but nOI limited to, earti¡quakes and Hoods, for which Lender requires insurallLe. This insurance shall be maintained in ùle amOUJl[S \VYOl\IlNG -.Siuglt hunily _Luuut J\lac,j-Tt"Jdit l\lac U:<IFOHJd 1ì<STlZUMEI-;T Form JUS! 1/0J Gl\lACl\1 - Cl\1S.IJIJ-t2.WY (lJlHJl) (Page ó (!118) l,útials: ., .¡ /\ /7 1- '~"'-~'; /-', ('''' ,'-"t . .,..i r~~.J: () .~-t' ~ (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to ùle preceding sentences can change during the term of tJle Loan. The insurauce carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised umeasollably. Lender Illay require Borrower to pay, in connection with tJlis Loan, eiùler: (a) a one-time charge for t100d zone determination, certification and tracking services; or (b) a one-time charge for t100d zone determination and certification services and subsequem charges each time remappings or sinlilar changes occur which reasonably nlight affect such determination or certificatioIl. Bouower shall also be responsible for the payment of any fees imposed by the Federal Emergency !vlanagement Agency in cOllllection with tJle review of any ±lood zone deternlination resulting Üom an objection by Borrower. If BornJ\ver fails to maintain any of tJle coverages described above, Lender may obtain insurance coverage, at Lender's OptiOll and Borrower's expense. Lender is under ]l() obligation to purchase allY particular type or amount of coverage. Therefore, SUcll coverage shall cover Lender, but might or JIIight not protect Borrower, Borrower's equity in the Property, or tJle contents of the Property, against allY risk, hazard or liability and nlight provide greater Of lesser coverage than was previously in effect. Borrower acknowledges Ùlat tile cost of tile insurauce coverage so obtained nligbt significantly exceed tile cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at tile Note rate fnHIl tile date of disbursement and shall be payable, witil sucb interest, uponllotice from Lender to Borrower requesting payment. All insurance policies required by Lender aud renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall lllillle Lender as mortgagee and/or as an additional loss payee. Lender shall have tile right to hold tiH~ policies and rellewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction 01. tile Property, such policy shall include a standard mortgage clause and shall lllime Lender as lllortgagee and!ur as an additiolllilloss payee. In ùle event of loss, Borrower shall give prompt notice to ùle insurance carrier and Lender. Lender may make proof of loss if not nllide promptly by Borrower. Ulùess Lender and Borrower oùlerwise agree in writing, any insurance proceeds, whetiler or not the underlying insurance was required by Lender, shall be applied to restoration or repair of tile Property, if tJle restoration or repair is econolllically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have tile right tu hold such insurance proceeds ulltil Lender has had an opportunity to inspect such Property to ensure tile wurk has beell completed to Lender's satisfaction, provided tilat such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as tile work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay BOTIower any interest or earnings on such proceeds. Fees for public adjusters, LOAN NO: 586693301 \VYU1\UNG - Smglf: Faruily u humit 11at,'Freddlt' !\lüc UNIFOR!\i n-iSTRUMENl Form 3ü51 1/01. II if . Gl\1ACM - Cl\lS.()()42.WY (0001) (Page 7 of 18) Inj(iald/.! ~ .T ~+"....~).'.'." i \" ....:.... ";'--'~" :-': (_~; I~~ 2; .~:.'~~ 3 or other third parties, retailled by Borruwer shall lIdt be paid out oj die insurallce proceeds and shall be the sole obliga!Ìon of Burrower. If the restoration ur repair is not economically feasible ( " Lender's security would be lessened, the illsurance proceeds shall be applied to the sums secured by this Security Instrument, whether ur nut dlen due. with the excess, if allY, paid to Borrower. Such illsurance pruc:eeds shall be applied ill the order pruvided for ill Sectioll 2. If Borrower abandollS the Property, Lender nillY file, negotiate and settle allY available insurance claim and related matters. If Borrower does uot respund within 30 days to a notice frmn Leuder dlat die illSurallce carrier has offered to settle a claim, thell Leuder lllay negotiate aud settle dIe claim. The 30-day period will begill when die notice is given. In either evem, or if Lender acquires die Property under Sectioll 22 or odlerwise, Borrower hereby assiglls to Lender (a) Borrower's rights [U allY insurance proceeds in all amOUll! not to exceed dIe amounts unpaid under dIe Note or this Security Instruurent, and (b) any odler of Borrower's rights (odler than dIe right to any refund of unearned premiums paid by Burrower) under all insurance policies coverillg dIe Property, insofar as such riglus are applicable to dIe coverage uf dIe Property. Lender may use dIe insurance proceeds eidler tu repair ( " restore dIe ProperlY or to pay amounts uJlpaid under Ùle Note ( " ù1Ìs Security Instnnnellt, wheùler ( " nut dlen due. 6. Occupancy. Borrower shalJ occupy, establish, and use die Property as Borrower's principal residence wiù1Íu 60 days after We executioll of ù1Ìs Security InstfUmelll and shalJ continue to occupy dIe Property as Borrower's principal residence for at least une year after die date of occupancy, unless Lender oùlerwise agrees in writing, which COIlsent shalJ JI()[ be uureasonably wiùlheld, or Ulùess extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, 1\1ailltellance and Protection of the Property; Insµections. Borrower shall not destroy, damage or impair the Property, allow tile Property to deteriorate or commit waste 011 the Property. Whether or Ilut Burrower is residing in dIe Property, Borrower shallnlailltain Ùle Property ill order tlJ prevelll dIe Property from deteriorating or decreasing i IJ value due to its conditioIl. Unless it is determined pursuant to Sectjun 5 Wat repair or restoration is not economically feasible, Borrower shall promptly repair die Property if damaged to avoid í'urdler deterioration or damage. If insurance ur condenuilltion proceeds are paid in connectioll with danlage tlJ, or die taking of, the Property, Burrower shall be respollsible for repairing or restoring the Property on])' if Lender has released proceeds for such purposes. Lender may disburse proceeds for ùle repairs and restoration in a single payment ur in a series of progress payments as the work is completed. If the insurance or condelllllation proceeds are uot sufficiem to repair or restore dIe Property, Borrower is nut relieved of Burrower's obligation for Ùle completion of such repair or restoration. Lender or its agent nla)' lIlake reasonable entries upon and inspections oj dIe Property. If it has reasonable canse, Lender lIillY illspect the imerior of die improvements 011 tile Property. Lender shall give Borrower notice at tIle time of or prior to such an interior illspeClion specifying such reasolJable cause. 8. Borrower's Loan Application. Burrower shall be in default if, during tile Loall application process, Borrower or any persons or emities actiug at dle direction of Borrower or widl Borrower's knowledge or conseJJt gave materially false, misleading, or Ülaccurate information or statements to Leuder (or failed [0 provide Lender widl nlaterial informatiun) ill \V\!()j\IING H Single Fa.mily -- Fannit" r,Jät/he,k1\t -'.I;\t: l,inJFOfU.I niSTkl.U,IENT j"urn! ~~051 liOt /, G!\L\Ci\1 - CAlS.0042.WY (0001) (Page Ö r~1 18) I IlitiII Is I-'L ~~..--' ..__'-' J í \ ;'. ,'....~. ,.... .--., ,.... r ',! :;: C: .~< ;j connection widl dIe Loan. Material representations include, but are not limj¡ed to, represelllations concerning Borrower's occupancy of dIe Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements cOJltained in dJÏs Security Instrument, (b) there is a legal proceeding dlat might siglú1icantly affect Lender's interest Í11 the Property and/or rights under this Security lmtrument (such as a pruceedillg ill ballkruptcy, pro bale, for condemnation or forfeiture, for enforcement of a lie]] which may allaiu priority over this SecurÍly Instrument or to enforce laws or regulations), or (c) Borrower has abandoned dIe Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security IJls, trumelll including protecting and/or assessing d]e value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited [(): (a) paying any SUHlS secured by a lien which has priority over dÜs Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in d]e Property and/or rights under dÜs Security InstnUJlelll. including its secured position in a bankruptcy proceeding. Securing dIe Property includes. but is not limited to, elllering the Property to nlake repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or odier code violations or dangerous conditions, and have utilities turne:d on or off. AldlOugh Lender nlaY take action under this Section 9, Lender does not have to do so and is not under any dUlY or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions audlOrized under this Section 9. Any amounts disbursed by Lender under dlÌs Sectiou 9 shall become: additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at die Note rate from dIe date of disbursemeJJt and shall be payable, widl such imerest. upon notice from Lender to Borrower requesting payment. If dÜs Security Instrument is Oll a leasehold, Borrower shall comply wid¡ all d]e provisions of dIe lease. If Borrower acquiœs fee title to die Property, dIe leasehold and die fee title shallllot merge unless Lender agrees to die merger in writing. 10. Mortgage Insurance. If Lender required Ivlongage lnsurallce as a condition of lnakillg the Loan, Borrower shan pay die premiullls required to maimain tile Ivlortgage Insurance in effect. If, for any reason, we ìvloItgage: Insurance coverage required by Lender ceases to be available from die mortgage jnsurer that prevjously provided such insurance and Borrower was required to make separately designated payments toward tile premiums for Mortgage Insurance, Borrower shall pay tile premiums required to obtain coverage: substantially equivalent to tile Mortgage: ]nsurance previously in effect, at a cost substantia]]y equivalent to die cost to Borrower of d]e Mortgage Insurance prevÜ)usly in effect, from an alternate mortgage insurer selected by Lender. ]f substautially equivalem Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender dIe alllount of tile separately designated payments dlat were due when dIe insurance coverage ceased to be in effect. LellCler will accept, use and retain dlese paymems as a non-refundable loss reserve in lieu of !vlortgage Insurance. Such loss reserve shall be non-refundable, notwidlstanding the fa¡;t dIal dIe Loan is ultimate] y paid in full, and Lender shallllut be required to pay Borrower any interest or earnings un such loss reserve. Lender can no longer require loss reserve payments if Mortgage: Insurance coverage (in tile IJOAN NO: 586693301 GMAl'i\l - CMS.0042. \\''1' (0001) (Puge 9 (If 1S) \YYO.ì\llNG -- SlUgle Family u hmnit p-la¡;;'"Predwr: hhc U.ì~lFOFJ,I H\STRt:l\lU~1 Form 3051 l/U1 Initials: t t If- J \ ,.,/.' -. -, -. ~. r. ¡,!····-..u· '~) ;.) Ü ...; aJllount and for the period that Lender requires) provided by an insurer selected by Lellder again becomes available, is obtained, and Lender rtquires stparately designated payments toward the premiullls for ivlortgage Insurance. If Lender required Mortgage InsuranL:e as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiullls for !vlongage Iusurance, BorJ[nver shall pay Ùle prellùums required to maiutain JVlortgage Insurauce in effect, or to provide a lion-refundable loss reserve, until We Lender's requiremcnt for Mortgage Insurance ends in accordance WiÙl any written agreemellt between Borrower and Lender providing for such tenllÌnation or until lernùnation is required by Applicable Law. Noùùng in ùlÌs Section IO affects Borrower's obligation to pay interest at Ùle rate provided in Ùle Note. Mortgage Insurance reimburses Lender (or auy entity Ùlat purchases Ùle Note) for cenain losses it may incur if Borrower does not repay Ùle Loan as agreed. Borrower is not a party to the Mortgage Illsurance. Mortgage insurers evaluate ù¡eir total risk on all such insurance in fon.:e Üom time to time, and may enter into agreelllems with other panies that share or modify their risk, or reduce losses. These agreements are on terms aud conditions Ùlat are satisfacwry to Ùle mortgage insurer and Ùle other pany (or parties) to ùlese agreemems. These agreemems may req uire the Jllortgage insurer to make payments using any source of funds Ùlat ÙIe mortgage insurer may have available (which may iucJude funds obtained from Mortgage Insurance prenùull1s). As a result of these agreements, Lenùer, any purchaser of Ùle Note, anuùler insurer, any reiIßurer, allY other emity, or any aŒliate of any of Ûle foregoing. may receive (directly or indirectly) amounts Ûlat derive from (or might be characterized as) a portion of Borrower's payments for Jvlortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreellltnt provides that an affiliate of Lender takes a share of the iusurer' s risk in exchange fur a share of the premiums paid to ùle insurer, Ûle arraugelllenr is often termed "captive reinsurance." Furùler: (a) Any such agreements will not affect the amounts that Borrower has ag.-eed to pay for l\lortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will O\\'e for Mortgage Insurance, and they \\'ill not entitle Borrower to any refund. (b) Any such agreements will not affect the rights ßorrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of ] 998 or any other law. Thesp .-ights may include the right to receive certain disclosures, to request aIld obtain cancellation of the Mortgage Insurance, to have the l\lOlotgage Insurance terminated automatically, and/or to recei \'e a refund of any l\l ortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of l\liscellaneous Proceeds; ForfeitUI-e. AU )'vIiscellaueous Proceeds are hereby assigned to and shall be paid to Lender. \YY01\Jlj\G -- SjHglt .hunily _.. }";a.rllli(:: J\lat:"Fn:dtlie Uac Ut~IFOIU,J IhSTRULlENT Form ~~O.5J lIUJ ...I GJ\1AC1\1 - CJ\IS,0041.WY (0001) (I'd!;£' 10 or IS) lnitials/, \ 1''': , I If ,;'-, ".-; ,f":'~. .'; \,) ~..; C' '-..;: .J~ If the Property is damaged, such !vliscellaneous Proceeds shall be applied to restoration or repair of the Property, if !lle restoratiull or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds umil Lender has had al1 opportunity to inspect such Property to ensure tlle work has been completed to Lender's satisfaction, pJUvided that suclr inspection shall be undertaken promptly. Lender lillIY pay for tlle repairs and restmation iu a single disbursement or ill a series of progress payments as !lIe work is completed. Ulùess an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If !lIe restoration or repair is not economically feasible m Lender's security would be lessened, the !vliscellaneous Proceeds shall be applied to tlle sums secured by this Security Instrument, whetller or not then due, Witll the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in !lle mder provided for in Section 2. In the event of a [()[a] taking, destruction, or loss iu value of !lIe Property, !lIe Miscellaneous Proceeds shall be applied to !lIe sums secured by tlús Security Instrument, whether or not tllen due, Witll the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of tire Property iu which ùle fair market value of ùle Property immediately before the partia] taking, destructiun, or loss in value is equal to or greater than Ùle amoum of tlle sums secured by tllis Security InsuuUlent immediately before tlle partial taking, destruuicJl], or loss in value, U1lleSS Borrower and Lender otherwise agree in writing, tlle SUlUS secured by ùlÍs Security Jnstrument shall be reduced by tlle amount of tlle Miscellaneous Proceeds multiplied by the following fraction: (a) ùle total alllount of tlle sums secured immediately befme ùle partial taking, destruction, or loss in value divided by (b) Ùle fair market value of tlIe Property immediately before tlle partial taking, destruction, or Joss in value. Any balance shaH be paid to Borrower. Jn the evem of a partial taking, destruction, or loss in value of tlle Propeny in which tlle fair market value of tlle Prupeny ÌlmuediateJy before tlle partial taking, destruction, m loss in value is less than tlle alllOunt of tlle sums secured immediately before Ùle pani:.JJ taking, destruction. or Joss in value, unless Borrower and Lender otllerwise agree ill writing, !lIe Iv1iscellaneous Proceeds shall be applied to tlle sums secured by this Security lnstrumem whetller or not tlle SUIllS are tllen due. If the Property is abandoned by Bo, fI(nVef or if, after Ilotice by Lender to Borrower that the Opposing Party (as defined in the nexl semence) offers 10 make all award to settle a claim !()r dalilllges, Borrower fails [(J respund 10 Lender witlun 30 days after Ùle date ùle notice is given, Lender is aUùlOrized to collect and apply Ùle Miscellaneous Proceeds either tu restoration or repair of the PJOperty or to Ùle sums secured by this Security lnstfumellt, wheùler or not ùlen due. "Oppusing Party" means Ùle tlrird party that owes Borrower !\,lisceJlaneous Proceeds or tlle party against whom Borrower has a right of actiun in regard to Miscellaneous Proceeds. LOÞ~ NO: 586693301 I \VY01\Ui\"G Si1lgit Family -- FaJUlÚ; t.be/Frtddlt: f\lac UNIFCJkl,j H·¡STKU~,lENT I'orm JU51 1IUl I / "/t Gl\IACl\J - O\JS.0042.\\'Y WUUl) (Page 1! of 18) lnitials: /. "1, . , , I _"~ :j C ;; ,-! 2 Borrower slJall be in default if any action or proceeding, whether civil or crimiual, is begun that, in Lender's judgment, could result iu forfeiture of the Propeny or odler material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and. if acceleration has occurred, reinstate as provided in Section] 9, by causing the actioJJ or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Propeny or oùler luaterial impairment of Lender's imerest ill ùle Property or rights under Ù1is Security IlIstrumenL The proceeds of any award or claim for damages ùlat are attributable to the impairment of Lender's imerest in ùle Property are hereby assigned and shall be paid to Lender. All !v!isce]]aneous Proceeds that are not applied to restoratiun or repair of ùIe Property shall be applied in ùle order provided for in SectioJ1 2. 12. BOITo\\"er Not Released; Forbearance By Lender Not a Waiver. Extensiun of the time for payment or JIIodificatiOlJ of amortization of tIlt sums secured by ùJis Security instrumellt granted by Lender to BouO\ver or any Successor in Imerest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Bouower. Lender sha]] not be required to commence proceedings against any Successor in Interest of Borrower or to refuse [() extend time for payment or otherwise modify amortization of Ù1e sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in interest of Borrower. Any forbearance by Lender ill exercising allY right or rellledy including, witllOu[ linùtatioll, Lender's acceptance of paYllleIlts hom third perSOllS, entities or Successors ill Imerest of Borrower or in amounts less Ùlan Ùle amount then due. shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signe¡-s; Successors and Assigns Bound. Borrower covenants and agrees dIat Borrower's obligations aud liability shall be joim and several. ]{owever, any Borrower who co-signs ùÜs Security lnstrumelll but does IIOt execute dIe Note (a "co-signer"): (a) is cu-signillg ùJÎs Security Instrument ollly to mortgage, grant and convey the co-signer's imc:rest in ùJe Property under the (LTllL~ of ùJÎs Security lnstrumem; (b) is not personally obligated to pay ùle sums securc:d by Ù1js Security Instrument; and (c) agrec:s that Lender and any otJlc:r BOITower can agree to extc:nd, modify, forbear or nJakc: any accollllllodations with regard to ùIe tams of this Security Instrument or the Note widIollt die co-signer's consent. Subject to Ùle provisiuIIs of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligatious Ullder ùJÎs Security Iustrumc:llt in writing, and is approved b) Lender, shall obtain al] of Borrower's rights and benefits under ùÙs Security illSlIument. Burrower shall !lot be rekased frolll BOITuwer's obligations aJld liability under ùÜs Security Instrument unless Lender agiees to such release iu writing. The covelJalllS and agreelllellls of this Security InstrUluent shall bind (except as pruvided in Section 20) and bellelit ùle successors and assigns 0 f Lender. \YYU;\JJNG -- Smg.!t: LUll.i]y -. Luuut .t\l¡¡(;,'Fn;ddll' 1\1:.11: t¡NJFOj'~¡,1 JI<STPIY,,1Er;T 1;01"01 ]0.51 1/01 /,~ Initiu.Js: / r f 1 //1 ,/¡{ G'\lACl\l - Cj\lS.0042.\YY (011111) (/'a¡;e 12 0/18) -'~'':;'-d' r-, /-, ,..... .:-" r"j ..i;'(.; ,.J prohibition against agret:lllt:nt by contract. In tht: t:yt:!1t that any proVISIOlI or clause of ùÚs Security Instrument or ùle Note conflicts wiù] Applicabk Law, such contlict shall not afft:ct oùler provisions of this Security Instrument or the Note which can be given effect wiùlOut ùle conllictÏng provision. As ust:d in iliis St:curity Instrulllt:llt: (a) words of the lllasculint: gelldt:r shaH lllt:an and include corrt:sponding neurt:r words Of words of ùle ft:lllinine gt:nder; (b) words in tilt: singular shalllllt:an and include tht: plural and yiet: versa; and (c) Ùlt: word "nlaY" givt:s soIt: discrt:tioll WitllOur any obligation to take any action. 17. Borrower's Copy. Borrowt:r shall bt: giyt:n one copy of tilt: Nott: and of ùÚs St:curity Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As ust:d in this St:ction 1 8, "Imt:rt:st in tile Propt:rty" llleans any legal Of bt:Jldicial imt:rest in tht: Pruperty, including, but not linll tt:d to, tllOSt: bendicial inrt:rests transterœd in a bond for dt:ed, contract for dt:t:d, installlllt:1lt sales contract or t:scrow agrt:t:lllt:!1t, ùle iutt:nt of which is Ùlt: transíÚ of titlt: by Borrowt:r at a futmt: dart: to a purchast:r. If al! or any part of tht: Propt:rty or auy Intt:æst in ùle Property is sold or transferred (or if Borrown is not a natura] pt:rson and a bt:ueficial iutt:rt:st in Bonowt:r is sold or transferred) without Lt:nder's prior written conSt:11t, Lendn lnay require inUllt:diatt: paYlllt:nt in full of al! sums secuœd by tlÚs St:curity Instrumt:nt. HOWt:Yt:L this option shaH not bt: exacist:d by Lmdt:r if such t:xercise is prohibitt:d by Applicable Law. If Lenda ext:!'ciSt:s this option, Lt:ndt:r shal! give Bonowt:r notict: of accekratio11. Tht: notice shall proyidt: a period of not kss ùran 30 days from Ùle date Ùlt: notice is givt:n in accordanCt: WiÙI St:ction 15 within which Borrower lllUSt pay all SUIllS st:curt:d by ùÜs St:cmity IllStrull1t:tlt. If Borrowt:r fails to pay tlrese sums prior to tile apiration of ùÜs pt:riod, Lt:ndn may invoke any rt:lllt:dit:s peu11ittt:d by tlÚs Security Instrument witllOUt furtllt:r 1l0tiCt: or dt:nland on BOITowt:!'. 19. Borrower's Right to Reinstate After Acceleration. If Borwwt:r lllt:etS ct:rtain conditions, BOITowt:J shall havt: the right to havt: enforct:lllelll of this Security Instrulllt:nt disconri11ut:d at any tinll' prior to the t:arliest of: (a) tivt: days befort: sale of tile Propt:rty pursuam to any power of sak contained in tllis St:curity Instrulllt:Jlt; (b) such otller pt:riod as Applicabk Law might spt:cify for the termination of Borrowt:r's right to rt:instatt:; or (c) t:ntry of a judgllJt:llt enforcing ù1Ìs Security Instrullleut. Thost: conditions art: tllal Bonowt:r: (a) pays Lt:ndt:r aJl SUUlS which ùlt:n would bt: dut: uuder this Security IuStmll1t:llt and Ùlt: Note as if nu accdt:ration had occuræd; (b) cures any ddault of any oùler COve11alltS or agreellleuts; (c) pays all expt:nses incuned in ellt()l'cing this St:curity lllStrumellt, iucluding, but uot Iimitt:d to, œasonabk attorneys' tees, pmperty iuspt:ctioJl and \'aluatioJl kes. and oúwr fÚs i11cuned fur t]¡e purpost: of protecting Lwder's imerest ill tilt: Property and rights under tlÚs Security InstruIllellt; and (d) takt:s such action as Lt:lldt:r may reasoJlably require to assurt: tllat Lelldn's illtt:Tt:st in tile Propt:rty and rights undt:r iliis St:curity Instrulllt:llt, and Borrower's obligation to pay tht: sums st:curt:d by iliis St:curity Ins tru me lit , shall continue ullc]¡allged. Lt:lldt:r IlillY requirt: Ùlat BOITowt:r pay stich reiJlstatt:lllt:lH sums and expellst:s in OIle or lIlort: of ùle following Ümlls. as sdected by Lt:mkr: (a) cash; (b) money ordn; (c) Ct:rtified cht:c1:, bank check, treasurer's c]¡t:c1: OJ cashin's cht:ck, provided any such cht:ck is drawn upon an institution wllUst: dt:pusits are insuæd by a ft:deral agency, instrulllt:ntality or e11tity; or (d) EkctrOlllC Funds Transtá. \YYOl\llNG -. Si.llgl~ Family Fümllt" J\lae..ht;Jdit'ld:\L: Uì·JIFOPJ\lINSl.RtiJdENT Form ]051 1/01 ' ' i ¡¡),\ G1\1.\(,1\1 - Ci\1S.t)l142.\\'Y (0001) (l'agc 1-1 (~118) J¡ûtialsj I ;". , >f · :'..~~ {,~ 2~: ¿1 -," "~..", ] 4. Loan Charges. Lenda may charge Borrower fees for services perfuIllled in COl1JIe¡;tiOl] with Borrower's default, for tlle purpose of protecting Lender's interest in the Property and rights under ùÜs Se¡;urity IIlStnllnelll, incI uding, but not limited to, attomeys' fees. property inspection and valuation fees. In regard to any oùln fees, ùle absence uf express aUùlOrity in this Security Instrument to charge a specific fee to Burrower shall not be cOlL'>trued as a prohibition on ù]e charging of such fee. LelJder may not charge fees ù]at are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is tlually interpreted so ùIat the imerest or mher loan charges co!leued or to be collected iu COlllle¡;tion wiù] the Loan exceed the permitted limits, ù]en: (a) auy such loan charge shall be reduced by ùIe amount necessary to reduce ù]e charge to the pernÜtted limit; and (b) auy SUIllS already collected hom Borrower which exceeded permitted lilllits will be refunded to Borrower. Lender may choose to lllake ùlÍs refund by reducing Ùle principal owed under ùle Note or by making a direct payment to Borrower. If a refund reduces prin¡;ipal, ù]e redu¡;tion will be treated as a partial prepayment wiÙlOut any prepayment d]arge (whether or not a prepaymem charge is provided for under ùIe Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a wai ver of any rig lit uf action Borrower núght have arising out of such overcharge. ]5. Notices. All Noti¡;es given by Borrower or Lender in cOlll]ection with ùlÍs Security Instrumellt must be in writing. Any notice to Borrower in connection witll this Security Instrumellt shall be deemed to have been gi ven tu Borrower when mailed by tirst dass mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unkss Applicable Law expressly requires oùlerwise. The notice address shall be tlle Property Address unless BOlTower has designated a substitute lIotice address by notice to Lender. Borrower shall promptly lIOtit~! Lender of Borrower's change of address. If Lender specifies a procedure for reponing Borrower's change of address, then Borrower shaIl only repon a change of address ù]rough that speÒtied procedure. There may be only OIle desigmlted ]Jotice address under this Se¡;urity instrument at an)' oue time. Any notice to Lellder shall be given by delivering it or by mailing it by tlrst class mail to Lender's address stated herein ulùess Lender has designated anotl]ef address by notice to Borrower. AllY notice in connection witl1 ù1Îs Security lustrumem shall uot be deemed [() have been given to Lender until actually received by Lender. If any notice required by wis Security lnstrument is also required under Appli¡;able Law, ùle AppJicable Law requirement will satisfy tlle corresponding requirement nnder ùtis Security instrumem. 16. Governing Law; Severability; Rules of Constmction. This Security Instrument shall be governed by federal law and ùIe law oj ùie jurisdiction in which ùIe Property is located. All rights and obligations contained in tl1Ís Semrity Instrument are subject to any requirements and linútatiolls of Applicable Law. Applicable Law might explicitly or implicitly a]Jo\\, the panies to agree by coutract or it might be sileut, but such silence shall uot be ¡;onstrued as a LOAN NO: 586693301 \VY()i\JING u Smgk Fami!y .. FalJlIÚ: 1,lac hn\;\H; t,lal: UNlr-Ukid ¡¡~STH.Ut',lENT Form .iOSl liOl .í Gì\IAC1\1 - Ci\1S.0042.\\"Y (000]) (I'agl' 13 UfiB) lJútials:" \ I . l 'í ,.", -- ;-" ('.; CO" ~~ . ,.--. ,. t-.~; Upon reinstatement by Borrower, this Security Iustrumeut aud obIigatiolls secured hereby shalJ remain fully effective as if 110 acceleration had occurred. However, tliis right to reinstate shall not appl y in the case of acceIeratioll under Section 18. 20. Sale of Notej Change of Loan Servicerj Notice of Grievance. The Note or a partial interest in tbe Note (together with this Security Instrument) can be suld one or more times without prior nutice to Borrower. A sale llIight result in a change in ùIe entity (Lllown as the "Loan Servicer") ÙIat collects Periodic Payments due under the Nute and tliis Security Instrument and performs OùIer mortgage loan servicing obligations under the Note, dlÌs Security Instrument, and Applicable Law. There also lllight be one or more changes of dIe Loan Servicer ullfe1ated to a sale of the Note. If ù¡ere is a change of ùle Loan Serviœr, Borrower will be given written llotice of the change which wilJ state the llallle and address of dIe uew Loan Servicer, dIe address to \\hid¡ payments should be made and any oùler information RESPA requires in cOlmection wiù¡ a notice of transfer of serviciug. If dIe Note is suld and thereafter ùIe Loan is serviced by a Loan Servicer odler dIan dIe purchaser of dIe Note, dIe llJortgage loan servicing obligations to Borrower wilJ remaiu WiÙI dIe Loan Servicer or be transferred to a successor Loan Servicer aud are not assumed by dIe Note purchaser Ulùess oùlerwise provided by ùIe Note purchaser. Neither Borrower uor Lender may commence, join, or be joiued to any judicial action (as eiùrer an individual litigant or dIe member of a class) ÙIat arises from ùIe otlier party's actions pursuant to ù1Ís Security Instrument or that alleges that the other party has breached all) provisioll of, or any duty owed by reason of, ù1Ís Security Instrument, until such Borrower or Lender has notified ùIe other party (with such notice giveu in compliance WiÙI the requiremeHts of Section IS) of such alleged breach and afforded the oùler party hereto a reasollab!e period after ùIe giving of SUell HJtice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be tab~n, ùrat time period wiIl be deemed to be reasollable for purposes of ù1Ís paragraph. TI¡e notice of acceleration and OppOrLUllity to cure givell to Borrower pursuant to Section 22 and ùle notice of acceleratiou giveu to Borrower pursuant to Section 18 shall be deemed [() satisfy the notice and opportunity to take corrective actiou provisions of tliis Sectiou 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substallces" are ùrose substances defined as toxic or hazardous subStallces, pollutallts, or wastes by Euviron1llental Law and ùIe following substallces: gasoline, kerosene, oùler flalmllable or toxic petroleum products, toxic pesticides and herbicides, volatiJe solveuls, materials colltaiuing asbestos or formaldehyde, and radioactive materials; (b) "Envirolwlental Law" mc:ans federal laws aud laws of ÙIe jurisdictiuu where ùIe Property is located drat relate to healù1, safety or environmental protection; (c) "Emironmelllal CJeanup" includes any response action, remedial action, or remova] aCliou, as defined in EllViroull1emal Law; and (d) an "EnviwllIuC:lllal Condition" means a condition dIat can cause, contribute [(), or oùlerwise trigger an EllYin Hlmental Cleanup. Borrower shall nOl cause or permit the presence, use. disposal, storage, or release of any Hazardous Substances, or tlu'eatell to release any Hazardous Substances, on or in dIe Property. Borrower sha]] not do, nor a]]ow allyone else to do, auytliing atlectillg the Propc:rty (a) that is ill violation of any Envirolllnelllal Law, (b) which creates an Environmeutal Condition, or (c) which, due to ùIe presellCl'. use, or release of a Hazardous Substauce, creates a conditiuu Ùlat LOAN !JO: 586693301 \VYOl\.1F\C; -- SllIgh: FauuJy -. faullje ¡-.1a:;.Treùdlt. t.1ac UHIF01U>1 Ir~STRUr,1ENT Form 3051 VOl G1\lACJ\I - C1\lS.0042.\YY ((HIOl) (1',lge 15 (~118) Initiak I j., ,¡ : i / iT ,./..: - , ._j;:.~' (-, C) C: 8 ,_~ G adversely affects the value of the Property. The preceding two sentences shall not apply to ùIe presence, use, or storage on ùle Property of small quantities of Hazardous Substances ÙIat are generally recoglùzed to be appropriate to normal residential uses aud to maintenance oj we Property (inc1udiug, but not limited to, hazardous substances iu consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demaud, lawsuit or oùler action by any governmental or regulatory agency or private pdny involving ùle Property and any Hazardous Substance or Environmental Law of which Burrower has actual knowledge, (bì any Environmental Condition, including but ¡JUl limiled to, any spilling. leaking, discharge, release or ÙlTeal of release of any Hazardous Substance, and (c) any cundition caused by ùle presence, use or release of a Hazardous Substance which adversely affects the value of ùle Property. If Borrower learns, or is notiíïed by any govemmental ur regulatory aUùlUrÎty, or any private party, ùIat any removal or oùler remediatioJJ of any Ilazardous Substance atIecting Ùle Property is necessary, Borrower shal1 promplly take al1 necessary remedial actions iu accordance wiù] Environmental Law. NOùlÎng herein shal1 create any obligation on Lender for an Environmelltal Cleanup. follows: NON-UNIFORtvl COVENANTS. Borrower and Lender furùler COVellant and agree as 21. Acceleration; Remedies. Lender shall gÍ\"e notice to Borrower prior to acceleration following BOITower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleratiou under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must ue cured; and (d) that failnre to cure the default on or before the date specified in the notice may "esult in acceleration of the sums secured uy this Securit) Instrument and sale of the Property. The notice shall further inform BOITowe,- 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 BOITower to acceleration and sale. If the default is not cUl-ed on or uefUl-e the date specified in the notice, Lende,- at its option may require immediate payment in full of all sums secured by this Security Instmment without further demand and may in yoke the PO\\ er of sale and any other remedies permitted by Applicaule Law. Lender shall be entitled to collect all expenses inrulTed in pursuing the remedies provided in this Section 11, including, but not limited to, reasonable attorneys' fees and costs of titIeevidence. If Lender in yokes the power of sale, Lender shall gi ye notice of intent to fUl-edose to BOITO\yer and to the person in possession of the Property, if different, ill accordance with A pplicable Law. Lender shall gi ve notice of the sale to BOITower in the manuer provided in Section] 5. Lender shall publish the notice of sale, and the Prope'"ty shall be sold in the manner prescribed by Applicaule La\\". Lende,- or its desiguee may pun:hase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonaule attorneys' fees; (b) to all sums secured by this Security Instmment; and (c) any excess to the person or persons legally entitled to it. \YYOj\llNG u Slllgle Family -- [CaBBie Mae/Freddie hi" 1JNIH)J(i\III'¡STRUME:;j lorn! ¡\05t I/U] , Gl\lACi\l - CJ\1S.UU' 2.\\'Y (0001) (Page hi (¡nil) Initials: "~I rlh> !.' \ '........... ,,<I' '., ("'\ r' ~-, ~""'1 ) ,; j (J ..J~ . 23. Release. Upou payment of all sums secured by this Security hlstrumeut, Lender shall release this Security Im;trumenl. Borrower shalJ pay any recordation coSts. Lender may charge Borrower a fee for releasing this Security Instrument, but only if d¡e fee is paid to a dIird pany for services rendered aud the charging of ù¡e fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights Ullder and by virtue of the homestead exemptjonlaws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to dIe tenus alld covenants contained in Ùlis Security Instrumeut and in any Rider executed by Burrower alld recOJded wiù¡ It. ..-\ . ! b / ./ , .' 1/ C , ennîS .·f L'~' J. . /' /'tÄL' / J\ë1Š ell . '. . . ./ /. I .,/? ! (Sml) // /'- í . I / -Hurru\I,·r.:r (Sea/) -BüITuwel (Seal) - Borrower (Sell/) - Borwwer LOAN NO: 586693301 Wìmesses: \VYOJ\lIT\G -. Singh: Family hUi,¡¡J.: ,\Jat.'Fn:ddit' ~.lilC UNIFORt".1 J>:STRl iJ\1ENT Forni jOSL JlUI Gi\lACi\! - CJ\lS.00-12,\\'Y ((HIli!) (Page 17 of 18) ....... '-~ INDIVIDUAL ACKNüWLEDGl\IENT STATE OFWY0l\11NG, ) ) 55 ) COUNTY OF I' .'- , The foregoing ins[rullleu[ was acknowledged before me [his December 1, 2005 (dale) by D-ennis J. Kelsch, a single person "''";~E;L;:;';('::''',NZ, - NOTARY PVBUC éi": "TATE OF GGUIITY (i;' I. {'.' ~~!YOMlt"G -~'[':.10;: \ \, f ~/ ii'" ':()i';¡hèl:;;~11. '".j L/-¡::;PÊb t'Ì'L.f";:';¡·¡ Z:J. Z(¡J~1 (persuJI ad:lIo\\'!edgillg) '-\' ~- ( 1...1 -.i~ ,_.._/-...._.'\._ I j<. t ':.....3.j'~..~_j -~ 1"otary Public d My Commission Expi res: {vi _,-L/',-~ - . , " ' ;:";""- --, I f'.l.~~-=-)~<_( \Y):'O;\lING- .. SlJlgie LUiJlIy -- fWlllit: ~.lat.:,'Frtddlt· 1-.1ac lJrJJFUJ.U',¡ H'JSrl{l1r.JE!'~T l'orm 3051 1/U1 .; , I.' r". /..-__/í \.. Gi\1ACI\I - C\lS.OO-l2.WY (01101) (Page ]8 ul1S; Initials1· (" \-.....". r", I-¡ r,,: 1,-, or) '~.j ~.... è _~ u Schedule A Wyoming Mortgage Given By: Dennis J. Kelsch Lots 20 and 21 of Star Valley Ranch Plat 15, Lincoln County, Wyoming as described on the official plat thereof. r··..~·: (''', ,-~! ,.-,) ~, -~ G' _) ~~J Page 1