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After Recording Return To:
RECEIVED 12/6/2005 at 4:26 PM
RECEIVING # 914236
BOOK: 606 PAGE: 844
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
[Space Above Thb Line For Recording Data]
MORTGAGE
DEFINITIONS
Words used in multiple sections of this document are defmed below.
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(A) "Security Instrument" means this document, which is dated November 30, 2005, together
with all Riders to this document.
(ß) "Borrowers" are Katrina Hoxie, Darryl Hoxie, and Oracle Construction, Inc. Borrowers are
the mortgagor lli1der this Security Instnunent and are referred to jointly in this agreement as
"Borrower."
(C) "Lender" is Sam Scaffide. Lender's address is 19010 Lynn Lane, Y orba Linda, CA 92886.
Lender is the mortgagee under this Security Instrument.
(D) "Loan Agreement" means the Loan Agreement signed by Borrowers and dated November 30,
2005. The Agreement states that Borrowers owe Lender Four Hundred and Nineteen Thousand Five
Hlli1dred Dollars (U.S. $419,500.00) plus interest. Borrowers have promised to pay this debt by
constructing a residence on the property of Lender located Silver River Cove Lot 7 to the sole
satisfaction of Lender not later than November 14,2006.
(E) "l)roperty" means the property that is described below lli1der the heading "Transfer of Rights
in the Property."
(F) "Loan" means the debt evidenced by the Loan Agreement, plus interest, any prepayment
charges and late charges due lli1der the Loan Agreement, and all sums due lmder tins Security
Instrument, plus interest.
(G) "Applicable Law" means all controlling applicable federal, state and local statutes,
regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all
applicable final, non-appealable judicial opinions.
(II) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated
by check, draft, or similar paper instrument, which is lintiated through an electronic terminal,
telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial
institution to debit or credit an aCCOlmt. Such term includes, but is not limited to, point-of-sale
transfers, automated teller maclnne transactions, transfers initiated by telephone, wire transfers, and
automated clearinghouse transfers.
(I) "l\1iscellaneous Proceeds" means any compensation, settlement, award of damages, or
proceeds paid by any third party (other than insurance proceeds paid under the coverages described
MOnTGAGE - 1
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in Section 3) fÓr: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of
all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations
of, or omissions as to, the value and/or condition ofthe Property.
(J) "Mortgage Insurancc" means insurance protecting Lender against the nonpayment of, or
default on, the Loan.
(K) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §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 matter.
As used in this Security Instmment, "RESP A" refers to all requirements and restrictions that are
imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a
"federally related mortgage loan" under RESP A.
(L) "Successor in Intel'cst of Borrower" means any party that has taken title to the Property,
whether or not that party has assumed Borrower's obligations wlder the Loan Agreement and/or this
Security Instrument.
TRANSFER OF RIGHTS INTI-IE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals,
extensions and modifications of the Loan Agreement; and (ü) the performance of Borrower's
covenants and agreements under this Security Instrument and the Loan Agreement. For this purpose,
Borrower does hereby mortgage, want and convey to Lender and Lender's successors and assigns,
with power of sale, the following described property located in Lincoln County, Wyoming:
Lot 44 in Alpine Village Subdivision No.1, Plat 2, Amended, Lincoln County, Wyoming as
described on the official plat thereof
And also
Beginning at the Northeast corner of Lot 2, also known as the Northwest 1/16 corner of Section 19,
Township 37 North, Range 118 West, Sixth Principal Meridian, Wyoming: and mnning thence
SOooOI '08"W 302.83 feet along the West line of Alpine Village Subdivision No. 1 (instrument
#451666); thence S90000'00"W 501.81 feet; thence N07°56'00"W 309.87 feet to a South line of
said subdivision; thence S89°34' 15"£ 544.59 feet along said South subdivision line to the point of
begÎlming.
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TOGETHER WITH all the improvements now or hereafter erected on the property, and all
easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and
additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this
Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed
and has the right to mortgage, grant and convey the Property and that the Property is unencumbered,
except for encumbrances of record. Borrower warrants and will defend generally the title to the
Property against all claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-
uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument
covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late
Charges. BOlTower shall pay when due the principal of, and interest on, the debt evidenced by the
Loan Agreement and any other charges due under the Loan Agreement. Payments due under the
Loan Agreement and tlùs Security Instmment shall be made in U.S. currency. However, if any check
or other instrument received by Lender as payment under the Loan Agreement or this Security
Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments
due under the Loan Agreement and this Security Instrwnent be made in one or more of tlle
following fonns, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check,
treasurer's check or cashier's check, provided any such check is drawn upon an institution whose
deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer.
2. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and
impositions attributable to the Property which can attain priority over this Security Instrument,
leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees,
and Assessments, if any.
Borrower shall promptly discharge any lien which has priority Over this Security Instrument
unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a
manner acceptable to Lender, but only so long as Borrower is perfonning such agreement; (b)
contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings
which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings
are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien
an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lencler
determines that any part of the Property is subject to a lien which can attain priority over this
Security Instrument, Lender may give Borrower a notice identifying the lien. Within. 10 days of the
date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions
set forth above in this Section 2.
MORTGAG E - 3
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Lender may require Borrower to pay a one-time charge for a real estate tax verification
and/or reporting service used by Lender in cOlmection with this Loan.
3. Property Insurance. Borrower shall keep the improvements now existing or hereafter
erected on the Property insmed against loss by fire, hazards included within the term "extended
coverage," and any other hazards including, but not limited to, earthquakes and t1oods, for which
Lender requires insurance. This insurance shall be maintained in the amounts (including deductible
levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding
sentences can change during the term of the Loan. The insmance carrier providing the insunmce
shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right
shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this
Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services;
or (b) a one-time charge for flood zone determination and certification services and subsequent
charges each time remappings or similar changes occur which reasonably might affect snch
determination or certification. Borrower shall also be responsible for the payment of any fees
imposed by the Federal Emergency Management Agency in connection with the review of any flood
zone determination resulting from an objection by Borrower.
If Borrower fails to maintain any of the coverages described above, Lender may obtain
insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to
pmchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender,
but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the
Property, against any risk, hazard or liability and might provide greater or lesser coverage than was
previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained
might significantly exceed the cost of insm'ance that Borrower could have obtained. Any amounts
disbursed by Lender under this Section 3 shall become additional debt of Borrower secured by this
Security Instrument. These amounts shall bear interest at the Loan Agreement rate from the date of
disbursement and shall be payable, with such interest, upon notice from Lender to Borrower
requesting payment.
All insurance policies required by Lender and renewals of snch policies shall be subject
to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall
name Lender as mortgagee and/or as art additional loss payee. Lender shall have the right to hold the
policies ,and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all
receipts of paid premiums and renewal notices. If BOlTower obtains any form of insurance coverage,
not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall
include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss
payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender.
Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower
otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was
required by Lender, shall be applied to restoration or repair of the Property, if the restoration or
repair is economically feasible and Lender's security is not lessened. During such repair and
restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had
an opportunity to inspect such Property to ensure the work has been completed to Lender's
satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse
proceeds for the repairs and restoration in a single payment or in a series of progress payments as
the work is completed. Unless an agreement is made in writing or Applicable Law retluÌres interest
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to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or
earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower
shall not be paid out of the insurance proceeds and shall be the sole obligation of BOlTO\~er. If the
restoration or repair is not economical1y feasible or Lender's security would be lessened, the
insurance proceeds shal1 be applied to the sums secured by this Security Instrument, whether or not
then due, with the excess, if any, paid to Borrower.
If Borrower abandons the Property, Lender may file, negotiate and settle any available
insurance claim and related matters. If Borrower does not respond within 30 days to a notice fi-om
Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle
the claim. The 30-day period will begin when the notice is given. In either event, or if Lender
acquires the Property under Section 18 or otherwise, Borrower hereby assigns to Lender (a)
Borrower's rights to any insurance proceeds in an amount not to exceed the amOlmts unpaid under
the Loan Agreement or this Security Instrument, and (b) any other of Borrower's rights (other than
the right to any refund of unearned premiums paid by Bon-ower) lmder all insmance policies
covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender
may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid
under the Loan Agreement or this Security Instrument, whether or not then due.
4. Occupancy. Bon-ower shall occupy, establish, and use the Property as Borrower's
principal residence within 60 days after the execution of this Security Instrument and shall continue
to occupy the Property as BOITower's principal residence for at least one year after the date of
occupancy, unless Lender otheIWÍse agrees in writing, which consent shallllot be unreasonably
withheld, or unless extenuating circlID1slances exist which are beyond Borrower's controL
S. Preservation, Maintenance and Protection of the P."OI)erty; hlSl}Cctions. Bon-ower
shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste
on the Property. W11ether or not Borrower is residing in the Property, Bon-ower shall maintain the
Property in order to prevent the Property ITom deteriorating or decreasing in value due to its
condition. Unless it is determined pursuant to Section 3 that repair or restoration is not economically
feasible, Bon-ower shall promptly repair the Property if damaged to avoid further deterioration or
damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking
of, the Property, Bon-ower shall be responsible for repairing or restoring the Property only if Lender
has released proceeds for such purposes. Lender may disburse proceeds for the repairs and
restoration in a single payment or in a series of progress payments as the work is completed. If the
insurance or condemnation'proceeds are not sufficient to repair or restore the Properly, 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 the Property. If it
has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender
shall give Borrower notice at the time of or prior to such an interior inspection specifying such
reasonable cause.
6. Borrower's Loan Application. Bon-ower shall be in default if, during the Loan
application process, Borrower or any persons or entities acting at the direction of BOlTower or with
BOlTower's knowledge or consent gave materially false, misleading, or inaccurate information or
statements to Lender (or failed to provide Lender with material information) in connection with the
Loan. Material representations include, but are not limited to, representations concerning
BOlTower's occupancy oftl1e Property as Borrower's principal residence.
MORTGAGE - 5
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7. Protection of Lender's Interest in tbe Propel1y and Rights Under tbis Security
Instrument. If (a) Borrower fails to perfonn the covenants and agreements contained in this
Security Instnilllent, (b) there is a legal proceeding that might significantly aflèct Lender's interest
in the Property and/or rights under this Security Instrmnent (such as a proceeding in bankruptcy,
probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over tlùs
Security Instrument or to enforce laws or regulations), or (c) Bonower has abandoned the Properly,
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 Instrument, including protecting and/or assessing the
value of the Property, and securing and/or repairing the Property. Lender's actions can include, but
are not limited to: (a) paying any sums secured by a lien which has priority over this Security
Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in
the Property and/or rights under this Security Instrument, including its secured position in a
bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to
make repairs, change locks, replace or board up doors and windows, drain water ITom pipes,
eliminate building or other code violations or dangerous conditions, and have utilities turned on or
off. Although Lender may take action under this Section 7, Lender does not have to do so and is not
under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or
all actions authorized under this Section 7.
Any amounts disbursed by Lender under this Section 7 shall become additional debt of
Borrower secured by this Security Instrument. These amounts shall bear interest at the Loan
Agreement rate [rom the date of disbursement and shall be payable, with such interest, upon notice
from Lender to Borrower requesting payment.
If this Security Instrument is OIl a leasehold, Borrower shall comply with all the
provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title
shall not merge unless Lender agrees to the merger in writing.
8. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are
hereby assigned to and shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or
repair of the Property, if the restoration or repair is economically feasible and Lender's security is
not lessened. During such repair and restoration period, Lender shall have the right to hold such
Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the
work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
promptly. Lender may pay for the repairs and restoration in a single disbursement or in a selies of
progress payments as the work is completed. Unless an agreement is made in writing or Applicable
Law requires interest to be paid on such Miscellaneous Proceeds, Lender shalll10t be required to
pay Borrower any interest or eamings on such Miscellaneous Proceeds. If the restoration or repair is
not economically feasible or Lender's security would be lessened, the Mìscellaneous Proceeds shall
be applied to the SlunS secured by this Security Instrument, whether or not then due, with the excess,
if any, paid to Borrower.
In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous
Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due,
with the excess, if any, paid to Borrower.
In the event of a partial taking, destruction, or loss in value of the Property in which the fair
market value of the Property immediately before the partial taking, destruction, or loss in value is
equal to or greater than the amount of the sums secured by tIus Security Instnunent immediately
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before the partial taking, destruction, or loss in value, unless Bon-ower and Lender otherwise agree
in writing, the sums secured by this Security Instrument shall be reduced by the amount of the
Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums
secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair
market value of the Prope11y immediately before the partial taking, destruction, or loss in value. Any
balance shall be paid to Borrower.
In the event of a partial taking, destruction, or loss in value of the Property in which the fair
market value of the Property immediately before the partial taking, destruction, or loss in value is
less than the amount of the sums secured immediately before the partial taking, destruction, or loss
in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall
be applied to the sums secured by this Security Instrument whether or not the Stuns are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the
Opposing Party (as defmed in the next sentence) offers to make an award to settle a claim for
damages, Borrower fails to respond to Lender within 30 days after the date the notice is given,
Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair
of the Property or to the sums secured by this Security Instrument, whether or not then due.
"Opposing Party" memlS the third party that owes BOlTower Miscellaneous Proceeds or the party
against whom Bon-ower has a right of action in regard to Miscellaneous Proceeds.
Borrower shall be in default if any action or proceeding, whether civil or crinlinal, is begun
that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of
Lender's interest in the Property or rights under this Security Instrument. BOlTower can cure such a
default and, if acceleration has occuned, reinstate as provided in Section 16, by causing the action
or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the
Property or other material impairment of Lender's interest in the Property or rights under this
Security Instrument. The proceeds of any award or claim for damages that are attributable to the
impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender.
9. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the
time for payment or modification of amortization of the sums secured by this Security Instrument
granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release
the liability of Borrower or any Successors in Interest of Borrower. Lender shallllot be required to
commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Security Instrument by
reason of any demand made by the original Borrower or any Successors in Interest of Borrower.
Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's
acceptance of payments from third persons, entities or Successors in Interest of Borrower or in
ammmts less than the amount then due, shall not be a waiver of or preclude the exercise of any right
or remedy.
10. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower
covenants and agrees that Borrower's obligations mid liability shall be joint and several. However,
any Bon-ower who co-signs this Security Instrument but does not execute the Loan Agreement (a
"co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-
signer's interest in the Property under the terms of this Security Instrument; (b) is not personally
obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any
other Borrower can agree to extend, modify, forbear or make any accommodations with regard to
the terms of this Security Instrument or the Security Agreement without the co-signer's consent.
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Subject to the provisions of Section 15, any Successor in Interest of Borrower who assumes
Borrower's obligations under this SecUlity Instrument in writing, and is approved by Lender, shall
obtain all of BOlTower's rights and benefits under this Security Instrument. Borrower shall not be
released from Borrower's obligations and liability under this Security Instnm1ent unless Lender
agrees to such release in writing. The covenants and agreements of this Security Instrument shall
bind and benefit the successors and assigns of Lender.
11. Loan Charges. Lender may charge BOlTower fees for services perforn1ed in connection
with BOlTower's default, for the purpose of protecting Lender's interest in the Property and rights
under tlus Security Instrument, including, but not limited to, attorneys' fees, property inspection and
valuation fees. In regard to any other fees, the absence of express authority in this Security
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Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the
charging of such fee. Lender may not charge fees that are expressly prohibited by this Security
Instrument or by Applicable Law.
If the Lo<m is subject to a law which sets maximum loan charges, and that law is finally
interpreted so that the interest or other loan charges collected or to be collected ill connection with
the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums already collected from
Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to
make this refund by reducing the principal owed under the Loan Agreement or by making a direct
payment to Borrower. Borrower's acceptance of any such refund made by direct payment to
Borrower will constitute a waiver of any right of action Borrower might have arising out of such
overcharge.
12. Notices. All notices given by Borrower or Lender in connection with this Security
Instrument must be in writing. Any notice to Borrower in connection with this Security Instnunent
shall be deemed to have been given to Borrower when mailed by first class mail or when actually
delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall
constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice
address shall be the Property Address unless Borrower has designated a substitute notice address by
notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender
specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a
change of address through that specified procedure. There may be only one designated notice
address under this Security Instrument at anyone time. Any notice to Lender shall be given by
delivering it or by mailing it by first class mail to Lender's address stated herein tmless Lender has
designated another address by notice to Borrower. Any notice in connection with this Security
Instrument shall not be deemed to have been given to Lender until actually received by Lender. If
any notice required by this Security Instrument is also required under Applicable Law, the
Applicable Law requirement will satisfY the corresponding requirement under this Security
Instrument.
13. Governing Law; Severability; Rules of Construction. This Security Instrument shall
be governed by federal law and the law of the jurisdiction in which the Property is located. All
rights and obligations contained in this Security Instrument are subject to any requirements and
limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to
agree by contract or it might be silent, but such silence shall not be construed as a prohibition
against agreement by contract. In the event that any provisiorl or clause of this Security Instrument
or the Loan Agreement conflicts with Applicable Law, such conflict shall not affect other provisions
of this Security Instrument or the Loan Agreement wmch can be given effect without the conflicting
provIsIon.
As used in this Security Instrument: (a) words of the masculine gender shall mean and
include corresponding neuter words or words of the feminine gender; (b) words in the singular shall
mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without
any obligation to take any action.
14. Borrower's Copy. Borrower shall be given one copy of the Loan Agreement and of
this Security Instrument.
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15. Transfer of the I)roperty or a Benetïcial Interest in Borrower. As used in this
Section 15, "Interest in the Property" means any legal or beneficial interest in the Property,
including, but not limited to, those beneficial interests transfen-ed in a bond for deed, contract for
deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by
Borrower at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold or transferred (or if
Bon-ower is not a natural person and a beneficial interest in Borrower is sold or transferred) without
Lender's prior written consent, Lender may require immediate payment in full of all sums secured
by this Security Instrument. However, this option shall not be exercised by Lender if such exercise
is prohibited by Applicable Law.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice
shall provide a period of not less than 30 days 1Ìom the date the notice is given in accordance willi
Section 15 within wlúch Borrower must pay all sums secured by tlús Security Instrument. If
Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
remedies permitted by this Security Instrument without further notice or demand on Borrower.
16. ßOlTower's lligltt to Reinstate After Acceleration. If Borrower meets certain
conditions, Borrower shall have the right to have enforcement of this Security Instrument
discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to
any power of sale contained in this Security Instrument; (b) such other period as Applicable Law
might specify for the tennination of Borrower's right to reinstate; or (c) entIy of a judgment
enforcing this Security Instrument. TIlOse conditions are that Borrower: (a) pays Lender all sums
which then would be due under this Security Instrument and the Note as if no acceleration had
occUlTed; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred
in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees,
property inspection and valuation fees, and other fees incurred for the purpose of protecting
Lender's interest in the Property and rights mlder this Security Instrument; and (d) takes such action
as Lender may reasonably require to assure that Lender's interest in the Property and rights muler
tlllS Security Instrument, and Borrower's obligation to pay the sums secured by this Security
Instnunent, shall continue unchanged. Lender may require that Borrower pay such reinstatement
sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b)
money order; (c) certified check, bank check, treasurer's check or cashier's check, provided ~my
such check is drawn upon an institution whose deposits are insured by a federal agency,
instrumentality or entity; or (d) EledrOIúc Funds Transfer. Upon reinstatement by Borrower, this
Security Instmment and obligations secured hereby shall remain fully effective as if no acceleration
had occurred. However, tIlls right to reinstate shall not apply in the case of acceleration under
Section 15.
17. Hazardous Substances. As used in tl1Ìs Sec1ion 17: (a) "Hazardous Substances" are
those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental
Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products,
toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde,
and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction
where the Property is located that relate to health, safety or environmental protection; (c)
"Environmental Cleanup" includes any response action, remedial action, or removal action, as
defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can
cause, contI-ibute to, or otherwise trigger an Environmental Cleanup.
MORTGAGE - 10
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Borrower shall not cause or permit the presence, use, disposal, storage, or release of any
Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property.
Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in
violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which,
due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely
affects the value of the Property. The preceding two sentences shall not apply to the presence, use,
or storage on the Property of small quantities of Hazardous Substances that are generally recognized
to be appropriate to norn1al residential uses and to maintenance of the Property (including, but not
limited to, hazardous substances in consumer products)"
Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand,
lawsuit or other action by any governmental or regulatory agency or private party involving the
Property and any Hazardous Substance or Environmental Law of which Borrower has actual
knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking,
discharge, release or threat of release of any Hazardous Substance, and ( c) any condition caused by
the presence, use or release of a Hazardous Substance which adversely affects the value of the
Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any
private party, that any removal or other remediation of any Hazardous Substance affecting the
Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance
with Environmental Law. Nothing herein shaIl create any obligation on Lender for an
Environmental Cleanup.
NON-UN[FORM COVENANTS. Borrower and Lender further covenant and agree as
follows:
18. Acceleration; Remedies. Lender shall give notice to Borrower prior to accelel"ation
following Borrower's breach of any covenant or agreement in this Security Instrument (but
not prior to acceleration under Section 15 unless Applicable Law provides othenvise). 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 BOl"rower, by which the default must be
cured; and (d) that failure to cure the default on or before the date specified in the notice may
result in acceleration of the sums secured by this Secul'Îty Instrument and sale of the
})roperty. The notice shall further inform Borrower of the right to reinstate after acceleration
and the right to bring a court action to asscrt the lion-existence of a default or any other
defense of Borrower to acceleration and sale. If the default is not cured on or befol"c the date
specified in the notice, Lender at its option may require immediate payment in full of all sums
secured by this Security Instrument without fUl-ther demand and may involœ the power of
sale and any other remedies pe,"mitted by Applicable Law. Lender shall be entitled to collect
all expenses incurred in pursuing the remedies provided in this Section 18, including, but not
limited to, I"easonable attorneys' fees and costs of title evidence.
If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to
Borrowel" and to the person in possession of the Property, if different, in accOl"dance with
Applicable Law. Lender shall give notice of the sale to Bon"ower in the manner provided in
Section 12. Lender shall publish the notice of sale, and the Property shall be sold in the
manner p"esCl"ibcd by Applicable Law. Lender or its designee Dlay purchase the l)roperty at
any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of
MORTt;AGE - 11
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the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by
this Security Instrument; and (c) any excess to the person or persons legally entitled to it.
19. Release. Upon payment of all SUIns secured by this Security Instrument, Lender shall
release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge
Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for
services rendered and the charging of the fee is permitted under Applicable Law.
20. Waivers. Borrower releases and waives all rights under and by virtue of the homestead
exemption laws of Wyoming.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants
contained in this Security Instrument and in any Rider executed by Borruwer and recorded with it.
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[Space Below This Line For Acknowledgment]
MOnTGAGE - 12
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STATE OF WYOMING
COUNTY OF LINCOLN
The foregoing instrument was acknowledged before me by
this 3ú;b day of /i/(~ v r ,.,., b c v~ , 2. 005-.
Witness my hand and official seal.
(Seal)
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COUNTY OF. I STATE OF t;
LlNCOLN"-, WYOMING 1
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My Commission Expires:
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STA TE OF WYOMfNG
COUNTY OF
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Printed Name:
The foregoing instrument was acknowledged before me by
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Witness my hand and official seal.
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MORTGAGE - 13