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HomeMy WebLinkAbout8758590101492% Return To: HOMECOMINGS FINANCIAL NETWORK, ONE MERIDIAN CROSSING, STE 100 :, Loan ~umb,r: 041-298236-5 j~ Prepared By: HomeCominws Financial Network 14850 ~uorum Prive, Su}te Dallas, TX 75254 .~. [fi~ace Above T~s Lke For R~or~g Data] MORTGAGE MIN DEFINITIONS Words used in multiple sections of this document are defined 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" meansthis document, which is dated SEPTEMBER 5TH, 2001 , together with all Riders to this doc~ament. ' (B) "Borrower" is DANNY VERN BUCKLEY AND SUE ELLEN BUCKLEY, HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and ass!gns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P:O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 MFWY7770 (11/00) / 041-298236-5 (~®-6AlWY) Iooo5).o~ , ..~..~.<~' VMP MORTGAGE FORMS - 1800)521-7291 0E175S5 } 5 7 (D) "Lender" is HOM~,C©MINGS ~N~£IAL N~.TWORK INC. Lenderis a CORPORATION organized and existing under the laws of DELAWARE Lender's addressis 14850 QUORUM DRIVE, SUITE 450 DA;,;,~S, TX 75254 (E) "Note" meansthe promissory not~ signed by Borrowerand dated SEPTEMBER 5TH, 200 The Note states that Borrower owes !Lender THIRTY FIVE THOUS.n~D ~ND NO/k00 Dollars (U.S. $ 3 5,0 0 0.0 0 ) ph.ls interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full ~iot later tharOCTOB~.R iST, 2 0 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenc.ed by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due nnder this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrumentthat are executed by Borrower. The following Riders are to be executed by BorroWgr [check box as applicable]: [~ Adjustable Rate Rider [--] Condominium Rider [--] Second Home Rider ~] Balloon Rider ~-] Planned 'Unit Development Rider~] 1-4 Family Rider [-q VA Rider [-q Bi~?ekly Payment Rider [--] Other(s) [specify] (I) "Applicable Law" means all ccintrolling applicable federal, state and local statutes, regulations, ordinances and administrative rules a:;xd orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, ~ees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization... (K) "Electronic Funds Transfer" :¢aeans any transfer of funds, other than a transaction originated by check, draft, or similar paper instroment, which is initiated through an electronic terming;I, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term inclades, but is not limited to, point-of-sale transfers, antomatedteller machine transactions, transfers initii~ated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are describedin Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction, of, the P~operty; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentationsof, or omissions as' to, the value and/or condition of the Property. (N) "Mortgage Insurance" means in,'mrancc protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the r.~gularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Se,::tion 3 of this Security Instrument. (P),"RESPA"' means the Real Estate SettlementProceduresAct (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulafiqn X (24 C.F.R. Part' 3500), as they might be amended from time to ti~ne~ or any additional or successorlcgislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirementsand restrictions that are imposed in regard to a "federally related mortgage loan" even if thc Loan does not qualify as a "federally related mortgage loan" under RESPA. MFWY7770 (11/00) / 041-298236-5 (~I~-6AIWY) (0005).0~ Page2of 15 ,',~(.~'--~'7 Form 3051 1/01 O875859 (Q) "Successor in Interest of BorroWer" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE !PROPERTY This Security Instrumentsecures to I_.ender: (i) the repaymentof the Loan, and all renewals, extensions and modifications of the Note; and (ii). the performance of Borrower's covenants and agreements under this Security Instrumentand the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with '?!power of sale, the following described property located inthe COUNTY i of LINCOLN : {Type of Recording Jurisdiction] [Nam* of Recording Jurisdiction] Legal description at~ache~i'! hereto and made a part hereof Parcel ID Number: 31 ~_ 8 312 0 0 0 .'~:0 0 0 which currently has the address of 81 STATE HIGHWAY 241 , [Street] SMOOT {City] , Wyoming 8312'6 [Zip Code] ("Property Address"): il TOGETHERWlTH all the improvements now or hereafter erected on the property, and all easements, appurter~ances, 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 Instrumentas the "Property.~" Borrower understands and agrees that MERS holds only legal title to the interests grantedby Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender s successo s and assigns) has the right: to exercise any or all of those interests, including, ~t~,ut not limited to, the right to foreclose and sell the Property; and to take any action required of Lender: including, but not limited to, releasing and canceling this Security Instrument. BORROWERCOVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and ccnvey the Property and that the Proper. ty is unencumbered, except for encumbrancesof record. Borrower warrants and will defend generally the title to the Property against all cla[~ns and demands, subject to any encumbrances of record. THIS SECURITY INSTRUl%4ENT combines uniform covenants for national use and non-uniform covenants with limited variations b7 jurisdiction to constitute a uniform security instrument covering real property. 6A(WY) (ooosl.o~ : UNIFORMCOVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrumentshall be made in U.S. currency. However, if any check or other instrumentreceived by Lender as paymentunder the Note or this Security Instrumentis returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Securi[y Instrument be made 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 any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemedreceived by Lender when received at the location designatedin the Note or at such other location as may be designated by Lender in accordancewith the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the'Loan current, without waiver of any rights:hereunderor prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic PaymentliS applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender miiy hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does nar do so within a reasonableperiod of time, Lender shall either apply such funds or return them to Borrow~i'~. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. NO offset or claim which Borrower might have now or in the future agai~st Lender shall relieve Borrower from making payments due under the Note and this Security Instrumen~tor performing the covenants and agreementssecured by this Security Instrument. 2. Application of Payments Or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lehder shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment t.~om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late cha~ge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the paymentis applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepaymentsshall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrumentas a lien or encumbranceon the Property; ;(b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be pald under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waivei Borrower shall pay directly, when and where payable, the amounts MFWY7770 (11/00) / 041-298236-5 Initials: (~-6A(WY) (0oo51.o~ Pa~c4of ~5 z"' '"~ Form 3051 1/01 due for any Escrow Items for which t.,ayment of Funds has beenwaived by Lender and, if Lenderrequires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreementcontain¢:din this Security Instrument, as the phrase"covenant and agreement" is used in Section 9. If Borrower is~ obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount dui~ for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower 'shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lendermay, at any time, collect: and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall'i?stimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including i~ender, if Lender is an institution whose deposits are so insured) or in any FederalHomeLoan Bank. Lender shall apply the Funds to pay the Escrow Itemsno later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement,s made in writing or Applicable Law requiresinterest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender'shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in ac~i:ordancewith RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as requiredby RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordancewith RESPA, but in no more than 12 monthly payments. If thereis a defic~'.ency of Funds held in escrow, as defined under RESP/(, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with~RESPA, but in no more than 12 monthly payments. Upon payment.in full of all sums securcdby this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrowe? shall pay all taxes, assessments, charges, fines, and impositions attributableto the Property which c~n attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and CommunityAssociation Dues, Fees, andAssessments, if any. To the extent that these items are Escrt~w Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrumentunless Borrower: (a) agrees in writing to the payment of the obligation securedby the lien in a manner acceptable to Lender, but only so long as Borr~wer is performing such agreement; (b) contests the lien in good faith · . by, or defends against enforcementof the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcementof the lien ,.vhile those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreementsatisfactory to Lender subordinating the lien to this Security Instrument. If Lender determinesthat any par[ of the Property is subject to a lien which can attain priority over this S.~curity Instrument, Lender may give Borrower a notice identifying the MFWY7770 (11/00) / 041-298236-5 Initial~ (~-6A(WY) (ooo~).ol P~ ~ of ~s ~ Form 3051 1/01 lien. Within 10 days of the date on which that notice is ~,4ven, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one~time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereaftererected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limi~.~ed to, earthquakesand floods, for which Lender requires insurance. This insurance shall be maintainedirt~ the amounts (including deductible levels) and for the periods that Lender requires. What Lende~r requi, ri'~s pursuant to thc preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's chgi;ge, whidl 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 track'ing services; or (b) a one-time charge for flood zone determination and certification services and subscq:!ent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by t~i~ Federal Emergency ManagementAgency in connection with the review of any flood zone determinaticln resulting from an objection by Borrower. If Borrower fails to maintain.a~y of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Bt~rrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's etlu:tty 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 ins;urance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower st~cured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be snbject to Lender's right, to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/oras an 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 p~emiums and renewalnotices. If Borrower obtains any form of insurance coverage, not otherwise reqnired 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 10ss, Borrower S~all give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made F. romptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, w]'2ether or not the underlying insurance was requiredby Lender, shall be applied to restorationor repair o~ ihe Property, if the restorationor repair is economically feasible and Lender's security is not lessened. During such repair and restorationperiod, 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 Lende?s satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse procet~ds for the repairs and restorationin_ a single payment or in a series of progress payments as the work is Completed. Unless an agreementis madein writing or Applicable Law requires interest to be paid on such .insurance proceeds, Lender shall not be required to pay Borrower any interost or earnings on sud~ proceefls. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restorationor repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with MFWY7770 (11/00) / 041-298236-5 Initials:~ ,ooo5,.o, (~-6A(WY) P,9~ $ of 15 -' ~ Form 3051 1/01 the excess, if any, paid to Borrower;,: Such insuranceproceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that thc insurance carrier has offered to sett!.~ a claim, then Lender may negotiate and settle thc claim. The 30-day period will begin when the notice ~s given· In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower' hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender mq~y use ithe insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shatl occupy, establish, and use thc Property as Borrower's principal residence within 60 days after thc execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which~ consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyor~d Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Prbperty, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrowexilis residing in the Property, Borrower shall maintain the Property in order to prevent the Property from 'ideteriorating or decreasing in value due to its condition. Unless it is determinedpursuant to Section 5 t~at repair or restoration is not economically fcasibie, Borrower shall promptly repair the Property if damaged, to avoid further deterioration or damage. If insurance or condemnationproceeds are paid in ii::~onnection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing o/~:: restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proc:::edsfor the repairs and restorationin a single payment or in a series of progress payments as the work is cc:!mpleted. If the insurance or condemnationproceeds are not sufficient to repair or restore the Property, Btlrrower is not relieved of Borrower's obligation for the completion of such repair or restoration. ~ Lender or its agent may mak~ reasonable entries upon and inspections of the Property. If it has reasonablecause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or p~[or to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurateinformationor statementsto Lender (or failed to provide Lender with material information) in connection with the Loan. Material representationsinclude, but are not~ limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the co~,~enants and agreementscontainedin this Security Instrument, CO) there is a legal proceeding that might significantly affect Lender's interest in the Property and/orrights under this Security Instrument (such as a proceeding in bankruptcy, probate, for :condemnationor forfeiture, for enforcement of a lien which may attain priority over this Security Instfument. or to enforce laws or regtfiations), or (c) Borrower has abandonedthe 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 Instrument, including protecting ant¥orassessing the value of the Property, and securing and/orrepairing the Property. Lender's actions can '~:'~tclude, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; Co) appearing in court; and (c) paying reasonable MFWY7770 (11/00) / 041-298236~5 ~itia~'J('~'~"~ (~-6A(WY) {ooos).ol ': PageTof 1~ ~ Form 3051 1/01 attorneys' fees to protectits interest h~ the Property and/orrights 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 repai~, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or oi:her code violations or dangerous conditions, and have utilities turned on or off. Although Lender may tak&~:action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Sectior~ 9. Any amounts disbursed by Lmtder under this Section 9 shall become additional debt of Borrower seeured by this Security InstrumenbThese amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. , ~ If this Security Instrumentis on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title l0 the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If L~ader requiredMortgage Insurance as a condition of making the'Loan, Borrower shall pay the premiumsreqnired to maintain the Mortgage Insurancein effect. If, for any rehson, the Mortgage Insurance coverage requiredby Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to Obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continne to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundableloss'reserve in lieu of Mortgage Insurance. Such loss .reserve shall be non-refundable, notwithstandifig the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance c'overage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender requiredMortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for M°rtgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or tO provide a non-refundable loss reserve, until Lender's requirementfor Mortgage Insurance ends in accordancewith any written agreementbetween Borrower and Lender providing for such terminaticn or until terminationis requiredby Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance rei~burse.~: Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. .. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreementswith other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or Parties) to these agreements. These agreementsinay require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may inctude funds obtained from Mortgage Insurance premiums). As a result of these agreementsI Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterizedas) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying ~he mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk. in: exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance. Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other: terms of the Loan. Such agreements will not increase the mnount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. MFWY7770 (11/00) / 041-298236-5 Initial~ ,:~7 {00051.01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive ;"certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. 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 restorationor repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restorationperiod, 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 undertakenpromptly. Lender may pay for the repairs and restoration in a single .disbursement or in a series of progress payments as the wqrk is completed. Unless an agreementis made in writing or Applicable Law requires interest to be paid on. such Miscellaneous Proceeds, Lender shai'i not be required to pay Borrower any interest or earnings on such MiscellaneousProceeds. If the restor}ktionor repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proc~ieds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the ei~::ess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in S'ection 2. In the event of a total taking,,i destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to thc sums securedby 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 this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security instrumm~t shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fractio~3~: (a) the total amount of the sums secured immediately before the partial taking, destruction, or toss' in value divided by (b) the fair market value of the Property immediately before the partial takinlg, 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 sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to 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 securedby this Security Instrument, whether or not then due. *'Opposing Party" means the [hird party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if ~ny action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default, and, if accelerationhas occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in tSe 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. All Miscellaneous Proceeds tic. at are not applied to restoration or repair of the Property shall be applied in the order provided for in'Section 2. MFWY7770 (11/00) / 041-298236-5 "' Initial,:~ 12. Borrower Not Released; ~F'orbearance By Lender Not a Waiver. Extension of thc time for payment or modification of amortiz~t~Onof the sums securedby this Security Instrumentgrantedby Lender to Borrower or any Successor in Intei:est of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of BorrOwer. Lender shall not be required to commenceproceedings against any Successor in Interest of BorroWer or to reh~se to e~end time for payment or otherwise modi~ amortizationof the sums securedby .tl~is Security Instrumentby reason of any demandmadeby the original Borrower or any Successors in Intel.eSt of Borrower Any forbear~ceby 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 o.f ~[n amountsless than the amount then due, shall not be a waiver of or preclude the exercise of any right or ~emedy. 13. Joint and Several Liabili~y~ Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrowerwho co-signs this Security Instrumentbnt does not execute the Note (a "co-signer"): (a) is co-sig~ing this Securi~ Instrument only to mortgage, grant and convey the co-signer's interest in the Property unger the terms of this Security Instrument; (b) is not personally obligated to pay the sums securedby this Security Instrument; and (c) agrees tha~ Leader and any other Borrower can agree to e~end, modi~, forbefir or make any accommodationswith regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of 5:ection 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrumentin ~iting, and is approved by Lender, shall obtain all of Borrower's rights and benefits ander this Security Instrument. Borrower shall not be releasedfrom Borrower's obligations and liability u:~der this Security Instrumentunless Lender agrees to such release in ~iting. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successar~ and assi~s of Lender. 14. Loan Charges. Lender ma~ charge Borrower fees for services performed in connection with Borrower's default, for the purpose 6f protecting Lender's interest in the Proper~ and ~ights under this Security Instrument, including, but :~x~t limited to, attorneys' fees, proper~ inspection and valuation fees. In regard to any other fees, the abse~:~ce of express authority in this Security Instrumentto charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may no~ charge fees that are expressly prohibited by this Securi~ Instrument or by Applicable Law. If the Loan is subject to a law w~ich sets m~mum loan charges, and that law is finally interpretedso that the interest or other loan charg~ .collected or to be collected in connection with the Loan exceed the permittedlimits, then: (a) any such loan charge shall be ~educed by the amount necessary to ~educe the charge to the permittedlimit; and (b) :any sums already collected from Borrower which excee6ed permitted limits will be re~nded to Borrower: Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a parti~l prepayment without any prepayment charge (whether or not a prepayment charge iS provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower ~11 constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given ~y Borrower or Lender in connection ~th this Security Instrument must be in writing. Any notice to B or:rower ~ connectionwith this Security Instrumentshall be deemed to have been given to Borrower when ~?aailed by first class marl or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires other~se. The notice address shall be the Property Address unless Borrower has desi~ated a substitute notice address by notice to Lender. Borrower shall promptly noti~ 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. Thexe may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by marling it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to' Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given t° Lender until actually received by Lender. If any notice recruited by this Security Instrumentis also required under Applicable Law, the Applicable Law requirem~.nt will satis~ the corresponding requirement under this Security Instrument. MFWY7770 (11/00) / 041-298236-5 Initials:~lnitials (ooo5Lol ~o~f~ ~ ~orm 3061 1/01 16. Governing Law; Several~ility; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. Alt rights and obligations contained in this Securi;ty 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 sba;.1 not be construed as a prohibition against agreementby contract. In the event that any provision 6r clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect 6:.-:her provisions of this Security Instrument or the Note which can bc given effect without the conflicting p~ovision. As used in this Security Instrhment: (a) words of the masculine gender shah 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. 17. Borrower's Copy. Borrowt:':r shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property ;.or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means anyqegal or beneficial interestin the Property, including, but not lftnited to, those beneficial interests transfer~edin a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of whidh is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Proper~.Y or any Interestin the Property is sold or transferred(or if Borrower is not a naturalperson and a benefic.~al interest in Borrower is sold or transferred)without Lender's prior written consent, Lender may requi~:e immediate payment in full of all sums secured by this Security Instrument. However, this optiorr (hall 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 from the date the notice is given in accordancewith Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration .of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right 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 pursuantto any power of sale containedin this Security Instrument; (b) such Other period as Applicable Law might specif3' for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under, this Security Instrumentand the Note as if no accderationhad occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses inqurred 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 under this Security Instrument; and (d) takes such action as' Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lendermay require that Borrowerpay such reinstatemenlsums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasur:~r'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. Upon reinstatemen~by Borrower, this Security Instrumentand obligations secured hereby shall remain fully effective as if nc accelerationhad occurred. However, this right to reinstate shall not apply in the case of acceleration uncer Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partialinterest in the Note (together with this Securky Instrument)can be sold one or more times without prior notice to Bor~rower. A sale might result in z change in the entity (known as the;"Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Not~, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrdatcdto a sale of the Note. If thereis a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and ad&ess of the new Loan Servicer, the ad&ess to Which payments should be made and any other information RESPA MFWY7770 (11/00) / 041-298236-5 .Initial~ ';~ I~-6A(WY) [ooos).Ol Page ~1 or ~5 ,.~'"'/" '" Form 3051 1/01 requires in connection with a notice,of transfer of servicing. If the Note is sold and thcreafterthe Loan is serviced by a Loan Servicer other than the purcha.ser of the Note, the mortgage loan servicing obligations to Borrower will remainwith the Lqan Servicer or be transferredto a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lehder may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrumentor that alleges that the otherparty has breachedany provision of, or any duty owed by reason of, this Security Instrument, Uhtil such Borrower or Lender has notified the other party (with snch notice given in compliance with the !:,equirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable per!od after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and 'the notice of acceleration giveh to Borrower pursuant to Section 18 sh.a!l be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. ~ ~, 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by EnvironmentalLaw and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, matqrials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" meansfederallaws and laws of the jurisdiction where the Propertyis located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal a~:ction, as del'reed in Environmental Law; and (d) an "Environmental Condition" means a condition tha~ Can cause, contribute to, or otherwise trigger an Environmental Cleanup. ~: ' Borrower shall not cause or permit the presence, use, disposal, storage, or release of any ttazardous Substances, or threatento release any :HazardousSubstances, 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 createsan EnvironmentalCondition, or (c) which, due to the presence, use, o~ releaseof a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to 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 Environm!ental Law of which Borrower has actual knowledge, (b) any EnvironmentalCondition, 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 HazardousSubstance 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 a~ny HazardousSubstance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. MFWY7770 (11/00) / 041-298236-5 Form 3051 1/01 NON-UNIFORMCOVENAN2~S. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. I.ender shall give notice to Borrower prior to acceleration following Borrower's breach of any coven,:ut or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, b) which the default must be cured; and (d) that failure to cure the default on or before the date specB~'ied in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the not;i:ee, Lender at its option may require immediate payment in lull of all sums secured by this Security instrument without further demand and may invoke the power of sale and any other remedies perndtted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited, to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sal~ to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may Purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: :(a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to fill sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs2 Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services renderedand the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. MFWY7770 (11/00) / 041-298236-5 Initi*l (~6A(WY) Iooo~1.o~ P~ ~3 o~ ~s ?~-~f,-,¢,? Form 3061 1/01 BY SIGNING BELOW, Borrov?'¢r accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: DANNY I~ERN BUCKLEY SUE ELLEN BUCKLEY ~/-Borrower (Sea ) (Seal) -Borrower -.Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower MFWY7770 (11/00) / 041-298236-5 (~II--6A{WY) Iooo5).Ol Pag~ ~4 ~' ls Form 3051 1/01 STATE OF WYOMING, Lincoln County ss: The foregoing instrument was acknowledged before me this 5th day of September, 2001 by ~ DANNY VERN BUCKLEY i~ND SUE ELLEN BUCKLEY, HUSBAND AND WIFE My Commission Expires: 9/18/03 }) County of ~~M ¢ommlaslonExplmsSepteml~rlS,~O0d MFWY7770 (11/00) / 041-298236-5 (~I~-6A(WY) looosl.o~ P~ ~ °~ ~ Form 3051 1/01 EXHIBIT "A" ~ ~ 8 6 In Section 31, Twp. ~31 N., R llSW., 6th P.M., Smoot, Lincoln County, Wyoming. A Plot commencing at the NE Corner of the NE1/4NW1/4 and running thence West 208.7 feet, thence South 208.7 feet, thence East 208.7 feet, thence North 208.7 feet to the point o~. beginning. EXCEPTING THEREFROM~that tract of land conveyed to Lincoln County, Wyoming in that certain Warranty Deed recorded April 2, 1930, Book 16 of Deeds, Page 296.