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Return To:
Recording Requested by &
When Recorded Return To:
US Recordings, Inc.
2925 Country Drive
51. Paul, MN 55117
Prepared By: Ameri quest [·10rtgage Company
Lindsey Barnhart
2809 E. Harmony Rd. I #
190/Fort Collins, CO 80528
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MORTGAGE
RECEIVED 12/23/2005 at 11 :54 AM
RECEIVING # 914702
BOOK 608 PAGE 185
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
DEF[NITIONS
Words used in multiple sections of this document are defined below and other words are defined in Sections
3, I], 13, 18, 20 anel 21. Certain rules regarcling the usage of wOlds used in this docurnent are also provided
In Section 16.
(A) "Security Instrument" means this document, which is dated December 2, 2005
together with all Riclers to this document
(B) "Borrower" is TERRY RODGERS and LYNNE BRAMMER, As Joint Tenants;
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Borrower is the mortgagor under this Security Instrument.
(C) "Lender" is Ameriquest Mortgage Company
WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01
12/02/20058:12:52 0139539522-5590
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VI,IP Mongage Solullons (800)521,7291
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lender is a Corporation
organized and existing under the laws of Delaware
Lender's address is 1100 Town and Country Road, Suite 200 Orange I CA 92868
Lender is the mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated December 2, 2005
'fhe Note states that Borrower owes lender ninety-four thousand and 00/100
Dollars
(U.S. $ 94,000,00 ) plus interest. Borrower has promised to pay IIÙs debt in regular Periodic
Payments and to pay the debt in full not later than January 1, 2036
(E) "Property" means the property that is described below under Ihe heading "Transfer of Rights in the
Property."
(F) "Loan" means the debt evidenced by the Note, plus Interest, any prepayment charges and late charges
due under the Note, and all sums clue under this Security Instillment, plus interest.
(G) "Riders" means all Riders to this Sccurity ]nslnnnent that are executed by Borrower. The folluwing
Riders are to be executed by Borrower [check box as applIcable]:
[X] Adjustable Rate Rider
D Balloon Rider
D VA Rider
D Condominium Rider
D Planned Unit Development Ridcr
D Biweekly Payment Rider
D Secondl-Iome Rider
D ]-4 Family Rider
D Other(s) [specify]
(If) "Applicable Law" means all controlling applicabJe federal, state and local statutes, regulations,
ordinances and administrative rules anel orders (that have the effect of law) as well as all applicable jinal,
non-appealable j uelicial opinions.
(1) "Commllnity Association Dues, Fees, anti 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.
(J) "Electronic Funds Transfer" means any transfer or funds, other than a transaction originatcd by check,
draft, or similar paper instrurncnt, which is initiakd through an electronic terminal, telephonic instrument,
computer, or magnetic tape so as to order, instruct, or authorize a fmancial institution to debit or credit an
account. Such term includes, bul is not limited to, point-of-sale transfcrs, automated tcller machme
transactions, transfers initiated by telephone, wire Iransfers, and automated clearinghouse transfers.
(K) "Escrow Items" means those items that are described in Section 3.
(L) "I\liscellaneolls Proceeds" means any compensatJon, settlement, award of damages, or pruceeds paid
by any third party (other than insurance proceeds paid under the coverages describeel III Section 5) for: (i)
damage to, or destruction o( the Property; (ii) condemnation or other taking of ali or any part of the
Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the
value and/or condition of the Property.
(1\1) "I\Iortgage Insurance" means insurance protecting lender against the nonpayment of, or default on,
the Loan.
(N) "Periodic Payme.nt" means the regularly scheduled amount due for (i) principal and interest under the
Note, plus (ii) any amounts under Section 3 of Ihis Security Instrument.
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(0) "RESPA" means the Real Estate Seltlement Procnlures Act (12 U.S.c. Section 2601 et sec¡.) and its
implementing regu]alion, Regulation X (24 C.F.R. Pan 3500), as they might be amended ¡¡'om tIme to time,
or any additional or successor legislation or regulation Ihat governs tbe same subject matter. As used III this
Security Instrument, "RESPA" refers to all requirements and restrictions thaI are imposed in regard to a
"fednally related mortgage loan" even if the loan does not qualify as a "federally rdated mOrlgage loan"
under lŒSPA.
(1') "Successor in Interest of Borrower" means any party that has taken tiIle to the Prope:rty, whether or
not that pany has assumed Borrower's obligations lImier the Note and/or this Security Instrument.
TRANSFER OF RIGHTS IN TIlE PROPERTY
This Security Instrument secures to lender: (i) the repayment of Ihe Loan, and all re:newa]s, extensions and
modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this
Security Instrumenl anel the Note. For this purpose, Borrower does hereby mortgage, grant and convey to
Lender and Lendn's successors and assigns, with power of sale, the following described property located
in the: Coun ty of LINCOLN
[Type oj' ¡("cording Jurisdiction] [Name: oj' Recording Jurisdictioll]
PARCEL 58 TO THE TOWN OF DIAMONDVILLE, LINCOLN COUNTY. WYOMING AS
DESCRIBED ON THE OFFICIAL PLAT THEREOF
ParcellD Number: 21162430702600
15 Chicago St
Diamondville
("Property Address"):
which currently has the address of
[Stre:tt]
[Zip ('odeI
ICily], \Vyorning 83116
TOGETHER \VITI-I all the improvements now or hereafter erected on the property, and all easernents,
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
"Prope:rty."
BORROWER COVENANTS thaI Borrower is lawfully seise:d of the estate hereby convcyed and has
the righl to mortgage, grant and convey the Property and that the Property is unencumbered, except for
encumbrances of record. Borrower wmTants and will defend generally the title to the Property against all
claims and demands, subject to any encllmbrances of recorcL
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THIS SECURITY INSTRUrvlENT combines uniform covenants for national use and non-uniform
covenants wJth limited variations by jurisdiction to constitute a uniform security instrument covering rea]
property.
UNIFORM COVENANTS. Borrower and Lender covenant and al!ree as follows:
1. Payment of Principal, Interest, Escrow Items, l'repaYI~ent Charges, and Late Charges.
Borrower shall pay when due the princ ¡pal of, and interest on, the debt evidenced by the Note and any
prepaymenL charges anel Jate charges due under the Note. Borrower shall also pay funds for Escrow Items
pursuant to Seclion 3. Payments due under the Note and Ihis Security Instrument shall be made in U.S.
cunency. However, if any check or other instfllment received by Lender as payment under the Nole or this
Security Instrument is returned to Lenckr unpaid, Lender may require that any or all subsequent payrnents
dlle under the NoLl' and this Security InstrumenL be m~¡,k 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 deemed received by Lender when received al the location designated 111 the Note or at
such other location as may be designated by Lender in accordance with the notice provisions III Section 15.
Lender may return any payment or pm·tial payment if the payment or partial payrnenls are 1I1sufricient to
bring the Loan current. Lender lTlay accept any payment or partial payment Il1suJJicient to bring the Loan
current, without waiver of any rights hereunder or prejudice to ils rights to refuse such payment or partial
payments in the future, but Lend,'r is not obligated to apply such payments aL Ihe time such payments are
accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest
on unapplied funds. Lender may hold such unapplied funds until Borrower makes paynlènt Lo bring Ihe Loan
cunenL If Borrower does not do so within a reasonable period of time, Lender shall eiLher apply such funds
or rellllll them to Borrower. If noI applied earlier, such funds will be applied to the outslitnding prinClpal
balance under Ihe Note immediately prim Lo foreclosure. No offset or claim which Borrower might have
lWW or in the future against Lender shaJJ relieve Borrower from making payments due under the Note and
this Security Instrument or performing the covenants and agreements secured by this Security Instrument.
2. App]ication of Paymcnts or Proceeds. Except as otherwise described in this Section 2, all
payments accepted and applied by Lender shall be applied in the following order of priority: (a) inkIcst due
under the Note; (b) principal due under the Note; (c) amounts due under SecÜon 3. Such paymcnts 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 Ihe principal balance of the Note.
H Lender rèceives a payment from Borrower for a delinquent Periodic Payment which includes a
sufficient aInount to pay any late charge dlle, the payment may be applied to the delinquent payment and the
late charge. Ifmore than one Periodic Payment is outstanding, Lender may apply any payment received ti'om
Borrower to the repayment of the Periodic Payments if, and !O the ex lent that, each payment can be paid in
fulL To the extent that any excess exists afier the payment is applied 10 the full payment of one or more
Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be
applied firsL to any prepayment charges and Ihen as described in the NoLl'.
Any application of payments, insurance proceeds, or J\liscenaneous 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. )Jorrower shall pay to Lender on the day Periodic Payments are due under
the Note, unLilthe Note is paid in fun, a sum (the "Funds") to provide for payment of amounts due for: (a)
taxes and assessments and other items whieh can attain priority over this SecuriLY Instrument as a lien or
encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (e) premiums
for any and all insurance required by Lender under Section 5; and (d) ìvlortgage 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 iLems are called "Escrow [Lems." At origination or at
any time during the term of the Loan, Lender may require that CommuniLy Association Dues, Fees, and
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Assessmenls, if any, be escrowed by Borrower, and such dues, fees and assessments sh~¡jl be an Escrow
Item. Borrower shall promptly rurnish to Lender all notices of amounts to be paid 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 ,)1' all Escrow Ikms at any time. Any such waiver may only be in writing. In the event of such waiver,
norrower shall pay directly, when and where payable, the amounts due for any EsclOw lIems for which
payment of Funds has been waived by Lender and, If Lender requires, shall furnish to Lender receipts
evidencing such payment within such time period as Lender may requirt'. Borrower's obligation to make
such payments and to provide receipts shall for all purposes be deemt'd to be a covenant ,me! agreement
contained in this Security Instrument, as the phrast' "covenant and agreemênt" is used in Section 9. If
Borrower is obligated to pay Escrow ILc::ms directly, pursuant to a waiver, and Borrower fails to pay the
amount due 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 accordauce with Section 15 and,
upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required
under tIns SecLion 3.
. Lender ¡nay, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply
the Funds at the time specified under RESP A, ~111(1 (b) not to exceeel the maximum amount a lender can
require under RESPA. Lender shall estimate the amount or Funds due on the basis of current duta and
reasonable estimates of expenditures of futurt' Escrow Items or otherwise in accordance with Applicable
Law.
The Funds shall be held in an institution whose deposits are insured by a federal agt'ncy,
instrumentality, or entity (including Lender, if Lender is an instillltion whose deposits are so instlred) or in
any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no 1ater than the: time
spe:cified under RESPA. Lender shall not charge Borrower for holdmg and applying the Funds, annually
analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on Ihe
Funds and App1icable Law permits Lender to make such a charge. Unless an agreement is made in writing or
Applicable Law require:s interest to be: puid on the Funds, Lender shall not be required to pay Borrower any
interest or earnings 011 the: Funds. Borrower and Lender can agree in writing, however, that interest shall be
paid un the Funds, Lender shall give to Borrower, without charge, an anJlual accounting of the Funds as
required by ]([SPA.
]f there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
Borrower for the excess funds in accordance with IZESP A. ]f there is a shortage of Funds held in escrow, as
defìned under RESP A, Leuder shall notify Borrower as required by RESP A, and Borrower shall pay to
Lender the: amount necessary to make up the shortage in accordance with RESP A, bLlt in no more Ihan 12
monthly payme:nts. If there is a deficiency of Funds held in escrow, as defined under RESP A, Lender shall
notify Borrower as required by RESP A, and Borrower shall pay to Lender the amollnt neee:ssary to make up
thc dc1iciency in accordanCè with RESPA, but in no more than 12 monthly paymcnts.
Upon payment in full of all sums secured by this Security Instnnnenl, Lender shall prompLly refund to
Borrower any Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fínes, and Impositions
attributab1e 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 To
the extent that Ihese items are Escrow lIems, Borrower shall pay them in the manner provided in Section 3.
Borrower shall promptly discharge any lien which has priority over Ihis Security Instrument UIlIeSS
Borrower: (a) agrees in writing to the payment of the ob1igation secured by the lien in a manner acceptable
to Lender, but only so long as Borrower is performing 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 operule to prevent
Ihe enIÒrcement 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 agreemt'nt satisfactory to Lender subordinating the
AM6WY (0311)
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lien to this Security Instrument. If Lender determines that any pail of the Property is subject to a lien which
can attalIJ priority over this Security InstrLlmenl, Lender may give Borrower a notice identifying the lien.
\Viihin 10 days of the date on wliich that notice is given, Borrower shall satisfy the lien or take one or more
of the actions set fortli above in this Section 4.
Lender may require Bonower to pay a one-time cliarge for a real estate tax verifícation and/or reporting
service used by Lender in connection with this Loan.
5. Property Insurance. Borrower shall keep the improvements now existing or hereatìer erected on the
Property insured against loss by fire, hazards Included within the term "extcnded coverage," and any other
hazards including, but not limited to, earthquakes and floods, for which Lender reqUJres 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 senlences 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 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 nood zone detennll1ation,
certification and tracking services; or (b) a one-time charge for nood zone determination and certiiication
services and subsequent charges each lime remappll1gs or sImilar changes occur which reasonably might
affect such determination or cerlitìcation. Borrower shall also be responsible for the paymenl of any fees
imposed by the Federal Emergency Management Agency in connection with the review of any flood zone
dekrmination resulting from an objection by Borrower.
]f Borrower fails to maintain any of the coverages described above, Leneler nwy obtain insurance
coverage, at Lender's option and Borrower's expènse. Lender is under no obligation 10 purchase any
particular type or amount of coverage. Therefore, such coverage shall cover Lender, bnt might or might not
protect Burrowèr, 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
insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall
become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest
at the Note rak from the dale of disbursement and shall be payable, with such interest, upun notice frorn
Lender to [3orrower requesting payment.
AI1 insurance policies required by Lender and renewals of such 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 an additional loss payee. Lender shall have the right to hold the policies and renewal
certifícates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and
renewal notices. ]f Borrower obtains any form of insurance coverage, nol 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 Joss 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, whelher or not the underlymg insurance was rèquired 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 ]essèned. During such repair and restoration period, Lender shall have the right to
holel such insltrance proceeds until Lender has had an opportunity to inspect such PropeJ1y to ensure the
work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
promptly. Lender ¡nay 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
requires interest 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 obliga tion of Borrower. If the restoration
or repair is not economica]]y feasible or Lender's security would be lessened, the insurance proceeds shall be
applied to the sums secured by this Securily Instrument, whelbL~r or not then due, with the excess, if any,
paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
AM6WY (0311)
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If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim
and related matters. If BorrO\ver does not respond willun :\0 days to a notice hom Lender (hat the insmance
carrier has offered to settle a claim, then Lender may negotiate and settle Ihe claulJ. The 30-day period will
begin when the notice is given. In either e\'ent, or if Lel1lkr acquires Ihe Property under Section 22 or
otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to auy insurance proceeels 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 righL to any rdì¡nd of unearncd premiums paid by Borrower) ullCkr alJ insurance
policies covering the PlOperty, insofar as such rights ,Ire applicable to Ihe coverage of the Property. Lender
may use the insurance proceeds either to repair or restore the Property or to pay amounts unpzud under the
Note or this Secmity Instrument, whether or not then due.
6. Occupancy. Borrower shalJ occupy, eSLablish, and use the Property as Borrower's principal
residence within 60 days aner the execlltion of this Security ]nstnll11enl and shall contlllue to occupy ¡he
Properly as Borrower's principal residence for at least one year after the date of occupancy, unless Lctl,kr
otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating
circumstances exisl which are beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Properly; Inspections. Borrower shall not
destroy, damage or impair the Property, allow the Property to deterioraLe or comrnit waste on the Property.
Whether or not Borrower is residing in the Property, Borrower shall maintain the Pruperty m order to
prevent the Property from deLeriorating or decreasing in value elue to its conclition. Unless iL is determineel
pursuanL to SecLion 5 that repair or restoration is not economically feasible, Borrower shall promptly repair
the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds arc
paid in connection wiIh damage to, or the taking oC the Property, Borrower 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 thc work IS
complcLed. ]f the insurance or cundemnaLion proceeds are not sufficient 10 repair or restore the Property,
Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration.
Lender or its agent may make reasonable entries upon and inspections of the Property. If it has
reasonable cause, Lender may inspect the inLerior of the improvcments on the Property. Lender shall give
Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause.
IL Borrower's Loan Application. Borrower shalJ be in default iC dming the LO:ll1 application process,
Borrower or any persons or entitics acting at ¡he direction of Borniwer or with Borrower's knowledge or
consent gave materially false, misleading, or inaccurate information or statements to Lender (or Liilcd to
provide Lender with material information) in cOllnecLion with ¡he Loan. Materia] represcntations include, but
are not limited to, representations concerning Borrowcr's occupancy of the Property as Borrower's principal
residence.
9, Protection of Lender's Interest in the Property and Hights LJnder this Security Instrument, If
(a) Borrower Úlils to perform the covenants and agreements contained in this SecuriLY Instnnncnt, (b) there
is a legal proceeding Ihat might significantly affect Lender's interesL in the Property and/or rights under this
SecuriLy Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiLure, for
enforcement of a lien which may attain priority over this Securily Instrument or to enforce laws or
regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatcver is
reasonable or appropriate 10 protect Lender's interest in the Property and rights under this Secmily
]nstrumenL, including protecIing and/or assessing the value of thc Property, and securing and/or rcpairing ¡he
Property. Lender's actions can includc, 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 aLtorneys' fees to
protect its inleresL 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, cntering tbe Propcrty to
make repairs, change Jocks, rep]ace or board up doors and windows, drain water ¡iom pipes, eliminate
building or other code violations or dangerous conditions, and have utililics turned on or off Although
AM6WY (0311)
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Alll\1iscellaneous Proceeds tbat are not applied to restoration or repalr of the Property shall be applied
in the order provided for in Section 2.
12. Borrower Not Heleased; Forbearant'C By Lender Not a '''aivel'. Extension of Ihe time for
payment or modification of amortization of lhe sums secured by this Secmity ]nstrument granted by Lender
to Borrower or any Successor in Interest of Borrower shalJ not operate to rdease the liability of Borrower or
any Successors in Inrerest of Borrower. Lender sha]] not be required to commence proceedings against any
Successor in Interest of Borrower or to refuse to extend time for payment or olherwise modify amortization
of tbe sums secured by this Security Instrument by reason of any demand made by tbe onginal Borrower or
any Successors in Interest of Borrower. Any forbearance by lender in exercising any right or remedy
including, wilbout limitation, Lender's acceplance of payments iÌum third persuns, entities or Successors in
Interest of Borruwer or in amounts less than the amount Ihen due, shall not be a wal \ cr of or preclude the
exercise of any right or remedy.
13. ,Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants
and agrees that BOlTower's obligations and liability sha]] be joint and several. However, any Borrower who
co-signs this Security Instrument but does not execute the Note (a "eo-signer"): (a) is co-signing this
Security Instrument only to mortgage, grant anel convey the co-signer's interest in the Property under tbe
terms of this Security Instrument; (b) is IJUt persona]]y obligated to pay the sums secured by this Security
Instrulllent; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear ur make
any accummudations witb regard to the terms of this Security Instrument or the Note without the co-slgner's
consent.
Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's
obligations under this Security Instrument in wriling, and is approved by lender, shall obtain all of
Borrower's rights and benefits under this Secunty Instrul11enl. Borrower shall not be released Iì'ol11
Borrower's obligations and liability under this Security ]ustrument unless lender agrees to such release in
writing. T'he covenants and ,igreements of this Security Instrument shall bind (except as provided in Section
20) and benefit the successors and assigns of Lender.
14, Loan Charges. Lender may charge Borrower fees for services perforl11eel in connection with
Borrower's defaull, for the plllvose of protecting Lender's intêrest in the Property and righls urlLkr this
Security Instrument, including, bnt not limited to, attorneys' fees, property inspection and valuation fees. In
regard to any other fees, the absence of express authority in this Security Instrument to charge a specitìc fee
to Borrower shall not be construed as a prohlbition on the charging of sllch fee. lender may not charge fees
Ihat are expressly prohibited by this Security Instrument or by Applicable Law.
If the Loan is subject to a law which sets maximum Joan charges, and that law is finally intellJfeted so
that Ihe interest or other loan charges collected or to be collected in connection with the Loan exceed the
permitted limits, then: (a) any such loan charge shall he reduced by the amount necessary to redllce the
charge to the permitted limit; and (b) any sums already collected Ùom Borrower which exceeded permitted
limits will be refunded 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 partial prepayment without any prepayment charge (whelher or not a prepay men I charge is
pro\'ided for under the Note). 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.
15. Notices. All notices given by Borrower or Lender m connection with this Security Instrument nlUst
be in writing. Any notice 10 Borrower in connection with this Security Instrument sha]] be deemed to have
been given to Borrower when mailed by first class mail or when actually delivered 10 Borrower's nOlice
address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless
Applicab1e Law expressly requires otherwise. The no lice address shall be the ProperlY Address unless
BOlTower 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 herem unless
AM6WY (0311)
Page 10 of 15
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0139539522 - 5590
12/02/20058:12:52
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(b) Any such agreements will not affect the rights Burrower has - if any - with respect tu the
!\lurtgage Insurance under the Homeowners })rutection Act of ] 998 or any other law. 'fhese rights
may include the right to receive certain disclosures, to rClJuest and obtain cancellation of thc Mortgage
Insurance, to havc the J\lortgage Insurance terminated automatically, and/or to receive a refund of
any !\Iortgage Insurance premiums that were unearned at the time of such cancellation or
t ermi n a t io n.
] 1. Assignment of !\Tiscellaneous Proceeds; Forfeitnre, All Misce]]aneous Proceeds are hercby
assigned to and shall be paid 10 Lender.
If the Property is damagecl, such Miscellaneous Proceeds shall be applied to restoration or repair of the
Property, if the restoration or repair is economically feasible and Lender's sccurity is not lessened. During
snch repair and restoration period, Lender shall have the right to hold such J\iliscellaneous 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 amI
restoration in a single disbursement or in a series of progress paymenls as the work is completed. Unless an
agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous
Procecds, Lendcr shall not be required to pay Borrower any interest or earnings on such Misce]laneous
Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the
Miscellaneous Pruceeds shall be applied to the sums secured by this Security Instrument, whether or not
then due, with the excess, if any, paid to Borrower. Such fvIisce1laneous Proceeds sha1l be applied in the
order provic!Ld for in Section 2.
In the event of a total taking, destruction, or loss in valuc of the Property, the Miscellaneous Proceeds
sha1l be applied to the sums secured by thIs Security ]nstTumenl, whether or nol then due, with the excess, if
any, paid to Borrower.
In the event of a partial taking, c!éstrucliou, or loss in vahle of the Property in which the fair market
value of the Propcrty immediately before the parlial taking, c!Lstruction, or loss in value is equal to or greater
than the amount of the Sl1lns sccured by this Security Instrumcnt ¡mmediatcly before the partial raking,
destruction, or loss in value, unless Borrower and Lender otherwlse agree in writing, ¡he sums secured by
Ihis Security Instrument shall be reduced by the amounl of the Misccllaueous Proceeds multiplied by the
following jiaction: (a) the total amount of the sums secured immediately before the partial taking,
destnrction, or Joss in value divided by (b) the fair market value of the Property 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 Propc:rty 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 Ihe sums secured immedialely before the partial taking, destruction, or loss in value, unless
Borrower and Lender otherwisc agree in writing, Ihe Ì\Jiscellaneous Proceeds shall be applicd to the Sl1l11S
secured by this Security Inslrument whether or not the SUIllS are then duc.
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 10 setllc a elaim for damages, Borrower fails
to respond to Lender within 30 days aJìer the date the nolice is given, Lender is authorized to collect and
apply the Miscellaneous Proceeds either to resloration or repair of the Property or to the sums secured by
this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes
Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to
Misccllaneous Proceeds.
Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
Lender's judgment, coulcJ resulr 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 acceleration
has occurred, reinstate as provided in Section] 9, 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 impairmenl of Lender's interest in Ihe Property are hereby assigned
and shall be paid (0 Lender.
Initials:
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Form 3051
1/01
AM6WY (0311)
Page 9 of 15
0139539522 - 5590
12/02/2005 8:12:52
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000001395395220301621509
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Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or
obligatiou to do so. It is agreed thaI Lender incurs no liability for not taking any or all actions authorized
under this Section 9.
Any amounts disbursed by Lender under this Section 9 shall become additional dcbt of Borrower
secured by this Security Instrument. These amounts shall bear interest at Ihe Note rate from the date of
disbursement and shall be payable, with such inlerest, upon notice from Lender to Borrower requesting
payment.
If this Security Instrument is on a leasehold, Borrower shall comply with alllhe provisions of the lease.
]f Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender
agrees to the merger in writing.
10. l\Iortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan,
Borrower shall pay the preminms required to maintam the ]'vIortgage Insmanee in effect. If, for any reason,
the Jvfortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that
previously provided such insurance and Borrower was reqmrecl to make separately designaled payments
toward the premiums for J'vlortgage Insurance, BOlTower shal1 pay Ihe premiums reqLlired to obtain coverage
substantial1y equivalent to the Mortgage Insurance previously in eíTect, at a cost substantially equivalent to
the cost to Borrower of the Mortgage Insurance previously in effect, íìom an alternate mortgage insurer
selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall
continue to pay 10 Lender the amounl of Ihe 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-reJill1dable loss reserve in lieu of J'vlortgage Insurance. SL1Ch loss reserve shall be non-rcíill1dable,
notwithstanding the fact that the Loan is ullimately 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 coverage (in the amount and for the period that Lender requires) provided by an
insurer selected by Lender again becomes availahle, is obtained, and Lender requires separately designated
payments toward the premiums for Mortgage .Insurance. ]1' Lender required Mortgage Insurance' as a
condition of making the Loan and Borrower was required to make separately desigll'lled payments toward
the premiums for MOligage Insurance, Borrower shall pay the premiums required to maintain I\Jortgage'
Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage
Insurance ends in accordance with any written agreement between Borrower and Lender providing for such
termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's
obhgation to pay interest at Ihe rate provided in the Note.
Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for eçIlal11 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 Jì'om time to time, and may
enter into agreements with other parties that share or mochfy their risk, or recluce losses. These agreements
are on terms and conditions that arc satisfactory to the mortgage insurer and the other party (or parties) to
these agreements. These agreements may require Ihe mortgage insurer 10 make payments using any source
of funds that the mortgage insurer may have available (which rnay include funds obtained hom Mortgage
Insurance premiums).
As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any
other entily, or any affiliate of any of the foregoing, may receive (direclly or indirectly) amOUUlS that derive
from (or might be characterized as) a portion of Borrower's payments for .tvlortgage Insurance, in exchange
for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an
affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the
insurer, the anangement is often termed "captive reinsurance." Furlher:
(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
l\ifortgage Insurance, or auy other terms of the Loan. Such agreements will not increase the amount
Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refuud.
AM6WY (0311)
Page 80115
/// ___ l~~¿7
1",I,als: --d~' 7:>-/{=-]
Form 3051 1/01
0139539522 - 5590
12/02/2005 8:12:52
1111 [~~~t~~rl~lftJfø~~~}~~11111
000001395395220301621508
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Lender has designated another address by notice to Borrower. Any notice in connection with this SecuriIy
Instmment shall not be deemed to have been given [0 Lender until actually received by Lender. If any notice
required by this SeClnity Instrument is also required under Applicable Law, the Applicable Law requirèmènl
will satisfy the corresponding requirement under this Security Instrument.
16. Governing La w; Severability; Rules of Construction. This Security Instrumènt shall bè governed
by federal law and the Jaw of the Jurisdiction in which the Property is located. All rights and obligations
contalncd in this SecuriLY Jnstrumènt arc subject to ûny requirèmènts and lirnitations of Applicable Law.
Applicable Law might explicitly or implicitly allow thè parries to agree by contract or it might be siknl, but
such siknCè shall not be construed as a prohibi¡¡on against agreement by contract. In the event that any
provision or clause of this Security Instrumènt or thè Notè conf1icts Ivith Applicable Law, such conf1ict shall
nor affect other provisions of this Security Instrument or the Note which can be given effect without the
conf1icting provision,
As used in this Security Instrument: (a) words of the masculine gender shall mean and include
corresponding neuter words or words of Ihe feminine gendèr; (b) words in the singular shall mean and
include thè plural and vice versa; and (c) the word "may" gives sole discrdion without any obligation to take
any action.
17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security ]nsLrument.
18, Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18,
"Interest in the Property" means any legal or bendìcial interest In the Propèrty, including, but not limited to,
those beneficial intc:rèsts Iransfèrred in a bond for deed, contract for deed, installment sales contracL or
escruw agreement, Ihe intent of which is the transfer of tille by Borrower at a future date to a purch~lser.
] f all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is
not a natural person and a beneúcial interest in Borrower is sold or transferred) without Lender's prior
written consent, Lender may require inunediJte payment in full of all sums secured by this SecuriLY
Instrument. I [owever, this option shall not be exerCIsed by Lender if such èXèrcise is prohibited by
Applicable Law.
I r Lcnder exercises this option, Lender shall give Borrowèr notice of acceleration. Thc notiCè shall
providè a pèriod of not kss than 30 days J1-om the date the notice is given in accordance with Seclion ] 5
within which Borrower must pay all sums sècured by this Security InsLrument. If Borrower fads 10 pay these
Stllns prior to the expiration of this perioe!, Lender may invokc any rèmedies permitted by Ihis Security
Instrument without fllllher notice or demand on Borrower.
19. Borrower's night to Reinstate After Acceleration, If Borrower meets celiain conditions,
Borrower shall have the right to have cnforcemcnt of this Sècurity ]nstrnrnenl discontinued aL any time prior
to Ihe earliesl of (a) iÌve days before sale of the Properly pursuant to any power of sale contained in this
Security ]nstrumènt; (b) such other period as Applicabk Law might specify for the lermination of
Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions
are Ihat Borrowèr: (a) pays Lendcr all sums which then would be due under this Security Instrumcnt and the
Note as ifno acceleration had occurred; (b) cures any default of any other covenants or agreemênts; (c) pays
all expensès incurred in enforcing this Security Instrument, including, but not limited to, reasonablè
attorneys' fees, property inspection and valuaLion fees, and other fees incurred for the purpose of protecling
Lendèr's interest in the Property ane! righLs undcr this Security Instrument; and (d) Lakes such aCLion as
Lendèr may reasonably require to assure thaL Lendèr's inlerest ill the ProperLy and rights under this Secmity
Instrument, and Borrower's obligation to pay Ihe SlnllS secured by tIlls SecuriLY Instrument, shall continue
unchanged. Lender may require that Borrower pay such rèinstatcment sums and expenses in one or more of
the folJowing forms, as selected by Lemler: (a) cash; (b) money order; (c) certitjed check, bank check,
trèasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits
are insured by a federal agency, instrumentaliLy or entity; or (d) ElecLronic Funds Transfer. Upon
æinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully
effective as if no acceleration had occurred. However, this right to rèinsLaLe shall not apply in the case of
accekration under Section 18.
Initials·
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Form 3051
1/01
AM6WY (0311)
Page 11 of 15
0139539522 - 5590
12/02/20058:12:52
IIII ~~r~~b1{~~\~,~~~~~~~glllll
000001395395220301621511
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20. Sale of Note; Change of Loan ServiceI'; Notice of Grievance. The Note or a partial interest in the
Note (together with this Security Instrument) can be sold one or more times without prior notice to
Borrower. A sale might result in a change in the entity (known as the "Loan Service!"') Ihal collects Periodic
Payments due under the NOle and this Security Instrument and performs otlll;r mortgage loan servicing
obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more
changes of the Loan Servicer unrelated to a sale of ¡he Note. If there is a change of the Loan Servicer,
Borrower will be given written notice of the change which will state ¡he name and address of Ihe new Loan
Servicer, ¡he address to which payments should be made and any other information I<.ESPA rec¡uires in
connection with a notice of transfer of servicing. If the Note is sold and thercalter the Loan is serviced by a
Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower \\ill
remain with the Loan Servicer or be transferred to a successor Loan Servicer and are nor assumed by the
Note purchaser unless otherwise provided by the Note purchaser.
Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an
individual litigant or the member of a class) Ihal arises from the other party's al,tions pursuant to this
Security Instrument or Ihat alleges that the other party has breached any provision o( or any duty owed by
reason oC this Security Instrument, until such Borrower or Lender has notifïed the other party (with such
notice given Il1 compliance with the rec¡uirements of Section 15) of such alleged breach and afforded the
other party herelo a reasonable period after the givll1g of such notice to take corrective aclion. If Applicable
Law provides a time period which must elapse before certall1 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 10 Section 22 and the notice of acceleration given to Borrower pursuanl to
Section] 8 shall be deemed to satisfy the notice and opportunity to take corrective acrion provIsions of this
Seclion 20.
21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those
substances defined as toxic or hazardous substances, pollutants, or wasles by Environmental Law and Ihe
following substances: gasoline, kerosene, other flanunable or toxic petroleum products, toxic pesticides and
herbicides, volatile sol vents, materials containiug asbestos or forma ldehyde, aud radioacti ve materials; (b)
"Envlronrnental Law" means federal laws and laws of the jurisdiction where thc Property is ¡ocaled 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, contribute to, or otherwise trigger an Environmental Cleanup.
Borrower sha1l not cause or permit the presence, use, disposal, storage, or release of any Hazardous
Substances, or threaten to j'elease any Hazardous Substances, on or ill the Property. Borrower shall not do,
nor allow anyone else 10 do, anything affecting the Property (a) that is in violation of any Environmenlal
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 Ihe I'mperty. The preceding two
sentences shall not apply to the presence, use, or storage on the Property of small c¡uantilies of Hazardous
Substances that are generally recognized to be appropriate 10 normal residential uses and 10 maintenance of
the Properly (including, but not limited to, hazardous subslances in consumer prodLlcts).
Borrower shall promptly give Lender \\rrilten notice of (a) any investigation, claim, demand, lawsuit or
other action by any govermnenlal or regulatory agency or private party involving the Properly and any
Hazardous Substance or Envirolllnental 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. ]f 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 necess,uy, Borrower shall promptly take all necessary
remedial actions in accordance with Environmental La\\'. Nothing herein shall create any obligation on
Lender for an EnvÌIOlU11ental Cleanup.
AM6WY (0311)
Page12of15
/ . /'1
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Inlllals /~--:::;:;,)~~j Form 3051
1/01
0139539522 - 5590
12/02/2005 8:12:52
IIII t~r~k~[';~~[~!~Kl~~~;~WIIIII
000001395305220301G21512
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NON-UNIFORM COVENANTS. Borrower and Lender further covenanl and agree as follows:
22, Acceleration; Remedies. Lender shall gÏ\'e notice to Borrower prior to acceleration following
Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to
acceleration under Section 18 unless Applicable Law provides otherwise), 'fhe notice shall specify: (a)
the defaul!; (h) the action required to cure the default; (c) a date, not less tlwn 30 days from the date
the notice is given to ßorrower, by which the default nlllst 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 stuns 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
defaul! or any other defense of Borrower to acceleration and sale. If the default is not cured on or
before the date specified in the notice, Lender at its option may require immediate payment in full of
all SUlllS secured by this Security Instrument without further demand and may invoke the power of
sale and any other remedies permitted 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 evidelll:e.
H 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 sale 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
atto 'Jleys' fees; (b) to all 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 costs. Lender may charge Borrower a fee for
releasing this Security lnstrumenl, but only if thc fce is paid to a third party for services rendered and the
chargll1g of the fee is pem1itlcd undcr Applicable Law.
2-t. \\'aivers. Borrower releases and waives all rights under and by virtue of Ihc homestead exemption
]a ws of Wyoming.
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1/01
AM6WY (0311)
Page 13 of 15
I
0139539522 - 5590
12/02/20058:12:52
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000001395395220301621513
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BY S](:;N]NG BELOW, Bonower accepts and agrees to the terms and covenants contained in this
Security Instrument and in any Rider executed by Borrower and recorded with it.
\Vi tne sses:
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·Borrower
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(Seal)
-Borrower
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, (Seal)
(Seal)
·BOITOWèr
-l3orrowèr
AM6WY (0311)
Page14of15
Form 3051 1/01
12/02/2005 8:12:52
0139539522 - 5590
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STATE OF WYOMING,
Lincoln County 55:
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The foregoing instrument was acknowledged before me thi~ --E}ifl1-f--0J:Q-.?___~~__ by
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My Commission Expires:
February 2, 2006
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Page 15 of 15
0139539522 - 5590
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LEGAL DESCRlPTION
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REr ¡ ¡,AliCE MORTGA
LOANä 0139539522
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ADJUSTABLE RATE RIDER
(LlBOR Six-Month-Index (As Published in the Wall Street Journal)- Rate Caps)
THIS ADJUSTABLE RATE RIDER is made this 2nd day of December ,2005 and is
incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or
Security Deed (the "Security Instrument") of the same date given by tile undersigned (the
"Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Ameriquest Mortgage
Company (the "Lender") of the same date and covering the property described in the Security
Instrument and located at:
15 Chicago St, Diamondville, WY 83116
[Property Address]
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE
INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE
AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE
TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY,
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the
Security Instrument, Borrower and Lender further covenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
T[le Note provides for an initial interest rate of 7,625 %. The Note provides for changes in the
interest rate and the monthly payments, as follows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the first day of January, 2009 ,and on that day every
sixth month thereafter. Each date on which my interest rate could change is called a "Change
Date."
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is
the average of interbank offered rates for six-month U.S. dollar-denominated deposits in the
London market ("LlBOR"), as published in the Wall Street Joumal. The most recent Index figure
available as of the date 45 days before each Change Date is called the "Current Index."
If the Index is no longer available, the Note Holder will choose a new index Wllich is based
upon comparable information The Note Holder will give me notice of this choice.
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Loan Number: 0139539522 - 5590
IIII ~~~~~'fU~~r~X~~~J~~11111
000001395395220302150301
610,1 (Rev 1/01)
Page 1 of 3
12/02/2005 8: 12:52 AM
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(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding
two and three-quarters percentage points ( 2,750 %) to the Current Index. The Note Holder
will then round the result of this addition to the nearest one-eighUl of one percentage point
(0.125%), Subject to the limits stated in Section 4(0) below, this rounded amount will be my new
interest rate until the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be
sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on
the maturity date at my new interest rate in substantially equal payments. The result of this
calculation will be the new amount of my monthly payment.
(D) Limits on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than 9.625% or
less than 7.625%. Thereafter, my interest rate will never be increased or decreased on any
single Change Date by more than One( 1.000 %) from the rate of interest I have been paying for
the preceding six months. My interest rate will never be greater than 13.625)% or less than
7.625)%.
(E) Effective Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my
new monthly payment beginning on the first monthly payment date after the Change Date until
the amount of my monthly payment changes again.
(F) Notice of Changes
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the
amount of my monthly payment before the effective date of any change. The notice will include
information required by law to be given me and also the title and telephone number of a person
WllO will answer any question I may have regarding the notice.
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
Section 18 of the Security Instrument is amended to read as follows:
Transfer of the Property or a Beneficial Interest in Borrower, As used in this Section
18, "Interest in the Property" means any legal or beneficial interest in the Property, including,
but not limited to, those beneficial interests transferred 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.
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Loan Number: 0139539522 - 5590
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000001395395220302150302
610-2 (Rev 1/01)
Page 2 of 3
12/02/2005812:52 AM
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If all or any part of the Property or any Interest in the Property is sold or transferred (or if
Borrower is not a natural person and a beneficial interest in Borrower is sold m tl'ansferred)
Witl10ut 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
SUCl1 exercise is prohibited by federal law. Lender also sllall not exercise this option if: (a)
Borrower causes to be submitted to Lender information required by Lender to evaluate the
intended transferee as if a new loan were being made to tt1e transferee; and (b) Lender
reasonably determines that Lender's security will not be impaired by the loan assumption and
that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable
to Lender.
To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a
condition to Lender's consent to the loan assumption Lender may also require the transferee to
sign an assumption agreement that is acceptable to Lender and that obligates the transferee to
keep all the promises and agreements made in the Note and in this Security Instrument.
Borrower will continue to be obligated under the Note and tllis Security Instrument unless Lender
releases Borrower in writing, If Lender exercises the option to require ilìlmediate payment in full,
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 accordance witll 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.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in
this Adjustable Rate Rider.
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BqrrówerlL Y~NE BRAMMER _6
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Bmrower Borrower
Loan Number: 0139539522 - 5590
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000001395395220302150303
610,3 (F<èV 1/01)
Page 3 of 3
12/02/2005 8:1252 AM