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WELLSfARGOIANKN.A. .
FINAL DOCUMENTS X"11-01M
,oqo BLUE GENTIAN ROAD
EAGAN, fAN 55121-1&&3
C00226
P(e,~r,d ~;. .
wçHAEL ."U,.' ...
WELLS FARGO 8ANK,NA:
1150 WEST WASHINyT0t4 $T
TEMP¡, A,Z .5U1- .
(Space Ab()ve ThlI Un. f'~r~~r"ng Data)
MORTGAGE
01499799&5
RECEIVEP 1/9/2006 at 2:38 PM
RECE~\I~G I ~15062
BOOK: lOt pAGE: 22&
JEANNE WAGNER
LINCOLN COUNTY CLERK, .KEMMf;RER, WY
D~~INITIPNS
WOrd$lIsed in multiple sftctions qf !bis documflnt ire definlitd below an~ other wprds are
defin.d in Sections 3, 11, 13, 18,20 and 21. Certain rules regarding. the usage of words u~ed
in this document are also provided In Section 16.
(A) "Seçurly.",nm.nr means this document, which is dated JANUARY 6,2006
together witb atl.Rldflrs to this·document.
~B' ","row...:' il .
STEVEN A ZAEllT AND TAMMY A ZAElIT, HUSBAND AND WIFE
BorrQwerls the rnortgaSlQI';' 'Ind.r this Security Instrument.
(C) "Lende,." is WELLS FARGO BANK, N.A.
lender is a Nation.. A..oclatlon
organized an~ e'Slstlng und"r the IflW$ 0' THE UNITED STATES OF AMERICA
WYOMING· Slngl. Fam. ".y . Faq¡Ie ,M.~ .... I IFOIIII "STRUMENT
PI1I8 1 of 11 Inltlals~ '" /()
FORM 3051 1/01
SWY01 Rev 0i/13101
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lendèr's addrèss~ls·
P .0... BOX5137.D£$MO'NES., IA) 5;03~:~1~7
lenderlsthe mortgagee underthl~$.ecu'rltyl.nstrument.
(D) "Note". means theproml~sory note slgn~d by Bprr~w,r and dqted JANUARY 6. 2~
The Note states that Borrower owes lender NINETY-ONE THOUSAND THREE HUNDRED
. . I " . .. . , .
FIFTY A.ND NO/1.00 ' . Dollars
(U.S. $ .....P.1,.~.$q,~..............JJ~lus Int~rest. Borrower has promised to pay this debt In regular
Periodic Paym~nt.s,and to ~ay; th~~.ëebt i"Jul,! n~! laterth~n JA~U~~Y 1~2q~6
(~) "Property~ m ita.ns the P[Ope''1y that. !~ d~scribe~ be.I()W .und~r the ~eadh}9,·Transfer of
Rights In the Property.- ..
(F) "Loa,," means. the d~bt ev\ld~l)c,d by the Note, plus If\terest, any prepayment charges
and late charges due und~rthe Note, and all sums du~ tinder this Security Instrument, plus
Interest.
(G) "Riders" means all Riders to this Security. Instrument that are executed by Borrower.
The following Riders are to be executed by Borrower [check box as applicable]:
[!J Adjustaþle Rate Rider 0 Condominium Rider D Second Home Rider
o BalloqnRider 0 Planned UnlNDevelopment Rider 0 1-4 Family Rider·
[] VA Rider D Biweekly Payment Rider [X] Other(~) [specify]
Prepayme"t R.lder
(H},,"~ppUcal)le~aw" fT1.eans. all controlling applicable federal, state and local statutes,
regulátl()n's, ()rdlnànces! Md administrative rules and orders (that have the effect of law) as
well'a$, allappllcablø final, non-appealable judlc.lalopJnions.
(I) "Community Association Dues, Fees. and Asselsments" means all dlcle.s, fees,
assessments and other charges t~at are Imposed on Borrower or the Property by a
çondomlnium association, homElowners association or similar organization.
(J) "Electronic Fundi Transfer" means any transfer of funds, other than a transaction
QrlglQated by ch!eck, dr~ft, or slm.ilar p~~er In~trument, which Is Initiated through an
electronic terminal,; telePhonic Instrument,' comp~ter, or magnetic tape so as to order,
Instruct, or authorize a financial Institution to debit or credit an account. Such term Includes,
but Is not limited to,polnt-of-sale tr~nsfers, automated teller machine transactions, transfers
Initiated bytelepþqne, wire transfers, and automated clearinghouse transfers.
(K) "Escrow ltams" means thos.e Items that aredesçrl~ed In. Section ,3.
(L) "Miscellaneous Proceeds" means any compensation, . settlement, award of damages.. or
proceeds paid by any third party (other than Insurance proceeds paid under the coverages
~.,scrlbe~I'l .~ec,19n 5) for: (I), dama~.e to, or destruction of, the Property; (ii) condemnation
or other taking of ,II or any part of the Property; (Iii) conv~y~n!ce in IÎI~u Qf condemnation; or
(Iv) misrepresentations of, or omissions as tO,the value andior condition of the Property. .
(M) "Mortgage Insurance" means Insurance protecting lender against the nonpayment of,
or default on, the loan.
(N) "Perlòdic Payment'" means the regularlysch~duled ~mount due for (I) principal and
Interest under the Note, plus (il) any amounts under Section 3 of this Security Instrument.
(0) "RESPA" means t,he ~~al Es!at~ Settlement Proc¡edur~s Act (12 U.S.C. Section 2601 et
seq.) ~nd Its Implementing re~ulé:itlon, Regulati9n X (24 C.oF.A. Part 3500), a~ they might be
amended from time to time, or any additional or successor legislation ()f regulation that
SWYÐ2 "" 12'- .... '0118 ""'...~ Jj FORII 3081 1101
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0915062 .
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go~erfl~ the sam. subject m~tt.r. A. usecf in tbJs Security Instrument, -RE.$PA - refers to all
reqúlrémønts and restrictions that art Imposed In regard to a -federally related mortgage
loan- even If tbeLoan does not quaUft as ~ -fe~,rally (elat~m,ortgage loan- under RESPA,
(P) "S"~C'lIor 10 .lnt8l',.t of BorroW.," m~ans· anypat1y !~at ha$ ~ªken title to tbe Property,
whether 0( n~ t~.~ pa,",y ~as ,ssumed Borrower's obligations under the NoJe ~ndlor tþis
Security lostrJJm~nt. .', .
TRåNs'FER OF RIGHTS tN THE PROPERTY
This Security Instrument secures to lender: mthe r'''p-!y~nt of the loan, and all renewals,
e~e~s!9n~ and modifications otthe Note; and (iI) th~ Ptfformance of Borrow~r's convenants
.nd /agreements und~r t~is. S,cu~it~ .ln~Jrument and the Note. For this purpose, B9rrower
does hereby mortgage, gia,t(lnØ' convè,y to 'lender and lender's successors and assigns, .
with power of sale,'the foIIowln9 ~escribed property located In the
County of LINCOLN
(Type oj Recording Jurisdiction) (Name of Recording Jurisdiction)
LEGAL DESCRIPTtoN IS ATTACHEDHE~ETO AS SCHEDULE "AN AND MAD~ A
PART HEREOF. " . I·· .. .
THIS IS A PURCHASE MONEY-MORTGAGE.
Parc't.,D Number:
113 WESTWARD DRIVE
COKEVILLE
(-Property ~ddr\~,~;):
TOGETHER WITHalUhe Improvements now or hereafter erected on the property, and all
easements, appurtenances, and fixtures now or hereder a part of the property. All
replacements and additJons sball also be covered by thjs Sec;:urity Instrument. All of tbe
foregoing 15 referred to inthisSec~rity Instrument a,t the -Property~-
BOR.ROWERiCOVE~ANTS tbat Bprrower 15 lawfully seised of tbe estate bereby conveyed
ond b_~~ the rigÞtto mortgag.e, grant andçonvey tbe Property and that the Property 15
uneo.c.umbered,except for encumbrances of record. Borrower warrants and will defend
generally tbe title to the Property ,a",alnst all cl(ilms and d~mands, subject to any
encumbrances- ofreÇQfd.
JHIS8,E;CUfU¡rYltlSTRUMENT, combines unibrm covenants for natlon~1 ~s, ~,n~ nQn-:
untbrm covenants w,tblimlted variations by jurisdiction to constitute a uniform security
instrument covering real property.
which currently has the address of
[Street)
[Zip Code)
.3114
[City], Wyornlng
s~'(03 ~tv 11/08100
Page 3 01 1S
Initial~;2j
FORM 3051 1/01
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C00229
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UNIFORMCQV~NANTS.!B9rrpw~r.a~d' L.ender covenant ~nd agr~eas follows: .
, 1., P~ym~ptC?t.P~ln~lp~I,,',n~re~t, ~~cro~ltems, Pr~paym8nt Charges, and Late Charges.
BQrrower ~~a.lcl, ,p~YYfhèn dµ~ the. prinqipal of,an~. interest on, the, debt ~videnced by the
Note, and any prepayment charges ,and late çharge,$ dueund~r the Note. Borrower shall
also pay funds}9f E~crowJt :lm$, PlJr~lJantto ~ection3.. F,'ayments due under the N9te and
t,hi~ ..~~,curity/l~s,trlJm,ent s~~lt~~ m,.~!! in U.S. curren~y..However, if any check or other
Instr:umen~ r!itceivedby L.ender as payment under the Note prthis Security In,strument is
returned to lender unpaid, Lender may require that any or all su~sequent payments due
.under the Note and this Security Instrument be made in one Qf moregf the following forms,
as selected by lender: (a) .cash; (br mon~y order; (c) certified ct1èck, bank check, treasurer's
çheck or, cashier's cheçk,provided a,..y such check is draWn upon an institution whose
d,epos.its are 1J'!$ured by a federal agency, instrumentality, or entity; or (d) Electronic Funds
Transfer.
Payments are deemed received by lender when re.celved· at the location designated In
the Note .or lat such other; loc8tio/l ·as 'Pay beidesig.nated by L.ender In accordance with the
notice prpvisions InßI!tGd9n 15. lender may return any' payment or p~rtial payment if the
t -"'. " . -:" ' " .
payment or. partial pay',!,~nts are insufficient to bring the loan current. L.ender may accept
any paymen, or partial p~ymentin,sÜfficient to bring the'. L.oan current. without waiver of any
rights h~reunder or prejudice to its rights to refuse ~uc~ payment or partial payments in the
future, but Lendår Is} not 9bligated to apply such payments at the time such payments are
ac:cepted. If eacþ Periodic Payment Is applied ~s of its scheduled due date, then L.ender
need oot pay Interest on unapplied funds. lender may hold such unappUed funds until
Borrower rnakes paYJ:Oentto bring t~e l~n· current. If Borrow~r does· not do so within a
reasonable period of tlme,\ L.e~der shall either apply such funds or return them to Borrower.
If nptapplied earlier, such funds will be applied to the. o,utstandlng principal balance under
the Note immediately prior to 'foreclqsure. No offset or claim which Borrowe.r might have
now orin the future aga!n$t lender shall relieve Borrower from making payments due under
the Ngte and this Security Instrument or performing the covenants and agreements secured
by this Secµrity InstruQ1el)t.
. ·2. Application of Pàymenta or Proceeds. Except as otherwise described in this Section 2,
all payments accepted and applied by L.ender shall be applie~ in th~ follqwlng order of
priority: (a) interest due under the Note; (b) principal due und.Qr the Note; (c) amounts due
un~er7ection 3. SUQ~ ~ay)m~nts§hall 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
tQ any .other am9unts due under this Security Instrumen·t, and then to reduce the principal
balance of the Note,
If L.ender rec~lve~ a\P~Yr:oe9t fro~ ~orrower for a delinquent Periodic Payment which
Includes a suffici~_nt~moll"" to pay any late charge due, t.he p~y"ment may be applied to the
4elinquentpayment and the late charge. If more thªn one Periodic Payment Is outstanding,
L.ender may apply any payment received from Borrower to the r~payment of the Periodic
Payments If, a,nd, to th~ e\xtQnt ~h~~, ~a9hpJayment c,an _be paid in full, To the e~ent that any
excess exist~ after the payment Is applied to the full payment of one or more Periodic
Pavmef!t~, sùch excess may be applied to any late charges due. Voluntary prepayments
shall be applied first to any prepayment charges and then as described in the Note.
SWYCM Rev 11106100
Page" of 18
':,""~~
FORM 3051 1/01
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L00230
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Any ~pplicatloo of p.-yments, Insurance proceeds, Q( Mislc~I'aneo~s Proceeds to principal
due under the Note shall not extend or postpone the d~e date, or change the amount, of the
Periodic Paym,~s,.
3. FUf\.da forEtcr~J! .Item.. Borrow.r ,h,.1I pay_ to Lender on the day Periodic Pa¥ments
are due uódertbe 'Npte, until the Note Is paid in full, a sum (the "FlJnd~") to provide for
pay",.ent of amounts due for: (a)ta)(8S and assessments and other items which can attain
priority, over thif~ecuri~y tnstrument as a lien Qr ~u~c~mbrance ~n the Property; (b)
leaseholdpaY!"ent(s or gr~yn,ø rents on the Propeqy, If any; (c) premiums for any and all
Insurance requirtd by Lender under Se,ctjpn 5; and (d) Mortgage Insurance pr~m,lu,ms, If
any, or ~ny sums payable by Borrower to lender in lieu of the paYment of Mortgage
Insun~nceprernl,!p1s In accordance with the provisions of ~ect'on 10. These items are called
. "EscrQw Items~" At origination or.t any. time durllJ.g ,t~e tE rm of the loan, lender may
re.quire that Community Association Dues, Fees, and 'Assessments, if any, be escrowed by
Borrpwer, aFld. such ~u's,: fe,s ,and assessments shall be an Escrow Item. Borrower shall
promptly. f~rnish' to Lender~I!,notlces of amounts to be paid under this Sec~,ioo. Borrower
~h,lIl. PitY Lender the Funds for Escrow It~ms 4~le~s lender waives Borrower's obligation to
pay tþ~[unßs for any or all Escrow Items. Lender Q1f\Y ~.,ive Borrower's obligation to pay
to Lender Funds for ~ny qr all Escrow Items at any time.Aoy such waiver may only be in
writing. In the @veQt of su,ch wah(er, ßorrower shall pay directly, when and where payable,
th, aJO()unts due fÒr any Escrow Items for whl,eh payment of Funds has been waived by
lenderand,;f lender requires, s.hall fµrn.ish to lender receipts evidencing suph payment
within such ·tlme period as I,.ender may reqiJire.ß9rroVler's obllgatjon to make such
payments and to prov;de receipts shall for all purposes be deemed to be a covenant and
agreement contJ'ined in t,hi~ Security Instrument, as the phrase "covenant and agr~ement"
Is us,d .In Section 9. If Borrower is obligat,d to pay Escrow Items directly, p~rsuant to a
waiver, ~l\dBorrower falls to pay the amount due for an Escrow Item, lender may exercise
Its rights under Section 9 and pay such amount !lnd BorrQwer shall then be obligated under
Section 9 to repay to ~ender any such amount. lender m~y revo~e the waiver as to any or
aU Escrow Items at ,ny'time ,bya notice given In accordance with Section 15 and, upon such
rev«ation, BorrowershaU pay' to lender aU Funds, and in such amounts, that are then
' .' . - . -',
requ re~upderJhi$ Section 3,
Lender may, it any time, coUect and hold Funds tn ,an amQunt (a) sufficient to permit
lender to apply the Funds at the time specified ul)der RESPA, and (b) not to exceed th@
maximum amount a lender can require under RESPA. Lender shall estimate the amount of
Fupds due on the basis pfpurrent d~t~,an~ re~sonable estimates of expenditures of future
Esc~o~ lte(J\s or,othelV(lse i,n"ccordançê with Applicable law.
The Funds sh.UþehekJ In an institution whQse deposits are insured by a federal agency,
Instrumentality, or entity (including lender, if lender Is an Institution whose deposits àre so
insured) or In any Federal Home loan Bank. lendersh~lIapply tþe Funds to pay the
Esc,rqw Items no later than the time specified un~~rRE$PA: lender shall not charge
Borr~wecfor ho1"ln.gandapplylng the funds, annually analyzing the escrow account, or
verifying the Escrow Items, únless lender pays Borrower interest on the Funds and
Applicable law permits Lender to make such a charge. Unless an agreement is made In
w,riti~g or Apptlcaþle Law requires Intere~t to be pai.d on the Funds, lender shall not be
SWY05 Rev 11/06100
Page 50qa
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FORM 3051 1/01
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required to' þayeórl'owe.rany, ihtere~tòrea'rnlogsonthe Funds. Borrower and· lender can
~greèln, ~iiHn9.hpwever,th·a" .Interest shallbe paid on the Funds. lender shall give to
Borrower, wlthau't éharg', äri 'a'nnual aècouJ\fing of the Funds as required by RESPA. '.
If the~é is.a sû~þ'fus ~f Funds held .11\ ~~crow, as d~fined underRESPA, lender s~all
accoûnt tqf ~orr9wer for th~ exce.~sfunds I~ accord.ance with RESPA. If there is a shortage
,. ," '. '. ''.t" ;. '.' '.' .:_, ·r: ,. :.,,:.', -. " ~:', .j'.. ..~. " . ' . ,.... .
of Fund~ h~,Jd i~ esc~ow, ~sd~fi?p~ u..~der HESPA, lender shall notify Bqrro~er a~ required
byRESPA"..{'nd Borrow.ersh~lIpay to" 'lender the amount nft.c~ssary to make up the
$hortageJn accordanc~ VVith RESPA, bùt In no more .than 12 monthly payments. If there is a
deficl~ncy of Funds held In escrow, as defined under RESPA, lender shall notify Borrower
as rèq\}jrþd by. fflES~A, and Borr<~wer shall pay to le!\d'~r ~h~ ~!mo.\.InJ necessary to make up
the deficlel)cy,l n ªcqordance with R~SPNbut in no morethao '12 monthly payments;
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Upon· paymen~ln' ~II of all s~ms secured by this Sècurlty Instrument, lender shall
promp}ly refundt.o Bprrower any ~unds he}d by lender.
4. Chargea¡'t-lena,Borrower shall pay all taxes, assessments, charges, flnes, and
I,mpositionsattributl\ble ~o the Property which car;¡ attain priority over this Security
Instrume'nt, le~sehòld paYfnents or pround rents on the Pro'perty, if any. and Community
As.$QCiation Dues, Fees, and Assessroents, If any. To the extent that these items are Escrow
Items, Borrower shilll pay ihemln the manner provided in Section 3.
Borrow,r shall promptly discharge any lien which has priority over this Security
Instrument unless Borrower: (a) agree.~ In writing to the payrreM of the oblig~tion secured
by the lien In a manner acceptable to Lender, but only so 19n9 as Borrower is performing
such agreement; (b) contests the lien In good fait~ by, or defends against enforcement of
t~e lie/;'l In, legaLproceedi¡ngs Which~in lender's opinion operate to prevent the enforcement
of the lien while those !proceedlngsare pen~lng, but only until such procee~ings are
concluded; òr (c) secures from the holderof the Ii~n ao a~l\eeme.n~ sfitisfactory to lender
subordinating the lien to this Security Instrument. If lender determines that any part of the
Property is subject to a lien which can attain priority over this Security Instrument, lender
may give t;3Qrro!N~r a notice Identifying the lien. Within 10 days of the date on which that
notice Is given, Borrower shall satisfy the lien or take one or more of the actions set forth
above in this Section 4.
lerider may require Borrower to pay a one-time charge for a real estate tax verification
and/or reporting selVice used by lender In connection with this loan.
5. Property In,auflmce. Bo~rower sh~1I ke~p th.e Improvements now existing or hereafter
erected on the Próperty insur~d against loss by fire, hazards included within the term
-extended coverage,- and anyother hazards including, but no~ limited t~, earthquakes and
fI~~,for which lender requires insurance. This insurance shall be mªiotained in the:»
amounts (incl!lding d~~uctiþIQ ley~ls) .~nd for.the periods that lender requires. What lender
requires pursuant to the. preceding sentences can change ~U(in9 the term of the loan. The
Insurance carrier providing the Insurance shall b~ ch9sèn by' Borrower subject to lender's
right to disapprov, Borrower's choice, which right shall not be exercised unreasonably.
lender may' requin~ l;3"orrower to pay, In connection with this loan. either: (a) a one-time
charge for flood zone det~rmlnation, certll1qation and tracking services; or (b) a one-time
charge for flood zone determination and certification selVices and subsequent charges each
tlme'remapplngs or similar changes occur which reasonably might affect such determination
S~Yq& R~ 10/~5IOO
Page 6 of 16
I.II'''~ ~
FORM 3051 1/01
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C00232
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Qr c,rtlficatioß. Borrower shalt ,Iso be responslÞle for the payment of any f~es Imposed by
the Fecteral Emergency Management Agency In connection with the review of any flood
zone determlm~tlon Jesu"~ln~ frpm an objection by Borrower.
If Borrower f,ils to maintain any of the coverages described above, lender may obtain
II1~ur:,ance coverage, at lender's optl9n and B9rrower's expeMe. lender Is ul)derno
obUgatlon to purchase any particular type or amount of coverage. Therefore, such coverage
shall cover lender, but m~ght or mlg~t not protect Bc;>rrower, Borrower's equity In the
Property, or the c,oQtents óf the Pr~e(ìY, against any risk, hazard or liability and might
provide greater or lesser coverage than was pr:evlot,lsly Ira effect. Borrower acknowledges
,~haJ the cost of the Insurance coverage SO obtained might significantly exceed the cost of
In.surance that Borrower could have ob~aln~d. Any amounts dlsburs~d by len~er un~er
this Section ~ shall become additional d~bt of Borrower secured by this Security Instrument.
These am.ounts~b~U bear Interest at the Note rate frqm ,he date of disbursement and shall
be payable, with suchlnJere~t'iupon notice from Lender to Borrower requesting payment.
AI,! Insurance policies required by lender and renewals of such policies shall be subject
to lender's right to dlsapprQve such pplic,le~, shall Include a standar~mortgaÐ~ çlause, and
shall name lender as mortgagee and/or as an additional loss payee. lender shall have the
right to hold the policies and renewal certificate~. If lender requires, Borrower shall
promptly give to Len$!er aU· receipts of pail:! Rremlums and renewal notices. If Borrower
obtains any form of Insurance cQv~rage. qot otherwise required by lender, forlJamage to,
or destruction ot, the propert'y,such policy sb@11 1.l1clude a standard 1')10rtgage clause and
shall name lender as mortgagee and/or as an additional loss payee. .
In th,e ,ve)'t ~f loss, Borrower shall give P(o",pt no~Ic.~ to the Insurance carrier and
t.,!l)d,.r. ~endermay make proof of loss If not made promptly by Borrower. Unless lender
lind . BOfn)werotherwlse agree In writing, any In.surance proceeds, whether or not the
underlying Insurance was required by L.end,r, ~h~lI<beapplied to restoration or repair of the
Property, If the restoration or repair is economlcaUy feasible and lender's security Is not
le~se!"ed. During such repair and restoration period, lender shall have the right to hold
such Insurance proceeds until lender has had an opportunity to inspect such Property to
ensure the work has bee,n cÇ>mp\lete,d to Lender's sati~factlc;>n. provided that such inspection
shall be undertaken promptly. lender may, dlsþurse proceeds for the repairs and
restoration in a single payment or il) a series of progress payments as the work is
completed. Unl~~s. an ,a~,reementis made in writing or Applicable law req~l.reJ> interest to
be ,paid onsucb insurance proceeds. lençler sh~n n9t be required '0 pay Borrower any
interest <?r earnings on such proceeds. Fees for public adjusters, or other third parties,
retained by Bºrrower shall not be paid out of the Insurance proceeds and shall be the .sole
obligation of Borrower: If thle restoratlQn or repair Is qot, ecof\o,mlcally feasible or lender's
security would bet.,ssened.~ th.e Insurance procteds sh~1I be applie,d to th(t sums secured
by this Security Instrument,' whether oroot then dOe, with the ex,cess, If any. paid to
Borrovyer. Such, insurance proceeds shall be applied in the order provided for in Section 2.
If Borrower ab~ndons the Property, lender may file. negotiate and settle any available
Insurance claim aQd- r.e,I~ted matters. ,If, ~o.rro,wer does notresPQnd within 30 days to a
notice from lender that the insurance carrier has offered to settle a claim, then lender may
negotiate and settle the claim. The 3O-day period will begin when the notice Is given. In
SWY07 Rev 10125100
Palle 7 01 18
Initiall~
FORM 3051 1/01
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either eve.nt, or ifleodèr acquires th'e Propertý under Section 22 or otherwise, Borrower
hereby assigns. to lender ,,(8) Borrower's rights to any insuraoceproceeds in an amount not
to excøed the amounts unpaid under the Note or this Security Instrument, and (b) any other
of Borrower's rights (other than t,he right tp any refund of unearned premiums paid by
Borrower) under all In,surª-:nce policies! covering the Property, insofar as su,ch rights are
applicable to the coverage 'of the Property. U~nder may use the Insurance pro~eed's either
to repair or réstore the 'Property or to pay amounts unpaid under the Note or this Security
Instrument, wheth,eror not then due.
6. Occupancy. ~orrower shall occupy, es.hiblish, and use the Property as Borrower's
principal residence wlt,hin 60 ~ays after the execution of this Security Instrument and shall
continue to occl,lPy thê Property ~,~,Borrower's principal resNe,nc;e fo~ a,t least one year after
the date of occupancy, unless lender oth,erwise Qgrees In, writing, which consent shall not
b~T ~nreasol)ablý withheld, or unless extenu.,ijtlng· çlrcumstances exist which are beyond
Bôrrower's control.
7. Preservation, ftt1,~lnt.,nan,ce and P,roteçtlonof the Property; Inspections. Borrower shall
not destroy, damage or Imp!iir the Property, allow the Property to deteriorate or commit
waste on the Property. Whétheror, not Borrower i,s residing in the Property, Borrower shall
maintain the Property In order to pr~vent the Property from deteriorating or decreasing in
value due to its condition. Unless it is determined pursuant to Section 5 that repair or
restoration Is not economically feasible, Borrower shall promptly repair the Property if
damag,e,d to av~id, further ~eteriQratiooor damage. If Insurance or condemnation proceeds
arEi paid in connection with damage to, or the taking of\ t~~ Property, Borrower shall be
responsible for repairing or restoring the Property only If lender has released proceeds for
,uc~ purposes; lender may dlsbur~e p,ro,soeeds for the repairs and. r:~storation in a single
paym.ent or iQ a series of progress payments as the work is completed. If the insurance or
condemnation procee~.s ~re not sufficient to repair or restore the Property, Borrower is not
relieved of Borrower's obligation for the completion of s~cþ repair or restoratioQ.
lender or its agent may make reasonable entries upon and inspections of the Property.
If It ~as reasonable cause, le,nder may inspect the interior of the improvements on the
Property. lender shall give eorrower notice at the time of or prior to such an interior
Inspection specifying such reasonable cause.
8. Borrower's loan ~pp"c..tIQn. ßorfoVi8"r ~hall be in default if, during the loan
application process, Borrower or any persons or entitles acting at the direction of Borrower
or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate
Il)form~ti~ní ~r statements to Lender (or failed to provide lender with material Information)
In connection with the loan. Material representations inc,ude, but are not limited to,
representations concerning Borr0r'er's occuPancy of the Property as Borrower's principal
residence.
9. Protection of lender's Interest In the Property and Rights Under this Security
Instrumel1t. If (a) Borrower fails to perform the cov~n@.nts and agreement~ contained in this
Security Instrument, (b) there Is a legal proce~dlng that might significantly affect lender's
Interest in the Property and/or rights under this Security Instrument (such as a proceeding
In bankruptcy, probat~, f<;>r cond~mnation or forfeiture, for enforcement of a lien which may
attain priority over this Security Instrument or to enforce laws or regulations), or
sWYoa Rev 10125100
Page 8 of 18
"IU"'~ 0
FORM 3051 1/01
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C00234
(c) .Borrower has abandoned the Property, then lender may do and pay for wh~t~ver I.s
(easonablft pr approR,rl~tei to pr~ect .Lend...er's Interest In the Property and rights under this
Security Instrument, including· protecting and/or assessing the value of the Property, and
securing and/or repairing the Property. lender's actions can include, but are not limited to:
(a) paying any sums secured by a lien which has .pri<\>ri~y OV,er this S~curity Instrument; (b)
appe,.rlng In court; and (c) paying reasonable attorneys' fees to protect its Interest in the
Property~nd/or rights .lJnderthis Security Instrument, Including its secured position in a
bankruptcy proceeding. Sec,~d~g th~ rr9perty Includes, but Is not limited to, entering the
Property to make repairs, çhange locks, replace or board up doors and windows, drain
water frOl¡t\ plpe~, elimln~te building or other co~e vloJ..~tlqnsor dangerous conditions, and
havft utilities turned on or off. Although lender may take action· und.sr this Section 9,
lender does not have to do sO and Is not under any duty or obligation to do so,. It Is agr~ed
that lender Incurs no. 1i~~I~lt~ for not t~ki~g ar1Y or all actions authorized under this Section
9. < . . . '.
! Any amounts disbursed by lender under this S~ction 9 shall become additional debt of
Borrower seçur,d ~ý 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 le,nder to Borrower req~esting payment.
tf thi, Security h::astru~ef't Is. on a leasehold, Borrower shall comply with all the
provl$lons of the ht.ase, If BorroVi-er acquires fee title to the Property, the leasehold and the
fee title shall not merge unless lend.er aQrees ta the merger in writing.
10.Mortgag. In,urane.. If.Lender required Mortgage Insurance as a cOQdltlon of
makin" th.,loa¡p, porrower shall pay ·the' premiums required to maintain the Mortgage
Insurance in efféct. J" fqr any reason, the Mortg~ge Insurance coverage required by lender
Ceases to be availaQle from the mortgage Ins\lrer thatp,revlously provided such insurance
and Borrower was required to make s.Aarately designated payments toward the premiums
for Mortgage Insurance, Borrower shalt pay· the premiums required to obt,ain coverage
su,bst~ntlaUy equivalent to th~ Mortgage Insurance previously In effect, at a cost
substantially equivalent to the cost to Borrower of the Mortgage Insurance previously In
effect, fro") an alternate mortgage Insurer selected by lender. If substantially equivalent
Mortgage Insurance coverage Is .notavaUabJe, Borrower s!tall continue to pay to lender the
amount of th, 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-refundable Joss reserve In lieu of Mortgage Insurance. Such loss reserve shall be
non-refundable, notwithstanding the fact that the ~oan I~ I,Iltjß)ately p.ld In full, and lender
shall nqt b, required~op~y Bpr,~wera?y interest or earnings on such loss reserve.
le~der can 'no longer (~q,~ir,;e lo~sreserve payments if Mortgage Insurance coverag~ {in t,he
amount and for the p~riod that lender req~lres)provlded by an Insurer selected by lender
again becomes available, is obtained, and lender requlre~ ~ep~rately designated payments
Ì(j>war<! ~h. rpr~mf9'ls for Mortgage Insurance. If lender'requlred Mortgage Insurance as a
cOf'ditlon ofroaking the ~oon and Borrower was required to make separately designated
payments toward the premiyms fQrMort9~g~Ansurance, Borrower shall pay '~e preml4m~
required '0 maintain Mortga g.!_ Ins_urance In ~ffect, or to provide a non-refundable loss
reserve, until lender's requirement for Mortgage Insurance ends In accordance with any
written ag.re.m.nt~etw.e.9 ~orrower and lender ~rovlttlng f9r sLJoh termination or until
termination. is required, by Applicable law. Nothing in this Section 10 affects Borrower's
obligation to pay Interest at thE! r~t. ~r,oyi!de~ in the Note. .
"'''' ... 1111'" . p.... " 11 .~"~Ð FORII 305, '10'
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, Mortgage,Jnsuran·ce 'relmbur.$es lendèr;,(or any entity\that purchases the Note) for
certain losses It may Incur ifiBo.rrowerdoes not repay the loan as agreed. Borrower Is not
a party·to the· MortgagQ In~urance.
Mortgage Insurers evaluate their to~alriskon all/such I~surance inî,force from time to
time, and may e!)ter Into agreements with' other p'artiesthat share or modify their risk, or
reduce losses. :Thèsea~J('eements are on terms and conditions that are satisfactory to the
mortgaSJe Insurer and the other party (or parties) to these agreements. These aijreements
"lay require the mortgage Insurer to make payments using any source of funds t~at the
mortg¡;age insurer may have av¡;ailable (which may Include funds obtiiined from Mortgage
Insurance. pre~lurQs).
. As ~ re~ult ofthese agreem~nts, len~er, any purchaser of the Note, anoth~rinsurer,
any relns~r8r, any other entity, or, any affiliate of any of the foregoing. may receive (directly
or Indirectly) amounts that derive from (or might be characterized as) a portion of
Borrower's payments for Mortgage Insurance. in exchange for sharing or modifying the
mor19ag~ Insurer'~ ri~k, Ç)r ;reduclng losses. If s~ch agreement prpvides t~at an affiliate of
lendår takes a share of the insurer's risk In exchange for a~hare of the premiums paid to
the Insurer, the arrangement is often termed ·captive reins,urance.- Further:
(a) Any luch agreementl will not aff,-ct the amountl,tt)at l¡Jorrower hal agreed to pay
for Mortgage Inlurance, or àny~p.. ther terml ofJhe Loan. Such )agreement~ will !'lptln. crease
the amount Børr,ower will owe for Mortgage Inlurance.. and they, will not· entitle Borrower to
ány rêfyf.'l~~ \ . '. .
(b) Any luch agreements "1111 not affect the,rights Bprrower hal - if any - with respect
to the Mortgage Inlurance ~nder.Jhe Homeownerl Protection Act of 1998 or any other law.
Th~I' rJghts qaay.. incJude . the right to receive certain dllclosurel, to request ,and obtain
cancellation of the Mortgage Insurance, to have th~ ~ortgage Insurance terminated
automatically, and/or toreceiv8. a re!Und of aQV Mortgage Insurance premiums that were
unearned at the time ot ,uch cancell,tf9n or terminatIon.
11. Alllgnment of Miscell.aneouIProceedl; Forfeiture. All Miscellaneous Proceeds are
hereby~sslgned to ~nd s~,1I ~e paid tQ le,nder,
If the Property Is damaged, such Mlscell~ne9us Proceeds shall be appli~d to restoration
or repair of the. Property, If the restoration or repair is economically feasible and lender's
security is not lessened. During such repair and restoration period, lender sh,al! have the
right tp hol~ s~ch Mi~çellaneous P~oc~,ds until lender has had an opportunity to inspect
such Property to ensure. the work ~as been completed to lender's satisfaction, provided
that such inspection shall be undertaken· promptly. lender may pay JÇ>r the repairs and
restoration In a single disbursement or In a series of progress payme'nts as the work Is
. ::o~pl~ted. Unless an agreement Is made in writing or Applicable law requires Intere,st to
be paÎd on such M!s,c~lIli'n~o...s Pr:oceeds, Lender sh,all not be required to pay Borrower any
Interest or earnings on such Miscellaneous Pr9ceeds, If the restoration or repair Is not
eçqnpr,ni9~I)y feasible or lender's security woufd be lessened, tþe Miscell¡ineous p;roc~eds
shall be applied to the sums secured by this Security Instrument, whethèr or not then due,
with the excess, If liny, paid to Borrower. Such Miscellaneous Proceeds shall be applied in
the order provided for in Section 2.
swv10 R~101251O,O
PIU' 10 0' 1.8
","".~ 26
FORM 3051
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091506~
C00236
I,Q t~e !ev,en~ ~f 8,.Jotal takipq, ~estructlon, or 10$s In val"e of th.e Property, the .
Mlsc:;ellaOeo,us J?roce~J:ts s~1J ibeapplh¡t(J .tqthe sums secured by this Security Instrument,
whether or not then due. with the e~ceS$. i#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 vall e Is equal to or great,r th,n th,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
I?st~ument s~all be reduceJ:t by the amount of the Mlscellan~ous Pr~eeds mu'tiplied by the
follQwln,g fractio!,: (a) t~e total amount of th~ sums secured Immediately before the partial
taking, destrucf!on, or IQssln 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.
InJhe event of a partial !ta~ln9, destruction, or Ios~ In value of the Property in which the
fair market value of th,e Property" m,ne~Uately before th, partlal,!aklng, destruction, or loss
In value is less than the ¡'¡ffio,unt of the sums secured Immediately. before the partial taking,
destruction, or loss In value, unless Borrower and lender otherwise agree in writing, the
M'sgelta"eo~s p¡r9ceeds shaU be applied to the s,"-,ms secured by this Security Instrument
whether.or nott'" sums are then due.
, . - ,- '. ,.
If the Property Is abandoned by Borrower,or if, after notice by lender to 1i10~ro~er that
the Opposing Party (as define41n t~e n,xt sentence) o~e(s, to m¡¡ke an award to settle a
claim for damages. Borrower fails to respo.nd to lender within 30 days after the date the
notice Is given. Lender Is authorized to collect ~nd apply the Miscellaneous Proceeds either
to restoJation or¡ repair of the Property or to the sums secured by this Security Instrument,
whether· or nOt' then dU,e. ·Opposing Party· me¡¡ns t.he third party that owes Borrower
Miscellaneous Proceeds o~ the party against whom Borrower has a right of action in regard
to Miscellaneous Proceeds.
Borrower shalt be In default if any actlor or proceeding. wheth,er civil or criminal. is
begun that, In lender's judgment, cOt,Jld resUit in forfeiture of the Property or other material
Impairment of ~e~~er.'s interest in the Property or ri~ht~ under this Security Instrument.
Borrower can cure such a qefaul,t afld, if acceleration has occurred, reinstate as provided In
Section 19, by causing the action or proceeding to be dismissed with a ruling that, in
lel).d~r's judgment, precludes f9rfelture of th~ Property or other material Impairment Qf
lander's Interest in the Property or rights under this Security Instrument. The proceeds of
any award or claim for damages that are attributable to the Impairment of lender's interest
In the· Property are her~by afsl!gned a,\d sh,all·~e pai<l to ~e~d8r.
All MlscellaneQ~s Proc;;~~ds that are n~ applied t9 restoration or repair of the Property
'haU be aPR~jepln tþ_ order provided for in Section 2.
\ .
12, BOIT'øw,," Not R,lea.edj Forbearance By Lender Not a W.lv,r. Extension ofthe time
for payment or modification of~m()~I~atiQn of the sums s~c~red by this Security Instrument
granted by lender to Borrower or any Successor Inloterest of Borrower shall not operate to
r~I~~., \t~~ ~abjJitv .0f.Borrower or any Successors In Interest of Borrower. len(.ler sh~1I not
be required to commence proceedings against any Successor In Interest of Borrower or to
refuse to extend time for payment or otherwise. modify amortization of the sums secured by
SWY11 Rev 11/06100
Page 11 of 11
'''''.~:6
FORM 3051 1/01
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CQ0237
this SeclJ.rltylnstrument by reason of any demand made by the original Borrower or any
Successors In Interest of Borrower. Any forbearance by lender In exercising any right or
remedy including, with04.'h:nitation, lender's acceptance of payments from third persons,
entitles or Succe·ssors In, Iptereßt of Borrower or In amo~ntsl~ssthan the amount then due,
shall. not be ~ waiver of or fH'eçludethe exercise of any right or remedy.
13. Joint and Several Liability; .Co-.lgner~; Succ~..or. and Assigns Bound. Borrower
çQ'I¡8¡n¡a.nts an~iagrees t~~ì )Bori:ow~r s obligations and liability shall be joint and s,everal.
However, any Borr0rter who,co-slgnsth'is Security Instrument but doe~ not execute the Note
(a ·co-signer·): (a) is co-signing this Security Instrument only to mortgage, grant and convey
the co-signer's Interest in the Property under the terms of this Security Instrument; (b) is not
per~onally ob'i~~t,d tQ pay the su"",s ,s~cure~ by' th,is $ecurity Ins,trun:u~nt; and (c) agrees
that lender aod' any oth~r B,orr0w.er can agr~e to exre n.d , mo~ify,forbear or make any
accomm,odat,lo!\s with regard to the terms of this Security Instrument or the Note without the
co-signer's consent.
Subject to the proylsion of Section 18, any Successqr irlnh~re$t of Borrower who
assumes Bprrower's òbligation~ u.,n9~r ¡this Security Instr . ment In writing, and is approved
by l~nder,shall obtain. all of Borrower's rights and benefits under this Security Instrument.
Borrower shall not be released from Borrower's ()bligatlons and liability under this Security
Instrument unless lender agrees to such rele,ase In writing; The c~venants and (igreements
of this Security Instrument shall bind (except as provided In' Section 20) and benefit the
sucçessors ard,. as~I~r'!s 0' l~nder.
14. Loan Charge... lender may charge Borrower fees for services performed In
connection with Borrower's default, for the purpose of protecting lender's intere~t in the
Property and rights under this Security Instrument, 'including, but n~t limited to, attorneys'
fees, property inspection and v~l~aiti.on tees. In regard to any other fees, the absence of
express authority in this Security In'strument to charge a specific fee to Borrower shall not
be construed as a prohibition on the charging of such fee. lender may not charge fees that
are expressly p·rohibited by this Security Instrum«tnt or by Applicable l~w.
If the loan Is subject to a law which sets maximum loan charges, and that law Is finally
Interpreted so th~t the Interest or other loan charges collected or to be collectt;ld In
connection with the loan exceed the permitted Jimits, then: (a) any such loan charge shall
be reduced ~by the amount necessary to reduce the charge to the permitt~d limit; and (b)
any sums alr~ady collected from Borrower which ~xceeded 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 betr~atect ~sa p,rtial prepayment without any prepayment charge (whether
or not a prepayment ch~rge is provided for under the Note). Borrower's ~cceptance of any
such refund made by· direct payment to BorrQwer will constitute a waiver of any right of
action Borrower might have arising out of such overcharge.
1~. NºtIç8~. AU oQtlc,es given by Borrower or lender In connection with this Security
Instrument mùst be In writing. Any notice to Borrower In connection with this Security
Instrum.filnt shall be deemed to have been given tp B<?rrower when mailed by first class mail
or when actually delivered to Borrower's notice address if sent by other means. Notice to
any 0r~ 3orrower shall constitute notice to all Borrowers unless Applicable law expressly
SWY12 Rev 11/06/0!I
P~ge 12 0' 18
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1~1".:N-6
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091506~
C00238 .
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requires otherwise. The notice address shall be theProp~rty Addres~ \Joless Borrower has
designated a substitµte ,n9*' ~dc;tr~ss by notice to lender. Borrqwershall promptly notify
lender of Borrower's c.hange of address. If lender specifies a procedure for reporting
Borrower's change of address, then Borrpwer shall only repprt a change of address through
t~a,t $R~c;ified er9cedure. There may be onJy one designated notice address under this
Security . Instrument at any one tJm~. Any notice to Lender shall be given by delivering it or
by mailing it by first cia,s mail to lender's address stated herein unless lender has
designated another ac:l4r815S by notice to Borrow,r, Any notice In connection with this
Security Instrume{lt shall not be deemèd to have bee~give.n to lender until actually
r,~etvet;lby ~.nder. If any notice required by this Security ínstrument is also required
under Applicable law, the Appli~abl,e ~aw requirement will satisfy the corresponding
requirement un,der this Security Insttument.
1&. Governing Law; Severability; Rulel of Cøn1truCtiOf\.. This Security Instrument shall
b, . 9ov~~n~d by f~derallaw and the law of the jurisdiçtion .in which the Property is located.
All . rights and . obIi9~~iQns contained in this S'.ÇlIrity Instrument are subject to any
requirements and limitations of Applicable law. Applicable law might explicitly or implicitly
allow the parties to agree by contract or it might be silent. but such silence shall not be
co~strued as a prohibition ~gainst agreement by co (It ract.In the event that any provision or
clau.e o.f this Security Instrument or the Note conflicts with Applicablé law, such conflict
shall not aff,ct other provisions of this Security Instrument or the Note which can be given
effect without the conflicting provision.
As used inth!s Seçurit¥lnstrument: (a) words of the masculine gender shall mean and
include çorresppnding neut,r word~ or. words of t~e feminine génder; (b) words in the
singular shall mean and include the plural and vic;e v,.ersa; and (c) the word MmayM gives
sole discretion without any obligation to take any action.
17. Bo/rower'l Copy. Borrower shall be given one copy of the Note and of this Security
Instrument.
11. Tran,fer of the Property or a Beneflc"llnt8relt In Borrower~ As used in this Section
18. Mlnterest in the PropertY- means any legal·· or beneficial interest in the Property,
i~19ding. ~utnqt Jimited to, those beneficial interests transferred in a bond for deed,
coptract for··deed, installment· salescoQfract or escrow agreement, the intent of which is the
transfer of title by Borrower at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold OJ transferred (or if
Borrower Is not a n.atural person and a benefici~1 i"terest In Borrower is sold or transferred)
V/i~o,ut lender's prior wl\!tte? cçmsent, lender may require immedi~te payment in full of all
sums secured by~þi~Sec~rity Instrument How.ver, this option shall not be èxercised by
lender if such exercise i$ prohibited by Applicable law.
If lender exercises this option, l~nde,r $h~JI giv.e Borrower notice of accel~rat,iqn. 1he
~C\»tle8 shall provide a period of not less than 30 days from the date the notice is given in
accontance with Section 15 within which Bprrower J;n1J~t p~y aU sums secured by this
Security Instrument. If Bprrower fails to pay these sums pdor to the expiration of this
period, len~er may Invoke any remedies permitted by this Security Instrument without
further notice or demand on Borrower,
SWY13 Rev 11/06100
Page 13 of 18
I~ML~
FORM 3051 1/01
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:00239
19. Borrower!I/Rigþt to Reln.tat. A~r Acceleration. If Borrower meets certain
conditions., Borrower'shall haveth~ right to have enforcement of this Seçurity In~trument
discootinued at any time prior to the earliest of: (a) five, days before sale of the Property
pursuant to any power of s~Je.contained in this Se~urity Instrument; (b) such other period as
Applicable law might J~pecify for the termination of Borrower's right to reinstate; or (c) entry
of a judgment eoforcing this Security Instrument. Th_ose con~itio/lsare ,that Borrower: (a)
pa~$lender all sums whichithen would b~ due under this Security Iflstrument and the Note
a$ if no acceleration had occurred; (b) ,cures any default of any other coven~nts or
ag'reements; (e) pays all expense~incurred In enforcing this Security Instrument. Including,
but not limited to,. reasonable attorlÌey~' fe~s, property inspection and valuation fees. and
othe,r fees incurred for the purpose of protecting ~ender's interest In the Property and rights
und~r this S~curitYIIf1str,ument; and (d) tak,es such action as l~"der may reasonably require
to assure that lender's'lnterest 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. lenderrraayrequire that Borrower pay such reinstatement sums and
expenses In on'e or more of the following forms, as selected by lender: (a) cash; (b) money
order; (c) certified check, bank check, treasurer's check or cas~ier's check, provided any
such check Is drawn upon @ß Institution whose deposits are insured by a federal agency.
instrumentality, or: entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower,
this Security Instrument and obligations secured hereby shaJI remain fully effective as if no
acceleration ha~ ocçurreçJ. ~owev,er, this right to reinstate shall not apply in t~e case of
acceleration under Section 18. ' ,
20. Sale of Note¡ Change of Loan Servlcer¡ Notice of Griev¡¡nce. The Note or a partial
interest int~e Note (together with this Security Instrume'ht) can be sold one or more times
without prior notice to Bqrrower. A sale might l1esult in a change il'!Jhe entity (known as the
Mloan ServicerM) that collects Periodic Payments due under the N,ote and this Security
Instrument and performs other mortgage loan· servicing obligations. under the Note, this
$ecurity Instrument, and Applicable law. There also might be one or more changes of the
loan Servic~r unr~lat~d to a sale of the Note. If there is a change of the loan Servicer,
Borrower will be given written notice of the change which will state the name and address
of'the n,w loan Servicer. the address to which payments should be made and any other
Information RESPA requires In connection with a notice of transfer or servicing. If the Note
Is said and thereafter the L~~n Is seJ~lced by a loan Servic.er ot~er than the purchaser of
the Note, the mortgage loan servicing obligation,s to Borrower will remain with the Loan
Servicer or be transferred to a successor loan Seryicer and are not. assumed by the Note
Plrlrchas~r unl.~ss otherwise provided by the Note purchaser.
N~itherBorrower nor lender may commence. join. or be j~ined to any judicial action
(as either an individual J,itigant ot t~e merrabe,r o,f a class) that arises from the other party's
actions pursuant to this Security Instrument or that alleges that the other party has
breached any provision of, or any duty owed by reason of. this Security Inst,rume~t, u~til
su.ch Borrow~r- qr lender has notified the other party (with such notice given in compliance
with the requirements of Section 15) of such alleged breaéh and afforded the other party
hereto a reasonable period ~fter t~e giving of such notice to take corrective action. If
Appli.cable law provides a time period which must elaps~ before certain acti9n can be
taken, that time period will be deemed to be reason~ble for purposes of this paragraph.
SWY14 RI!V 12/27/00
Page 14 0118
Initiall:~~
FORM 3051 1/01
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091506~
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The notice of acceleration and opportunity to cure given tÇ> Borrower pursuant to Section 22
and the notice of acceleration given to Borrower pùrsuant to Section 18 shall be deemed to
satisfy the notice ~nd opportunity to take corrective action provisions of this Section 20.
21. Hazardou. $uÞ.tal}Ce,l. As used in this Section 21: (a) ·Hazardous Substances·
, \.
are those substances defined as toxic or haz~rdous substances, pollutants, or wastes by
EnvJronmental Law and the following s"bstances: gasoline, k,erosene, other flammable or
toxic petroleum products, toxic pesticides and herbicides, vol~tile solvents, materials
qO,nt,ainlng asb.~tps or fqr~aidehyde, and radioactive materials; (b) ·Environmental law·
means fe~eral laws and laws of the jurisdiçtion where the Property is located that relate to
health, safety or environment¡¡1 protection; (c) ·Enviro(lm~nt~1 Cleanup· includes· any
response action, remedial action, or removal actiQn, as defined in Environmental law; and
(d) a.n "Eflv,irol)mental Condi~io,,· means a condition that can cause, contribute to, or
otherwis~ trigger an Envlronl11ent Cleanup.
Borrower shall not cause or permit the presence, use, disposal; storage, or release of
any Hazardous Substances, or thre{iten t~ releas, any Hazardous Substances, on or in the
Pr9pe.r:ty. Bqr~o~er shal! npt do, nor all9wanyone else to do, anything affecting the
Property (a) th~tis in viQJation of any Environment~1 Law, (b) which creates an
Environmental Condition, or (c) whiçh, due to the presence, use, or release of a Hazardous
Substance, creates a condition that adverse)y affects the value of the Property. The
preceding two sentences shall not apply to the presence, use, or storage on the Property of
small quantities of Hazardous Substances that are generally recognized' to be appropriate to
normalr~si4~~t~al! use$ an!f:t to maintenance of the Property {including, but not limited to,
hazardQM~ substances in~onsl mer prod!,cts)r . ..
Borrower shall pròmptly give Lend~r writþen notice of (a) any investigation, claim,
$Jemand, lawsuit or other action by any governmental or regl,llatory agency or private party
Involving the Property and any Hazardous Substance or' Environmental law of which
Borrower h~s litçt4al ~nowledge, (b) any Envlronm,ental Condition. Including but not lim'ted
to, MOY spilling, leaking, disçharge, release or threat of r~lease of any Hazar,dou.s Substance,
aod (c) any condition caused· by the presence, use or release of a Hazardous Substance
which adversely affects the value of the Property. If Borrower learns, or is notified by any
governmental or regulatory authority, or any private party, that any removal or other
remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall
pr,o",ptly take aU necessary remedial actions In accordance with Environmental law.
Nothing herein '!hall create any obligation on lender for an Environmental Cleanup.
NON-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows:
22. Açcel~ratlPf'; l:tem~I~.. LeQder .h¡¡lIglve no~ce tø B.orrow,r prior to acceleration
following Borrower's breach of any covenant or agreement In this Security Instrument (but
Qot prior to acceleration under Section 18 unle.s Applicable Law provide. other,."i~e). The
notice .I\al' .pecify: (a> the default; (b) the action required to cure the default; (c) a date,
not Ie.. than 30 days from the d..t~ tta. ~p(lc. '.glven to Borrower, by which the default
" . -, '.,',' ' ~: I
must be cure~; ~n~ (~) that. f.l~re to cure the default on or before the date .pecified In the
notice may re.ult In acceleration of the .ums secured b~ thl. Security Instrument and sale
of the Property. The notice .hall further Inform Borrower of the right to reinstate after
!cçe'e,ratlon!raJi the right to bring a court action to a8lert the non-existence of a default or
any other defeq..e of Borrower to acceleration· and 18le. If the default I. not cured on or
before the date ,pecified in the notice, Lend.er at it. option may require Immediate payment
SWY15 Rev 10/251011
Page 15 of 18
..m..~7)
FORM 3051 1/01
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ü9'Jl.$06~
.,.00241 ,
In full of an 'UIJ'" ,.ecured by ,\thll Sec~rlty Inltrumentwlthout further demand and may
Invoke tþe powe, of lal, and any other relTl,dJe, p.rmltted by A.ppUcable· law. lender Ihall
be en~tled tõ collect ali expenlel Incurred In pUrsuing the remedlel provided In thll Section
22, Includll1~' ~YH'o) !lQ11~4 to, r,~,on@ble~ttorney'.' fee. and costl of title evidence.
I. '-ender'lnvoke. tþe power of lale, lender Ihallglve notice of Intent to foreclose to
Borrower and to the perlon In po.,e..lon of the Pro~rty, if different, In accordance with
Applicable law. lender Ihall give notice of lI1e lale to Borrower In the manner provided In
S~tio" 15.~e(lder .hall pu~I~.h -th~ nptlc, of .ale, and the Property shall be lold In the
mann~r pre'..crlbe~ bYApplicab'~ law. lender ,or ita dellgnee may pure has, the Property at
any .ale. Theproeeed. of the .ale .hallbe applied In the followIng order: (a) to all expensel
o( th,e laJe. Jnc;J.~dlng. but not liml~d~., ~~~s~onable att()rn~YI' feel; (b) to all'~.m' .ecured
~y tJ;Il!IS~cuÍ" ty In.trume1nt; and (c)an.y·exce.. to the per¡spn or persons legally entitled to it
23. ~!I,a'e. Upon paymeot of all sums secun~d by this Security Instrument, lender
shall r~lease th1s Seçurity Instrument. Borrower shall pay any recorda,tipn c~sts. lender
may charge Borrower a fee for releasing this Security In~tru"1en', b~t only if the fee Is paid
to a third party for services rendered and the charging of the fee is permitted under
Applicable làw. .
~4. Wal~er'. Borrow,r rel~ases a,nd waives áll rights under and by virtue of the
homestead ekemption Jaws of Wyoming.
SWY16 Rev 10/25/00
Page 16 of 16
Initial~
FO~M 3051 1/01
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091.506~
:".00242
BY SIGNING BELOW, Borrower 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:
~
(Seal)
Borrower
(Seal)
Borrower
SWYl1 Rev 12/21/00
Page 11 of 18
Inlllall:_
FORM 3051 1/01
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031.$.062
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STATE OF WYOMING, LINCOLN
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L-ì h~ounty aa:
The foregoing instrument was acknowledged before me this JANUA,RY~, 2006 by
STEVEN A ZAELlT 4ND TAMf.1Y A ZAELlT
My Commission Expires: lb..- ").-{)"1
SWY18 Rev 10/25/00
Page 18 of 18
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NANCY STAffORD - NOTARY PUBUC - ,.
C!UflYIJ STAf[IJ
Ltro.H WY~
lit Ccxmissm ~es / D ,- c:J. -0
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FORM 3051
1/01
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S00244
SCHEDULE "AN
A pQrtiqnpf ~o.t 6 of the Taylor Fifth Subdivision as filed
and platted in the LincolQ County Clerk's Office in Kemmerer,
Wyoming, to-wit;
The POIN"T Of BEGINNING b,eing the NortheaE3t corner of said Lot
6 (said point also being the Northwest corner os Lot 10 of
said subdivision), thence S 00°43' W, 286 feet;
th.ence N 89049' W, 175 feet;
thence N OO}'43' E, 328 feet, mo:çe or less, to the North
boundary line of said Lot 6;
thence along the North boundary line of sél,id Lot 6, to
the POINT OF BEGINNING.
ALSO, a portion of Lot 10 of the T~Ylor Fifth Subdivision,
Lincoln County, Wyoming being described as follows:
CQMMENCIN~ at the Nprthwest corner of said Lot 10, which is
located in the center line of the Westward Drive;
thence S 53°16' E, 45 to the POINT OF BEGINNING;
thence N 53°16' W, 45 feet;
thence S 00°43' W, 194.06 feet;
thence in a straight line to the POINT OF BEGINNING.
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PREPAYMENT RIDER
0149979965
THIS PREPAYMENT RIDER Is made this ..It.~,........ day of ..,~.~~.~ABY.,..... ...?'9.Q.~...... . and Is
In,corpQrated Into and shall be deemed to am~nd and supplem~nt the Mortgage, Deed of Trust or
Security Deed (the MSecurlty Instrum~otM) of the same date given by the undersigned (the
MBorrowerM) to secure Borrower's Note to ................................................
..... ~J;.~.~.~. f.~69.Q .ß..A.J'.tÇ,..t:f I~''''''''..''....''.'...'''''''.'..'.'''''.......''..'.'''.''...''''....''''.....'..''''.'''..'. Df the sa me
date andçovering.,ihe Property described In t,he Security Instrument and located at:
.H~..W~~J.w~.l:m. .ºB.I.~~,..ç,º~J;.v.l.kk~,.W.Y. ..~~~ H ,.. .... .... ...~ .... ... ..... .... .... .... ....
(Property Address)
PREPA YN!~NT COVENANTS. In addition to the covenants and agreements
made In the Security Instrument, Borrower and Lender further covenant and agree as follows:
I h.ave the right to make payments of princIpal at any time before they are due.
A prepayment of all of the unpaid principal Is kQown as a "full prepayment" A prepayment of
only pa(t ~" the unpaid principal I. known as a "partial prepayment"
Except aa prQvlded~low, I may make a full prepayment or a partial
prepayment at any; time withQut. paying any penalty. However, if within the flrat .twa...... (..g..)
year(a) after \the execution of the Security Instrument I make full prepayment, I will pay a
preQayment èharge ~a followa:
.'!'!".'
If within ..,e.. fi~.t ~e)tr !a~~r ,the ~x~c~tion of the Security Instrument I make full prepayment, I
will pay a prepayment charge In an amount ~ql:'a' tp ¡three percent (3~) of the original
prlnclpal amount. If within the second year after the exe,cution .of th~ Security Instrument I
make full prepayment, I will pay a prepayment charge In an amount equal to two percent (2%)
of the or,I~I~~I. pr~nclp~l, ,mQunt. If within the third year aftêr the execution of the Security
Instrument I¡make full prepayment, I will pay a prepayment charge in an amount equal to one
perçen~ (1 %) of the original principal amount.
Prep~ym,!nt ~Id¡:lf'
(Page 1 of 2)
PP010A Rev. 09/13/05
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:.00246.
0149979965
If within the flratyear after the exec"tI~ of th.. Security Instrument I make full
prepaymeqt, I will pay a prepayment charge In an amount equal to three percent (3 %) of
tlte original principal a~ount. If within the aecond year.fter the exe.Çution qf the Security
In'bVment, Iptake,fu~ pr!payment, Iwl~ pay a prepayment charge In an amount equal
to two perc,nt (,~)ofth. original principal amount.
.1..
If w,lthin. ,,~. !lrat y,ar aft.r \fl' ~JÇeçutlon of the Security .In.strument I make full
prepaymtnt. .lwWp,y, a prepayment charge In an amount equal to three percent (3%)
of the original principal amount.
~y StGNtNG BelOW. Borrower accepts and agrees to the terms and provisions
contained In this Prepayment Rider.
Prepayment Rider
f::mi~;.:N~
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(Seal)
-Borrower
(Seal)
-Borrower
PP010C Rev. 09112/05
(Page 2 of 2)
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:00247 '
ADJUSTABLE RATE RIDER
2 '(EARl6 MONTH (IBOR INDEX - RATE CAPS
( AII~able during .Ufe of loanl'(Fint Bulin... Day of Preceding Month lookback)
1HIS ADJUSfABLE RATE JW)ER is made this ~t~;~~y..9.U~N.t)l\ß:Y .~~9.'..................., and is
inc9rp9rªted into and shall -b..e deemed to amend and supplement the Mortgage, Deed of Trust or Deed
tò Secure Debt (the "Security Instrument") of the same date given by the undersigned (the "Borrower")
to secure the bðrrower's Adj!Jst~ble Rate Note (the "Note") to ..................................................................
.W~.~.~~. f ~~ ~.º~~~Ji~,}~.~:...,....,.........~....................................... ~...".......,...........................,.. {the "Lender")
of t~e same ,dateançl ~pverin8the lirop=v described in the Security Instrument and located at:
......,. ,.~. .W.~~ffl~.~P.. ;Q.~ !~~I.~. ..I.Ç~~I.. k~.,...... .. '.~.1.'~. ..,......,...................................,.......... ......................;..........
. (Propel1y Addrell)
0149979965
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE
INI'ERßsr ~ATE AND THE MONTHL Y PAYMENT. THE NOTE LIMITS
THE AMOUNT THE BORROWER'S INTERESf RATE CAN CHANGE AT ANY
ONE TIME AND TIm ~~ RATE THE ~O~OWER MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security
Instn,¡ment, Borr<?wer fµ1dLender further covenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
, I . '., '; U". ~ i .- . _. _ ",
The Note provides for an initial interest rate of ....._:7.~.9.......... %. The Note provides for changes in
the interest rate and the monthly payments, as follows:
4. INTE~E~1;>RATE A~D\MONTHLY PAYMENT CHANGES
(A) Change Datel
The interest rate I will pay may change on the first day of ~~.~JU~.I;I.Y.,.~.9~~........ , and may change
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 six month L9n~on Intefbaok Om;red Rate ("LIBOR") which is the average of interbank offered
rates for six-month U.S. dollaÍ--denominated deposits in the London market, .as published in Tht:
WaJ/ Street JournaL The most recent Index figure available as of the fltst business day of the
qionth immediately preceding the month in which the Change Date occurs is called the "Current
Ind~x.n
MUlTlSTATE ADJUSTABlE RATE RI )fR 8-Month lIBOR Index (Allumable during Ufe of loan) Form 5120 3/04 EC108A Rev. 09/21/04
(Arat Bulinall Day lookback) - Single Family - Freddie Mac UNIFORM INSTRUMENT
I
/
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óSJL506~'
C00248
0149979965
If the Index is no longer available, the Note Holder wilt choose a new index that is based upon
comparable information. The Note Holder will give me notice of this choice.
(C) Calculation of Change.
Before each Change Dàte, the Note Holder will calculate mt! new interest rate by adding
.t,y....fmftJI.y..;:..I.9Þ.1tj~.................................percentage pointl (...J!\,"..~........ %) to th~ Current Index.
The Note Hoider will then round the result of this addition to the nearest one-eighth of one
percentage point (0; 125%). Subject to the limits stated in Section 4(D) 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 qewamount of IT1Y monthly payment.
(D) Limits onlnter..tflate Change.
The interest rate I am required to pay at the first Change Date will not be greater than
. 11 750 0/ I tl...~-·5 750 0/ Th ft . . t t 'II b· - d
......:.............70 pr çss I~I ...........~......... 70. erea ~r, my meres r,ate WI never e mcrease· or
decreased on any single Change· Date by more than .~........;..........................................................
percentage points (........J.·.999......,.%) from the rate of interest Ihave been paying for the preceding
.. 'h A..f . . will b h 14750 0/
SIX mont s. n+y Int.erest rate never e greater tan........·............... 70.
(E) Effective bate of Change.
My new interest rate will become effective on each Change Da~e. I will pay the amoupt of my new
monthly payment beginning on the fITst monthly payment date: after the Change Date until the
amount of my monthly payment changes again.
(F) Nptiçe of Change.
.' "
The Note Holder will deliver or mail to ~e 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
who wiU ~er any question I may have regarding th~ notice.
B. TRANSFER OF THE P¡RpPERTY OR A BENEFICIAL INTEREST IN BORROWER.
Section 18 of the"S~CUfity In~trumel)t is amended to read as follows:
. Traasfer of tlie Property or a Beneficial Iaterest ia 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 boqd 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
Rur~has,er .
If all or any part of tþe Property or apy Interest in the Property is sold or tran~ferred (or if a
Borrower i. not a natura¡ person and a beneficial interest in. Borrower is sold or transfe:rred)
without Lender's prior written consent, Lender may require inunediate payment in full of all sums
MULTISTATE ADJUSTAI3lf RATE RIDER ..Month lIBOR Index (Alaumable during Ute 01 Loan) Form 5120 3104 EC108l Rev. 01/25105
(Fir. Bulinell Day Lookback) - Single Family - Freddie Mac UNIFORM INSTRUMENT
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OSJL5062
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0149979965
secured by this Security Instrument. However, this option shall not be exercised by Lender if such
c:xercise is prohibi!ed by Applica~le Law.. Lender .also shall not exercise this op~ion if: (a) Borrower
causes to be submt.tted ~o ~..der mfofl1)atu:>o requu-ed by 4~der to evaluate the mtended transferee as
if a new lo¡,tn were being· fuådeto tl1e transferee; and (b) Lender reasonably detennines that Lender's
security willi 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 pennitted by Appljcable !;-aw, Lender may charge a reasonable fee as a condition to
Lender's consent to the loan assitrnption. 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
agieèments madéin the'Note andin\this Security Instrument. Borrower will continue to be obligated
under the \Note and this Security Instrument unless Lender releases Borrower in writing.
If Lender exercises ~he option to require inunediate payment in full, Lender shall give Borrower no~ice
of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is
giv~q il1 accor~ce \Vi~h Section IS within which Borrower must pay all sums secured by this Security
I~trù~nt. If Borrower fails to pay these sums prior to the expiration of this period, Lender may
invoke any r~medies permitted by this Security Instrument without further ryotice or demand on
Borrower.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in thi~
Adjustable Rate Rid¢r.
(Seal)
- orrower
(Seal)
-Borrower
MULTISTATEADJUSJABlf RATE RIDER l-Month lIBOR Index (Allumable during U'e of loan)
(Firat Bulinell Day Lookback - Single Family - Freddie Ma : UNifORM It'lSTRUMENT
Form 5120 3/04 EC108l Rev. 09/14/04