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HomeMy WebLinkAbout915853 -; ~~ !I c:I. . _Q ..... V .8-B . ";: ~ i ill ..CJfJ ro}; 5; ~~~K /"" J "7 ,j ;',·ó:':lit:l;¡";'"'''-'1.'·:'·:· ;.-...~",I.l.m"".",· ',' '''. .'. .".". .,. ·,·.·..........r.·.·.·.·., r,.".,.f',....iP.:"~':I;..W..','~·...~,:·'~:¡.;.I...""'I.'.. "-'...~"',.,'.! "", ',";'.. '¡:..~",.~: . .'...,.,..,.., '''', ..': . ·,:.Y',;.- "','1;.;;":,,,,>, q¡ 000799 Prepared by After Recording Return to: crT Group/Business Credit, Inc. 900 Ashwood Parkway, Suite 610 Atlanta, GA 30338 RECEIVED 217/2006 at 4:12 PM RECEIVING # 915853 BOOK: 611 PAGE: 799 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY --- ._-- ,._, ----- [Space Above This Line For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which IS dated June 9, 2005, together with all Riders to this document. (B) "Borrower" is Corporate Relocation Services, Inc. (C) "Lender" is the CrT Group/Business Credit, Inc. Lender is a corporation organized and existing under the laws of New York. Lender's address is Two Wachovia Center, 23rd Floor, 301 South Tryon Street, Charlotte, North Carolina 28202. Lender is the beneficiary under this Security Instrument. (D) "Note" means the Financing Agreement signed by Borrower and dated July 15, 2004. (E) "Property" means the property that IS described below under the 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 due under 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]: (I CI-CR-FS-69446 :::j~:~!:~::~j:~!¡¡: 1~·~.~~m!'1" ¡::i~m~~;;~mm~¡f¡1~ ...' ',' .",.,........~....,.,...,',~,-....,.,..,~~.l""'¡,."..,.,.~........&Ur.. :.... '''·.::'CO..ë_ '. .,,,_~,-,,,,,..~.~,,,,,,,.-¿.., . ..- ...., .............,..........,A.',...., ...... ,".' ...,···.··,~,~~.·.....,...~,''''';'-,fO;>.'4t.'".-..'->-r.· ,..,.~ '"4~.:..:"..p,"1o',.;r.....'~"fj.""'.....,.' >.,~.. ," .......:',.,~:........ ,.." "'-'15853 J ~,.,_, vJ~, 000800 o Adjustable Rate Rider o Balloon Rider o 1-4 Family Rider o Condominium Rider o Planned Unit Development Rider o Biweekly Payment Rider o Second Home Rider o Other( s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic tenninal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such tenn includes, but- is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described 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 described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or pmissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means Insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (0) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended rrom time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESP A" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESP A. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. CHAR1\764279_1 1·.·.·.·.·.·,·.· ·.·,·....,'..."·o··'I:~::·,;,...,',<...'<1<:.!<I-'"','-"'!<."'_..':;,-...,:...,¡_.._..:_.;".;"..,..'.:,...~',:.:..-'~::;..'., ,.,'-', ,'..,..........~........... ,..' ''''.·,!~~~.-'\o",H...:..,.~.i..¡t;¡:....JI¡-'õJ;·<"..·, ,,"\. '" --:'0"'.,. .,"..'. .".'; ,··.."f:":..;i~,.H...lj;'·'·" .,' r' c· ~. .C-'f:')53 U::J~wQ) C 008r'1 TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Lender and Lender's successors and assigns, with power of sale, the following described property located in theLincoln County, State ofWY. A PARCEL OF LAND IN THE NEl/4SEl/4NEl/4 OF SECTION 13, T32N R119W OF THE 6TH P.M., LINCOLN COUNTY, WYOMING, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT WHICH IS LOCATED N o DEGREES 04' W, 985.70 FEET AND S 89 DEGREES 48' W, 382.206 FEET FROM THE EAST QUARTER CORNER OF SAID SECTION 13 AND RUNNING THENCE S 89 DEGREES 48' W, 143.172 FEET; THENCE N o DEGREES 04' W, 304.25 FEET; THENCE N 89 DEGREES 48' E, 143.172 FEET; THENCE S o DEGREES 04' E, 304.25 FEET TO THE POINT OF BEGINNING. Which currently has the address of 79 County Road 400, Afton, Wyoming, 83110 ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property 'and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Int~rest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this CRARI\764279_ 1 (I\·t~.r':'r.-~·I·.·',I l;tl.fjli't. t4 ,ti'~-t <I ~:m!;~~;m;:~ :~¡~m~~1m¡mj ·"·t·i·"'.'.·.·.·.·,','; ':':1.':·'..·.,·"··:·,, .'>.;':. "'.'11,'·' ·,.·."'~·.,.,c. ,~,'..;'I:....."'-:~'.. ,'" ,'. '..' \;,·,·;..·~'i..Ii"....·.·.".·.' ...' '¡··,J·';~--'.:~'Y,).1t.~'.l~ .i"·jf:'i"·i.~¡~t·,:-o:J.·;:>; ':¡,!Ù'!"'J'··:'_ ."" ," ..... ~·,·.·.-!.·.·."I:.·;··I'.; ~.": .' '.' .'.',:;'~:\',.·¡''"i~¡~'''~';~;'' ",; ". (' ..... ,-\ÇJ5~J U:::J~:1d Ù C00802 Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is retumed to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following fonns, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may retum any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. If Borrower has breached any covenant or agreement in this Security Instrument and Lender has accelerated the obligations of Borrower hereunder pursuant to Section 22 then Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic 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 payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or retum them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. . No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower ITom making payments due under the Note and this Security Instrument or perfonning the covenants and agreements secured by this Security Instrument. 2. Application of Payments 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) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such 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. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. CHAR1\764279_1 .1,'" . " '. ",' ."i" 'I': 'I' .'," !,~,.;.,..." 1'\ 'I: ¡'.~r'w. ;-7't"~i.u-·.· :"~'..õ~, .":~ ,..~:.;, .,~. :,;.',. .... . . '''.-j' . '.·,·iJ...'.·...·.'.·,'.· ."~..',: '.. .,". .··:·::'!':'.~...~"'Ä·,,,·/:",··''1i1..·!~~.-:--~:'':'...;¡or,~~'.1_>::_.i. '::,0 ··";":·;·::'·';·;f,~.'.!."t!:"I¡:.F'I;'::""')."·"·"·:'T-::..~. ".:'G.'~",','.' f' d. ,,-~) 53 Û '::) ~~ '2:; Q r :: r 8 ~'¡~ 3. Funds for Escrow Items. Upon Lender's request, Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lenderin lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the tenn of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be 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 or all Escrow Items at any time. Any such waiver may only be in writing. In the absence of Lender's request for Borrower to pay Funds for Escrow Items to Lender or after such request in the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items 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 require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, 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 accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this SecmityInstrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfonning such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedin·gs are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. CHARI\764279_ I ~I'."" .'I'~ ,':i.' ,'"".';/¡'; '\", ,I~,:' :~~'?::i;¡:w~~::r: . m~m~ :~~I§;¡i¡ill¡~: '~'-." ".,.,-;.0,,"';';':' ....,.,..1;·,...,., '.'i"""'''.,T:',..",., """"";"".',-,' ".:..- '.' .. ~,' .,.....' "-!.~'.'. . - ',·,',·,·.·..._.·4·.·.'"'·.·. ,·.:O',',"'.","''U'>'"'.,'''·,~;,·.·........;O:>..,L·''''l·.:~v:',·":.-,....~.'-'. . ,!¿~. ~¡''':I'';i·~'·'··''¡·:1 ....." -__, '"'' .'. ':',' ,- ....~... .!oI"'....;': .'. . n:~:-í A:. 5: 8153 COCSf4 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The 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. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of 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 rate rrom the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment: All insurance policies required by Lender and renewals of such policies shall be 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 certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law 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 patiies, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this CHARI\764279_1 / ·... . 'n <'''I ;.,'0' . ~':. "'.. ."', ··,...·;·.·.·.·.·.·.·1·.·'·.·'" . ,·'·!...··'"p~..·'I'!'.....,,"'·,~·:'.:·.)..'..'.;.<·hi......<i·:. ... ...... .:.:...,,:.. ...'....,....,...,.,. ... n r'...'1 'r:.-~C)53 ~J :':_J ~ ~ D~ ~00805 Security Instrument, whether or not then due. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Intentionally omitted. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detennined pursuant to Section 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 are paid in connection with damage to, or the taking of, 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 the work is completed. If the insurance or condemnation proceeds are not sufficient to 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 interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, at any time, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate infonnation or statements to Lender (or failed to provide Lender with material infonnation) in connection with the Loan. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfonn the covenants and agreements contained in this Security Instrument or the Note, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien CHARJ\764279_ I ~::::;:f:>;:]j] "" ,.. ,."".. c,,,, ~r.;:'Z¡l!':i;';';,>;:'-:';, 'I::::::~;:~:?~i:::¡;:: ~~:;;::~':51k~1:;: f;~:¡::~-:·:<!Z ~:,f ¡Ù\S'·I..~¡I:.;. ;",:i:~~:::::.l"~!:: .,...........,.....",...,.,.'..,,'..,. "', . -""," "I·',·"i'·"'S:-':". ":t, ~:_:_.'.;--!'. '. ,." .<.'.,.................".,.',... .', ..,...,.......-....,....."..,..,~<....".....,....':-.'~'--,"~' ;'1_·_., .',. ". ."..,.........'........,.'" ....."._. " ,-...'. r-<r)53 ~j n ~'i ..~; G·~\ -'-. -",:-.J... 00806 which may attain priority over this Security Instrument or to enforce laws or regulations), or (C) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropfiate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. !tis agreed that 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 debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. Intentionally omitted. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a 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 Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether CHARI\764279_ I .' "." ·J_·..,·.·......·.·..,···,·.....·.·,·,V,'-'>-',·_':<.:>I.oA·.,.·,..."'ôn.,.:.·_........,~.._,.:_...:..~. .. t·· V""'':'·~'·''"'"''';.-~,..-.. ...-."'.,............-.....,.......,. '. ··,'·,····-.....Ji..~~..·,..~,·~·I....,,... :·:r·;:" :',,,,,,~-:, .~.' .'..'~.,;~.... C_,·..,·,! .,~' ,". ..-, .', ..,".....'"...<r....' n1 -: ·r:-1;.~ 5 3 \lJ:::::'i~-J;Ù 000807 or not then due, with the excess, if any, paid to Borrower. In the· event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Propeliy immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration· or repair of the Property or to the sums 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 Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impainnent 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 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impainnent 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 impainnent of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or CHARI\764279_1 r::¡*i:!::::::r::;:!:;1 ~!~ili:~~~~~~~:!;!J ;f;~m;~~~imJ~ 0:.', '~'.' .., .' ;';1 :-;;!"'I""':-O~~;"·'~i·" ¡.... ~i ~':';';¡ ~'¡::~'.. ";.' ::T."J,' ,~~,¡':· ¡iI:¡'~I~;'·j'· ~i ':': ,;,':-,Li.',"{ ,',,", ',t ~~';;, "'~.: . ~¡_1';;:;¡.~-iN!;;!,':';':-i; . .~. ;!"::;'t~'::":' ~ ""I!i!i;'i~·.~.~.~ '.· ,: . '~,';,.,.;;t'·!'¡+6~tt4~1<';$';~~flJ\¡P'''; ··i'I"~H:,:~;~ ;-·i{~ '.F'·. ¡:'-,., \~O:I·.; ~rO¡I:':~jl.~;W-;~.:'r.¡!~'>~;-r:·.,~' ..;:;1.: :';:~e;~¡~¡'~~;',~ ",.' ': :';. ,.. ~ ( : ~ ~< ·'·':-'L~s '-J 'J,"--J~,~,~, Ù C008e8 ... to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Successors and Assigns Bound. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements 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 perfonned in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the pennitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pennitted limit; and (b) any sums already collected from Borrower which exceeded pennitted 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 (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower 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 in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. The notice address for Borrower shall be Corporate Relocation Services, Inc., 5300 Port Royal Road, Springfield, Virginia 22151, Attn: Chief Financial Officer, unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at anyone time. Any notice to CHARI\764279_1 ·'i'¡·.'.·i+iCj·...·;·;':','i' ';,."j'.', ":'!:'::~ ¡;P:i"'· . :::,:'~~r',' : j.;:;'::':~:....;. . ",'::,,!,,:';~,~~~~~~.' ':1·1,..;1.;1;.....';..":1......., :- :!Þ..'f~Io¡;.;'~?';7.~j(\:<·I:)' ;.!,r.¡~'}¡~¡:,;· ,'it';' "\". " -~.":.:.. .',"1';~' ;;,¡~I'-. '·¡'i';';·.·I~;~i!!~'!.·;~'~'~',·,: ;;',;'. -; :," ..;:¡....;w.. .".!,'õ'.. ,-,.,-.,,'¡ ·r-'C·'53 Ÿ-ÿ':::.-; ~~~ ~ (::\ 000809 Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in cOlmection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security h1strument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Intentionally omitted. 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 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. 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 or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. 19. Borrower's Right to Reinstate After Acceleration. Intentionally omitted 20. omitted. Sale of Note; Change of Loan Servicer; Notice of Grievance. Intentionally 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or CHAR1\764279_1 t~~i;{:' i:.~;:~~~:~;.jì ~¡~~lli~~~~~~U ~'.'.,~, ';' ···f,¡~~"·:mM '~:¡. [.'.";.·~.'.'µ~:!f.,.'li:!~.¿h1 .:h:';1?:;;\f;~m~~~~;j :«~W~~ ::;;~:~;:~~:~~~¡;:~: ;,; r.·;';~íi;r.';¡;-';';· ~ ,¡.~ .,;1,';','" :.'",¡ ,,_.~, ': '!!.I, '.:.!~~: ~-"'!'\t'" ~;.,.;' i '\ ..__. i.~¡:,'~,:~.. ~: .:I;':';I":':.:_lIi':I:';':·' '.. ·;:;";;~~·;;~::;":"";~i·,·::'.::'.~; ;:·.·.;.i',··~:~...',·,·· :'..:",...;..".,.,.,'.....'/..'.:..'...''" .. - , ....,..~..-..~I.· . -'f'5·3 ,. r· ,., '_. r""i, .¡:;:........... -'Ù ~.JJ--''-'" t'()f'^o<f '.- '.,'; ö1. 0 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 shall not cause or penTIit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to nOnTIal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govemmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower leams, or is notified by any govemmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Remedies. Lender at its option may require immediate payment in full of all sums 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 evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the 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: 9a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. CHAR1\764279_ I '...... ·'·'--;,'·'/f·""~":''''~iIi'1~;nr~¡I''~'·I·",·"·;·;~,·,:,,,,,.~ 'r:"~""·~~·~~UU,:l"!.~·"".~tJ:::~~.:ií1:.."",.,.....·t.Jr"~.";- ~ ......;~;m,!~:~~ . '..;. .~, '.~,¡,... ,:,1',·~,."r~"''''''Ä''r.;';'''I¡: .... . ",' ',~,'..' .;~,t.~j(i~ ~.('S~fj~";~~;:¡F¡t,:~·<'9-J ';;"n.(~.~,.-;,¡;,,-,~~~,;:. 'I"~"~ ., ',,;.,,'¡~;!¡''''''i...'I~';¡':';,:, . ':,,' . ':"J;;)& ·,:."':".~i~I~.·.".:.· >S.· ' "r·'· r> ... \; /J.~'.-: l7kiS"-) ._Jl.-.............:_~~ '-A '\ro~ 1 / ~ . . ..." , \,. ~. v. 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 Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. BY SIGNING UNDER SEAL 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. (Seal) [Corporate Seal] · - '': · . : ~ g · ~. ... Borrower: By: - (Ti a~ 'Corporate Resolution. Cory Wilhelmi, Authorized Agent [Space Below This Line For Acknowledgment] State of ..r L / County of ..ð ¿/ / H¿; é Corporate Acknowledgment I, S.4,¿L , Notary Public, certify that {¿?~ v Wa¡n~) personall came before me this day and acknowledged/that he/she is ~¿/ É.£.h? ; (Title) of Corporate Relocation Services, Inc., a Virginia corporation, and that he/she, as .4¿;; ¿!"/I/ r (Title) being authorized to do so by the Board of Directors of said Corporation, voluntarily executed the foregoing on behalf of the corporation. Witness my hand and official seal, this the¿ 4:-day or/ ~ ' n",,¿; My commission expires: if ~ é:~licV 0fIicia SeIII Sally J Thomea NoIafy Public Stile of IINnoIa My Commission expires 08114/06 CHAR1\764279_ 1 ji:i:i:IN':~~:::;¡;~ ':~N~':¡J~ ~~;:;;;