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Home My WebLink About916697 ,¡:¡~:~~::¡*:~:¡:~~ ~ j~~~~!:~:~~:~:~:~;1 \ Recording Requested by & When Recorded Return To: US Recordings, Inc. 2925 Country Drive Ste 201 St. Paul, MN 55117 -' Prepared By;- '--:30\ \)1')01 /Î_ ~ STAN ZOTAS ' I " C00447 RECEIVED 3/15/2006 at 4:07 PM RECEIVING # 916697 BOOK: 614 PAGE: 447 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER. WY \i)bl,--:DY'S 13-, ~ [Space Above This Line For Recording Datal ~ uþf¥ \J; Ò' 125759450 [Escrow/Closing #] 00012575945002006 [Doc ID #] MORTGAGE M~1000157-0006444415-7 DEF~ITIONS Words used in multiple sections of this document are defmed below and other words are defined in Sections 3, 11, 13, 18,20 and 21. Certain mles regarding the usage of words used in this document are also provided in Section 16; (A) "Security Instrument" means this document, which is dated FEBRUARY 16, 2006 , together with all Riders to this document. (B) "Borrower" is LISA HARTER MACQUEEN, A SINGLE PERSON ,r ~-) ,'/ ,I, \ i; Borrower is the mortgagor under this Security InstnlJnent. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is COUNTRYWIDE HOME LOANS, INC. Lender is a CORPORATION ~ organized and existing under the laws of NEW YORK Lender's address is 4500 Park Granada MSN# SVB-314, Calabasas, CA 91302-1613 (E) "Note" nieans the promissory note signed by Borrower and dated FEBRUARY 16, 2006 . The Note states that Borrower owes Lender ONE HUNDRED SEVENTEEN THOUSAND NINE HUNDRED and 00/100 Dollars (U.S. $ 11 7,900.00 , ) plus interest. Bon-ower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than MARCH 01, 2036 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property. " WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS ~ -6A(WY) (0005) CONVNA Page 1 of 11 CHL (OB/05)(d) VMP Mortgage Solutions. Inc, (800)521-7291 Form 3051 1/01 *23991* (ft * 125 7 5 9 4 5 0 0 0 0 002 0 0 6 A * 09'166,97 C00448 DOC ID #: 00012575945002006 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all SlID1S due under this Security Instrument, plus interest. (H) "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]: D Adjustable Rate Rider D Balloon Rider D VA Rider D Condominium Rider D Second Home Rider o Planned Unit Development Rider D 1-4 Family Rider D Biweekly Payment Rider DOther(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules ånd orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Propel1y by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or sinlilar paper instrument, which is initiated through an electronic temlinal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a fmancial institution to debit or credit an account. Such ternl includes, but is not limited to, poillt-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (0) "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. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security 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. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY TI1Ïs Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfonnance of Bon'ower's covenants and agreements under this Security Instnl1nent and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of LINCOLN [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. Parcel ill Number: 35183140302500 503 ALTA DR, THAYNE [Street/City] which currently has the address of Wyoming 83127 - 9028 ("Property Address"): [Zip Code] ~ -6A(WY) (0005) CHL (08/05) Page 2 of 11 Fo,," 3051 1101 $' f:!:~::¡::::¡::¡~¡i:~;;; ¡~~~t!!.",1 :::::::::~:::¡::::::~:~~ .', to' .'I'.'.;J!¡~. .~, .~.!.!.~.!.!t!lt!j~¡·;'; 09'1~697 C00449 DOC ID #: 00012575945002006 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 Instmment as the "Property." Bon'ower w1derstands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instmment, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instmment. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines unifonn covenants for national use and non-uniforn1 covenants with limited vadations by jurisdiction to constitute a uniforn1 security instrument covering real property . UNIFORM COVENANTS. BOlTower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Secudty Instmment shall be made in U.S. currency. However, if any check or other instmment received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or aU subsequent payments due under the Note and this Security Instrument be made in one or more of the foUowing forn1s, 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 return any payment or partial payment if the payment or paI1ial payments are insufficient. to bring the Loan current. Lender may accept any payment or pat1ial 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 tin1e 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 nmds or return them to BOlTower. Ifnot applied earlier, such nmds will be applied to the outstanding pdncipal balance under the Note inunediately prior to foreclosure. No offset or claim which Bon'ower might have now or in the future against Lender shall relieve Borrower ITOm making payments due under the Note and this Security Instmment or perforn1Ìng 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 Peliodic Payment in the oreler in which it became elue. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instmment, 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 BOlTower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in nIll. 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 Peliodic Payments. 3. Funds for Escrow Items. BOlTower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in nIll, 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 Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the 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 ~-6A(WY) (0005) CHL (08/05) Page 3 of 11 Fo"" 3051 1101 f ò9'16697 C00450 DOC ID #: 00012575945002006 Items at any time. Any such waiver may only be in writing. 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. BOll'ower'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 SeC\lrity Instmment, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount 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 tllis Section 3. Lender may, at any time, collect and hold Funds in an amOtUlt (a) sufficient to pellllit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instmmentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bailie Lender shall apply the Funds to pay the Escrow Items no later than the tinlespecified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the eSCrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pernlits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defmed under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defmed under RESPA, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all SUlUS secured by this Security Instrument, Lender shall promptly refimd to Borrower any Funds held by Lender. . 4. Chnrges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instmment, 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, BOll'ower shall pay them in the maImer provided Ùl Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instmment unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien Ùl a maImer acceptable to Lender, but only so long as BOll'ower is performing such agreement; (b) contests the lien in good faith by, or defends agaùlst enforcement of the lien Ùl, legal proceedùlgs which in Lender's opinion operate to prevent the enforcement of tlle lien while those proceedings are pending, but only until such proceedùlgs are concluded; or (c) secures &om the holder of the lien an agreement satisfactory to Lender subordùlating the lien to this Security Instmment. If Lender deternlines that any part of the Property is subject to a lien which can attaÙ1 priority over this Security Instmment, Lender may give Borrower a notice identifying the lien. Withùl 10 days of the date on which that notice is given, BOll'ower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may requù'e Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this LOaIl. 5. Property Illsurnnce. 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. 111is insurance shall be maintaÙ1ed Ùl the amounts (ùlcludùlg deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the precedùlg sentences can change during the ternl of the Loan. The ùlsurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice,·which right shall not be exercised unreasonably. Lender may require Borrower to pay, in cOlUlection with this Loan, either: (a) a one-time charge for flood zone deternlÙ1ation, certification and tracking services; or (b) a one-tùne charge for flood zone dete11llination and certification services and subsequent charges each time remappings or sinlilar changes occur which reasonably might affect such dete11llÙ1ation or certification. B0l1'OWer shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency Ù1 connection with the review of any flood zone detemlination resulting &om an objection by BOlTower. If Borrower fails to maùltaÙ1 any of the coverages described above, Lender may obtaùl insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. 111erefore, 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 Fann 3051 1101 f ~ -6A(WY) (0005) CHL (08/05) Page 4 or 11 I~:':':~I:~:::~::;: t.'~I·:"'l:~M:::. :~::~;.:¡:;:;:::~~ : ~::~~;:;r:;::~:;~ :,,~1 :;'.1Œ1~!~mt~~~ 091.6697 C00451 DOC ID #: 00012575945002006 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 ITom the date of disbursement and shall be payable, with such interest, upon notice ITom 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 m0l1gagee 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 Bon'ower obtains any fonnof insurance coverage, not otherwise required by Lender, tòr 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 insurànce 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 parties, retained by BOITower 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 Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If BOITower 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 ITom 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 amOlmts 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. Bon'ower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instnllnent and shall continue to occupy the· Property as Borrower's plincipal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 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. Whether or not Borrower is residing in the Property, BOJ1'ower shall maintain the Property in order to prevent the Property fi'om deteriorating or decreasing in value due to its condition. Unless it is detennined pursuant to Section 5 that repair or restoration is not economically tèasible, 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, BOJ1'ower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of BOITower'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 BOJ1'ower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. BOJ1'ower shall be in default if, during the Loan application process, BOJ1'ower or any persons or entities acting at the direction of Borrower or with BOITower's knowledge or consent gave materially false, misleading, or inaccurate infol1uation or statements to Lender (or failed to provide Lender with material infonnation) in cOlU1ection with the Loan. Material representations include, but are not limited to, representations conceming BOJ1'ower's occupancy of the Property as BOJ1'ower's principal residence. ~ -6A(WY) (0005) CHL (08/05) Page 5 of 11 Fo,," 3051 1101 I 0916697 1..00452 DOC ID #: 00012575945002006 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Bon'ower fails to pelfonn the covenants and agreements contained in this Security Instrument, (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, tòr enforcement of a lien 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 appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace 01' board up doors and windows, drain water from pipes, eliminate building or other code violations 01' dangerous conditions, and have utilities tumed 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. It is agreed that Lender incurs no liability for not taking any 01' all actions authoIized 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. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the M0l1gage Insurance in effect. If, for any reason, the M0l1gage Insurance coverage required by Lender ceases to. be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, BOlTower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in etÌèct. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultin1ately paid in fhll, and Lender shall not be required to pay Borrower any interest or eamings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage· Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-rehll1dable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such tem1ination or until tem1Ínation is required by Applicable Law. Nothing in this Section 10 affects BOll'ower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if BOITower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from tin1e to tin1e, and may enter into agreements with other parties tl1at share or modify their risk, or reduce losses. These agreements are on tenns and conditions that are satisfactory to the mOl1gage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the aITangement is often tenned "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. ~ -6A(WY) (0005) CHL (08/05) Page 6 of 11 Foon 3051 1101 { ~.~"".~ ,...,.,.,..".,.,...,:;., 'm::~~~~¡~~,:\n;¡,~·¡ ~¡r:;t'f.:·:~;~::1:;' :+:i:':í:i·4N~·~~, :';~ili~~;mW 09166971 .00453 DOC ID #: 00012575945002006 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurauce uuder the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to 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 or not then due, with the excess, if any, paid to BOITower. 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 othelwise 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 Property· inllnediately 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 othelwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Iristrument whether or not the sums are then due. If the Property is abandoned by Borrower, or it~ 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. Bon'ower shall be in detàult 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 impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. 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 Bon'ower shall not operate to release the liability of Borrower or any Successors in Interest of Bon·ower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or othenvise 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 exercisiIig any right or remedy including, without linlitation, 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. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that BOlTOwer's obligations and liability shall be joint and several. However, any BOl1'0wer who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security ~ -6A(WY) (0005) CHL (08/05) Page 7 or 11 Fonn '051 1101 I 0916697 ..00454 DOC ID #: 00012575945002006 Instmment only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other BOlTower can agree to extend, modify, forbear or make any accommodations with regard to the tenns of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any S1.itcessor in Interest of BOlTower who assumes Bon'ower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of BOlTower's rights and benefits under this Security Instmment. BOlTower shall not be released ITomBolTower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instmment shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender, 14. Loan Charges. Lender may charge Bon'ower fees for services performed in cOlmection with BOlTower'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 Instmment to charge a specific fee to BOlTower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Seturity Instmment or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is fmally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the penl1itted limit; and (b) any sums already collected ITom Bon'ower which exceeded pernlitted linlits will be refunded to BOITower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to BOlTower. If a renmd 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 ren1l1d made by direct payment to BOITower will constitute a waiver of any right of action BOITower might have arising out of such overtharge. 15. Notices. All notices given by BOITower or Lender in connection with this Security Instmment must be in writing. Any notice to BOlTower in connection with this Secmity Instrument shall be deemed to have been given to BOlTower when mailed by first class mail or when actually delivered to BOITower's notice address if sent by other means. Notice to anyone BOlTower shall constitute notice to all BOITowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless BOITower has designated a substitute notice address by notice to Lender. BOlTower shall promptly notify Lender of BOlTower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then BOlTower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instmment at anyone time. Any notice to Lender shall be given by delivering it or by mailùlg it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to BOlTower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender.· If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the cOlTesponding requirement under this Security Instmment. 16. Govel'l1ing Law; Severability; Rules of Construction. TIlis Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained Ùl this Security Instmment are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or Ù11plicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition agaùlst 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 Instmment or the Note which can be given effect without the conflictùlg provision, As used in this Security Instmment: (a) words of the masculine gender shall mean and include cOlTesponding 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. BOlTower shall be given one copy of the Note and of this Security Instmment. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used Ùl this Section 18, "Interest in the Property" means any legal or beneficial interest Ùl the Property, including, but not limited to, those beneficial interests trans felTed in a bond for deed, contract for deed, ùlstallment sales contract or escrow agreement, the ùltent of which is the transfer of title by Borrower at a future date to a purchaser. Ifall or any part of the Property or any Interest in the Property is sold or transfelTed (or if Borrower is not a natural person and a beneficial interest in BOlTower is sold or transfel1'ed) without Lender's plior written consent, Lender may require inlmediate payment in full of all sums secured by this Security Instmment. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give BOlTower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given Ùl accordance with Section 15 within which BOITower must pay all sums secured by this Security Instrument. If BOITower fails to pay these sums prior to the expiration of this period, Lender may ù1Voke any remedies pernlitted by this Security Instrument without further notice or demand on BOl1'0wer. . -6A(WY) (0005) CHL (08/05) Œ> Page 8 of 11 Form 3051 1/01 i V ~~~lli~iliilim~~ !:m~ill;¡~n C00455 0916697 DOC ID #: 00012575945002006 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the PropeJ1y pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the tennination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instl11ment. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instl11ment and the Note as if no acceleration had occurred; (b) cures any detàuIt of any other covenants or agreements; (c) pays all expenses incurred in entòrcing this Security Instmment, including, but not lin1ited to, reasonable attorneys' fees, property inspection and valuation tèes, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and BOITower's obligation to pay the sUlns secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following fOl111s, 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, instl11mentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Bon"ower, this Security Instmment and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instl11ment) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instmment and perfol111s other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, BOITower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other infonnation RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may conm1ence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises trom the other pal1y's actions pursuant to this Security Instl11ment or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instmment, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and atTorded the other pm1y hereto a reasonable period after the giving of such notice to take comctive action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant. to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fornlaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, satèty or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as detìned 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 pern1it the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to norn1al residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the PropeJ1y 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 allY Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or othèr remediation of any Hazardous Substance aftècting 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. ~ -6A(WY) (0005) CHL (08/05) Page 9 of 11 Fo,," 3051 1101 ¡ 0916697 .00456 DOC ID #: OOO¡2575945002006 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secÚred by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, 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 tollect 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 sâle, and the PI-operty shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the tèe is paid to a third party for services rendered and the charging of the fee ispennitted under Applicable Law. . . 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, BOITower accepts and agrees to the tem1S and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. fd=u~2-/~-O:;;:~ (Seal) -Borrower (Seal) -Borrower (Seal) -BolTower ~ -6A(WY) (0005) CHL (08/05) Page 10 of 11 Form 3051 1/01 fSJ:::~;~::~f:::;;:it ~:2~':t:'!;!;N;~d U~;i~:~:::?:1:~~~~ :~:::~:~!:::~:~:::~: ::~: 0916697 ~ j: t~m~1~~1i¡~~~I¡;;¡~ ..·00457 DOC ID #: 000125759450020~ . County ss: ¿¡~ ~ I ¡; . ~".v(...- ~ ?OO,k . . / ' , STATE OF WYOMING, The foregoing illstmment was acknowledged before me this by r:l., 6^- rl --y() tL.c ~~ €'.2,.¥l#_YI!- Li'5$ +lð..l-rÞL JI1ac.~U~LI'\ My Commission Expires: ILpAJ¡ /1, .)o:Jr 4/~ ~d~ Notary Public VALERIE KITTRELL - NOTARY PUBLIC County of Lincoln State of Wyoming My Commission expires April 19. 2008 ~ -6A(WY) (0005) CHL (08/05) Page 11 of 11 Form 3051 1/01 l \} 0916697 C00458 Exhibit A . , Star Valley Ranch Plat Fourteen (14), Lot Twenty-five (25) as platted and recorded in the official records of Lincoln County, Wyoming. 11111111111111111111111111111111111111111111111111111111111111111/111111111111111111111111 U30177017-02HP12 MORTGAGE LOANj T006-015736 US Recordings ·:;~:fi@.;fWt~lllilJ ~illml~imm~lf i·.'''i';';~1¡;~;:~;:;~;f¡:i,¡P i;,¡'j;o1~¡'if¡1""i;;:j,~ ;1~:~¡'..i~!~:J.:.~~