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HomeMy WebLinkAbout916753 (o;.;ijJ;~ 1""~"" I.t ~.,.,~,tl ::::.:::!:!:tb:·:'~~:. C 0 ~-"...~Q 'ij:·r::i,,\ fr'.t,f.I¡I,"1_ H:)J~i¡m:.~m;g:¡;:: j5 Afler Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O. Box 10423 Van Nuys, CA 91410-0423 Prepared By: MIRA MCCORKLE -'.- - -- -..-.- RECEIVED 3/17/2006 at 4:02 PM RECEIVING # 916753 BOOK: 614 PAGE: 592 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For Recording Data] HICKS 00013295003903006 (Doc 1D '1 [Escrow/Closing II MORTGAGE N.UN1000157-0006510222-6 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 MARCH 10, 2006 with all Riders to this document. (B) "Borrower" is WARREN JAMES HICKS, AND ALLISON M HICKS, HUSBAND AND WIFE , togelher Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation thaI 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, Flinl, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is AMERICA'S WHOLESALE LENDER 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" means the promissory note signed by Borrower and dated MARCH 10, 2006 . The Note states that Borrower owes Lender TWO HUNDRED TEN THOUSAND and 00/100 Dollars (U.S. $ 210,000.00 ) plus interest. Borrower has promised 10 pay this debt in regular Periodic Payments and to pay the debt in full not later than APRIL 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 (08/05)(d) VMP Mortgage Solutions, Inc. (800)521-7291 Form 3051 1/01 ·23991· · 1 329 5 003 9 0 0 0 002 0 0 6 A . '--. &·4 !¿·~m~mmW¡J~i :~:::::-::~~::;¡::~ ..,....~fl'",,:iI,I'.~; ':. :.:.:t:I:.~~~ll~; ~ i Ó916753 COC593 DOC ID H: 00013295003903006 (G) "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. (II) "Riders" means all Riders to this Security Instrumenl 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 DVARider D Condominium Rider D Second Home Rider D Planned Unil Developmenl Rider D 1-4 Family Rider D Biweekly Payment Rider DOlher(s) [specify] (I) "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. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessment') and olher charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other Ihan a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limiled to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items thaI 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 againsl the nonpayment of, or defaull 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 D.S.C. Section 2601 el seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time 10 time, or any additional or successor legislation or regulation Ihat governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirement') and restrictions Ihat 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 This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performante of Borrower's covenants and agreements under this Security Instrument 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 Ihe COUNTY of LINCOLN [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT 2 OF SUNSET SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED NOVEMBER 29, 2001 AS, INSTRUMENT NO. 877621 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. Parcel ill Number: which currently has the address of 552 ALLRED RD, AFTON [Street/City] Wyoming 83110 - 9 7 4 2 ("Property Address"): [Zip Code] ~ -6A(Wy) (0005) CHL (OB/05) Page 2 of 11 Form 3051 1/01 09'16753 COC594· DOC 1D #: 00013295003903006 TOGETHER WITH all the improvement<¡ now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and addilions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrumenl as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in Ihis Security Instrument, 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 inlerests, 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 Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has Ihe right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrant<¡ and will defend generally the title 10 the Property againsl all claims and demands, subject to any encumbrances of record~ THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenant<¡ with limited variations by jurisdiction to constitute a uniform security instrumenl covering real property . UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepaymenl charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payment<¡ due under Ihe Note and this 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 returned to Lender unpaid, Lender may require that any or all subsequent paymenls due under the Note and this Security Instrument be made in one or more of the following forms, as selecled 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. Payment<¡ 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 partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, wilhout waiver of any rights hereunder or prejudice to its rights to refuse such payment or parlial payments in the future, but Lender is not obligated to apply such payment<¡ at the time such payments are accepted. If each Periodic Paymenl is applied as of it<¡ 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 return 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 off.<¡et or claim which Borrower mighl have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. 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) inlerest 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 il became due. Any remaining amount<¡ shall be applied first to late charges, second to any other amounts due under Ihis Security Instrument, and then to reduce Ihe 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 out<¡tanding, 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 paymenl 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. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for paymenl of amounls 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 term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessment<¡ shall be an Escrow hem. 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 Form 3051 1/01 Ó11";"I~I'i'I-";:tT. '1 ~ 1~~.lj~1 ~i!,~~¡'.'~', :'!:ilir~~!!;tl¡;H? ~;::*::t:::;:¡~:;~l ~:I:I1-.5!;:;~j~~ ~~imm~i~;~f¡ ;;'¡~i¡f¡Jt;J~IT1[~~;¡~ 0916753 ,00595 DOC 10 #: 00013295003903006 Items at any time. Any such waiver may only be in writing. In Ihe evenl of such waiver, Borrower shall pay directly, when and where payable, the amounL~ due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipL~ evidencing such paymenl wilhin 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 obligaled to pay Escrow Items directly, pursuant to a waiver, and Borrower fails 10 pay the amount due for an Escrow Item, Lender may exercise its righL~ under SeclÎon 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 al 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. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) nOllo exceed the maximum amount a lender can require under RESP A. Lender shall estimate the amount of Funds due on Ihe basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shan apply the Funds to pay the Escrow Items no later than the time specified under RESP A. Lender shall not charge Borrower for holding and applying the Funds, annuany analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shan not be required to pay Borrower any interesl or earnings on the Funds. Borrower and Lender can agree in writing, however, that inlerest shall be paid on the Funds. Lender shan give to Borrower, without charge, an annual accounlÎng 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 defined under RESPA, Lender shall notify Borrower a~ required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance wilh RESPA, but in no more than 12 monthly paymenL~. If there is a deficiency of Funds held in escrow, a~ defined 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 monlhly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shan pay all taxes, assessments, charges, fines, and impositions altributable to the Property which can attain priority over Ihis Security Instrument, leasehold paymenL~ or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessmenls, if any. To Ihe extenllhat 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 performing such agreement; (b) contests the lien in good failh 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 proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement salÎsfactory to Lender subordinating the lien 10 Ihis Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which Ihat notice is given, Borrower shan satisfy the lien or take one or more of the actions sel forth above in this SeclÎon 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvemenL~ 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 10 disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, cerlÎfication and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which· reasonably mighl affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determinalion resulting from an objeclÎon by Borrower. 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 obligalÎon 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 Ihe contenL~ of the Property, against any risk, hazard ~ -6A(WY) (0005) CHL (08/05) Page 4 of 11 Form 3051 1/01 091.6753 .,00596 DOC ID #: 00013295003903006 or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of Ihe insurance coverage so oblained might significantly exceed the cost of insurance that Borrower could have oblained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interesl at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be 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 nOlÎces. If Borrower oblains any fonn of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a slandard 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 Ihe righl 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 parties, retained by Borrower shall not be paid OUI 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 10 Borrower. 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 3D-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 Ihe Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under Ihe Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, eSlablish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at leasl one year after Ihe ,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, Borrower shall mainlain the Property in order 10 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 conneclion with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender ha.. released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payment.. as Ihe work is completed. If the insurance or condemnalion 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 it.. 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 rea..onable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direclion of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate infonnation or statement.. to Lender (or failed 10 provide Lender with material infonnation) in connection with the Loan. Material representations include, but are not limited to, represenlations concerning Borrower's occupancy of the Property as Borrower's principal residence. ~ -6A(WY) (0005) CHL (08/05) Page 5 of 11 Form 3051 1/01 '~;;~I~~m{? 0916753 .~ 00597 DOC ID #: 00013295003903006 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements conlained in this Security Instrument, (b) Ihere is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under Ihis Security Instrumenl (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for 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 protecI Lender's interest in the Property and rights under this Security Instrument, including protecling and/or assessing Ihe value of Ihe Property, and securing and/or repairing the Property. Lender's actions can include, but are not limiled 10: (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 Inslrument, including its secured position in a bankruptcy proceeding. Securing Ihe 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 condilions, and have utilities turned on or off. Although Lender may take aClion under this Section 9, Lender does not have to do so and is nol under any duty or obligation 10 do so. It is agreed that Lender incurs no liability for nol taking any or all actions authorized under this Section 9. Any amount~ 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 nOlice 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 titIe to the Property, Ihe leasehold and the fee tille 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 Mortgage Insurance in effect. If, for any reason, Ihe Mortgage 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, Borrower shall pay the premiums required to obtain coverage subslantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to Ihe cosl to Borrower of Ihe Mortgage Insurance previously in effect, from an alternate mortgage insurer selecled by Lender. If substanlially equivalent Mortgage Insurance coverage is not available, Borrower shall conlinue to pay to Lender the amount of the separately designated payment~ that were due when Ihe insurance coverage ceased to be in effect. Lender will accepl, use and retain Ihese payment~ as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the facI that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payment~ if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer seIecled by Lender again becomes available, is obtained, and Lender requires separately designated payment~ 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-refundable loss reserve, until Lender's requiremenl for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest allhe rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreement~ with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) 10 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 Ihe 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 Ihat an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "caplive reinsurance." Furlher: (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 Form 3051 1/01 091.6753 o 0598 DOC rD #: 00013295003903006 (b) Any such agreements will not affect the rights Borrower has . if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance tenninated automalically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or tennination. 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 restoralion 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 agreemenl 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 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 Ihe 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 immedialely 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 Ihe 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 Ihe 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 impainnenl 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 Ihe action or proceeding to be dismissed wilh a ruling that, in Lender's judgmenl, 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 impairment of Lender's interesl in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are nol applied to restoration or repair of Ihe 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 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 Interesl 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 Borrower's obligations and liability shall be joint and several. However, any Borrower 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 of 11 Form 3051 1/01 ~ili¡ilil~;¡f¡j ~illmiimmm~¡~ 091.6753 .' 0059 9 DOC ID #: 00013295003903006 Instrument only to mortgage, grant and convey the co-signer's interest in the Property under Ihe terms of Ihis Security Instrument; (b) is not personally obligated to pay Ihe sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in 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 10 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 performed in connection with Borrower's default, for the purpose of protecting Lender's interesl in the Property and right~ under this Security Instrument, including, but nol limited to, attorneys' fees, property inspection and valualion fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shan 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 conected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shan be reduced by the amount necessary to reduce Ihe charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limit~ 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 Ireated 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 wilh this Security Instrumenl 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. Notice to anyone Borrower shall constitute notice to an Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promplIy 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 Ihrough thaI specified procedure. There may be only one designated notice address under this Security Instrumenl al anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Inslrument shan not be deemed to have been given to Lender until actually received by Lender. If any nolice 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; Rilles of Construction. This Security Instrumenl shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subjecl to any requirement~ 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 conflicl shall not affect other provisions of this Security Instrument or the Note which can be given effect withoul 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 discrelion wilhout any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in Ihis Section 18. "Interest in the Property" means any legal or beneficial interest in Ihe Property, including, but not limited to, those beneficial interest~ transferred in a bond for deed, contracl for deed, installment sales contracl or escrow agreement, the intent of which is the transfer of tilIe by Borrower at a future date to a purchaser. If an 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) withoul Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Inslrument. 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 Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay Ihese sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. . -6A(WY) (0005) CHL (08/05) @ Page 8 of 11 Form 3051 1/01 0'916'753 G006ûO DOC ID #: 00013295003903006 19. Borrower's Right to Reinstate After Acceleration. If Borrower meetc; cerlain conditions, Borrower shall have the righl 10 have enforcement of this Security Instrument discontinued al any time prior 10 Ihe earliesl of: (a) five days before sale of the Property pursuant to any power of sale contained in Ihis Security Instrument; (b) such other period as Applicable Law mighl specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note ac¡ if no acceleration had occurred; (b) cures any default of any olher covenantc¡ or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, bul not limited to, reasonable attorneys' fees, property inspection and valuation fees, and olher fees incurred for the purpose of protecting Lender's interesl in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reac¡onably require to assure that Lender's interest in the Property and rights under this Security Instrumenl, and Borrower's obligation to pay the sums 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 forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, . instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument 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. Sàle of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in Ihe Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Paymentc¡ due under the Note and this Security Instrument and performs 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 Ihe Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, Ihe address to which paymentc¡ should be made and any other information 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 Ihe Loan Servicer or be transferred to a successor Loan Servicer and are not ac¡sumed by the Note purchac¡er unless olherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as eilher an individual litigant or the member of a cIac¡s) that arises from the other party's actions pursuant 10 this Security Instrument or that alleges that the other party hac¡ breached any provision of, or any duty owed by reac¡on of, this Security Instrument, until such Borrower or Lender hac¡ notified the other party (with such notice given in compliance with the requirementc¡ of Seclion 15) of such alleged breach and afforded the olher party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration 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 wac¡tes by Environmental Law and the following substances: gac¡oline, 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 thaI relale to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, ac¡ 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 permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to releac¡e 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 Subs lances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products), Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuil or other action by any governmental 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 affectc¡ the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall 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 (OB/05) Page 9 of 11 Form 3051 1/01 r.;t"'I~~'jfji,¡.j 1"~'~2 ~.",'l,,·' I ~·f·:·I~i:~:;~Wj ¡j~i!~~~~~~mj~i¡ 091.6753 C00601 DOCID #: 00013295003903006 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 Secnrity Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, 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 secured by this Security Instrument and sale of the Property. The notice shan 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 collect an 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 düferent, in accordance with Applicable Law. Lender shan give notice of the sale to Borrower in the manner provided in Section IS. Lender shall publish the notice of sale, and the Property shan 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 an 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 relea<;ing this Security Instrument, but only if the fee is paid to a third party for services rendered and Ihe charging of the fee is pennitted under Applicable Law. 24. Waivers. Borrower releases and waives all right<; under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the tenns and covenant<; contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. './¡:::;- fA) tV!-- "'~:¿ ~ WARREN JAMES HICK (Seal) ·Borrower vJJL AI.. áiJ= ALLISON M. HICKS ' (Seal) . Borrower (Seal) -Borrower (Seal) -Borrower ~ -6A(WY) (0005) CHL (08/05) Page 10 of 11 Form 3051 1/01 0916753 C006û2 STATE OF WYOMING, DOC ID #: 00013295003903006 Linco In County ss: The foregoing instrument was acknowledged before me this 10th day of March, 2006 by Warren James Hicks and Allison M. Hicks My Commission Expires: 9-15-07 ~~/ý~ Notary Public ' GLORIA K. BYERS· NOTARY PUBLIC County of State of Uncoln Wyoming My Commission Expires Sept. 15, 2007 ~ -6A(WY) (0005) CHL (08/05) Page 11 of 11 Form 3051 1/01 i:::~~:::::::~:::~:;~ ~~:::':~~~;~1!