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HomeMy WebLinkAbout916958 ¡~~mmm~i;!;læ~¡ í ."-----~...........,.~-.......-'....."'..........-----~~..,..,..--~.-,.,. ., '._......_......-. '.··."......·......"._.....4_~..."'-'" -" '-' '" -,"",..._...,.-.......,.""...'"",.~.. .~-.......'..,...:.-... .-'-'., ". . C00306 11 Return To: FHHLC - POST CLOSING ~L ROOM ~555 W. WALNUT HILL LN. #200 MC 67~2 IRVING, TX 75038 Prepared By: FIRST BORIZON BOME LOAN CORPORATION ~315 SOUTH BIGHWAY B9, SUITE ~O~ JACKSON, WY 83001 [Space Above Tbls Line For Recording Data] MORTGAGE MIN 10008520057~242405 0057~24240 DEFlNITIONS RECEIVED 3/27/2006 at 4:22 PM RECEIVING # 916958 BOOK: 615 PAGE: 306 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY i. ~l ,\ ,J Words used in mulliple seclions of this document are defmed below 1II1d other words æ-e defined in Sections 3, 11.13, 18,20 1II1d 21. Certain rules regarding the usage of words llSed in this document æ-e lliso provided in Section 16. , (A) "Security Instrument" means this document, which is dated March 2~st, 2006 together with 1111 Riders to this document. (B) "Borrower" is LINDA BUTTERFIELD, A Single Woman Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registralion Systems, Inc. MERS is a separate corporalion that is acting solely as a nominee for Lender 1II1d Lender's successors 1II1d assigns. MERS is the mortgagee under this Security Instrument. MERS is organized 1II1d existing under the Jaws of DeJaware, 1II1d has 1111 address 1II1d telephone number of P.O. Box 2026, Flint, MI48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS ~~~~:WY 100'" ,"",.,.&:t6- FDrm 3051 1/01 VMP MORTGAGE FORMS - (800)521-7291 111111/1111111111111111 1111 11111111 091.695'8 C00307 (D) "Lender" is FIRST HORIZON HOME LOAN CORPORATION Lender is a CORPORATION organized and existing under the laws of THE STATE OF KANSAS Lender's address is 4000 Horizon Way, Irving, Texas 75063 (E) "Note" means the promissory note signed by Borrower and dated March 2~st, 2006 The Note states that Borrower owes Lender TWO HUNDRED THIRTY ONE THOUSAND &: OO/~OO Dollars (U.S. $ 23~, 000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than APRIL ~, 2036 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property. " (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. (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]: Ii] Adjustable Rate Rider D Balloon Rider DVARider D Condominium Rider D Planned Unit Development Rider D Biweekly Payment Rider D Second Home Rider IX] 1-4 Family Rider o Other(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, assessments and other charges that are imposed on Borrower or the Property bya 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 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 limited 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 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.P.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, "RESPA" 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 RESPA. 0057~24240 G -6A(WY) (0005) @ Page2 of 15 '"''",,$ Form 3051 1/01 mmf~l~!fm~i~~Ij ~~m~§i~~1~i~F ·"_·_·___·___"·~__·_······_·~__·__~_._·~.'_'.h''',.__ _._______. ~'.-.,.,_._- ------."-'.,. -.-. ~-_._--_...__..,~. ._,_.."~' '." -.. . . . --~'-"---'" 091.6958 C00308 (Q) "Successor in Interest of Borrower" means ßJlY party that has taken title to the Property, whether or not that party has J:1Ssumed 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, ßJld Bl1 renewals, extensions ßJld modifications of the Note; ßJld (ii) the perfonnance of Borrower's covenants ßJld agreements under this Security Instrument ßJld the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely J:1S nominee for Lender ßJld Lender's successors ßJld J:1Ssigns) ßJld to the successors ßJld J:1Ssigns of MERS, with power of sale, the following described property located mthe County of Lincoln [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT ~~ OF SOUTHBROOK RANCHES SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Parcel ill Number: County: ~76 POPLAR DRIVE THAYNE ("Property Address"): J.234~n04 0 0 032 0 0 City: which cm;rently has the address of , [Street [City] ,Wyoming B3~27 [Zip Code] TOGETHER WITH Bl1 the .improvements now or hereafter erected on the property, ßJld Bl1 easements, appurtenances, ßJld fIxtures now or hereafter a part of the property. All replacements ßJld lldditions shal] also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands ßJld agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender ßJld Lender's successors ßJld 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; ßJld to take ßJly action required of Lender including, but not limited to, releasing ßJld canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant ßJld convey the Property ßJld that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property llgainSt all claims ßJld demands, subject to ßJlY encumbrances of record. THIS SECURITY INSJRUMENT combines unifonn covenants for national use ßJld non-uniform covenants with limited variations by jurisdiction to constitute a unifonn security mstrument covering real property . 0057124240 G -6A(WY) (0005) Ii> Page 3 of 15 '"'"..~ Form 3051 1/01 .- --- -~... .. . ...,.....-,............' 0916958 C00309 UNIFORM COVENANTS. Borrower ßIld Lender covenant and agree as follows: I. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, ßIld interest on, the debt evidenced by the Note ßIld any prepayment charges ßIld late charges due under the Note. Borrower shall1ÙSo pay funds for Escrow Items pursuant to Section 3. Payments due under the Note ßIld this Security Instrument shall be made in U.S. currency. However, if ßIlY 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 ßIly or all subsequent payments due under the Note ßIld this Security Instrument be made 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 ßIlY such check is drawn upon ßIl institution whose deposits .are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds TrßIlsfer. 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 11ccordance with the notice provisions in Section 15. Lender may return ßIlY payment or partial payment if the payment or partial payments.are insufficient to bring the LOßIl current. Lender may 1lCcept ßIlY payment or partial payment insufficient to bring the Loan current, without waiver ofßIlY rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments .are 1lCcepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or 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 offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or perfonning the covenants ßIld agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted ßIld 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) mnounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it becmne due. Any remaining mnounts shall be applied first to late charges, second to ßIlY other 1UJlounts due under this Security Instrument,ßIld then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Pa¥ment which includes a sufficient 1UJlount to pay ßIlY late charge due, the payment may be 11pplied to the delinquent payment ßIld the late charge. If more than one Periodic Payment is outstanding, Lender may apply ßIlY payment received from Borrower to the repayment of the Periodic Payments if, ßIld to the extent that, each payment can be paid in full. To the extent that ßIlY excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to ßIly late charges due. Voluntary prepayments shall be applied first to ßIlY prepayment charges ßIld then as described in the Note. Any application of payments, insurßIlce proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the mnount, 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 payment of mnounts due for: (a) taxes ßIld assessments ßIld 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 ßIlY; (c) premiums for any and all insurßIlce required by Lender under Section 5; ßIld (d) Mortgage Insurance premiums, if any, or ßIlY sums payable by Borrower to Lender in lieu of the payment of Mortgage InsurßIlce premiums in 1lCcordance with the provisions of Section 10. These items.are called "Escrow Items." At origination or 11t ßIlY time during the tenn of the Loan, Lender may require that Community Association Dues, Fees, ßIld Assessments, if ßIlY, be escrowed by Borrower, ßIld such dues, fees and assessments shall be ßIl Escrow Item. Borrower shall promptly furnish to Lender all notices of mnounts 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 ßIlY or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for ßIlY or all Escrow Items at ßIlY time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the mnounts due for ßIlY Escrow Items for which payment of C-SA(WV) (0005) (I) Page4Df 15 ,,,""qk Form 3051 1/01 r~:~;m::::::;::::;:: t:;:~5:~~:::J::~~::: ; ': ~ ;~~~~~;~~;~ili;~;:;: 0916958 C00310 Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period asLender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the mnount 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 ßfe then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pennit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum mnounl 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 ßfe insured by a federal agency, instrumentality. or entity (including Lender, if Lender is an institution whose deposits ßfe so insured) or in any Federal Home Loan Bank. Lender shall 11pply the Funds to pay the Escrow Items no later than the time specified 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 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 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 11 surplus of Funds held in escrow, as defmed under RESP A, Lender shall 11CCount to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defmed under RESPA, Lender shall notify Borrower as required by RESPA, an~ Borrower shall pay to Lender the mnount necessary to make up the shortage in accordance with RESP A,' but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the mnount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly 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. Cfulrges; Liens. Borrower shall pay all taxes, assessments, charges, fmes, and impositions 1lttributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items ßfe 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 11 manner acceptable to Lender, but only so long as Borrower is perfonning such agreement; (b) contests the lien in good faith by, or defends .against enforcement of the lien in,legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings ßfe pending, but only until such proceedings ßfe concluded; or (c) secures from the holder of the lien.an 11greement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to 11 lien which can attain priority over this Security Instrument, Lender may give Borrower 11 notice identifying the lien. Within 10 C-6A(WY) (ODDS) (!) Page 5 of IS '"",.,.~ Form 3051 1/01 ~'-.-..._-...--_.-. 0916958 C00311 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the .actions set forth l1bove in this Section 4. Lender may require Borrower to pay a one-time charge for 11 real estate tIDe. verifICation IDld/or reporting service used by Lender in connection with this Loan. 5. Property Insurl1iIce. 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," IDld any other hazards including, but not limited to, earthquakes IDld 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 insurIDlce shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) 11 one-time charge for flood zone detennination, certifiætion IDld tmcking services; or (b) 11 one-time charge for flood zone determination IDld certifICation services IDld subsequent charges each time remappings or similar changes occur which reasonably might .affect such determination or certification. Borrower shall also be responsible for the payment of IDlY fees imposed by the Federal Emergency Management Agency in connection with the review of 1U1y flood zone determination resulting from 1U1 objection by Borrower. If Borrower fails to maintain any of the covemges described l1bove, Lender may obtain insur1U1ce coverage, l1t Lender's option 1U1d Borrower's expense. Lender is under no obligation to purchase 1U1y particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against IDlY risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become Mditional debt of Borrower secured by this Security Instrument. These amounts shall bear interestl1t the Note rl1te from the date of disbursement IDld shall be paYl1ble, with such interest, upon notice from Lender to Borrower requesting payment All insurance policies required by Lender 1U1d renewal.s of such policies shalJ. be subject to Lender's right to disapprove such policies, shall include 11 standard mortgage dUlse, IDld shall name Lender 118 mortgagee 1U1d/or 118 IDl Mditionalloss payee. Lender shall have the right to hold the policies IDld renew1Ù certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums 1U1d renew1Ù notices. If Borrower obtains 1U1y fonn of insur1U1ce coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause 1U1d shall name Lender 118 mortgagee IDld/or 118 an Mditionalloss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier IDld Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender 1U1d Borrower otherwise agree in writing, IDlY inSur1U1ce proceeds, whether or not the underlying insur1U1ce W118 required by Lender, shall be l1pplied to restoration or repair of the Property, if the restoration or repair is economically feasible IDld Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender h118 had IDl 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 IDld restoration in 11 single payment or in 11 series of progress payments 118 the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such inSur1U1ce proceeds, Lender shall not be required to pay Borrower 1U1y interest or earnings on such proceeds. Fees for public lliljusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds IDld 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 l1pplied to G-6A(WV) (0005) @ Page6of15 '""'.,,~ Form 3051 1/01 Elli(ITj ; ¡ . , '.' ; ',' i ~ \ : ,- ,¡ ~ , ' '; :'. ; i ~¡ ';' ';Ii <.,' , 'I' ,'¡::' ¡'! 1~;~~~i~i!~!i~lm~ ;illmiliIŒill:i: .....,......,."........ . "M.....·.........".. 0916958 C00312 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 Borrower abandons the Property, Lender may me, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 3D 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 IDT10unt not to exceed theIDT10unts 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 mnounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, 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 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, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not suffIcient to repair or restore the Property. Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections or' the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 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 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, 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 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 C-6A(WV) (0005) @ Page 7 01 15 Initlal.~ Form 3051 1/01 ·........................ . ".'. "L''''<;.'r..'"",,·. ~.. ...."."".......,.,... .......,..,._~....,.~'"-_.. .~., C00313 Ø~.16958 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes. eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions 1Ulthorized 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 Mortgage Insurance in effect. If, for any reason, the 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 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 effect. 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 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 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-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's 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 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 agreements with other parties that share or modify their risk, or reduce losses. These agreements are on tenns and conditions that are satisfactory to the mortgage 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 arrangement 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. C-SA(WY) (0005) (i) Page 8 of 15 ,",,""l$- Form 3051 1/01 ,b···.·..!,·."i,·:-\, ¡.~:~~:;~;::::~~;~~ )m~¡;~mlI~H .,.,.,.,~-.-,-...,..,....-, ......."'. ,....-~...._- --'--'''''' .......,... .'. ..-.-......_.-..........~.._',_."....',. ..,.,.,- .<...~......, .. .:......-'-"......".-.~-~,.,..... "-.' 0916958 C00314 (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 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 liSSigned 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 liS 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 Propeny, 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 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 immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partiål taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value. unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defmed 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 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 liS 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 liSsigned 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. ca -6A(WY) (0005) (!) Page 9 of 15 L.R In tlaIS~ Form 3051 1/01 , "'...-' ......:. ..,.,.,..., '~', . ,"-.' .-" -"',,":~~.\._.._,~.-......,......,. ~'~'-''''.' ~.- . . . .. .- ~.""",.""""..-~,' '"<1.,-"'" ,,,.. ....,"'._.....~....,. .-. _,. ..'~.' ~._.,~..""','-'-"'...r.:.o.:'-"';. ~..-"._.~,..,..._.~_ '·T.'.·... 0916958 -00315 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 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 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 Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the tenns 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 Borrower can agree to extend, modify, forbear or make any accommodations with regard to the tenDs 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 to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. ' 14. Loan Charges. Lender may charge Borrower fees for services perfonned in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees thatill'e expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the pennitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pennitted limit; and (b) any sums already collected from Borrower which exceeded pennitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all 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 promptly notify Lender of Borrower's change of address. If Lender specifies.a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. 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 lliso required under Applicable Law, the Applicable Law requirement wil1 satisfy the cwrespondillg 'equiremenl undo< this Secnrity Instrument v{f Initials: 1» .-6A(WY) (0005) Page 1001 15 Form 3051 1/01 (!) r:· ,', ì tL ._~ _J ê!æt~U ~~;~~mf:1mmili~:;: ,. .................... ". '.........,..-,~p....... ", .'....... ", ,.=-.." , ...................__----""-'..._J 0916958 C00316 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by fedeiilllaw and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plurill and vice versa; and (c) the word "may" gives sole discretion without 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 this Section 18. "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. 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 these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 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 Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might 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 illl sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays ill] expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and villuation fees, 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 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. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments 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 the Loan Servicer, Borrower 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 information RESPA requires in connection with a '""'.,.~ G-SA(WV) (0005) @ Page11 of 15 Form 3051 1/01 .'......,,-. ........-. ........"~.......,,......~.-.. ......._~..=-... 0916958 "7'-.','."'."."__"'-'" ..........'.'..-....' '. -. ._"..."'..~ .,.~ ...... .,.-...~.......,,,....-'-...., C00317 notice of transfer of servicing. If the Note is sold ill1d thereafter the Loill1 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 ill1d Me not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached ill1Y provision of, or ill1Y duty owed by reason of, this Security Instrument, 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 afforded the other 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 pMagraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 ill1d the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice ill1d opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" Me those substances defmed as toxic or hazardous substances, pollutants, or wastes by Environmental Law ill1d the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides ill1d herbicides, volatile solvents, materials containing asbestos or formaldehyde, ill1d radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes ill1Y response action, remedial action, or removal action, as defmed in Environmental Law; ill1d (d) ill1 "Environmental Condition" means a condition that can cause. contribute to, or otherwise trigger ill1 Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of ill1y Hazardous Substances, or threaten to release ill1Y Hazardous Substances, on or in the Property... Borrower shall not do, nor allow ill1yone else to do, ill1ything affecting the Property (a) that is in violation of ill1Y Environmental Law, (b) which creates ill1 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 Me 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, lawsuit or other action by any governmental or regulatory agency or private party involving the Property ill1d any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) ill1Y Environmental Condition, including but not limited to, ill1Y spilling, leaking, discharge, release or threat of release of ill1Y Hazardous Substance, and (c) ill1Y 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 ill1Y governmental or regulatory authority, or ill1Y private party, that ill1Y removal or other remediation of ill1y Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create ill1Y obligation on Lender for ill1 Environmental Cleanup. 4D-6A{WY) (0005) œ> Page 12 of 15 :;¡:§f;~~~iŒ[:¡ I"'.I'~ Form 2051 1/01 ::n¡I~~mf?:~ .-.....-,'....."',. -. ''--'.~.',' '.':-. .'-', ,-~.. ....,..'.......-.....'..,. ..... ,,,,~,, .."'.....~.....,""....""'.,'&_........~ ,.",." c....>~...,·.··,·".-·,.· '..,.."..,.,..'.....,....--=. 091..6958 C00318 NON-UNIFORM COVENANTS. Borrower IDld Lender further covenIDlt IDld ~gree 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 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 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 collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (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 paymenL of .all sums secured by this Security InstrumenL, Lender shall release Lhis Security Instrument Borrower shall pay IDlY recordation costs. Lender may chaJige Borrower a fee for releasing this Security Instrument, but only if Lhe fee is paid lO a Lhird party for s~ices rendered IDld Lhe charging of Lhe fee is pennitted under Applicable Law. 24. Waivers. Borrower releases IDld waives all rights underßJ1d by virtue of Lhe homestead exemptionPlaws of Wyoming. G-6A(WY) (0005) @ Page130f15 ,"",.oi.D- Form 3051 1/01 · '-...-....~......., 0916958 C00319 BY SIGNlNG BELOW, Borrower accepts and agrees to the tenns and covenants contained in this S~urity I~strument and in any Rider executed by Borrower ~lrecorded with it./ WlInesses. /; (Seill) -Borrower (Seal) -Borrower (Seal) (Seill) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seill) -Borrower -Borrower OOS7~24240 G-6A(WY) (0005) œ> Page 14 of 15 Form 3051 1/01 ~" ~ ··'·'··'·¡-"'·'·""···"f l;¡:~;:'-:l:~:i;::~"'~0 ::::¡::::::::::;~j~¡;:::1 .·j't·. '·i· 'f~.·jh -:·:1 ~~L·.¡ 0916958 STATE OF WYOMING, LINCOLN ~m~~~~~~mmf~!i:f: ...----... C00320 County ss: The foregoing instrument was acknowledged before me this 21st day of March, 2006 by LINDA 13UTTERFIELD My Commission Expires: 9-15-07 0057U4240 G-6A(WY) (0005) <!> .AIP~ A-! ~¿) Notary Public GLORIA K. BYERS - NOTARY PUBUC County of ~ State of ~ M Uncoln W Wyoming · - Y Commission Expires Sept. 15,2007 Page 150115 ,"".,i£- Form 3051 1/01 ,'. ..'.....-.-.".-. ".'." ".,. ... .._ "·h.~-",".-"·.·~~"~"-'·"'·".·'· . , . . .......-~..,... . 0916958 C00321 ADJUSTABLE RATE RIDER (1 Year Treasury Index - Rate Caps) THIS ADJUSTABLE RATE RIDER is made this .2~st day of March, 2006 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Hate Note (the "Note") to FIRST HORIZON HOME LOAN CORPORATION (the "Lender") of the same date and covering the property described in the Security Instrument and located at: ~76 POPLAR DRIVE, THAYNE, Wyoming 83~27 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. , ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PA YMENT CHANGES The Note provides for an initial interest rate of 6.250 %. The Note provides for changes in the interest rate and the monthly payments as follows: 4. INTEREST RATE AND MONTHLY PA YMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of Apr.i~, 2009 , and on that day every 12th month thereafter. Each date on which my interest rate could change is called a "Change Date." 0057~24240 MULTISTATE ADJUSTABLE RATE RIDER - ARM 5-2 - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fannie Mae 4-2/5-2/6-2 ARM Form 31111/01 ifÞ- e-B22R (0405) L.r ~~~~~~~~~~ S~~~::~~~.ln . ' 1~lllllnlllllllllllllllll~11 12':"~' ,> ~ "'" " ,1 :"-'~';~':~ :!ii:j~;!~!:~:¡:~i¡~~ l~ :~~"E2 ;~::;:!i:ßl:;{~;:::: ._._.-.---~._.-.---- . .. ..-..--.-, '.'-'--"'-- .--. 0916958 C00322 (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND THREE-QUARTERS percentage points ( 2.750 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(0) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes , The interest rate I am required to pay at the first Change Date wi I! not be greater than B .250 % or less than -4.250 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than two percentage points (2.0%) from the rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater than ~2 .250 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice. 0057~24240 S-822R (0405) @ Page20f4 IniliaIS:~' Form 3111 1/01 0916958 C00323 B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Section 18 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest In Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. oosn24240 .-822R (0405) @ Page 3 of4 InitiaIS:~ Form 31111/01 f: "..",.."", "a '·'l~:l""..':~" 'j¡1,1. 1iili1*¡:f:Œ~ ¡!¡:i!::::~::;::::i~8 :lm¡;~m;mt:~ 091.6958, C00324 and agrees to the terms and covenants (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 0057~24240 S-B22R (0405) Œ> Page 4 of 4 Form 31111/01 ______4·____ 0916958 C00325 1-4 FAMILY RIDER (Assignment of Rents) THIS 1-4 FAMILY RIDER is made this 2~st day of March, 2006 and is incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to FIRST HORIZON HOME LOAN CORPORATION (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: ~76 POPLAR DRIVE, THAYNE, Wyoming B3~27 [Property Address] 1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to the Property described in the Security Instrument, the following items now or hereafter attached to the Property to the extent they are fixtures are added to the Property description, and shall also constitute the Property covered by the Security Instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intended to be used in connection with the Property. including, but not limited to. those for the purposes of supplying or distributing heating, cooling, electricity, gas, water, air and light. fire prevention and extinguishing: apparatus, security and access control apparatus, plumbing, bath tubs. water heaters, water closets, sinks, ranges, stoves. refrigerators, dishwashers. disposals, washers. dryers. awnings, storm windows, storm doors. screens, blinds, shades, curtains and curtain rods. attached mirrors. cabinets, paneling and attached floor coverings, all of which. including replacements and additions thereto. shall be deemed to be and remain a part of the Property covered by the Security Instrument. All of the foregoing together with the Property described in the Security Instrument (or the leasehold estate if the Security Instrument is on a leasehold) are referred 10 in this 1-4 Family Rider and the Security Instrument as the "Property." B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the use of 1he Property or its zoning classification, unless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and requirements of any governmental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by federal Jaw, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against 1he Property without Lender's prior written permission. D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards for which insurance is required by Section 5. 0057~24240 MUL TISTATE 1- 4 FAMILY RIDER - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 31701/01 ~-57R(0411)!j2' Page 1 of 3 Initials: ~8~~)~2~~1~~~ Solutions, In . 11/1111111111111111111111111111 ~II ~;tFm:i~;',~¡:1~::l'- i'l¡~b'¡!';'ió¡~~;:';¡¡ h~~~ ~~¡~¡m~~¡¡;m~ill ~ ¡~~ :;:j~~m~~;m;~~~i:; '''.'"' --.-..... 0916958 C00326 E. "BORROWER'S RIGHT TO REINSTATE" DELETED. Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall assign to Lender all leases of the Property and all security deposits made in connection with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, 1he word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borrower shall receive the Rents until: (i) Lender has given Borrower notice of default pursuant to Section 22 of the Security Instrument, and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured br the Security Instrument; (ii) Lender shall be entitled to collect and receive all of the Rents o the Property: (iii) Borrower agrees that each tenant of the Property shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless applicable law provides 01herwise, all Rents collected by 'Lender or Lender's agents shall be applied first to the costs of taking control of and managing the Property and collectin~ the Rents, includin~, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits derived from the Property without any showing as to the inadequacy of the Property as security. If 1he Rents of the Property are not sufficient to cover the costs of taking control of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Section 9. Borrower represents and warrants that Borrower has not executed any prior assignment of the Rents and has not performed, and will not perform, any act that would prevent Lender from exercising its rights under this paragraph. Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain 1he Property before or after giving notice of default to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, may do 50 at any time when a default occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall terminate when all the sums secured by the Security Instrument are paid in full. 0057~24240 Initials: L Ii S-57R(0411) Page20f3 ~1701/01 ~ ·,."~"""".-.,.:o ,,'1".''','. '·'_-",~I.'·:")I""'..',.L""..~"· . ,'.~ '...-.,o:.o'.:o _, , '-'__~~.""..~......,,,., ·.-~.';i',. .,............ _. '" c '·'....1.·.·',·,-·-· C00327 091.6958 I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has an interest shall be a breach under the Security Instrument and LeRder may invoke any of the remedies permitted by the Security Instrument. Y SIGNING I LOW, Bo wer accepts and agrees to the terms and covenants en' ed in this 1 r Fa . y Ri . ( Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 0057~24240 S-57R (0411) (!) Page 3 of 3 Form 31701/01 ®~f~ff~mw~~r!