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HomeMy WebLinkAbout917128 -, £b 000656 After Recording Return To: SHOSHONE FIRST BANK 1401 SHERIDAN AVENUE CODY, WYOMING 82414 RECEIVED 3/30/2006 at 4:13 PM RECEIVING # 917128 BOOK: 615 PAGE: 656 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For Recording Data} MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18. 20 and 21. Certains rules regarding the usage of words used In this document are also provided in Section 16. (A) "Security Agreement" means this document, which is dated Mar c h 3 O. 2 0 0 6 together with all Riders to thIs document. (B) "Borrower" is T ; mot h y \oJ y a t tAn d r us. AsS ole 0 w n e r /', l Borrower is the mortgagor under this Security Agreement. (C) "Lender" is SHOSHONE FIRST BANK . Lender is a State Bank organized and existing under the laws of the State of Wyoming. Lender's address is 1401 Sheridan Ave., P.Q, Box 1330, Cody, Wyoming 82414. Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated Ma r c h 30. 2006 The Note states that Borrower owes Lender E 1 II h t Y F i veT h 0 u S ð n d 0 0 1 1 ð r s and nol100 Dollars (US $ 8 5 . 0 0 0 . 0 0 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full no later than A p r ill, 2 0 3 6 (E) uProperty" means the property that is described below under the heading "Transfer of Property." (F) "Loanumeans the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note. and all sums due under this Security Instrument,plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The foJ/owlng Riders are to be executed by Borrower [check box as applicable): 0' " ;. n ! ,/ o Adjustable Rate Rider o Balloon Rider 01-4 Family Rider o Condominium Rider o Planned Unit Development Rider o BIweekly Payment Ridêr DSecond Home Rider !ïI Ot~er( s)[ specify) T~ Exempt: Rider WYOMING-SINGLE FAMIL V-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (p/lg.1 of 18P8QØ$) ~' intUit, ;!::*::,::::~:::i¡i::: ; .·¡'f".s'. .'.'.J.~,'.1 ~.!.I:J., ~¡:¡~~§;I¡ffim 091..7~.28 , , 000657 (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic 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. \ (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for; (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (0) "RESPA" means the Real Estate Settlement Procedures Act (12 use ss2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "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. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described WYOMING-SINGLE FAMILY-FannIe Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 2 of 18 pages) ~. InlUals C00658 o 91':7:t 28 property located in the County of L i n c 0 1 n Lots 1 and 2 of Block 28 of the Firrt Addition to the Town of LaBarge. formerly Tulsa, Lincoln County, Wyoming. which currently has the address of LaBarge [City] 311 West 4th Avenue [Street] ,Wyoming 8 3 1 2 3 [Zip Code] TOGETHER WITH all improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrume'1t as "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in US 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 and all subsequent payments due under the Note and 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 any such check is drawn upon an WYOMING-SINGLE FAMILY-Fannie MaelFredle Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 3 of 16 pages) ~- Inllials ~~:~¡j~;~:n~L~ ~:~~Jili!~¡;;lU :~!1I~;m*~~ Ú91..7~.28 000659 institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or 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 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) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be app~ed to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 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 amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property , if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance Premiums 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 WYOMING-SINGLE FAMIL Y--Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 4 of 6 pages) ~' / 0917:'t28 C00660 -escrowed by Borrower, Bnd such dues, iees Bnd 1iSsessments shall be an Escrow Item. Borrower shall promptly iurnish to .Lender BII notices of amounts to be paid under this Section. Borrower shall pay .Lender the Funds ior Escrow Items unless Lender waives Borrower's obligation to pay the Funds for Bny or BII Escrow Items. .Lender may waive Borrower's obligation to pay 10 .Lender Funds ior any Bnd all Escrow Items at Bny time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, 1he amounts due for any Escrow Items ior which payment of Funds has been waived by Lender Bnd, if .Lender requires shall furnish to .Lender receipts -evidencing such payment within such time period 1iS Lender may require. Borrower's obligation to make such payments and to provide receipts shall ior all purposes be Deemed 10 be a covenant and agreement contained in this Security Instrument, 1iS the phrase "covenant Bnd Bgreement" is used in Section 9, If Borrower is obligated 10 pay Escrow Items directly, pursuant 10 B waiver, ilnd Borrower iails to pay 1he ilmount due ior an Escrow Item, .Lender may -exercise its rights under Section 9 to repay to .Lender any such ilmount. .Lender may revoke the waiver BS 10 ilny or BII Escrow Items at any time by il notice given in ilccordance with Section 15 ilnd, upon such revocation, Borrower shall pay to .Lender illl Funds, ilnd in such amounts, 1hat ilre then required under this Section .3. .Lender may, ilt ilny1ime, collect ilnd hold Funds in iln ilmount (a) sufficient 10 permit.Lender 10 iipply1he Funds Bt 1he time specified under RESPA, ilnd (b) not to exceed 1he maximum ilmountil Jender can require under RESPA. .Lender shall :estimate the ilmount of Funds due on the basis of current data ilnd reasonable estimates of -expenditures of iuture Escrow items or otherwise jn Bccordance with Applicable Law. The Funds shall be held in Bn institution whose deposits Bre insured by il iederal ilgency, instrumentality, or-entity (including lender, if .Lender is iln institution whose deposits ilre so insuTi:¡d) Dr in any Federal Home Loan Bank. .Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. .Lender shall not charge Borrower ior holding Bnd iipplying 1he Funds, Bnnually ilnalyzing the escrow liCcount, or verifying 1he Escrow Items, unless Lender pays Borrower jnterest on the Funds ilnd Applicable Law permits .Lender to make such il charge. Unless iln Bgreement is made in writing Dr Applicable Jaw requires interest 10 be paid on the Funds, .Lender shall not be required to pay Borrower ilny interest or .earnings on the Funds. Borrower Bnd lender can .agree in writing, however, that interest shall be paid on the Funds. .Lender shall give to Borrower, without charge, Bn annual ilccounting of the Funds 1iS required by RESPA. If there is B surplus of Funds held in escrow, ilS defined under RESPA, L-ender shall ilccount 10 Borrower ior the excess iunds in liCcordance with RESPA. If there is B shortage of Funds held in -escrow, ß.S defined under RESPA, .Lender shall notify Borrower.as required by RESPA, Bnd Borrower shall pay to .Lender the Bmount necessary 10 make lJp the shortage in ilCCordance with RESPA, but in no more than 12 monthly payments. Jf there js il deficiency of Funds held in escrow, .as Defined under RESPA, .Lender shall notify Borrower BS required by RESPA, Bnd Borrower shall pay to .Lender the iimount necessary to make up the deficiency in Bccordance with RESPA, but in no more than 12 monthly payments. Upon payment in iull of sums secured by this Security Instrument, .Lender shall promptly refund 10 Borrower Bny Funds held by Lender. " WYDMING-BINGLE FAMIL Y-FJlnnle MaeIFreddie MacllNIFDRM JNSTRUMENT F~mn 3051 1/01 (page '5 Df Ui.pagBS) r/Ç ~"'w~"''''.. ,'A...I_.__,""" :~ili:::~::~~~ ::~~1:;: ~:::::¡:::::;~:*~*:~ ~~!:~~r~;::1:~: l" '.i;';.;¡'f!it..;."):. ~ <¡;;":~:~i~·t~g1:· ~ltZ~:,:~~!~:~:W: 0917....28 00661 4. Charges; Liens. Borrower shall pay .a1l1axes, assessments, charges, 1ines and impositions .attributable 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 .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 fo the payment of the obligation secured by the lien in .a manner .acceptable to Li:!nder, but only so long as Borrower is performing such .agreement; (b) contests the lien in good 1aith by, or defends against i:!nforcement of the lien in, legal proceedings which in Lender's opinion oper.ate to prevent the £mforcement of the lien while those proceedings are pending, but only until such proceedings are concluded or (c) secures 1rom the holder of the lien .an .agreement satisfactory to lender subordinating the lien to this Security Instrument. If Li:!nder 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 that notice is given, Borrower shall satisfy the lien or take one or more of the .actions set 10rth above in this Section4. Lender may require Borrower 10 pay a one-time charge1or.a real estate1ax verification and/or n~porting service used by lender in connection with this Loan. 5. Property Jnsurance. Borrower shall keep the improvements now existing or hereafter i:!rected on the Property insured against loss by fire, hazards included within the term "-extended coverage" .and .any other hazards including, but not limited to, i:!arthquakesand 1loods, 10r which lender requires insurance. This insurance shall be maintained in the amounts (including deductible Jevels) .and for the periods that .Lender requires. What .Lender requires pursuant to the preci:!ding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Li:!nder's right to disapprove Borrwer'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 1lood :zone determination, certification and tracking services; or (b) a one-time charge for 1lood :zone and certification services .and subsequent charges £aCh time remappings or similar charges occur which reasonably might .affect such determination or certification. Borrower shall also be responsible 10r the payment of any 1ees imposed by the Federal Emergency Management Agency in connection with the review of .any 1lood :zone determination resulting 1rom.an objection by Borrower. If Borroweriails to maintain any of the coverages described .above, Lender may obtain insurance coverage, .at Lender's option and Borrower's expense. Lender is under no obligation to purchase .any particular type or amount of coverage. Therefore, such coverage shall cover .Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property , against .any risk, hazard or liability .and might provide greater or Jesser coverage than was previously in effect. Borrower .acknowledges that the cost Df the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any .amounts disbursed by Lender under this Section 5 shall become .additional debt of Borrower secured by this Security Instrument. ìhese .amounts shall bear interest at the Note rate 1rom the date of disbursement imd shall be payable, with such interest, upon notice 1rom .Lender to Borrower requesting payment. WYOMING-BINGLE FAMIL V-FJUlnie MaeIFredie Mac UNIFORM JNSTRUMENT FQrm 3051 1/01 (page 6 Df 1B:pages) ~. 091..7~.28 r l-OC662 All insur.ance policies rsquired by .lender End r€newals of such policies shall be subject 10 .Lender's right 10 disapprove such policies, shall include B s1andard mortgagee clause, Bnd shall name .Lender ilS mortgagee Bnd/or ilS Bn additional loss payee. .Lender shall have 1he right 10 hold 1he policies and rsnewal certificates. If .lender requires, Borrower shall promptly give 10 .Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by .lender, for damage 10, or destruction of, the Property, such policy shall include a mortgage clause and shall name .lender liS mortgagee End/or ilS Bn a.cIditional Joss payse. In 1he €vent of loss, Borrower shall give prompt notice to 1he insurance carrier Bnd .lender. .Lender may make proof of loss if not made promptly by Borrower. Unless L€nder and Borrower otherwise Egrse in writing, any insurance procseds, whether or not1he underlying insurance was requirBd by .Lender, shall be applied to r€Btoration or r€pair of Property, if 1he r€Btoration or repair is €conomica.lly feasible Bnd .lender's security is not lessened. During such r€pair End r€Btoration period, .Lender shall have 1he right 10 hold such insurance proceeds until .Lender has had an opportunity 10 inspect such Property to €nsure work has b€en completed 10.Lender's satisfaction, provided 1hat such inspection shall be undertaken promptly. .Lender may disburse procseds for 1he r€pairs End T€Btoration in a single payment or in B series of progr€Bs payments ilS the work is compleœd. Unless En agr€ement is ma.cle in writing or AppJicable.Law rsquires intersst to be paid on such insurance proceeds, L€nder shall not be requir€d to pay Borrower any intersst or €amings on such procseds. Fses for public Edjusters, or other 1hird parties, re1ained by Borrower shall not be paid out of 1he insurance procseds End shall be 1he sole obligation of Borrower. If the rsstoration or repair is not €conomica.lly feasible or .Lender's security would be lessened, the insurance proceeds shall be 1lpplied to the sums secured by this Security Instr.ument, whether or not 1hen due, with the £xcess, if Bny, paid to Borrower. Such insurance proceeds shall be EppJied in 1he order provided for in Section2. If Borrower .abandons the Property, .Lender may file, negotiate End settle Eny available insurance claim and r€lated matters. If Borrower does not r€Spond within 30 days to a notice from .Lender that1he insuranc€ carrier has offersd to settle a claim, the .lender may negotiaœ and settle 1he claim. The 3D-day period will bBgin when 1he notice is given. In either€vent, Dr if Lender Ecquirss 1he Property under Section 22 or otherwise, Borrower hereby ilSsigns 10 .Lender (a) Borrower's rights 10 Eny insurance proceeds in an Emount not to €xcsed the Emounts unpaid under the Noœ Dr 1his Security Instwment, End (b) .any other of Borrower's rights (other 1han the right to .any refund of unearned prsmiums p.aid by Borrower) under .all insurance policies covering 1he Property, insofar ilS such rights .are 1lpplicable to 1he cover.age of the Property. .Lender may lJSe 1he insurance procseds £ither 10 r€pair or rsslore the Property or 10 pay amounts unpaid under 1he Note or 1his Security Instrument, whether Dr not then due. ß. Occupancy. Borrower shall occupy, £$tabJish, and use the Propsrty ilS Borrower's principal r€Bidenœ within £0 days llfter1he €xecution of1his Security Instrument.and shall continue 10 occupy the Property .as Borrower's principal T€Bidence for Et Jeast one year .after 1he date of occupancy, unless .Lender otherwise agrses in writing, which consent shall not be unreasonably withheld, or unl€Bs €xtenua.ting circums1ances €xist which .aTe beyond Borrower's control. 7. Preservation, Maintenance and Protection D1 the PrDpertyj Jnspections. Borrower shall not destroy, damage or impair 1he Property, illlow the Property 10 deteriorate Dr commit WilSte on 1he WYOMING-SINGLE FAMtL Y-F.annle MaelFrøddie Mac lJNIFOHM JNSl'HUMENT Fnrm 3051 1/01 (page 7 nf 1.6:pa¡¡øs) ~' :¡:i:¡*i:::::i:i:i::: . :¡·i·'¡·.·; ii¡ ·I~j1,~j : ;:~¡¡~¡~~mm~~j~~: 091..7~..28 C00663 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 lire paid in connection with damage to, or 1he,'taking of, 1he Property, Borrower shall be responsible for repairing or restoring 1he Property only if .Lender has released proCi~eds for such purposes. .Lender may disburse proceeds for1he repairs and restoration in a single payment or in a series of progress payments .as 1he work is completed. If the insurance or condemnation proceeds lire not sufficient 10 repair or restore 1he Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. .Lender or its ligent may make reasonable entries upon and inspections of 1he Property. If it has reasonable cause, .Lender may inspect 1he interior of the improvements on 1he Property. .Lender shall give Borrower notice at 1he time of or prior to such an interior inspection specifying such reasonable cause. B. Borrower's .Loan AppJication. Borrower shall be in rlefault if, rluring the Loan application process, Borrower or liny person or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements 10 .Lender (or failed to provide .Lender with material information) in connection with the Loan. Material representations include, but lire not limited to, representations concerning Borrower's occupancy of the Property .as Borrower's principal residence. 9. Protection of ander's Jnterest in the Property and Rights Under this Security Jnstrument. If (a) borrower fails 10 perform 1he covenants lind ligreements contained in this SecurITY Instrument, (b) 1here is li legal proceeding 1hat might significantly liffect .Lender's interest in 1he Property lind/or rights .under this Security Instrument (such.as proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of li Jien which may littain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has 1ibandoned 1he Property, then .Lender may do lind pay for whatever is reasonable or appropriate to protect .Lender's interest in the Property and rights under1his Security Instrument, including protecting and/or .assessing the value of the Property, lind securing lind/or repairing the Property. .Lender's liCtions can include, but lire not limited 10: (a) paying liny sums secured by a lien which has priority over this Security Instrument; (b) lippæring in court; and (c) paying reasonable littorney's 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 Jocks, replace or board .up rloors lind windows, rlrain water from pipes, eliminate building or other .code violations or dangerous conditions, and have .utilities turned on or off. Although lender may take liCtion under this Section 9, .Lender does not have to do so lind is not under any rluty or obligation 10 rlo so. It is :agreed that .Lender incurs no liability for not taking :any or :all :actions liuthorized .under this Section B. Any :amounts rlisbursed by .Lender .under this Section 9 shall become :additional rlOOt of Borrower secured by this Security Instrument. These limounts :shall bear interest at the Note rate from the rlate of disbursement :and shall be payable, with such interest, upon notice from lender to Borrower requesting p:ayment. WYOMING-SINGLE FAMIL Y-F.annle MaeIFreddie Mac UNIFORM JNSTR1JMENT Form 3051 1/D1 (page ß Df 16:pagas) ~. 09~t7~.28 C00664 If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground 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 Mortage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance 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, Borrower shall pay the premiums required to maintain. Mortgage Insurance in effect, or 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 terms 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 in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: " WYOMING-SINGLE FAMILY-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (pag" 9 of 16 peg"s) ~' Inilla's fk¡¡:,;;:i~::~: ¡;;:~~~ ç;._......~.... .,...".. ~ill~mili~m~;~fl~~~ ~:~::::::z:rW~1 "::~:;::~:~:~:r:~1 09:1..7~.28 ~'00665 (a) Any such agreements will not effect 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. (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 a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to 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 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 fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for WYOMING-SINGLE FAMIL Y--Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (paga 10 of 18 pagas) ~.., Initials I / 09t7:t28 Cor666 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 the due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds orthe 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 an, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of 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 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 terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accomodations 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 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 performed 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, attorney's fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security WYOMING--SINGLE FAMILY--Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page" of 16 pages) ~_.-" l:¡;;;;:::¡~j:::;:;:!:( ~~~~~;~, ~%~ilimr:~~!~t¡ ~m¡¡~¡f~¡¡~~ 091.7tZ8 C00667 Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces the 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 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 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 also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law 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 word or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. WYOMING--SINGLE FAMILY--Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 1201 16 pages) c1:;?--- InlUals / Ö917~.28 (',00668 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 Borröwer 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 all 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 and agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more if 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 notice of transfer of servicing. WYOMING-SINGLE FAMIL Y··Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 13 of 16 pages) ~.. f:~::*::::::::¡:!:i:i \2~~~~~~~ ;T;~~I~r~~mili; 09l7:t28 C00669 If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may 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 any provision of, or any 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 lapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances. or threaten to release any Hazardous Substance. on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to 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 and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower 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. WYOMING-SINGLE FAMILY-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 14 of 18 pages) ~- Initials cor670 09:l7~.28 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to accleration 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 Section 22, including, but not limited to, reasonable attorney's fees and costs if 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 attorney's fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower release and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING··SINGLE FAMILY-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 15 of 16 pages) c£---,. InlUals ¡:::!::;;::::::~::j::::i ¡:;::::~::::::::!:~;:~i' i:;:I: ~:¡;'~;_¡::~':,: ~;i ~~¡~ ~I'¡' Ji":I;;;I,tGi¡~¡:j! ~..i ¡!·1(.ì;~~~::!~:?:~:~ !1_~ 7;~i~;;~~~J:¡f¿~ <";.",'."II(~o'i.¡.\,,~¡ ;;!·'\:h~~f'~~~~:~-:it 09:l7~4 28 C00671 BY SIGNING BELOW. Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. (Seal) -Borrower (Seal) -Borrower [Space Below This Line For Acknowledgment] STATE OF WYOMING, County ss: L i n C 0 1 n by The foregoing instrument was acknowledged before me this ð~f~ o 3 / 3 0 /06 Timothy Wyatt Andrus (person acknowledging) My Commission Expires: OðOò-~a Notary Public SHEU.EY SAIIWU. . NOTARY f'U8UC tcIiwy of sw. of U1cIóIn ~ WYOMING--SINGLE FAMILY-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 16 of 16 pages) .~. 09t7~"28 MORTGAGE ADDENDUM C00672 The following is an Addendumto the Mortgage. The addendum shall be incorporated into, and recorded with, the Mortgage. TAX EXEMPT FINANCING RIDER THIS TAX-EXEMPT FINANCING RIDER is incorporated into and shall be deemed to amend the terms of the Mortgage to which it is attached. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender futher covenant and agree as follows: Lender, or such of its successors or assigns as may, by separate instrument, assume responsibility for assuring compliance by the Borrower with the provisions of this Tax Exempt Financing Rider, may require immediate payment in full of all sums secured by this Security Instrument if: a) All or part of the Property is sold or otherwise transferred (other than by devise, descent or operation of law) by Borrower to a purchaser or other transferee: i) Who cannot reasonably be expected to occupy the property as a principal resident within a reasonable time after the sale or transfer, all as provided in Section 143(c) and (i)(2) of the Internal Revenue Code; or ii) Who has had a present ownership interest in a principal residence during any part of the three-year period ending on the date of the sale or transfer, all as provided in Section 143(d) and (i)(2) of the Internal Revenue Code; iii) At an acquisition cost which is greater than 90 percent of the average area purchase price (greater than 110 percent for targeted area residences), all as provided in Section 143(e) and (i)(2) of the Internal Revenue Code; or iv) Whose family income exceeds applicable income limits as provided in Section 143(f) and (i)(2) of the Internal Revenue Code. b) Borrower fails to occupy the property described in the Security Instrument without prior written consent of the lender or its successors or assigns described at the beginning of this Tax Exempt Financing Rider, or c) Borrower omits or misrepresents a fact that is material with respect to the provisions of Section 143 of the Internal Revenue Code in an application for the loan secured by this Security Instrument. References are to the Internal Revenue Code as amended, in effect on the date of execution of the Security Instrument and are deemed to include the implementing regulations. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions in this Tax Exempt Financing Rider. Wyatt Andrus MPP 210-8 (Revised 12/95) !:m;¡*¡;~:i~¡:¡~ i1:~!Mt~:<:!