HomeMy WebLinkAbout917583
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C00252
E33 W. WALNIJT :HILL LN. :#2DO XC :li7:L2
:rRVING, ~ 75D3B
:Frepared Ðy:
:FIRST BORIZON 1IDME LOAN CORPORAnON
TIE .sOUTH .1D:GBWAY B9, .BIJD.'E ~D~
..iJ7æKSON, WY 83 D O~
[Space .Above T.hisLine For .Recording Data]
MORTGAGE
JdIN ~ODOB32D03742B43D3
DD3742B430
RECEIVED 4/1ß/2006 £It 3:31 PM
RECEIVING :#917583
BOOK: 617 PAGE: .252
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
DEFINITIONS
/
Words 1lSed:in mnltiplp. BeCtions of:this IloClllI1eIlt .are.defined below.and other words .are defined :in Sections
3, 11, 13, 18,20.and 21. Certain rules regarding :the llSage of words llSed:in:this IloClllI1eIlt .arelÙSo provided
:in Section 16,
(A) ''Security Jnstrnment" ~:this IloClllI1eIlt, which js.dated ..April ~4th, .2DD£
together with.all Riders to:this doClllI1eIlt,
(B) "Borrower" js
.JAMES :I CAS:ŒEL, .An 1Jmnar.risd .Man
Borrower js :the mortgagor 11Dder :this Security 1nstrument,
(C) ''MERS'' js Mortgage :Electronic Registration Systems,.Inc. MERS js .a separnœ cmporation that is .acting
solely.as .a JlOJJlÍIJee for .Lender .and lender's successors .and .assigns. MERS is the mortgagee under this
Becurity lnstrument. MERS is organized .and t:Xisting 1U1der :the laws of Delaware, .and l1as ..an .address .and
te1ephone.number ofP.O, Ðox2026, Flint, MI48501-2026,:tel. (888) 679-MERS.
J!HA./VA CASE 1IDMBER: 39-39-£-DB7~42£
WYOMING -Bingle rI:lmily- F.annle MaelFreddie Mac .uNIFORM JNSTRUMENT WITH MEflS
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(D) "Lender" is
:FIRST BORIZON BOME LOAN CORPORAnON
Lender is .a CORPORATION
organized .and ~xisting under :the laws of:THE .sTATE OF XANSAS
lender's.addressis 4DDO Boruon Way, ::Irving, ~exa.s ì30.63
(E) "Note" .means:the promissory JlOte signed by Borrower .and Llated April .:J.4th, .2DD.6
The Note states :that Borrower owes Lender
ONE BDNDRED :EIGHTY :FIVE 'THOUSAND RINE BDNDRED 'THIRTEEN .& DD/.:J.DO Dollars
(U.S. $ .:J.B5 ,9J.3 . 00 ) plus .interest, Borrower has promised to pay .this debt .inIegWar Periodic
P.ayments .and to pay the debt in full JlOt later :than l!tAY.:J. , .2 D3.6
(F) ''Property'' means.:the property :that is described below under :the hp.:¡rling ''Transfer of Rights in the
Property, "
(G) ''Loan'' means :the debt ~vldenced by :the Note, plus interest,.any pr~p.ayment .charges .and late .charges
rlue under:the Note, .and.all sums rlue under this Security .Instrument, plus :interest,
(II) ''Riders'' .means .all Riders to this Security .Instrument :that .are ~xecuted by .Borrower. The following
Riders .are to be executed by Borrower [check box.as 1qJplicable]:
D Adjustable lGlte Rider
D Balloon Rider
EU VA Rider
o CondomininmRider
o Planned Unit Development Rider
D .Biweekly P.ayment Rider
D Second Home Rider
o 1-4 F.amily Rider
o Oíber(s) Ispecify]
(1) "Applicable Law" means .all 1:ontrolling .applicable feder.al, state .and local statutes, regulations,
ordillances .and :¡rlmini¡;tr.ative rules .and orders (that llave :the ~ffect of law) .as well .as .all .applicable :final,
non-.appealable judicial opinions,
(J) "Commnnity Association Dues, Fees,.and Assessments" means .all rlues, fres, .assessments .and other
.charges :that .are .imposed on Borrower or the Property by .a 1:ondonùnium .assoc.iatíon, .homeowners
.assoc.iatíon or similar orf:¡nÏ7.:¡tion.
(K) ''Electronic :Funds l.'r.ansfer" means .any íransfer of funds, other :than.a mmsaction on ~n:¡tp.d. by .check,
llrzft, or similar paper instrument, which is .:initiated through .an rlectronic t~in:¡l, telephonic instrument,
1:omputer, or magnetic :tape so .as to order; instruct, or .authorize.a iin:¡nr.i:¡ 1 institution to debrt or credit .an
.account, Such tenn includes, but is JlOt limited 10, point-of-:sale transfers, .automated teller m:¡r.hinp.
:transactions, :transfers.:initiated by telephone, wire :transfers, .and .automated r.1p.:¡nJ1lhouse :transfers,
(1.,) "Escrow Items" .means those.items :that.are described in Bection 3,
(M) "Miscellaneous Proceeds" means.any compensation, .settlp.mp.nt, .aw.ard of dmnages, or.proceeds paid by
.any third party (other :than .insur.ance proceeds paid under :the coverages described in Section :5) for: (i)
damage to, or destruction of. :the Property; (ii) conrlp.mn:¡tion or other:takin,g of.all or .any part of:the Property;
(ill) 1:onvey.ance in lieu of 1:onrlp.mn:¡tion; or (iv) misrepresentations of, or omissions .as to,:the v.alue .and/or
condition of:the Property ,
(N) ''Mortgage Insurance" .means ;mmr:¡n~ protecting lender .against :the .nonpayment of, or default on,:the
loan,
(0) ''Pa-iodic Payment" .means :the regularly sr.hp.rllIled .amount rlue for (i) princip.al .and .interest nnder :the
Note, plus (ii).any.amounts nnder Bection 3 . of.this Becurity lnstrument,
(P) "RESPA" means:the Real:Estate Settlp.mp.nt Procedures Act (12 U.5.C.Section 2601 ~t .seq,).and ill
.implp.mp.ntiTlf; regulation, Regulation X (24 C.ER.Pm 3500), .as:they IDight be :¡mp.nrl~d frmn:time to :time,
or .any .additional or successor legislation or Iegulation :that governs :the same .subject matter. As J.ISed in this
Security 1nstrument, "RESPA" refers to all requirements .and ·restrictions :that .are .imposed .in Tegard to .a
"federally Ielated .mortgage lo.an" ~ven jf:the loan does not .qualify .as .a "fp.rlp.r:¡lly related mortgage low"
nnder RESPA.
OD5742B45D
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C00254
(Q) "Bucœssor in Inters of Bon-ower" means .any party :that has íaJœn íitle to the ProPert', wbether or not
:that party has .assumed .Borrower's obligations 1U1der the Note.and! or this Security 1nstrumt:nt,
TRANSFER OF RIGHTS IN THEJ>ROPERTY
This Security 1nstruJ:nent .secures to lender: (i) the repayment of the lmm, ..and .2ll renewals, ~xtensions .and
modifications of the Note; .and (ii) the perfonnance of .Borrower's .covenants .and .a,gr~mp.nts 11Dder this
Security lnstrument .and the Note, For this pmpose, .Borrower does l1er~by mortgage, ,grant.and convey
to MERS (so1ely.as nominee for lender .and lender's successors .and .assigns) .and to the suc.cessors
.and liSsigns of MERS, with power of .sale, the following .described property located
in the County of Li:ncI»,n
{Type ofReconling Jurisdiction] {Name ofRecorrling Jurisdiction]
.1ùJ. 1:.ha.t tract or :pa.rciÙ. o£ .:umd :as .shown rm BcheduJ.~ "A II B.tta.ched
.her~to which is :i.ncorporil.t~d .her-e:i.n :and .JDiI.de B. part .hereo£.
J>1U'cel ID Number: :1.2-3llB-D6-3-D3-D.52. DD
223 CIRCLE::DRIVE
..AFTON
("Pro Pert' Address "):
which .curr:ently l1as the .address of
[Street]
[City] , Wyoming B3llD {Zip Code]
TOliliTl::lliR WITH.2llthe .improvements now or l1ereafter :erected on the propert',.and.2ll~,
1JPpJ.Irtenances, .and .:fixtures now or .hereafter ~ part of the proPert', All rep]aœmp.nts .and.additions .shall.also
be .covered by this Security lnstrument, All of the foregoing is referred to ill this Security 1nstrument liS the
"Property, .. .Borrower 1U1derstands .and ~ees íhat MERS holds only legal title to the interests .gr.anted by
:Borrower ill this Security lnstrument, but, jf necessary to comply with law or .custom, MERS (as nominee for
lender .and lender's successors.and assigns) l1as the :right: to exercise.any or.2ll of those interests, indnrlinr;,
but not limited to, the :right to foreclose .and .sell the Property; ..and to take ..any .action r~quired of lender
indnrlinr;, but not limited to, relp.:J¡;ing.and ~:Jnœling this Security lnstrument.
.BORROWER COVENANTS that .Borrower is lawfully seised of the ~state l1ereby .conveyed ..and lias
the :right to mortgage, ,grant .and .convey the ProPert' .and :that the Property is lmp.nr.nmhe:re.d, ;except for
t:I1CUD1bnmces of record, .:Borrower w.arrants .and will .defend UnP.T:J lIy the íitle 10 the Property .2£aÍllSt .2ll
claims.and rlp.m:JTlrl~, subject to.any encumbnmces of record.
THIS SECURITY INSTRUMENT .combines 1IDiform .covenants for .natioruû "USe .and non-uniform
.covenants with .limited v1lIiations by jurisdiction to .constitute ~ 1l11ifonn security .instrument .covering real
property ,
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C00255
UNIFORM COVENANTS. Borrower .and Lender covenant.and 1igI'ee.as follows:
1. Payment of Pr.incipal, lntert$Í, Escrow Items, Prepayment Charges, .and Late Charges.
Borrower 5hall pay when .due the principal of, .and inrerest on, the debt evidenced by the Note .and .any
prepayment charges .and late charges Due under the Note. Borrower 5hall mo pay :funds for Escrow ltems
pursuant to Section 3, P.ayments .due under the Note .and this Security .Instnunent 5hall be made in U.S,
currency, However, if .any check or other instrument received by lender.as payment 1IDder the Note or this
Security Instrument .is returned to Lender unpaid, lender .may require that .any or .all subsequent payments
.due under the Note and this Security Instrument be made in one or IDore of the folloWÙlg fOIIns,.as .selected
by lender: (a) ~; (b) IDOney order; (c) certified check, bank check, treasurer's check or cashier's check,
provided .any such check .is 1lrawn llpon .an institution whose deposits .are .insured by .a federal .agency,
instTllm~ntJllity, or entity; or (d) Electronic Funds TrßI1Sfer,
Payments .are deeIned 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 110tice provisions in Section 15,
lender may return.any payment or partial payment jf the payment or partial payments .are insnffir.ip.nt to bring
the Loan current, Lender may .accept.any payment or partial payment insnffident to bring the Loan current,
without waiver of .any rights l1ereunder 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,Jf ~
Periodic P.ayment is .applied .as of its scheduled due date, then lender need 110t pay inrerest on unapplied
funds. Lender.may.hold such unapplied funds until Borrower makes payment to bring the Loan current. If
Borrower does 110t do so within a reasonable period of time, Lender shall rither .apply such funds or return
them to Borrower. Jf110t .applied earlier , such funds will be Applied to the outstanding principal balance under
the Note .immedi.ately prior to foreclosure, No offset or claim which Borrower might have 110W or.in the
future Against Lender 5hall relieve Borrower from making payments .due under the Note .and this Security
Instrument or perfoIIning the covenants .and 1igI'eements 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 folloWÙlg order of priority: (a) inrerest .due under the
Note; (b) principal due 1111der the Note; (c) .amounts due under Section 3. Such payments 5hallbe applied to
~ Periodic P.ayment .in the order.in which it became due. Any rp.mJliniTll .amounts 5hall be lipplied :first to
late charges, second to.any other .amounts due under this Security 1:nstrument, .and then to reduce .the principal
balance of the Note,
Jf Lender receives .a payment from Borrower for .a delinquent Periodic P.ayment which ;ndnr!~s .a
snffir.ip.nt .amount to pay .any late charge .due, the payment may be .applied to the .c:Iclinquent payment .and the
late .charge,]f IDOre than one Periodic F.ayment is outstanding, Lender .may .apply .any payment received from
Borrower to the repayment of the Feriodic P.ayments if, .and to the extent that, ~ 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 IDore
Periodic .P.ayments, 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 lipplication of payments, insurance proceeds, or Miscellaneous Proceeds to principal due lllÌder íbe
Note 5hallnot extend or postpone the due date, or change the .amount, of the Periodic P.ayments,
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
t:neumbrance 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, jf .any,
or any .sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in
.accordance with the provisions of Section 10. These items .are called "Escrow ltems. "At origination orAt.any
time during the teIIll of the Loan, Lender may require that Commnnity Association Dnes, Fees, .and
Assessments, if .any, be escrowed by Borrower, .and such dues, fees .and assessments 5hall be .an Escrow ltem,
Borrower 5hall promptly furnish to Lender .all notices of .amounts to be paid under this Section, Borrower
5hall pay lender the Funds for Escrow ltems unless Lender waives .:Borrower's obligation to pay the Funds
for .any or all Escrow Items. lender .may waive Borrower's obligation to pay to Lender Funds for .any or ..all
Escrow ltems at.any time, Any such waiver may only be.in writing. In the event of such waiver, Borrower
shall pay directly, wl1en .and where paYAble, the .amounts due for .any Escrow ltems for which payment of
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C00256
Fllnds l14lS been w.aived by Lender mJd, if Lender requires, s1uùl furnish to lender receipts evirl~ndn£ such
payment within such time period.as Lender may require. Borrower's obligation to make such payments mJd
to provide receipts shall for .all purposes be deemed to be a covenant mJd agreement contained .in this Security
1nstrument, as the phrase "covenant mJdagreement" is llSed .in Section 9.lf ]3orrower is obligated to pay
Escrow Items directly, pursuant to a w.aiver, mJd Borrower fails topay the amount due for .an Escrow Item,
Lender may exercise its rights 11I1der Section 9 and pay such amount mJd ]3orrower shall .then be obligated
:under Section 9 10 repay 10 Lender any such amount. Lender may revoke the w.aiver .as 10.any or .all Escrow
Items at.any time by a notice .given .in accordance with Section 15 mJd, upon such revocation, ]3orrower shall
pay to Lender .all.Funds, mJd.in such amounts, that are .then required 11I1der :this Section 3.
Lender may, at .any time, collect mJd hold Funds .in an amount (a) Sl1ftki~nt to pemùt Lender 10 apply
the Funds at the time .specified 11I1der RESPA, mJd (b) not 10 exceed the m:ryimllm amount a lender can
require:under RESPA. Lender s1uùl -estimate the amount of J'llDds due on the basis of CillTent data mJd
reasonable estimates of ~es of future Escrow Items or otherwise.in accordance with Applicable law.
The.Funds shall be .held .in.an :institution whose deposits are :insured by a federal agency, :instrnm~nt:! lity,
or -entity (inr.lllning Lender, if Lender is .an :institution whose .deposits are so :insured) or.in any Federal1ìome
Loan.Bank, Lender shall .apply the Funds to pay the Escrow Items no later than the time .specified 11I1der
RESPA. Lender s1uùl not charge Borrower for holding mJd .applying .the .Funds, annually analyzing the
escrow .account, or verifying the Escrow Items, unless Lender pays ]3orrower .interest on .the J'llDds and
Applicable lawpennits Lender 10.make such a .charge, Unless an agreement is made .in writing or Applicable
law requires .interest to be paid on the FllDds, Lender s1uùl not be required 10 pay ]3orrower .any interest or
-earnings on the Funds, ]3orrower and Lender can agree.in writing, however, that .interest shall be paid on.the
.Funds. Lender s1uùl .give 10 ..Borrower, without .charge, .an annual accounting of the J'llDds as required by
RESPA.
If there is a surplus of FllDds .held in escrow, as .defined 11I1der RESPA, Lender . shall account 10
]3orrower for the excess :funds in accordance with RESP A. If there is a shortage of.Funds .held .in escrow, .as
.defined under RESPA, Lender s1uùl notify ]3orrower .as required by RESPA, and ..Borrower .shall pay 10
Lender the amount .necessary to make up the shortage in accordance with RESPA, but.in.no more than 12
monthly payments. If there is a rl~fid~nr.y ofFllDds held in -escrow,.as defined 11I1der RESPA, Lender s1uùl
.notify ]3orrower .as required by RESPA, and ]3orrower shall pay 10 lender the amount JJecessary 10 make up
the œfir.i~nr.y in accordance withRESPA, but in.no more than 12 monthly payments,
Upon payment .in:full of .all.sums secured by .this Security lnstmment, Lender s1uùl promptly refund 10
..Borrower .any .Funds.held by Lender.
4. Charges; Liens. ]3orrower shall pay .all taxes, .assessments,.charges, ~s, ..and impositions
attributable 10 the Property which can attain priority over this Security 1nstrument, leasehold payments or
DOund rents on the Property, if any, mJd Commlmity Association Dues, Fees,mJd Assessments, if .any, To the
-extent that these items are :Escrow Items, Borrower s1uùl pay 1hem in .the manner provided in Section 3 ,
Borrower s1uùl prùII1ptly discharge .any lien which ..bas priority over this Security 1nstrument unless
Borrower: (a) agrees in writing 10 the payment of the obligation secured by the lien in a manner acceptable 10
Lender, but only so long .as Borrower is perfom:rin,g 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 10 :prevent the
-enforcement of the lien while those proceedings are pending, but only llD1il .such proceedings are concluded;
or (c) .secures from the holder of.the lien an agreement .satisfactory to Lender suborrlin:!tin.g .the lien 10 this
Security 1nstrument, If Lender .determines that .any part of.the Property is .subject 10 alien which can attain
priority over this Security lnstrument, Lender may .give Borrower a.notice identifying the lien, Within 10
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.days of:the.date on which :that 110tice is given, :Borrower shall satisfy the lien or take one or more of the
.actions set forth Move .in :this Section 4,
.Lender may require :Borrower to pay 2 one-time cl1arge for II :rem est2te :tax veri:ficmion llIldI or reporting
service used by Lender .in connection with:this I.mm,
5. Property lnsur.ance. :Borrower shall.keep the jrnprovements 110W existing or .hereafter erected on the
Property insmed 1IgaÌDSt loss by :fire, llazards included within the term "extended cover1ige,".mui .any other
.hazards incl1lCHn~, but110t limited to, em1hqilllkes mui :floods, for which .Lender requires .liJsurance, This
insmæ1Ce shall be m;¡int;¡in~d .in the .31llounts (including deductible levels) mui for the periods :that Lender
requires. What Lender requires pmsuant to the preceding sentences !dill change duri.n,g the tenn of the I.rum.
The insunmce .carrier providin,g the insurance shall be chosen by :Borrower subject to .Lender's right to
disapprove :Borrower's choice, which TIght shall 110t be exercised unreasonably. Lender may require
:Borrower to P2Y, .in connection with :this Loan, either: (2) 2 one-time charge for :flood :zone deternúnation.,
.certiñcation mui tr.acking services; or (b) 2 one-time char~e for :flood zone det~in;¡tion lUJ.d certiñcation
services mui subsequent char~es :e2ch time remappings or similarrl1anges occur which reasonably might
.affect such det~nTlin;¡tion or certification, :Borrower shall 2ls0 be responsible for the payment of .any fees
jrnposed by the Fedenù .Emergency Management Agency .in connection with the Ieview of .any :flood zone
deternúnationresulting from.an objection by:Borrower.
1f :Borrower fails to m;¡int;¡in .any of the covernges described .above, Lender may obtam insunmce
cover1ige, l1t Lender's option lUJ.d :Borrower's expense, Lender is nnder 110 obligation to purch.ase .any
particular type or .31llountof covernge, Therefore, such covernge Bha11 cover Lender, but.might or might 110t
protect :Borrower, :Borrower's equity .in the Property, or the contents of the Property, 1IgaÌDSt.any risk, llazard
or liability lUJ.d .might provide gemer or lesser covernge ihan W2S previously in effect. :Borrower
.acknowledges :that the cost of the insmæJCe covernge so obtained .might !:iV1i1i~;¡ntly :exceed the cost of
.insurnnce :that :Borrower could .have obtained, Any .31llounts disbmsed by Lender :under :this Section :5 shall
become.additional debt of :Borrower seemed by :this Security lnstrument, These .31llounts Bha11 bear interest l1t
the Note TIlte from the.date of disbmsement lUJ.d shall be P2YMle, with such :interest, .upon 110tice from Lender
to :Borrower requesting payment.
All insuræJCe policies required by Lender lUJ.d renew2ls of such policies ~ be :subject to Lender's
~ to disapprove such policies, Bha11 include 11 standard mortgage clause, .and Bha11 J1tUDe Lender ..as
mortgagee .and/or..as .an .additional loss payee, Lender shallllave the right to l10ld the policies lUJ.d renew.al
certificates, 1f Lender requires, :Borrower shall promptly give to .Lender .all receipts of pæd premiums lUJ.d
reJ1ew.al 11Otices.lf:Borrower obtains .any fonn of insunmce cover1ige,11Ot otherwise required by Lender, for
.damage to,. or destruction of, the .Property, such policy Bha11.include 2 standard mortgage clause lUJ.d shall
J1tUDe Lender ..as mortgageellIldlor ..as.an 2dditionalloss payee,
.In the event of loss, :Borrower sruùl give prompt notice to the insurance cm:rier lUJ.d .Lender . lender may
make proof of loss if 110t made promptly by :Borrower. Unless.Lender lUJ.d :Borrower otherwise .agree.in
writing,.any insmæJCe proceeds, whether or not the nnderlying insuræ1Ce W2S required by Lender, shall be
llpplied to restoration or repair of the Property, if the restoration or repmr is economi~;¡lly feasible lUJ.d
Lender's .security is not lessened. During such repair lUJ.d restoration period, lendt:r shallllave the right to
l10ld such insurance proceeds until lender .bas.bad .an opportunity to inspect :such Property to ensure the work
bas been completed to :Lender's satisfaction., provided that such inspection shall be undertaIœn promptly.
Lender may disbmse proceeds for íhe repmrs lUJ.d restoration in llsingle payment or .in 11 :series of progress
payments ..as the work is completed, Unless .an .agreement is made .in writing or Applicable Law :requires
inrerest to be paid on such insurance proceeds, Lender shall-llOtbe :required to pay :Borrower .any interest or
earnings on such proceeds, Fees for public mijusters, or other third pm1ies, retained by :Borrower shall not be
paid out of the insurance proceeds lUJ.d shall be the sole obligation of :Borrower. 1f the restoration or repmr is
110t economic2lly feasible or Lender's security would be lessened, the insmæJCe proceeds Bha11 be l1pplied to
C-BA(WY) (0005)
@
f'.age £I Df 1E
Form 3051 1/01
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COO~~'58
íhe .sums secured by this .security 1nstrument, wbether or not íhen due, with :the excess, II My, pMd to
.Borrower, .such insurance proceeds .shall be .applied.in íhe order provided for .in .section 2,
1f .Borrower .abIDldons íhe Property, Lender may me, :negotiate IDld settle MY .avllilabJe insurance claim
lIIld related m.atters.1f .Borrower does not r~spond within 30 days to .a notice from Lender :that íhe msur.ance
carrier.has offered to settle.a claim, íben lender may :negotiate IDld settle íhe claim, The 3D-day period will
begin when :the notice is .given. .In :either event, or jf Lender .acquires íheProperty under .section 22 or
otherwise, .Borrower .hereby assigns to Lender (a) Borrower's rights to MY msurance proceeds .in 1ill.amount
not to exceed íhe.amounts nnpaid under íhe Note or this .security 1nstrument,.and (b) .any other of.Borrower's
rights (other íhan the right to MY refund of llYlF.:¡mp.d premiums paid by .Borrower) under .all msur.ance
policies covering íhe Property, .insofar .as such .rights .are .applicable to íhe coverage of íhe Property, Lender
.may use íhe insurID1Ce proceeds :either to repair or restore íhe Property or 10 pay .amounts J.ID¡mid l1Ilder íhe
Note or this .security lnstruInent, whether or not íben due.
6. Occup.ancy. .Borrower.shall occupy, establish, IDld llSe:the Property .as .Borrower's principal residence
within 60 days .after íhe execution of this Security lnstruInent IDld shall continue to occupy íhe Property .as
.Borrower's principal residence for at least one year .after the date of occupancy, liDless Lender otherwise
.agrees in writing, which consent shall not be :unreasonably withheld, or liDless e~eml:¡tillß circumstances
exist which.are beyond Borrower's control.
ï. Pri$ervation, Maintenance ..and Protection of the Property; Inspections. .Borrower shall not
destroy, damage or .impm :the Property , .allow íhe Property to deteriorate or commit w.aste on íhe Property.
Whether or not.Borrower is residing in íhe Property,.Borrower shall m:¡int:¡in íhe Property.in order to prevent
íhe Property from deteriorating or decreasing in value due to its condition. Unless it is deten:rJined pursuant 10
Section .5 that repair or restonrtion is not economip.:¡ l1y feasible, :Borrower shall promptly reF íhe Property jf
damaged to .avoid :further deterioration or damage. 1f insurance or .com!p.mn:¡tion proceeds .aTe paid in
.connection with damage to, or:the taláng of, íhe Property, .Borrower .shall be responsible for :repairing or
restoring íhe Property only if lender .has released proceeds for such pmposes. lender .may disburse proceeds
foríhe :reFs .and restoration .in .a single payment or.in.a series of progress pa~ lIS :the work is
.completed, 1f íhe msurance or conc!p.mn:¡tion proceeds .are not snffidp.nt 10 repm or restore :the Property,
Borrower is not relieved of Borrower's obligation for íhe completion of such repm or restoration.
lender or its agent may make reasonable t:ntr:Íès llpon .and .inspections of:the Property. 1f it .has
reasonable .cause, Lender may inspect íhe interior of íhe improvements on:the Property. lender .shall .give
:Borrower notice .at :the :time of or prior to such Minterior inspection speci:fy.i.n.g such reasonable .cause,
8. Borrower's Loan Application. .Borrower .shall be in default ll, riuring :the.Loan .application process,
:Borrower or MY persons or entities .acting lI.t íhe .direction of Borrower or with Borrower's Jrnowledge or
.consent gave m:¡tp.TÍ::¡l1y false, misleading, or inaccurate infonnatlon or st:¡tfiTlp.nt!: to Lender (or :failed to
provide Lender with m:!t~TÍ:¡ 1 infonnation) in .connection with:the Loan. Material representations include, but
.are not limited to, representations concerning Borrower's occupancy of íhe Property .as Borrower's principal
residence,
9. Protection of Lender's lnterf$J: in the Property ..and Rights Under this .security Instrument. 1f
(a) .Borrower fails to perfonn íhe .covenants .and .agret"m~nt!: mntained .in this Security~, (b):there is
a legal proceeding that:might !:itnifip.:¡ntly .affect Lender's .interest .in íhe Property .and/or rights under this
.security ~ (such .as a proceeding in bankruptcy, probate, for conc!p.mn:¡tion or fOlfciture, for
enforcement of .a lien which .may .attain priority over this Security ~ or to enforce Jaws or
r~ons), or (c) Borrower .has lI.bIDldoned íhe Property, íben Lender may do .and pay for whatever is
reasonable or .appropriate 10 protect Lender's interest in íhe Property IDld TI,ghts under this .security
~, indnc!illß protecting .and/or .assessing íhe value of íhe Property, .and $ecuring .and/or -repairing
íheProperty . lender's .actions .can include, but.are not limited to: (a) payin,g 1illY SUIDS .secured by a lien which
.has priority over this .security lnstnnnent; (b) appearing in court; IDld (c) paying reasonable
Q-6A(WY) (D005)
Œ>
f'JOg87 Df 15
Form 3051 1/01
Imm~w:~¡;:
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C00259
.attorneys' fees to protect its interest in the Property .and/or D,ghts 11I1der this Security Instrument, indmlinE its
secured position in 11 bankruptcy proceeding. Securin,g the Property includes, but is not limited to, entering :the
Property to make repairs, chan,ge locks, replace or billlfd up doors 1lIld windows, .drain w<úer from pipes,
-eliminMp. building or other code violations or rlangerous conditions, 1lIld llave utilities turned on or off.
Although lender may take .action 11I1der this Section 9, Lender does not llave to do so 1lIld is not under .any
duty or obligation to do so, It is .agreed that Lender incurs no liability for not :taking .any or ;ill .actions
lillthorized 11I1der this Section 9.
Any .amounts disbursed by lender 11I1der this Section 9 shall become 11dditional .debt of Borrower
.secured by this Security Instrument. These .amounts .shall bear interest ~t :the Note rate from the date of
disbursement 1lIld .shall be pay2ble, with such interest, upon notice from Lender to Borrower requesting
p~yment.
lf this Security lnstnmientis on l1leasehold, Borrower shall comply with .all the provisions of the lease.
If Borrower .acquires fee title to the Property, the leasehold 1lIld the fee :title .shall not merge unless Lender
.agrees to the merger .in writing,
10. Mortgage Insurance. If Lender required Mortgage Insunmce 115 11 condition of ma.k.ing the Loan,
Borrower shall pay :the premiums required to m;¡int;¡il1 the Mortgage 1nsurance in rlfect. If, for .any reason,
the Mortgage 1nsurance covernge required by Lender ceases to be av<iiliilile from tbt: mortgage insurer that
previously provided such insurnnce· 1lIld Borrower W115 required to make separntely designated payments
tow2fd the premiums for Mortgage Insur1lI1Ce, Borrower shall pay the premiums required to obtain coverage
substantially equiv<Ùent to the Mortgage InsurßI1Ce previously in effect, l1t 11 cost substantially equivßlent to
the cost to Borrower of the Mortgage lnsurßI1Ce previously in effect, from .an mremate mortgage insurer
.selected by Lender, If substantially equiv<Ùent Mortgage lnsur1lI1Ce coverß.ge is not l1v<iiliilile, Borrower .shall
continue to pay to Lender the.amount of the sepanùely .designated payments that were due when :the insunmce
coverß.ge ceased to be .in effect. lender will .accept, use 1lIld retain :these pl1yments 115 11 non-refundable loss
reservein1ieu of Mortgage InsurßI1Ce, Such loss reserve.shall benon-refundable, notwithstanding the fact that
the Loan is lIltim;¡t-ely paid in full, .and lender shall not be required to pay Borrower .any interest or earnings
on such loss reserve. Lender can no longer Tequire loss reserve payments if Mortgage lnsurnnce coverage (in
the .amount.and for the period that Lender requires) provided by ..an insurer selected by lender ~ becomes
l1vailable,is obtained,.and Lender requires sepanùelydesignated payments tow2fd the premiums for Mortgage
lnsurnnce. 1f lender required Mortgage Insurnnce lIS 11 condition of ma.k.ing the Lo.an 1lIld Borrower W115
required to make sep2fl1tely designated payments tOW2fd the premiums for Mortgage lnsurance, Borrower
shall pay the premiums required to m;¡int;¡in Mortgage InsurßI1Ce .in meet, or to provide 11 non-refundable Joss
reserve,1ll1til Lender's requirement for Mortgage InsurßI1Ce ends in .accordance with.any written.agreement
between Borrower .and Lender :providing for such t~m1in;¡tion or 1IIltil tennination is required by Applic<lhle
Law, N otbing in this Section 10 .affects Borrower's obligation to pay Jnterest l1t :the :rnte provided .in the Note.
Mortgage InsurßI1Ce rcimburses Lender (or .any .entity that purchases :the Note) for certain10sses itmay
incur if Borrower does not repay :the Loan 115 .agreed, Borrower is not 11 party to the Mortgage 1nsurance.
Mortgage insurers ev1l1uate :their total risk on .all .such insunmce 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 smisfactory 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 lJave l1v.ailiJ.hle (which may .include:funds obtained from Mortgage 1nsurance
premiums),
As 11 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 ihat derive
from (or might be ~h;¡r;¡~teri7.edllS) 11 portion of Borrower's payments for Mortgage Insurnnce,.in ~xcbange
for sharin,g or modifying :the mortgage insurer's risk, or reducing 10sses.1f such.agreement provides that.an
.affiliate of Lender takes 11 .share of the insurer's risk in exchange for 11 share of the premiums paid to :the
insurer, tbt: .arrangement is often termed "captive relnsurßI1Ce, " Further:
(11) Any .such 2gT_mpnt" will not .affect the mnounts íhat .Borrower .has 2gTeed to llliY for
Mortgage Insurance, or .any other terms of the Loan. .such· 2gTeementswlll not increase the mnount
Borrower will owe for Mortgage Insurance, .and they wlll not Ð1í.it.le Borrower to .any refund.
G-liA(WY) (0005)
<Ð
P-"geBnf15
FDTm 3051 1/01
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(b) Any .such 2gl"f'f'mpnts will not .affect the rights :BOITower has - jf .any - with rßSpect to the
Mortgage lnsur.ance under the Homeowners Protection Åct of 1998 or .any other Jaw. These rlghts may
.include the right to receive certain disclosures, to request .and obtain canœllation of the Mortgage
Insur.ance, to .have the Mortgage Insur.ance terminated .automatically, .and/or to receive ~ rfÍund of .any
Mortgage Insur.ance premiums that were unearned.at the time of such cancellation or íermination.
11. As.signment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are .hereby
.assigned to 2Dd 5hall be paid to Lender,
If the Property is damaged, such Miscellaneous Proceeds Bhall be llpplied to restoration or repair of the
Property, if the restonttion or repair is econorni~;¡l1y feasible 2Dd lender's security is not lessened. TIming
such repair 2Dd restorlltion period, Lender 5hall .have the . 10 hold such Miscellaneous Proceeds :until
Lender has .had .an opportunity to fuspect such Property 10 ensure the work has been .completed 10 lender's
Batisfaction, provided that 1ì11Ch fuspection sillùl be undertaken promptly. Lender may pay for the repairs 2Dd
restoration in.a single disbursement or in.a series of progress payments .as the work is completed, Unless.an
.agreement is.made in writin,g or Applicable Law requires interest 10 be paid on.such Miscellaneous Proceeds,
Lender Bhall not be required to pay Borrower .any .interest or earnings on such Miscellaneous Proceeds. 1f the
restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous
Proceeds sillùl be .applied 10 the sums secured by this Becurity 1nstrument, whether or not then.due, with.the
excess, if .any, paid 10 Borrower. Buch Miscellaneous Proceeds sillùl be llpplied 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
5hall be applied 10 the sums secured by this Becurity lnstrument, whether or not then.due, with.the excess, if
.any, paid to Borrower, . .
In the event of a partial taking, destruction, or loss jn value of the Property in which the fair JDarket
value of the Property immediately before the partial taking, deBtruction, or loss in value is equal to or ,greater
:than the .amount of the sums secured by. this Becurity lnstrument immediately before the partial taking,
destruction, or loss in value, llIÙeSS Borrower 2Dd Lender otht:rwise .agree in writin,g,.the sums .secured by this
Becurity Instrument Bhall 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 imrn~ni:lt~ly before the partial taking,
destruction, or loss in value. Any balance Bhall be paid to Borrower,
1n the event of .a partial taking, destruction, or loss in value of the Property ill which the fair market
value of the Property .immediately before the partial taking, destruction, or loss in value is le1ìs :than the
.amount of the sums .secured .immediately before .the partial taking, destruction, or loss in value, llIÙeSS
:Borrower .and Lender otherwise .agree in writin,g, .the Miscellaneous Proceeds 5hall be .applied to.the sums
secured by this Security Instrument wht:ther or not the sums .are then due,
If the Property is .ab2Ddoned by Borrower, or if, zfter notice by lender to Borrower :that the Opposing
P.arty (.as defined in the next sentence) offers to make.an llw.ard to .settle.a claim for damages, Borrower fails
to respond to Lender within 30 days .after .the date .the notice is .given, Lender is .anth~d to .collect .and
.apply .the Miscellaneous Proceeds either to restoration or repair of.the Property or to the sums secured by this
Security 1nstrument, whether or not :then due, "Opposing P.arty" means the third p.arty:that owes Borrower
Miscellaneous Proceeds or the p.arty .against w.hom ..Borrower .has .a right of .action in regard to Miscellaneous
Proceeds.
Borrower Bhall be in .default if .any action or proceeding, whetht:r civil or ITimin;¡ 1. is begun :that, in
Lender's jJln£111~nt. could Iesult in forfeiture of the Property or otht:r m;¡tP.1Í;¡I:impainnent of lender's :interest
in 1.hé Property or:rights :under :t!lliì Security lnstnnnent, Borrower .can .cure 1ì11Ch .a default .and, if ;¡~~l~rntion
.has occurred, Icinstate .as provided in Bection 19, by .causillg .the action or proceeding to be .dismissed with.a
TIlling :that, in Lender's jJlnßJTI~nt, precludes forfeiture of .the Property or otht:r m;¡t~ri;¡l jmpainnent of
Lender's interest in .the Property or:rights under :t!lliì Becurity 1nstrument, The proceeds of .any ~wmi or claim
for damages :that.are.attributable to the:impainnent of lender's .interest in .the Property .are .hereby .assigned
.and Bhall be paid to Lender.
All Miscellaneous Proceeds :that .are not .applied to Iestoration or repair of.the Property Bhall be.applied
in.the order 'provided for in Bection 2.
G-fiA(WY) (DDD5)
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'P.8ge91>115
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12. .Borrower Not .Released; Forbear.ance .By Lender Not 11 W1Úver. :Extension of:the time for
payment or modi:fication of .amortization of the $llIIlS secured by ibis Security lnstnnnent .granted by Lender
to Borrower or .any Successor in 1nterest of Borrower shall 110t operate to release :the liability of Borrower or
.any Successors in 1nterest of Borrower, lender shall 110t be required to c(}mm~n~ proceedings .against 2IlY
Successor in 1nterest of Borrower or 10 refuse to extend time for payment or otherwise IDOdify .amortization
of:the sums secured by ibis Security lnst:rumeD1 by reason of 2IlY d~m:md .made by:the m:iginal.Borrower or
.any Successors in 1nterest of Borrower. Any forbearance by .Lender in ~xercising .any :right or remedy
.including, without limitation, Lender's .acceptance of payments from íbird persons, entities or Successors in
1nterest of .Borrower or in .amounts Jess than :the .amount íben due, .shall 110t be ~ wID.ver of or preclude :the
~xercise of 2IlY :right or remedy,
13. Joint .and Several Liability; Co-signers; Successors.and Assigns .Bound. Borrower covenants.and
~gf:eS :that Borrower's obligations .and liability shall. be joint .and several, However, .any Borrower who
co-signs ibis Security Instrument but does 110t execute íhe Note (a "co-signer"): (a) is co-signing ibis .security
lnstrument only to mortgage, grant.and convey íhe co-signer's IDterest in íhe Property 11I1der:the tenns of ibis
Security lnstnnnent; (b).is 110t personally obligated to pay :the $llIIlS secured by ibis .security lnstnnnent; .and
(c) lI£Tf:eS :that Lender .and 2IlY other Borrower can .agree to extend, IDOdify, forbear or.make 2IlY
.accommodations with regard to :the tenns of ibis .security 1nstrument or:the Note without :the co-signer's
consent,
Subject to:the provisions of Section 18,2IlY .successor in 1nterest of .Borrower who .assumes Borrower's
obligations 11I1der ibis .security lnstrument in writing, .and .is ~pproved by Lender, shall obtain ;ill of
.Borrower's .rights .and benefits 11I1der ibis Security1nstrument. .Borrower .shall 110t be released from
.Borrower's obligations .and liability 11I1der.ibis Security 1nstrument unless lender lI£Tf:eS to such. release in
writing. The !:ovenants .and lI£TeemeD1s of ibis Security lnst:rumeD1 .shall bind (except.as provided in Section
20) .and benefit :the successors .and.assigns of lender,
14. Loan Charges. lender may cl1arge .Borrower fees for services perfonned .in !:Onnection with
Borrower's default, for :the purpose of ]ll"otecting lender's interest in:the Property .and :rights 11I1der :this
Security Instrument, indndi1l£, but 110t limited to, llttorneys' fees, property fuspection.and v2luation feeS.ln
regard to 2IlY other fees, :the llbsence of express 4Uthority in ibis Security lnstrument to cl1arge ~ specific fee
to .Borrower shall 110t be !:onstrued .as a prohibition on íhe cl1arging of such fee, Lender may 110t cl1arge fees
:that are expressly prohibited by ibis Security lnst:rumeD1 or by App1.icWle Law,
1f:the Loan is subject to z Jaw which sets maximllm loan cl1arges, .and :that Jaw .is finally interpreted so
:that the .interest or other loan cl1arges collected or 10 be collected in !:Onnection with :the Loan -exceed :the
pennitted limits, íben: (a).any such 102Il cl1arge shall be reduced by íhe.amDunt .necessary to reduce :the .charge
to the pennitted limit;.and (b) .any sums mready collected from Borrower which -exceeded pennitted limits
will be refunded to Borrower, Lender may cl100se to make ibis refund by reducin,g the principal owed under
íhe Note or by making ~ direct payment to .Borrower, 1f ~ refund reduces principal, íhe reduction will be
treated .as ~ partial prepayment without .any prepayment cl1arge (whether or.not ~ prepayment charge is
provided for 11I1der:the Note), Borrower's .acceptance of 2IlY such refund.made by direct payment íoBorrower
will constitute ~ wID.ver of .any :right of .action Borrower might bave.arising out of such overcl1arge,
15. Notices. All110ticeS given by Borrower or Lender in connection with ibis .security 1nstrument must
be in writing. Any 110tice to .Borrower in connection with ibis Security lnst:rumeD1 shall be deemed to bave
been given to .Borrower when.mailed by .:first class mail or when .actually delivered to .Borrower's notice
.address jf sent by other means, Notice to 2IlY one Borrower .shall !:onstitute 110tice to ;ill.Borrowers :unless
Appl.ic4ble Law expressly requires otherwise, The notice .address shall be :the Property Address .unless
.Borrower bas designated ~ substitute notice .address by 110tice to Lender, Borrower shall promptly 110tify
Lender of Borrower's .change of .address, IT lender specifies ~ procedure for Ieportin,g .Borrower's .change of
.address, then .Borrower shall only reportz.change of .address through :that specified procedure, There may be
only one designated 110tice .address 11I1der ibis Security 1nstrument 11t.any one time. Any 110tice to Lender shall
be given by delivering it or by mailing it by first class mail to lender's 2ddress stated herein :unless lender
bas designated .another .address by notice to Borrower, Any notice in !:OnDection with ibis Security1nstrument
shall 110t be deemed to bave been given to Lender until.actually received by lender.1f 2IlY.notice required by
ibis Security lnstnnnent is 1ÙSO required 11I1der Appl.ic4ble Law, íhe Applicable Law requirement will sæisfy
:the !:orresponding requirement 11I1der :this Security Inst:rumeD1.
.-6A(WY) (0005)
(!)
f'.aJ e 101>115
TDnn 3051 1/01
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16. Governing Law; .severability; Rules of Construction. This Security Instrument shall be governed
by federal Jaw mul the Jaw of the jurisdiction in which the Property is located, All TIghts mul obligations
contained in this Security Instrument Me subject to IDly n:quirements mul limitations of Applicable law.
Applicable law might explicitly or implicitly .allow the parties to 2£fee by COlltnlCtor it might be silent, but
such silence shall .not be construed <is a prohibition .against agreement by contract. In the event :that 1I1lY
provision or clause of this Security Instrument or the Note conflicts with Applicable law, such conflict shall
.not affect other provisions of this Security 1nstrument or the Note which .can be .given effect without the
conflicting provision.
As used in this Security lnstrument: (a) words of the masculine gender shall mean .and include
corresponding .neuter words or words of the feminine gender; (b) words in the singular shall mean .and
include the plural mul vice versa;.and (c) the word ":may" .gives sole discretion without IDlY obligation to take
IDlY non.
17. .BoITower'.s Copy. :Borrower shall be .given one copy of the Note.and of this Security 1nstrument,
18. Tr.ansfer of the Property or a .Beneficial1nterest in .BoITower. As nsed in this Section 18,
"Interest in the Property" means any legal or ben~fir:i:¡ I interest in the Property, inr.hu1inf, but not limited to,
those beneficial interests transferred in a bond for Deed, contract for Deed, inst~ Ilm~nt sales contract or escrow
agreement, the intent of which is :the trlUlSfer of íitle by .Borrower at a:future date to a purchaser.
]f .all or any pm of:the Property or any Interest in the Property is sold or trlUlSrerred (or if :Borrower is
not a.natural person mul 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 1nstrument,
JIowever, 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 JDllSt pay.allSums secured by this Security .Instrument, If.Borrower fails to pay these
sums prior to the expiration of this period, lender may invoke any remedies pennitted by this Security
1nstrument without further notice or demandon.Borrower.
19. .BoITower's Right to Reinstate After Acœler.ation. If :Borrower metts certain conditions,
:Borrower shall.have the .right to .have enforcement of this Security lnstrument .discontinued at IDlY :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 <is Applicable law might specify for the teTIllin:¡tion of .Borrower's
.right to reinstate; or (c) :entry of a jnrl[?n~nt enforcing this Security Instrument, Those conditions are:that
.Borrower: (a) pays lender.all sums which then would be due under this .security lnstrument.and the Note.as
if no .acceleration had occurred; (b) cures IDlY default of IDlY other covenants or.a,greements; (c) pays .all
expenses incurred in enforcing this Security lnstrument, inr.lnr1in£, but.not limited to, reasonable attorneys'
fees, property inspection .and v:¡ln:¡tion fees,.and other fees incurred for the purpose of protecting lender's
interest in the Property .and TIghts under this Security 1nstrument; mul (d) takes such action .as Lender :may
reasonably require to .assure that Lender's interest in the Property .and TIghts ll11der this Security 1nstr:umt:nt,
.and .Borrower's obligation to pay the sums .secured by this Security Instrument, shall continue lmr.h:¡n£ed,
Lender.may n:quire that .Borrower pay such reinst:¡t~m~nt sums .and expenses in one or more of the following
fonns,.as selected by lender: (a) cash; (b) money order; (c) .certified.check, bank £heck, treasurer's £heck or
cashier '.s £heck, provided any such £heck is .drawn upon an institution whose .deposits Me insured by a federal
.agency, instrumentality or entity; or (d) Electronic J<nnds TrlUlSfer. Upon reinst:ltP.TT1~nt by.Borrower, this
.security lnstrument .and obligations secured hereby shall remain fully effective .as if no .acceleration l1ad
occurred, .However, this ri,ght to reinstate shall not apply in the case of .acceleration under Section 18,
20. Bale of Note; Change of Loan .serv.icer; Notice of Grjevance. 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 Bervicer") that 1:ollects Periodic P.ayments
due under the Note .and this Security Instrument .and perfonns other mor1gage loan .servicing obligations
under:the Note, this Security lnstrument, .and Applicable law. There.also might be one or more changes of
the I.oIDl Servicer llllfe1ated to a sale of the Note. .If:there is a change of the laIDl Servicer, .Borrower will be
.given written.notice of the change which will state the name .and .address of the .new Lo.an Servicer, the
.address to which payments .should be.made mul any other infonnarton RESPA requires in connection with a
G-BA(WY) (OD05)
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f'.age 11 ",f 15
FDrm 3051 1/01
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mtice of tnmsfer of servicing, If the Note is sold 4Dd tbereafrer the loan is serviced by ~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 ~ successor Loan Servicer 4Dd .are not .asS1lI1red by the Note purchaser
1U1less otherwise provided by the Note purchaser.
Neither .Borrower mrLender may .comm~nce, join, or be joffied to any ju.dicUù .action (115 rither .an
.indiviclwlllitigant or the member of li class) :that .arises from.the other party's .actions pursuant to this Security
1nstrument or that .a1lt;ges that the other party.has breached any provision of, or .any rluty owed by reason of,
this Security Jnstrurnent, llD1il such .Borrower or Lender .has mti::fied .the other party (with such mtice ,given in
compliance with.the requirements of Section 15) of such .alleged breach 4Dd .afforded .the other party l1ereto ~
reasonable period .after the ,giving of such mtice to take .corrective ætion.If Applicable law provides li time
period which must elapse before .certain ætion !;all be taken, that time period will be deemed to be reasonable
for purposes of this par1lgI'aph, The notice of licce1eration 4Dd opportunity to cure ,given to .Borrower pursuant
to Section 22 4Dd the mtice of æceleration ,given to Borrower purSl12I11 to Section 18 shall be deemed to
satisfy the mtice 4Dd opportunity to take corrective ætion provisions of this Section 20,
21. Hazardous .substances. As .used in this 'Section 21: (~) ".Hazardous Substances" .are :those
substances defined .as toxic or .hazardous substances, polhJt::mt~, or W115tes by Environm~nt:¡llaw .and .the
following substances: ,gasoline, .kerosene, other f1::1mm::lhl~ or toxic petroleum products, toxic pesticides 4Dd
l1erbicides, volatile solvents, materials cont:¡ininf .asbestos or form::llrlehyde, 4Dd nuliœctive .materials; (b)
"Environm~nta 1 law " means federal laws .and laws of.the jurisdiction where the Property is located that relate
to.l:Je1ùth, .safety or ~vironm~nt::ll protection; (c) ''Environm~nt::ll Cleanup" .inc1ud.es .any response .action,
rernedialætion., or removal.action, 115 de:fined in Enviromnenta1law;.and (d) .an "Environm~nt:¡l Conrlition"
.means li .condition that !;all cause, .contribute to, or otherwise trigger .an Environm~nt::ll r.l~::Innp,
Borrower shall not cause or permit the presence, .use, disposal, storage, or release of .any .Hazardous
Substances, or thrt:aten to release.any .Hazardous Substances, on or in the Property. Borrower shallmt do,
mr llllow mlyone else to do, mlything zffecting .the Property (a) that is in violation of .any Enviromnenta1
law, (b) which crt:ates.an Environm~nt::ll Condition, or (c) which, due to the presence, .use, or release of li
.Hazardous Substance, .crt:ates li condition that .adversely .affects .the vll1ue of the Property. The preceding two
sentences shallmt -apply to the presence, use, or storage on the Property of.small quantities of Hazardous
Substances that.are ,generally recognized to be .appropriate to mnnal re~identi::ll .uses 4Dd to m::lint~n::tnce of
.the Property (in~ lnrlin 2, but mt.limited to, .hazardous substances in consumer products),
.Borrower shall promptly ,give Lender written notice of (~) .any investigation., claim, rI~m::lnrl ,lawsuit or
other ætion by mlY ,gov~mm~1]tal or regulatory .agency or private party involvffig the Property 4Dd .any
.Hazardous Substance or Environm~nt¡¡l law of which .Borrower .has ætual Jrnowledge, (b) .any
Environrn~nt:¡1 Condition, indnrliTll but not limited to, mlY spilling, leaking, dischm:ge, release or :threat of
release of .any Hazardous Substance, .and (c) mlY .condition .caused by the presence, .use or release of li
Hazardous Substance which .adversely zffects the value of the Property, 1f Borrower learns, or is mtified by
.any ,go~mm~nt::ll or r~ory .authority, or .any private party, that .any remov1Ù or other remediation of .any
Hazardous Substance .affecting .the Property is J1eCessary, Borrower shall promptly take .all Decessary r:emedial
ætions:in .accordance with Environm~nt::ll law , Nothing .herein shall create.any obligation on Lender for .an
.Environ~nt:¡l Cleanup,
G-SA(WY) (ODDS)
Œ>
f'Jlge 12 t>f 15
Form 3051 1/D1
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NON-UNIFORM COVENANTS, Borrower llDd Lender further coverum.t llDd .agree.as follows:
22. AcceIer1U.ion; Remedies. Lender 5hall give notice to lJoITower prior to ~1U.ion following
lJOITower's breach of .any revenant or.agreement .in this Becurity Instnunent (but not prior to
.acœler1U.ion lJUder .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 ~ven to BOITower, 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 m .acœler1U.ion of the sums .secured by
this Becurity Instrument .and .sale of the Property. T.he notice 5hall further Worm BOITower of the
right to rrinstate .after .acœler1U.ion .and the right to bring.a court .action to .assert the non-existence of.a
default or.any other .defense of BOITower to .acœler1U.ion .and .sale. If the default is not cured Dß or
before the date .specified m the notice, Lender .at its option may require .immediate payment m full of
.all .sums secured by this Becurity Instrument without further demand .and may mvoke the power of
.sale .and .any other ranedies permitted by Applicable Law. .Lender .shall be ~ed to collect .all
fiPenses incurred .in pur.suing the remedies provided m this Section 22, .including, but not limited to,
r~onable .attorneys' fees .and costs of title evidence.
If Lender mvokes the power of .sale, Lender.shall .give notice of intent to foreclose to BOITower
.and to the person m possession of the Property, if different, m .accordance· with Applicable Law.
Lender 5hall .give notice of the .sale to Borrower m the manner provided .in Bection 15. Lender· 5hall
publish the notice of .sale,.and the Property .shall be .sold m the manner prescribed by Applicable Law.
Lender or its designee may purchase the Property .at .any .sale. The proceeds of the .sale 5hall be .applied
.in the following order: (a) to.all fiPenses of the .sale, .including, but not limited to, r~onable
.attorneys' fees; (b) to .all.sums .secured by this Becurity Instrument; .and (c).any excess to the person or
persons legally entitled to it.
23. :Release. Upon paJlI1fmÍ of mI ~ums .secured by 1bis Security Instrument, lender .shall .r:clease 1bis
Security 1nstrnment. .Borrower shall pay MY .recordation costs, lender may .charge Borrower a fee for
I~l~:!~illl1bis Security 1nstrnment, but only if the fee is paid to.a 1hird party for services I-enrlered llDd the
.charging of the fee is pennitted under Applicable Law,
.24. W.aivers. Borrower I:cleaseS llDd waives .alLrights:under llDd by v.irtue of the1lomestead -exemption
Jaws of Wyoming ,
G-SA(WY) (0005)
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1'.89813:0115
~¡;f;~mm¡l¡f;
Form 3051 1/01
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:BY BIGNING :BELOW, :Borrower .accepts .æ1d .agrees 10 :t.be tenns .æ1d covenants contained in this
Secmity 1nstrument .æ1d .in.any Rider ~xecuted by :Borrower .æ1d recorded with it.
Witnesses:
(Seal)
-:Borrower
(Seal)
-:Borrower
(Seal)
-:BOITower
DD5ï42B45D
Q:6A(WY) (ODDS)
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(Seal)
-:Borrower
(Seal)
-:Borrower,
(Seal)
--,Borrower
(Seal)
-:BOITower
'Pa¡¡e 14 0115
Form 30511101
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BTATE OFWYOMJNG,
LINCOLN
County 55:
by
.JAMES :I CASTEEL
TheforegoingIDsírument w2S.acknowledged beforemeíhis 14th day o£ April~ 2006
My Commission:Expires: 9-15-07
AttO/Û-aJ /~ ~
Notary J>ublic
GLORIA K. BYERS - NOTARY PUBlIC
County of ~ State of
Uncaln w; Wyoming
My CammlsslonExpires Sept. 15,2007
D03ï-42U3D
C-6A(WY) (0005)
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Form3051 1/01
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Lot 3D o£ WestV"Ì-ew Village I Lincoln County I Wyoming, as described
on the o££icial plat £il-ed March 27 I 1978 as J:nstrument .No. 5D59Dl
o£ the records of the Lincoln County Clerk.
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COO~68
VA GUARANTEED LOAN AND ASSUMPTlONPOLICYIDDER
NOTICE: THIS LOAN IS NOT ASSUMABLE
WITHOUT THE APPROVAL OF THE DEPARTMENT
OF VETERANS AFFAIRS OR ITS AUTHORIZED
AGENT.
THIS VA GUARANTEED .LOAN AND ASSUMPTION POLICY RIDER is made 1his .:J..-4th rlay
.of April, .2 DD 6 , .and is inc.orporB1ed into Bnd shall be rleemed to .amend Bnd
supplement 1he Mortgage, Deed .of Trust .or Deed 10 Secure Debt (herein "Security
Ins1rJJmen1") rlated .of -even rla1e herewith, given by 1he undersigned (herein '13orrewer") 10
secureBerrewer's N01elo
FIRST JroRIZON 1I0KE LOAN CORP01UcrION
(herein ".Lender") Bnd x:evering 1he Property rlescribed in 1he Security Jns1rJJmen1 .and
loca1ed .a1
223 CIRCLE]):RIVJ!:
AFTON, WY B3llD
¡property Address]
VA GUARANTEED .LOAN COVENANT: In .additienlo 1hè x:evenants .and .agreements made
in 1he Security Instrument, Borrewer Bnd Lender further x:evenan1.and Bgree BS fellows:
If 1he indebtedness secured. hereby be .9uaran1eed .or insured under Title .38, United .sta1es
Code, such Title .and Regula1iens jssued 1hereunder .and in -effect .on 1he rla1e hereof shall
govern 1he rights, rluties Bnd liabilities .of Borrewer .and .Lender. Any provisions .of 1he
Security InstrJJment or ether ins1ruments -executed in x:onnection with said indeb1edness
which .are incensis1ent with said Title Dr Regula1ions, including, but not limited 10, 1he
provision for payment .of .any sum in x:onnection with prepayment .of 1he secured
indebtedness .and 1he prevjsion 1hat 1he .L-ender may .acceJera1e payment .of 1heßecured
indeb1edness pursuant 10 Cevenant 18.of 1he Security Instwmen1, .are hereby .amended Dr
negated 10 1he exten1 necessary 10 x:enform ßuch instruments to ßaid Title.or Regulations,
DD3ï4.2B43D
MULTJST ATE VA GUARANTEED LOAN AND ASSUMPTION POLICY RIDER
.S38R (0405)
Page 1 .of.3 Initials'
~~~)~~~~~~~ Selutions I ~IWIII~II II]~~I ~IIJIII ~II
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LATE CHARGE: At ander's option, Borrower will .pay a "late charge" not .exceeding Tour
.per cent.um (4%) oTthe overdue .payment when paid more than fIfteen (15) days aiter the
.due date thereof 10 cover the .extra expense involved in handling .delinquent .payments, but
such "late charge" shall not be payable out oTthe proceeds of any sale made to satisfy the
indebtedness secured hereby, unless such proceeds are sufficient 10 .discharge the entire
indebtedness and all proper costs and expenses secured hereby,
GUARANTY: Should the Department of Veterans Affairs Tail or refuse 10 issue its guaran1y
in Tull amount within £0 .days irom the date that this Joan would normally become -eligible Tor
.such guaran1y committed ..upon by the Department of Veterans Affairs ..under the .provisions
of Title 38 of the U.S, Code "Veterans Benefits," the Mortgagee may declare the
indebtedness hereby secured at once due and .payable and may Toreclose immediately or
may exercise any other rights hereunder or take any other .proper action as by law.provided.
TRANSÆR OF THE PROPERTY: This loan may be declared immediately due and payable
..upon transfer of the .property securing such Joan 10 any transferee, .unless the acceptability
of the liSsumptionof the Joan is established purs.uant 10 Section 3714 of Chapter 37, Title
38, United States Code.
An B.uthoriz.ed transfer ("assumption") of the .property shall also be sllbject 10 .additional
covenants and agreements BS set Torth below:
(a) ASSUMPTION FUNDING FEE: A Tee .eq.ual 10 :ene .haJ.£ .0£ :ene per.cent
( ..5 %) of the balance of this loan as ofthe date oftransfer of the property
shall be .payable at the time of transfer to the Joan holder or its authorized agent, liS trustee
Tor the Department of Veterans Affairs. If the assumer iails to pay this Tee at the time of
transfer, the iee shall constit.ute an additional debt to that already secured by this
instr.ument, shall bear interest at the rate herein provjded, and, Bt the option of the payee of
the indebtedness hereby secured or any transferee thereof, shall be jmmediately .due and
payable. This iee is automatically waived if the liSsumer is .exempt ..under the .provisions of
38 U.S.C, 3729 (c),
(b) ASSUMPTION PROCESSING CHARGE: Upon application ior approval 10 Bilow
assumption of this Joan, a processing iee may be charged by the Joan holder or its
authorized agent Tor determining the creditworthiness of the liSsumer Bnd subsequently
revising the holder's ownership records when an approved transfer is completed. The
amount of this charge shall not .exceed the maximum .established by the Department of
Veterans Affairs ior B Joan 10 which Section 3714 of Chapter 37, Title 38, United States
Code applies.
(c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is liSsumed, then the
assumerhereby agrees 10 assume all of the obligations of the veteran ..under the terms of
the instruments creating and securing the Joan. The Bssumer iurther Bgrees 10 indemnify
the Department of Veterans Affairs 10 the .extent of any claim payment arising irom the
guaran1y or insurance of the indebtedness created by this instrument.
D0.5ï42B4.5D
G.-538R (0405)
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IN WITNESS WHEREOF, BOTrower(s) has .sxecuted 1his VA Guaranteed Loan .and
Assumption PDlicy Rider.
-BoTrower
-Borrower
-BOTwwer
-Borrower
-BoTrower
-Borrower
-Borrower
DD5ï42B45D
S-538R (0405)
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