HomeMy WebLinkAbout917685
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Mter Recording Return To:
land title company
160 east broadway
jacksort, Wyoming 83001
-------
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RECEIVED 4/21/2006 at 3:24 PM
RECEIVING #- 917685
BOOK: 617 PAGE: 510
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
[Space Above This Line For Recording Data)
MIN:100029500011508508
MORTGAGE
(Secondary Lien)
DEFINITIONS
Words used in multiple sections of this document are defmed below and other words are defined in Sections 3, 10, 12. IT, 19,
and 20. Certain rules regarding the usage of words used in this document are also provided in Section 15.
(A) "Security Instrument" means this document, which is dated April 19, 2006
Riders to this document.
, together with all
Å. ~) "Borrower" is Travil2rehl flu.d. Monik::r J. Wells-, ::r s-ingle wom::rrr
~ ru 41 sring1e m::rrr
~ Borrower is the mortgagor under this Security Instrument
/1
;,/,.
(C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a
nominee for Lender and Lender's successors and assigns. MERS is the beneficiary under this Security Instrument. MERS
is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI
48501-2026, tel. (888) 679-MERS. .
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(D) "Lender" is Taylor, Bean & Whitaker Mortgage Corp.
Lender is a a Rorida Corporation
the laws of FL
1417 North Magnolia Ave, Ocala, FL 34475'
organized and existing under
. Lender's address is
(E) "Note" means the promissory note signed by Borrower and dated April 19, 2006 . The Note
states that Borrower owes Lender Forty Two Thousand Four Hundred and no/100
Dollars (U.S. $42,400.00 ) plus interest. Borrowerhas promised
to pay this debt in regular Periodic Payments and to pay the debt in fulI not later than May 01, 2021
(F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property."
WYOMING MORTGAGE--Single Family-Secondary Lien
THE COMPUANCE SOURCE; INC, C
ITEM T8700L1 (0304~MERS (Page J of 11 pages)
GREA TlANO ..
TD ani., Call: H {)O·53O-9393 a Fax: 616-791-1131
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(G) ''Loan'' means the debt evidenced by the Note, plus interest, my prepayment charges and late charges due under the
Note, if .allowed under Applicable Law, .and .all sums due under this Security Instrument, plus interest.
(H) ''Riders'' means .all Riders to this Security Instrument that .are executed by .Borrower. The following Riders Me to be
executed by.Borrower [check box as 11pplicable):
o Adjustable Rate Rider
o Condominium Rider
o Second Home Rider
IKJ B.alloon Rider
o Planned Unit Development Rider
o Biweekly P11ymentRider
o Homelmprovement Rider
o Revocable Trust Rider
o Other(s) [specify]
(1) "Appliœble Law" means illl controlling 11Pplicable federal, state md local statutes, regulations, ordinances and
.administrative rules md orders (that have the effect of law) 11S well as .al111Pplicable final, non-appeillable judicial opinions.
(J) "Community Association Dues, Fees, .and Assessments" means .all dues, fees, liSsessments md other charges that Me
imposed on .Borrower or the Property by a condominium 11ssociation, homeowners association or similar organization,
(K) ''Electronic Funds Transfer" means my transfer of funds, other than a trmsaction originated by check, drllfi, or
similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape
so liS to order, instruct, or 11uthorize a financial institution to debit or credit m account. Such tenn includes, but is not limited
to, point-of-sale trmsfers, 11utomated teller machine transactions, transfers initiated by telephone, wire transfers, md
lUltomated cleMinghouse trmsfers.
(L) ''Escrow Items" mems those items that Me described in Section 3.
(M) "Miscellimeous Proceeds" means my compensation, settlement, 11WMd of damages, or proceeds paid by my third
pID1y (other than insurmce proceeds paid under the coverages described in Section 5) for: (i) danuige to, or Destruction of, the
Property; (ii) condemnation or other taking of.all or my part of the Property; (Üi) conveyance in lieu ofcondernnation; or
(iv) misrepresentations of, or omissions as to, the vlllue md/or condition of the Property.
(N) ''Mortgage Insurance" means insunmce protecting .Lender .against the nonpayment of, or defuult on, theLoBll.
(0) "Periodic Payment" means the regularly scheduled .all1ount due for (i) principal .and interest under the Note, plus
(ü)l1nY.all1ounts under Section 3 of this Security Instrument.
(P) "RESP A" means the Real Estate Settlement Procedures Act (12 U.s.C. § 2601 et seq.) md its implementing regulation,
Regulation X (24 C.P.R. Part 3500), as they might be .all1ended from time to time, or my additional or successor legislation
or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to .all requirements
md restrictions that Me imposed in regard to 11 "federlllly related mortgage loan" even if the Loan does not qualify liS 11
·'federally related mortgage loan" under RESPA.
(Q) "Successor in .Interest of Borrower" means any party that has taken title to the Property, whether or not that party has
liSsumed Borrower's obligations under the Note md/or this Security Instrument.
WYOMING MORTGAGE-Single Family-Secondary Lien
.,.HE COMPLIANCE SOURCE, INC, C
ITEMTB700l2 (0304)-UERS (Page 2 of 11 pages)
GREATlAND ..
To Dnler ea.: 1'ØOo-53O-9393D fax: 616-791-1131
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0917685
rnr-572
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TRANSFER OF .RIGHTS.IN THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions 11nd modifications of
the Note; and (ü) the performance of Borrower's covenants and 11greements under this Security Instrument and the Note. For
this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's
1òuccessors and .assigns) and to the successors and .assigns of MERS, with power of sale, the following described property
located in the County of LINCOLN
[Type of Recording Jurisdiction 1 [Name of Recording Jurisdiction]
See Attached Exhibit A.
which currently.has the 11ddress of
369 DEER LANE
[Streetl
ALPINE
[City]
,Wyoming
B3128
[Zip Code]
("Property Address"):
TOGETHER WlTH.all the improvements now or hereafter erected on the property, and.all easements,l1ppurtenances,
and fIxtures now or hereafter a part of the property. All replacements and additions shall Blso be covered by this Security
Instrument. All of the foregoing is referred to in this Security Instrument.as the ··Property." Borrower understands and Agrees
that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply
with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or Bll
of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any 11ction required of
.Lender including, but not limited to, releasing and canceling this Security Instrument.
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has 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.
lliIS 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. PByment of Principal, Interest.and Other Charges. Borrower shall pay when due the principal of, .and interest
on, the debt evidenced by the Note and if .allowable under Applicable Law, any prepayment charges.and late charges due
under the Note. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any
check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender
unpaid, Lender may require that.any or all subsequent 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 institution whose deposits Me insured by a
federal11gency, instrumentality, or entity; or (d) Electronic Funds Transfer.
.2. Application of PByments or Proceeds. Payments Me deemed received by Lender when received 11t 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 14 or in such manner or location as Tequired under Applicable Law . Except as otherwise described in this Section 2, and
.as permitted under Applicable Law, .all payments 1lCcepted.and 11pplied by Lender shall be applied in the following order of
WYOMING MORTGAGE-Single Family-Secondary Lien
.,.HE COMPLIANCE SOURCE. INC, C
IlEMT8700l3 (0304I-MERS (Page 3 of 11 pages)
GREAT1.AND.
1D Onler CaU: HlOD-53D-9393D Fax: 616-791-1131
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0917G85
C00573
priority: (a) interest due under the Note; (b) principal due under the Note; (c) llIIlOunts due under Section 3. Such payments shall
be .applied to each Periodic Payment in the order in which it became due. Any remaining llIIlOunts 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.
H Lender receives a payment from BOITower for a delinquent Periodic Payment which includes a sufficient amount to pay
any late charge due, the payment may be applied to the delinquent payment and the late charge.lf more than one Periodic
Payment is outstanding, Lender may apply any payment received from BOITower 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. To the extent permitted
by Applicable Law, 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. Subject to Applicable Law, BOITower 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 llIIlounts due for:
(a) taxes .and assessments and other items which can attain priority over this Security lnstrument as a lien or encumbrance on
the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and.all insurance required
by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu
of the payment of Mortgage lnsurance premiums. These items .are called "Escrow Items." At origination or at any time
during the term of the Loan, Lender may require that Community Association Dues, Fees, .and Assessments, if any, be
escrowed by BOITower, and such dues, fees and assessments shall be an Escrow Item. BOITower shall promptly furnish to
Lender all notices of amounts to be paid under this Section. BOITower shall pay Lender the Funds for Escrow 1tems unless
Lender waives BOITower' s obligation to pay the Funds for any or lIll Escrow Items. Lender may waive BOITower' s obligation
to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing.ln the event of such
waiver, BOITower shall pay directly, when 1Uld where payable, the amounts due for any Escrow ltems for which payment of
Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within
such time period.as Lender may require. BOITower's obligation to make such payments and to provide receipts shall for .all
purposes be deemed to be 11 covenant and agreement contained in this Security Instrument, as the phrase "covenant and
lIgreement" is used in Section 8.lf BOITower is obligated to pay Escrow 1tems directly, pursuant to a waiver,.and BOITower
fails to pay the llIIlOunt due for an Escrow Item, Lender may exercise its rights under Section 8 and pay such .amount and
BOITower shall then be obligated under Section 8 to repay to Lender any such llIIlount. Lender may revoke the waiver as to
.any or .all Escrow Items at any time by a notice given in lIccordance with Section 14 and, upon such revocation, BOITower
shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3.
Lender may, lit anytime, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the
time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA Lender shall
estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow
1tems or otherwise in accordance with Applicable La w.
The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity
(including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall
.apply the Funds to pay the Escrow Items no later than the time specified under RESPALender shall not charge Borrower for
holding and applying the Funds, annually analyzing the escrow lICcount, or verifying the Escrow Items, unless Lender pays
BOITower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an .agreement is made in
writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay BOITower my interest
or earnings on the Funds. BOITower and Lender can lIgree in writing, however, that interest shall be paid on the Funds.
Lender shall give to BOITower, without charge, an annual accounting of the Funds as required by RESP A
If there is 11 surplus of Funds held in escrow, as defmed under RESP A, Lender shallllCcount to BOITower for the excess
funds in accordance with RESPA 1f there is a shortage of Funds held in escrow, as defmed under RESPA, Lender shall
notify BOITower liS required by RESPA, and BOITower shall pay to Lender the amount necessary to make up the shortage in
lICcordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as
defined under RESPA, Lender shall notify BOITower as required by RESPA, lInd BOITower shall pay to Lender the llIIlount
necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments.
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to BOITower any
Funds held by Lender. BOITower shall not be obligated to make such payments of Funds to Lender to the extent that
BOITower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender. If
under Section 21 the Property is sold or the Property is otherwise lIcquired by Lender, Lender shall .apply no later than
WYOMING MORTGAGE-Single Family-Secondary Lien
'THE COMP.LIANCESOURCE.INC,C
ITEMT8700l4 (D3D4)-MERS (Page4 of 11 pages)
GREAT.LAND.
To Orn.r Caa: 1..øOD-S3D-9393 D fox; 616·791-1131
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0917G85
Cor574
immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of 1Ipplication
118 a credit against the sums secured by this Security lnstrument.
4. Charges; Liens. Borrower shall perfonn all of Borrower's obligations under any mortgage. deed of trust, or other
security agreement with 11 lien which has priority over this Security lnstrument. Borrower shall pay when due, all taxes,
.assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security lnstrument,
leasehold payments or ground rents on the Property, if any, 1Ind Community Association Dues, Fees, and Assessments, ,if any.
To the extent that these items Me Escrow ltems, Borrower shall pay them in the manner provided in Section 3.
Borrower shall promptly discharge any lien other than 11 lien disclosed to Lender in Borrower's 1Ipplication or in any title
report Lender obtained which has priority over this Security lnstrument unless Borrower: (a) agrees in writing to the payment of
the obligation secured by the lien in a manner acceptable to Lender, but only so long .as Borrower is performing such agreement;
(b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion
operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings Me concluded;
or (c) secures from the holder of the lien an agreement satisfactory to.Lender subordirutting the lien to this Security lnstrument.
Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by
Lender in connection with this Loan if allowed under Applicable Law.
5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
insured against loss by fIre, hazards included within the tenn "extended coverage," and any other hazardsinc1uding, but not
limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts
(including deductible levels) and for the· periods that Lender requires, What Lender requires pursuant to the preceding
sentences can change during the tenn of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower
subject to Lender's right to disapprove Borrower's choice, wÞich right shall not be exercised unreasonably. Lender may
require Borrower to pay, in connection with this Loan, either: (a) a one-time chMge for flood zone detennination,
certification and tracking services; or (b) a one-time charge for flood zone determination and certifIcation services and
subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or
certifIcation. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management
Agency in connection with the review of any flood zone detennination resulting from an objection by Borrower.
1£ .Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's
option and Borrower's expense. Lender is under no 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 lesser coverage than was previously in effect.
Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed thé cost of insurance that
Borrower could have obtained. Any amounts disbursed by Lender under this Section 5, shall be 1Idded to the unpaid balance of
the loan and interest shall accrue at the Note rate, from the time it w1lS added to the unpaid balance until it is paid in full.
Subject to Applicable Law, all insurance policies required by Lender and renewals of such policies shall be subject to
Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender 118 mortgagee
and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. 1£ Lender requires,
Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. 1£ Borrower obtains any fonn of
insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall
include a standard mortgage clause and shall name Lender as mortgagee and/or .as an additional loss payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of
loss if not made promptly by Borrower. Unless Lender and Borrower otherwise 1Igree in writing, any insurance proceeds,
whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if
the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration
period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such
Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
promptly. Lender may disburse proceeds for the repairs and restoration in 11 single payment or in a series of progress
payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on
such insurance proceeds, Lender shall not be required to pay .Borrower any interest or eamings on such proceeds. Fees for
public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the
sole obligation of .Borrower.lf the restoration or repair is not economically feasible or Lender's security would be lessened,
the insurance proceeds shall be applied to the sums secured by this Security lnstrument, whether or not then due, with the
excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
lf Borrower abandons the Property, Lender may fIle, negotiate and settle any available insurance claim and related
matters.lfBorrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a
WYOMING MORTGAGE-Single Family-Secondary Lien
ï+IE COMP.LIANCE SOURCE, INC, C
ITEM T8700lS (0304j-MERS (Page 5 of 11 pages)
GREAT LAND .
To Order CaU: 1-8011-530-9393,0 Fax: 616·791-1131
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0917685
000575
claim, then .Lender may negotiate and settle the claim.The 3D-day period will begin when the notice is given.ln either event,
or if .Lender æquires the Property under Section 21 or otherwise, .Borrower hereby assigns to .Lender (a) .Borrower's rights to
lIJ1Y msurance proceeds in lIJ1 amount not to exceed the amounts unpaid under the Note or this Security lnstrument, lIJ1d
(b) lIJ1Y other of .Borrower's rights (other than the right to lIJ1Y refund of unearned premiums paid by.Borrower) under Bll
insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. .Lender may use
the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security
lnstrument, whether or not then due.
6. Preservation, Maintenance.and Protection of the Property; Inspections. .Borrower shall not destroy, damage
or impair the Property, aHow the Property to deteriorate or commit waste on the Property. Whether or not .Borrower is
residing in the Property, Borrower shall maintain the Property m 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.1f
insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be
responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may
.disburse proceeds for the repairs BDd restoration m a single payment or in a series of progress payments .as the work is
completed. 1f the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not
relieved of .Borrower's obligation for the completion of such repair or restoration.
Lender or its agent may make reasonable entries upon and inspections of the Property.1f it has reasonable cause, .Lender
may inspect the interior of the improvements on the Property. .Lender shall give .Borrower notice at the time of or prior to
such an mterior inspection specifymg such reasonable cause.
7. .Borrower's Loan Application. .Borrower shaH be m default if, during the Loan application process, .Borrower or
any persons or entities .acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false,
misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in
connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's
occupancy of the Property as Borrower's principal residence.
8.. Protection of Lender's Interest in the Property .and Rights Under this Security lnstrument.1f (a) Borrower
fails to perfonn the covenants and agreements contained in this Security lnstrument, (b) there is a legal proceeding that might
significantly affect Lender's interest mthe Property and/or rights under this Security lnstrument (such as a proceeding in
bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which has or may attain priority over this
Security lnstrument or to enforce laws or regulations), or (c) .Borrower has abandoned the Property, then Lender may do and
pay for whatever is reasonable or appropriate to protect Lender's interest in the Property BDd rights under this Security
lnstrument, including protecting and/or assessing the v.a1ue of the Property, and securing lIJ1d/or repairing thè Property.
Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has or may attain priority
over this Security lnstrument; (b) appearing in court; and (c) paying reasonable attomeys' fees to protect its interest in the
Property .and/or rights under this Security lnstrument, including its secured position in a bankruptcy proceeding. Securing the
Property mcludes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors BDd
windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, lIJ1d have utilities turned
on or off. Although .Lender may take action under this Section 8, Lender does not have to do so and is not under lIJ1Y duty or
obligation to do so. It is agreed that Lender mcurs no liability for not taking any or all ætions authorized under this Section 8.
Any amounts disbursed by Lender under this Section 8 shall become additional debt of .Borrower secured by this
Security lnstrument if allowed under Applicable Law. These amounts shall bear interest at the Note rate from the date of
.disbursement and shall be payable, with such interest, upon notice from .Lender to Borrower requesting payment.
1f this Security lnstrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If .Borrower
æquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
9. Mortgage lnsurance. Mortgage Insurance reimburses Lender (or lIJ1Y 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 lnsurance.
1f Lender required Mortgage lnsurance as a condition of making the Loan, .Borrower shall pay the premiums required to
maintain the Mortgage lnsurance in effect.
10. Assignment of Miscellaneous Proceeds; Forfeiture. The Miscellaneous Proceeds of any award or claim for
damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for
conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of lIJ1Y mortgage,
deed of trust or other security agreement with a lien which has priority over this Security lnstrument.
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 BDd restoration period,
WYOMING MORTGAGE-Single FJI111ily-Secondary Lien
'THE COMPLIANCE SOURCE, INC. C
ITEMT8700L6 (D304)-MERS (Page 6 of 11 pages)
GREATLAND .
10 Order Can: HlO0-530-9393 D Fax: 616-791-1131
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0917685
r ('a r t: "1 6
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Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had lUl 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 lUld restoration in 11 single disbursement or in 11 series of progress payments 11S the work is
completed. Unless lUl 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 lulY 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
11pplied to the sums secured by this Security lnstrument, whether or not then due, with the excess, if lulY, paid to Borrower.
Such Miscellaneous Proceeds shall be 11pplied in the order provided for in Section2.
1f the Property is abandoned by Borrower, or if,l1fter notice by Lender to Borrower that the Opposing P.arty (as defmed
in the next sentence) offers to make 11n 11WMd to settle a claim for damages, Borrower fails to respond to Lender within 30
illiys 11fter the illite the notice is given, Lender is 11uthorized to collect lUld 11pply the Miscellaneous Proceeds either to
restor11tion or repair of the Property or to the sums secured by this Security lnstrument, whether or not then due. "Opposing
P.arty" means the third party that owes Borrower Miscellaneous Proceeds or the party 11gainSt whom Borrower has 11 right of
1ICtion in regard to Miscellaneous Proceeds.
Borrower shall be in default if lulY 11ction 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 lnstrument. Borrower can cure such a defllultlUld, if acceleration has occurred, reinstate 11S provided in Section 18,
by causing the 11ction or proceeding to be dismissed with 11 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 lulY 11WMd or claim for dmnages that Me 11ttributable to the impairment of Lender's interest in the Property Me
.hereby liSsigned.and shall be paid to Lender.
All Miscellaneous Proceeds that Me not 11pplied to restor11tion or repair of the Property shall be 11pplied in the order
provided for in Section 2.
11. Borrower Not Released; Forbearance By Lender Not .a W.aiver. Extension of the time for payment or
modification of Bmortization of the sums secured by this Security lnstrument granted by Lender to Borrower or lulY
Successor in lnterest of Borrower sha.ll not oper11te to release the liability of Borrower or lulY Successors in lnterest of
Borrower. Lender shall not be required to commence proceedings 11gainSt any Successor in lnterest of Borrower or to refuse
to extend time for payment or otherwise modify amortization of the sums secured by this Security lnstrument by reason of
lulY demand made by the original Borrower or any Successors in Interest of Borrower. Any forbear.ance by Lender in
exercising lulY right or remedy including, without limitation, Lender's 11cceptance of payments from third persons, entities or
Successors in Interest of .Borrower or in Bmounts less than the Bmount then due, shall not be 11 w.aiver of or preclude the
exercise of lulY right or remedy.
12. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants lUld 11grees that
Borrower's obligations.and liability shall be joint and severlll. However, any Borrower who co-signs this Security lnstrument
but does not execute the Note (11 "co-signer"): (a) is co-signing this Security lnstrument only to mortgage, grant lIIld convey the
co-signer's interest in the Property under the tenns of this Security lnstrument; (b) is not personally obligated to pay the sums
secured by this Security lnstrument; and (c) 11grees that Lender lIIld any other Borrower can 11gree to extend, modify, forbear or
make any 11ccommodations with regard to the terms of this Security lnstrument or the Note without the co-signer's consent.
Subject to the provisions of Section 17, 11ny Successor in lnterest of Borrower who 11ssumes Borrower's obligations
under this Security lnstrument in writing, and is approved by Lender, sha.ll obtain all of Borrower's rights and benefits under
this Security Instrument. Borrower shall not be released from .Borrower's obligations lUld liability under this Security
.Instrument unless Lender 11grees to such release in writing. The covenants and agreements of this Security lnstrument shall
bind (except liS provided in Section 19) and benefit the successors lUld assigns of Lender.
13. Loan Charges. Lender may charge Borrower fees for services perfonned in. connection with Borrower's default,
for the purpose of protecting Lender's interest in the Property lUld rights under this Security Instrument, liS llllowed under
Applicable Law. T.he 11bsence of express authority in this Security lnstrument to charge a specific fee to Borrower shall not be
construed .as 11 prohibition on the charging of such fee. Lender may not charge fees that Me expressly prohibited by this
Security Instrument or by ApplicableJ...aw.
1£ the Loan is subject to 11 law which sets maximum loan charges, lUld that law is finally interpreted so that the interest
or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) lulY such
loan charge shall be reduced by the Bmount necessary to reduce the charge to the penniued limit; and (b) any sums 11lready
collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this
refund by reducing the principlll owed under the Note or by making 11 direct payment to Borrower. If 11 refund reduces
principlll, the reduction will be treated 11S 11 partial prepayment.
WYOMING MORTGAGE-Single Family-Secondary Lien
'THE COMPLIANCE SOURCE, INC, C
fTEMT8700L7 (0304j-MERS (Page 7 of 11 pages)
GREATLAND.
TD Order CaR: 1-80D-53D-S393D fax: 616·791-1131
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0917685
CO[577
14. Notices. All notices given by Borrower or Lender in connection with this Security lnstrumentmust be in writing.
Any notice to Borrower in connection with this Security lnstrument shall be deemed to have been given to .Borrower when
mailed by Ílrst class mail or when actually delivered to Borrower's notice Address if sent by other means. Notice to IDlY one
'.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 Ðorrower'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 IDlY one time. Any notice to Lender shall be given by delivering it
or by mailing it by Ílrst 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 lnstrument is also required under Applicable Law, the
Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument.
15. GoverningLaw; Severability; Rules of Construction. This Security Instrument shall be governed by federlillaw
IDld the law of the jurisdiction in which the Property is located. All rights IDld obligations contained in this Security
lnstrument me subject to IDlY requirements And limitations of Applicable Law. Applicable Law might explicitly or implicitly
lÙlow 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 lnstrument 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 IDld include corresponding neuter
words or words of the feminine gender; (b) words in the singulm shall mean IDld include the plural and vice versa; And (c) the
word "may" gives sole discretion without IDlY obligation to take IDlY .action.
16. .Borrower's Copy. Borrower shall be given one copy of the Note IDld of this Security Instrument.
17. Transfer of the Property or a .Beneficial Interest in .Borrower. As used in this Section 17, "Interest in the
Property" meIDls 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, instaI1ment 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 IDlY part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural
person llIld a beneÍlcial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may
require immediate payment in full of lÙl 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 14 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,
18. .Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the
right to have eIÚorcement of this Security Instrument discontinued at any time prior to the earliest of: (a) Ílve days" before sale
of the Property pursuant to IDlY power of sale contained in this Security Instrument; (b) such other period as Applicable Law
might specify for the tennination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument.
Those conditions me that Borrower: (a) pays Lender all sums which then would be due under this Security lnstrument IDld the
Note as if no acceleration had occurred; (b) cures IDlY default of IDlY other covenants or agreements; (c) pays all expenses
incurred in eIÚorcing this Security Instrument, as .allowed under Applicable Law; IDld (d) takes such .action as Lender may
reasonably require to assure that Lender's interest in the Property and rights under this Security lnstrument, IDld Borrower's
obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower
pay such reinstatement sums IDld expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money
order; (c) certified check, bank check, treasurer's check or cashier's check, provided IDlY such check is drawn upon IDl
institution whose deposits me insured by A federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon
reinstatement by .Borrower, this Security Instrument IDld 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 17.
19. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or A partial interest in the Note (together
with this Security lnstrument) can be sold one or more times without prior notice to .Borrower. A sale might result in A
change in the entity (known liS the "Loan Servicer") that collects Periodic Payments due under the Note IDld this Security
lnstrument IDld performs other mortgage loan servicing obligations under the Note, this Security lnstrument, IDld 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
WYOMING MORTGAGE-Singlc Family-Secondary Lien
THE COMPLIANCE SOURCE, INC, C
ITEM T8700L8 (0304}-MERS (Page 8 of 11 pages)
GREATLAND.
To Order Call: 1-80D-S3D-9393D Fax: 616-79"'131
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0917685
rnr~78
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Loan Servicer, if required under Applicable Law, Borrower will be given written notice of the change which will state the
name 1Uld address of the new Loan Servicer, the Address to which payments should be made 1iIld 1Uly other information
RESPA requires in connection with A notice of transfer of servicing.lfthe 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 1Uld 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 1Uly judicial Action (as either 1Ul 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 14) of such
.alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action.
If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be
deemed to be reasonable for purposes of this section, The notice of .acceleration and opportunity to cure given to :Borrower
pursuant to Section 211Uld the notice of acceleration given to Borrower pursuant to Section 17 shall be deemed to satisfy the
notice 1Uld opportunity to take corrective action provisions of this Section 19.
20. Hazardous Substances. As used in this Section 20: (a) "Hazardous Substances" life those substances defined as
toxic or hazardous substances, pollutants, or wastes by Environmental Law 1Uld the following substances: gasoline, kerosene,
other flammable or toxic petroleum products, toxic pesticides 1Uld herbicides, volatile solvents, materials containing asbestos
or formaldehyde, 1iIld 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 1iIlY
response action, remedial action, or removal.action, as defined in Environmental Law; 1iIld (d) 1Ul ''Environmental Condition"
means a condition that can cause, contribute to, or otherwise trigger 1UlEnvironmental Cleanup.
Borrower sha1l not cause or pennit the presence, use, disposal, storage, or release of 1Uly Hazardous Substances, or
threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor .aIlow Anyone else to do,
1Ulything affecting the Property (a) that is in violation of 1Uly 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 v.alue of the Property. The preceding two sentences sha1l not Apply to the presence, use, or storage on the Property
of small quantities of Hazardous Substances that life gener.aIly recognized to be appropriate to normal residential uses 1iIld to
maintenance of the Property (including, but not limited to, hazardous substances in consumer products).
:Borrower sh.aIl promptly give Lender written notice of (a) 1Uly investigation, claim, demand,lawsuit or other .action by
1Uly governmental or regulatory agency or private party involving the Property 1Uld 1Uly Hazardous Substance or
Environmental Law of which :Borrower has ActUal knowledge, (b) any Environmental Condition, including but not limited to,
1Uly spilling, leaking, discharge, release or threat of release of 1Uly Hazardous Substance, 1iIld (c) any condition caused by the
presence, use or release of a Hazardous Substance which adversely affects the value of the Property.lf:Borrower learns, or is
notified by 1iIlY governmental or regulatory authority, or 1Uly private party, that 1Uly removal or other remediation of 1iIlY
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 1Ul Environmental Cleanup.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
.21. Acceleration; Remedies. Lender shall give notice to .Borrower prior to acceleration following .Borrower's
breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 17
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 Iesult in .acceleration of
the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of
the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or
any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the
notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument
without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law.
Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section .21,
including, but not limited to, reasonable attorneys' fees and costs of title evidence.
H 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,.ü different, in accordance with Applicable Law. Lender shall give notice of the sale to
.Borrower in the manner provided in Section 14. Lender shall publish the notice of sale, and the Property shall be sold
WYOMING MORTGAGE-Single Family-Secondary Lien
'THE COMPLIANCE SOURCE, INC, C
ITEM T8700l9 (0304)--MERS (Page 9 of 11 pages)
GREATLAND ..
To Orner CaD: 1-800-53(}'9393D f..: 616-791-1131
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0917685
00579
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 aU expenses of the sale, including, but not .limited to,
reasonable attorneys' fees; (b) to aU sums secured by this Security Instrument; .and (c).any excess to the person or
persons legally entitled to it.
22. Release. Upon payment of all sums secured by this Security lnstrument, .Lender shall release this.security
lnstrument. Borrower shall pay lUlyrecordation costs, Lender may charge Borrower a fee for releasing this .security
lnstrument, but only if the fee is paid tOB third party for services rendered and the charging of the fee is pennitted under
Applicable Law,
23. W.aivers. Borrower releases lUld waives all rights under and by virtue of the homestead exemption laws of
Wyoming,
REQUEST FOR NOTICE OF DEFAULT
AND FORECLOSURE UNDER SUPERIOR
MORTGAGES ORDEEDS OF TRUST
Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with B lien which has
priority over this Security Instrument to give notice to .Lender, Bt Lender's address set forth on page one of this Mortgage, of
lUly default under the superior encumbrance and of lUly sale or other foreclosure Bction.
-'
-B~':2 ~ jaJAJt
(Seal)
-BolTOwer
BY SlGNING BELO ,
~nt din
o ower llCcepts and Bgrees to the terms and covenants contained in pages I through 11 of
'der executed by Borrower and recorded with it.
TRAVIS M. ZIEHL
~~ ~~
-Borrower -BolTOwer
~~ ~~
-BolTOwer -BolTOwer
Witness: Witness:
WYOMING MORTGAGE-Single Family-Secondary Lien
,HE COMPLIANCE SOURCE, INC, C
fTEMT8700l10 (03Q4)-MERS (Page 10 of 11 pages)
GREATLAND .
To Ortler Cal: 1-800-530-9393 D F..: 616·791-1131
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OS17685
State of
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000580
County of
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The foregoing instrument was acknowledged before me by -JrúJJLS
\'Vlcsi.JuL.. "J. W~
this cr~ day of Aþr JL
Witness my hand.and official seal.
~.
~~GL
NotaJy Public
My .commission expires: q-l"d - 6 Î
LAURIE COE- NOTARY PUBUC
. State of
County of .... Wyoming
'Teton . .. 007
My Commission Expires 9/12/2
WYOMING MORTGAGE-Single Family-Secondary Lien
'THE .cOMPl.IANCE SOURCE, INC, 0
TTEMiB700L11 (0304)-MERS (Page 11 of 11 pages)
GREAT1.AND ..
To Ortler CaU: l-aoo-53IH393D Fax: 616-791-1131
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0917685
COG581
Exhibit "A"
Lot 10 River View Meadows Addition to 'the Town of Alpine with 'the SE1/4 of Section
30, T37N, Rl18W, according to that plat filed July 2, 1993, as Instrument No. 767416.
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091.7685
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Loan Number 1150850
BALLOON RIDER
THIS BALLOON RIDER is made -411912006 JlDd is incorpomted into Bnd shall be deemed to 1IIIIend
JlDd supplement the Mortgage, Deed of Trust or Deed to Secure Debt [the ~5ecurity lnstrumenq of the
same date given by the undersigned [the "Borrower"] to Taylor, Bean & Whitaker MoJtglbe "Lender"]
.and covering the property located at: 369 DEER .LANE, ALPINE, WY 83128
THE TERM OF THE LOAN IS FlFI'EEN YEARS. AS A RESULT, YOU WILL BE REQUIRED
TO REPAY THE ENTIRE PRINCIPAL BALANCE AND ANY ACCRUED INTEREST THEN
OWING Fifteen Years FROM THE DATE ON WHICH THE LOAN IS MADE.
THE LENDER HAS NO OBLIGATION TO REFINANCE THIS LOAN ATTHE.END OF ITS
TERM. THEREFORE, YOU MAY BE REQUIRED TO REPAY THE LOAN OUT OF ASSETS
YOU OWN OR YOU MAY HAVE TO FIND ANOTHER LENDER WILLING TO REFINANCE
THE LOAN.
ASSUMING THIS LENDER OR ANOTHER LENDER REFINANCES THIS LOAN AT
MATURITY, YOU WILL PROBABLY BE CHARGED INTEREST AT MARKET RATES
.PREVAILING AT THAT TIME AND SUCH RATES MAY BE HIGHER THATNTHE INTEREST
RATE PAID ON THIS LOAN. YOU MAY ALSO HAVE TO PAY SOME OR ALL OF THE
CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW MORTGAGE LOAN.
LOAN REFINANCING
Borrower acknowledges that the entire principal balance of the Loan will not be fully repaid by the
regular monthly payments due under the Note JlDd that at maturity, a final payment, significantly larger
than the regular monthly payments, must be made,
The Lender may consider an application to refinance the unpaid principal of the Loan.at JlDytime prior
to maturity, but such an application will be treated like any other new loan application,
The Borrower may have the option to refinance the Loan at maturity under tenns then otIered by the
Lender if the Lender is still originating mortgage loans.and if the followillj¡ provisions Me fully met.and
.satisfied:· ,
(i) Borrower must make written application to Lender to refinance the Loan no later than ninety
(90) days prior to maturity, The lIpplication must be on the fonnthen.approved for use by the
Lender JlDd completed in all respects, The Borrower must execute such other documents 115
Lender shall require to process and underwrite the loan application including, but not by way of
limitation, requests for release of credit.and employment infonnation JlDd deposit verification,
(ii) Borrower shall pay Lender's loan application fee then in effect for the loan program lIpplied
for,1I5 well as Lender's cost for credit reports, appraisaIs and other costs Bnd fees then in .etIect.
Such fees shall be paid at time of application,
(Hi) At the time of application, Borrower must have fulfilled all promises made by Borrower under
the Note and must continue to fulfill such promises through the time of closing to refinance the
Loan,
(¡v) Borrower shall be entitled to refinance only the principal balance of the Loan which is
outstanding at maturity. No new or Bdditional funds will be .advanced,
(v) Borrower's .credit, financial status, employment history JlDd value of the security must all
satisfy Lender's requirements úom the time of application through closing of the refinance,
The opinion of the Lender shall be conclusive Bnd binding,
(vi) Nothing herein shall be either construed or inte reted to create.an obligation of Lender to
provide a new loan if the Borrower not satisfy the aforementioned requirements.
WITN
[SEAL ~..
~WIS .MjZIEHL I Ad
ISEAL~4\ ~
MONIKA J. WELlS
[SEAL I
[SEAL)
CO I OOLO
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