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HomeMy WebLinkAbout917854 0001-67 CJÐ THE JACKSON STATE BANK & TRUST P.O. BOX 1788 JACKSON, WYOMING 83001 HERS MIN #100015700066450038 LOAN NO.: 119028261 ESCROW NO.: TITLE NO.: PARCEL NO.: 12-3418-05-3-07-040.00 THIS MORTGAGE is made this 24TH day of APRIL JOSEPH KEITH COOK AND FRANCES CORA COOK, HUSBAND AND WIFE ~. ~ . t· L~' á re"""......3-¿.J J: :,1j$i~ uo.....""ttmtn IS ut:U1þuvlCj'!'a! !:3;'l Southwest Title Company .~ !R (,,ßt~rtf,sy only. I MORTGAGE I , 2006 , between the Mortgagor, (herein "Borrower"), and the Mortgagee, THE JACKSON STATE BANK & TRUST, A WYOMING BANKING CORPORATION existing under the laws of WYOMING P.O. BOX 1788; JACKSON, WYOMING 83001 , a corporation organized and , whose address is (herein "Lender"). WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ 33,600.00, which indebtedness is evidenced by Borrower's note dated APRIL 24, 2006 and extensions and renewals thereof (herein "Note"), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on MAY 01, 2021 TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the performance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property locate(i in the County of Lincoln State of Wyoming: LOT 59 OF STAR YAl:LEYRANCH PLAT 21, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED ON OCTOBER 22, 1982 AS INSTRUMENT NO. 586332 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. TWO PAGE PUD RIDER ATTACHED HERETO AND MADE A PART HEREOF RECEIVED 4/27/2006 at 4:21 PM RECEIVING # 917854 BOOK: 618 PAGE: 167 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY -_.-.~- ______. n_____ ___ - - -- -- which has the address of Star Valley Ranch 159 East Street [City], Wyoming 83127 [S treel], [Zip Code] (herein "Property Address"); TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances and rents, all of which shall b~ deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as the "Property." Borrower covenants that Borrower is lawfuiIy seised of the estate hereby conveyed and has the right to mortgage, grartt and convey the Property, and that the Property is unencumbered, except for encumbrances of record. Borrower covenants that Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances of record. . UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") . equal to 'one-twelfth of the yearly taxes and assessments (including. cóndominium and planned unit developmènt assessments, if any) whìchmay attain priority over this Mortgage 'and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and ITom time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Bon'ower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender. Initials WYOMING - SECOND MORTGAGE - 1/80 - FNMAIFHLMC UNIFORM INSTRUMENT ------ -76(WY) (0308) DOCPREP SERVICES, INC, FORM - MTGWY2-5401 Form 3851 Page 1 of4 VMP Mortgage Solutions (800)521-7291 ORIGINAL ·ID::ii~'~'"!.:':j}:~;I~ · .' ·rj;:·I~· ·;'·;·~ CN':':I:i":1~::¡t 091 7 . , , ~:~:~r:i:::Wt¡~:~ .: ~:~~~~g~:~:~:::~1!' . 00j.68 If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law pennits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to BOlTower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Bon"ower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to BOlTower any Funds held by Lender. If under paragraph 17 hereof the Propeliy is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by BomMer under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority. over this Mortgage, including BOlTower's covenants to make payments when due. BOlTower shall payor cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance calTier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust. orother security agreement with a lien which has priority over this Mortgage. 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 BOlTower. If the Property is abandoned by Borrower, or if B01Tower fails to respond to Lender within 30 days from the date notice is mailed by Lender to BOlTower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Propeliy in good. repair and shall not commit waste or permit impainnent or deterioration of the Property and shall comply with the provisions. of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condorriiniuìn or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing thecondOlniniumor planned unit development, the by-laws and regulations of the condominium or planned 'unit development, and constituent docui11ents. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements êoritàined in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to BOlTower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this M0l1gage, BOlTOwer shall pay the premiums l;equiredto maintain such insurance in effect until such time as the requirement for such insurance tenninates in accordance with Borrower's and Lender's written agreement Or applicable law. . . Any amounts disbursed by Lender pursuant to this paragraph 7, with interest' thereon, at the Note rate, shall become additional indebtedness of BOlTower secured by this Mortgage. Unless Borrower and Lender agree to other tenns of payment, suèh amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereuncter. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give BOlTower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or pa11 thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall· be paid to Lender, sÜbject t() thetenns of any mortgage, deed of trnst Or other security àgreement with a lien which has priority over this M0l1gage. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of BOlTower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to COl1)menCe proceedings against such successor, or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. . . . . LOAN NO.: 119028261· -76(WY) (0308) DOCPREP SERVICES. INC. FORM· MTGWY2-5401 Initials ---------- Page 2 of 4 ORIGINAL Form 3851 / 0917~5C!: Cn n 'i.. ··6 9 "" "..J \.,I..t ' 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covénants and agreements of Bon'ower shall be joint and several. Any Bon'ower who co-signs this Mortgage, but does not execute the Note, (a) is co-signing this Mortgage only to m0l1gage, grant and convey that Borrower's interest in the Prope11y to Lender under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other a<?commodations with regard to the terms of this Mortgage or the Note without that Borrower's consent and without releasing that Bon'ower or modifying this Mortgage as to d1at Borrower's interest in the Property. 12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to I3orrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower at the Propel1y Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severability. The state and local laws applicable to this M0l1gage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this M0l1gage or the Note which can be given effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Bon'ower shaU be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. IS. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements made to the Property. 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any pm1 of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Bon'ower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Mortgage. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. . If Lender exercises this option, Leùder shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay aU sums secured by this M0l1gage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke ahy remedies permitted by this M0l1gage without further notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: . 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not curedon or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums secured by this Mortgage to be immediately due and payable 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 reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fees. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender or Lender's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or persons legally entitled thereto. 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage dueto Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Propel1y pursuant to the power of saie contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if; (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower. contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payme!1t and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force arid effect as it no acceleration had occurred. 19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borrower hereby assigns to Lender the rents of .the Property, provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandonment of the Propel1y, nave the right to collect and retain such rents as they become due and payable. LOAN NO.: 119028261 -76(WY) (0308) DOCPREP SERVICES.INC, FORM - MTGWY2.5401 Initials ------ Page 3 ·of 4 ORIGINAL Form 3851 J! :~:I:I:' i:':':'::::: f:!~:~M¿~~.:1j {)G-'I!7º C:;,.,: ¡;;:'~:; "'~r ' :::.:;':.:,',¡,::'~,:~,:,¡.¡:;!::':"':::":\':'~"":,:, V("\ j,. 7 0 ' J,~ c:J '1~~1:i?;'i:; ~¡1~;~¥8 _ .. Upon âëceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Propeliy and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Propeliy and collection of rents, including. but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attomeys' fees, and then to the sl1Ins secured by this MOIigage. Lender and the receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this MOIigage, Lender shall release this Mortgage without charge to Bon-ower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the PropeJiy. REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has priority over this MOligage to give Notice to Lender, at Lender's address set fOlih on page one of this MOligage, of any default under the superior encumbrance and of any sale or other foreclosure action. IN WITNESS WHEREOF, BOITower has executed this Mortgage. -Borrower (Seal(;!:é?&- -Borrower . Jose Keith Cook . 1;~J~~C¿~~ Frances Cora Cook by Joseph Keith Cook as her attorney-in-fact (Seal) -Borrower (Seal) (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower [Sign Original Only] STATE OF WYOMING, TETON County ss: by Joseph Keith Cook The foregoing instl11ment was acknowledged before me this 24th day of April, 2006 My Commission ' CATHY TOOLSON Notary Public County ot State ot Teton Wyoming f>1y Commission Ex Ires May 14, 2008 No1::;tu(;!?~~'l TETON COUNTY S5: STATE OF WYOMING, On this 24th day of April, 2006, before me, a Notary Public in and for said State, personally appeared Joseph Keith Cook, known or identified to me to be the person whose name is subscribed to the within Instrument as the attorney-in-fact of Frances Cora Cook, and acknowledged to me that he subscribed the name of Frances Cora Cook thereto as principal and his own name as.attorney-in-fact. Given under my hand and seal the date first above written. (!Æ:eh ?-~^'-. Notary Public My Commission Expires: CATHY TOOLSON County ot Teton Notary Public Stale of Wyoming My Commission Expires May 14, 2008 .76(WY) (0308) DOCPREP SERVICES. INC. FORM· MTGWYZ.S401. Form 3851 Page 4 of 4 ORIGINAL ; / · 091.7854: ('I n {"\ " 71 1Je,vl (SPACE ABOVE RESERVED FOR RECORDER] PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 24TH day of APRIL , 2006 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to THE JACKSON STATE BANK & TRUST. A WYOMING BANKING CORPORATION (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 159 East Street; Star Valley Ranch, WYOMING 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in Covenants, Conditions and Restrictions (the "Declaration"). The Property is a part of a planned unit development known as Star Valley Ranch [Name of Planned Unit Development] (the "POO"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the POO (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perfonn all of Borrower's obligations under the POO's Constituent Documents. The "Constituent Documents" are the: (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the tenn "extended coverage," then: (i) Lender waives the provision in Unifonn Covenant 2 for the monthly payment to Lender of one-twelfth of the yearly premium installments for hazard insurance on the Property; and LOAN NO.: 119028261 INITIALS MULTISTATE PUD RIDER - Single Family - Fannie MaelFreddie Mac UNIFORM INSTRUMENT DOCPREP SERVICES, 1Ne. MS3150 0235 ORIGINAL FORM 3150 9/90 Page 1 of 2 ;:::-::~:::~::~;:;:::~ t~;;~~!:1~~j ".' '" 091.7854 (' 1"\ 1"\ ,~ 7 2 ~ ;' r 4 ) " \.-1 (ii) . Borrower's obligation under Unifonn Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage provided by the master or blanket policy. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the POD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in fonn, amount, and extent of coverage to Lender. D. Condemnation: The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the POD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Unifonn Covenant m 9. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or tennination of the POD, except for abandonment or tennination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking bycondemna~ion or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) tennination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay POD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other tenns of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the tenns and provisions contained in this POD Rider. cf~t?~ (Seal) -Borrower (Seal) -Borrower (Seal) v.=- -Borrower by Joseph Keith Cook as her (Seal) -Borrower LOAN NO.: 119028261 MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCPREP SERVICES, INC. MS3150 0235 ORIGINAL FORM 3150 9/90 Page 2 of 2 /