Loading...
HomeMy WebLinkAbout918065 b0214 (04) f. COOSt6 .~ :::l-- When recorded, mail to: LONG BEACH MORTGAGE COMPANY P.O. BOX 201085 STOCKTON, CA 95202 . RECEIVED 5/4/2006 at 4:23 PM RECEIVING # 918065 BOOK: 618 PAGE: 816 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY LOAN NO. 6721661-7988 ISpace Above Tbls Line For Recording DataJ MORTGAGE THIS MORTGAGE ("Security Instrument") is given on May 2, 2006 . The mortgagor is JERAMY D PITTSLEY and DAWNS PITTSLEY, HUSBAND AND WIFE AS JOINT TENANTS WITH FULL RIGHTS OF SURVIVORSHIP ("Borrower"). This Security Instrument is given to LONG BEACH MORTGAGE COMPANY , which is organized and existing under the laws of the State of Delaware , and whose address is 1400 S. DOUGLASS RD., SUITE 100, ANAHEIM, CA 92806 ("Lender"). Borrower owes Lender the principal sum of Ninety Two Thousand and no/100-----------n-------------u--______._______________________________u Dollars (U.S. $ 92,000.00 ). This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full deht, if not paid earlier, due and payahle on May I, 2036 This Security Instrument secures to Lender: Ca) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in LINCOLN County, Wyoming: LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF i' -'\ .( 'jì'\f' f \b which has the address of 730 S MARX LANE Wyoming 83123 WYOMING-Single Family-FNMAlFHLMC UNIFORM INSTRUMENT Form 3051 9190 ca -6H(WY) (9403).01 Amended 12/93 ( ) VMP MORTGAGE FORMS· (800)521.7291 Page 1 or 8 roWY1 (04102104) PC InIU.I~ LA BARGE [Zip Code] ("Property Address"); [Slree~ City], 11111111111111111111111111111111111 ~.,/ .J .,.../ -' 0918065 "1"\(':8"7 \.,Uu .l. - TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shan promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shan pay to Lender on the day m'onthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are caned "Escrow Items." Lender may, at any time, conect and hold Funds in an amount not to exceed the maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. Section 2601 et seq. ("RESPA"), unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, conect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shan apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, annuany analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. However, Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds, 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 all sums secured by this Security Instrument. If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shan account to Borrower for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower shan pay to Lender the amount necessary to make up the deficiency. Borrower shan make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment in fun of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If, under paragraph 21, Lender shan acquire or sen the Property, Lender, prior to the acquisition or sale of the Property, shan apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, an payments received by Lender under paragraphs I and 2 shan be applied: fust, to any prepayment charges due under the Note; second, to amounts payable under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shan pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shan satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. O(j) -6H(WYJ (9403).01 TDWY2 (04102I911il'~."'¡'N'h'~ ~m;Ìii8i!;¡Ì¡tm~ Form 3051 9/90 Inlual~ Loan No. 6J'ijill9~~~~¡988 Page 20t6 M~~I¡! O~18d65 '. . coe8) 8 5. Hazard or Property Insurance. Borrower shan keep the Improvements now eXIsting or hereafter erected on the Property insured against loss by fife, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shan be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shan be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. All insurance policies and renewals shall be acceptable to Lender and shan include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower ·shan 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 agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shan be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shan not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If under paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument and shan continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shan not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shan not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shan be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with an the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shan not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shan become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shan 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. 8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shan pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shan pay the premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantiany equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower shan pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve Form 3051 9/90 'n,tla,':xt\p/DI)? Loan No. 6721661-7988 e@-6H(WYJ (9403).01 TDWY3 (04/02104) pc Page 3 of 8 0918065 COC8i9 payments may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect; or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. 9. Inspection. Lender or its agent may make 'reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is ~qual to or greater than the amount of the sums secured by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of such payments. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Severa) Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13. Loan Charges. If the loan secured by this Security Instrument is subject to a Iaw which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. Form 3051 9/90 Initials:~ Loan No. 6T~Gìl¡!¡i:ii'¡ij988 _<I> -6H(WY) (9403).01 TDWY4 (04/02l'lr.t,~p ",> ',>'" t:¡~m£lli~¡;l~¡illjJ Page 4 ot6 fiillilim:mr:~:¡~ ......" ~.."'" 091S065 :00820 17. Transfer of the Property or a Beneficial Interest hi Borrower. If aII or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of aII sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shaII provide a period of not less than 30 days from the date the notice is delivered or mililed within which Borrower must pay aII 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. If Borrower meets certain conditions, Borrower shaII have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender aII sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shaII continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shaII remain fulIy effective as if no acceleration had occurred. However, this right to reinstate shaII not apply in the case of acceleration under paragraph 17. 19. Sale of Note; Change of Loan Servicer. The Note or a partial in1erest in the Note (together with this Security Instrument) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity (known as the "Loan Servicer") that collects monthly payments due under the Note and this Security Instrument. There also may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower wiII be given written notice of the change in accordance with paragraph 14 above and applicable law. The notice wil\ state the name and address of the new Loan Servicer and the address to which payments should be made. The notice wil\ also contain any other information required by applicable law. 20. Hazardous Substances. Borrower shaII not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shaII not do, nor alIow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shaII not apply to the presence, use, or storage on the Property of smaII quantities of Hazardous Substances that' are generalIy recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving ¡he Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take aII necessary remedial actions in accordance with Environmental Law. As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the folIowing substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 20, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as foUows: 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 paragraph 17 unless applicabIe law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceIeration 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 aU 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 paragraph 21, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of the sale to Form 3051 9/90 Inlüal.::r1SY I~ Loan No. 6721661-7988 0<1> -6H(WY) (9403).01 TDWY5 (04/02104) pc Page 50'6 0918065 C00821 Borrower in the manner provided in paragraph 14. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 22. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument to Borrower. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under applicable law. 23. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. 24. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] ŒJ Adjustable Rate Rider o Graduated Payment Rider o Balloon Rider o VA Rider o Condominium Rider o Planned Unit Development Rider o Rate Improvement Rider o Other(s) [specify] o 1-4 Family Rider o Biweekly Payment Rider o Second Home Rider BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: ~.~ c,Q~ ERA D PITT Y (Seal) -Borrower '\)c\uY"\h. Q-l H1\,p II DAWN S PITTSLEY (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower ( STATE OF WYOMING, ~ County ss: by TIre fure~i~ m'''~Wï1bwW'_OO;k ~ J ~ ~ ~ "W'_~ledging) ~ My Commission Expires: /~ - cJ¿) ~ ~.~~ No b c lÌÑ~~~~'----~-~ County or UinlG o<!) -6H(WY) (9403).01 TDWY6 (04/ovmr::":"""illill m~~~~'~;;mnd:\jL:; fuj¡¡¡¡lfillm~ Form 3051 9/90 Loan No. 61,:B~~b~988 , ...,:,,';::;;;:¿:::;~;~::¡! ;,',' j! ,'Ó~¡~~, '''.1: :' ~ >':'_~ ,~\!. " . ,~, :L·~'- . ',,',/;c; ~ ':";::.':' c;:i"¡~~,~..w.'':;;':':'''"''::;';':':-"i.Ä'''!''-''-,F·' 0918065 COC822 FIXED/ADmSTABLE RATE RIDER (LIB OR Index - Rate Caps) THIS FIXED/ADJUSTABLE RATE RIDER is made on this 2nd day of May , 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 Fixed! Adjustable Rate Note (the "Note") to : LONG BEACH MORTGAGE COMPANY (the"Lender") of the same date and covering the property described in the Security Instrument and located at: 730 S MARX LANE LA BARGE, WY 83123 [Property Address] THE NOTE PROVIDES FOR A CHANGE IN THE BORROWER'S FIXED INTEREST RATE AND TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT THE BORROWER'S ADJUSTABLE RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial fixed interest rate of 7.200 %. The Note also provides for a change in the initial fixed rate to an adjustable interest rate, as follows: 1. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES (a) Change Dates The initial fixed interest rate will change to an adjustable interest rate on the first day of May 2008 ,and on the first day of the month every 6th month thereafter. Each date on which the adjustable interest rate could change is called a "Change Date." (b) The Index Beginning with the first Change Date, the interest rate will be based on an Index. The "Index" is the average of the London interbank offered rates for six month dollar deposits in the London market based on quotations at five major banks ("LIB OR"), as set forth in the "Money Rates" section of The Wall Street Journal. or if the Money Rates section ceases to be published or becomes unavailable for any reason, then as set forth in a comparable publication selected by the Lender. The most recent Index figure available as of the date 45 days before each Change Date is called the "Current Index." (c) Calculation of Changes Before each Change Date, the Lender will calculate my new interest rate by adding Four and Ninety Nine Hundredths percentage point(s) (4.990 %) to the Current Index. The Lender will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Sectio~ I(d) on the following page, this rounded amount will be the new interest rate until the next Change Date. Fixed/Adjustable Rate Rider· Llbor tí'-1956016 (9510) I)fí' 'M Page 1 0'3 ELECTRONIC LASER FORMS. INC. - (800)321-OS45 19560181 (05103104) PC Loan No. 6721661-7988 $9 \)~ --- .....,.'" ·"'-··;'·',';'i~·,'.·¡~.','.·,·,'· "i.'" :",.:r~.'!¡ili-'.:i~:~"!h.:-t:;:;f.¡!!1'¡' '~\ ',.;:;-, '! 0918065 r0oo02· 3 ',.'J,) The Lender wiII then determine the amount of the monthly payment that would be sufficient to repay the unpaid pñncipal balance as of the Change Date in full on the Maturity Date at the new interest rate in substantially equal payments. The result of this calculation wiII be the new monthly payment. (d) Limits on Interest Rate Changes The interest rate at the first Change Date wiII not be greater than 9.200 % or less than 7.200 %. Thereafter, the adjustable interest rate wiII never be increased or decreased on any single Change Date by more than One percentage points ( 1.000 %) from the rate of interest applicable during the preceding 6 months. The adjustable interest rate wiII never be greater than 13.200 %, which is called the "Maximum Rate" or less than 7.200 % which is called the "Minimum Rate". (e) Effective Date of Changes Each new adjustable interest rate wiII become effective on each Change Date. The amount of each new monthly payment will be due and payable on the first monthly payment date after the Change Date until the amount of the monthly payment changes again. (f) Notice of Changes The Lender wiII deliver or mail a notice of any changes in the adjustable interest rate and the amount of the new monthly payment to the Borrower before the effective date of any change. The notice wiII include information required by law to be given to the Borrower and also the title and telephone number of a person who will answer any questions regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER 1. Until Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section A above, Uniform Covenant 17 of the Security Instrument provides as follows: Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower 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 Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. 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 delivered or mailed 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. 2. When Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section A above, Uniform Covenant 17 of the Security Instrument contained in Section B( 1) above shall then cease to be in effect, and Uniform Covenant 17 of the Security Instrument shall be amended to read as follows: / Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower 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 Security Instrument. However, this option shall not be exercised by Lender if Fixed/AdJustable Rate Rider· Llbor fí« ;~956016 (9510) Page 2of3 19560182 (05103104) PC Loan No. 6721661-7988 :S-~ \)~~''''.è.¡':';':'.:~ ::¡:m¡illllil!8!;':~i ¡;::j:;:~~~:r{~~j:1: ;;:¡;~~:;::j i~_; ., ""'. '¿ ';",',';'¡';',';' ·.·.'.-.',!¡!'!.!I','.'. ".,,,,-,,- t"~~···,.,· "'-.0' -r,'O:.:~-:.:;.~"'..:,:.'-__ ~~',~ , ' , . .';-,' .~,' ,~,'~',','..,. ,'",',' . ....',.,,,'2~'.~'!C;,..¡:=!~"_.; ...~,..-__,_~'..Laf;.;.;,._¡", 091.80G5 COG824 exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security wiII not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by applicable law, Lendcr may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower wiII continue to be obligated under the Note and Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed 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. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Fixed! Adjustable Rate Rider. ß"'fl}~' ?~ ~ERA D PITTS (Seal) -Borrower ~ill() ^ t! H)toQ d AWN S PITTSLEY (Seal) -Borrower (SeaI) -Borrower (Seal) -Borrower [Sign Original Only] Fixed/AdJustable Rate Rider - Llbor ~ ;~956016 (9510) Þage 3 of 3 19560163 (05103104) PC Loan No. 6721661-7988 / ....-',."'.. " .- ¿.' ."'1:~~·¿;~'·ê~··':'!·,i,.';-;:H.~;'#ð¡;¡'·."" ¡".~ '.".',' ,'. ....' ¡ ~ ._, ,: . ' ; ~¡~ ,:..: ". ~ -,,:'c: ,-, ',' ; ';"';"'¡~,~~.'''' . \ 091.8065 COC825 EXHIBIT "A" Løt Four (4) of the t1ar~ Adê!itio!,\ to t,he' Town of: 1aBarç¡e (v,\ca~ed) of 1:"ecoJO"d. in the Office of the Coun·t:y Cler]~, !..il1coln County t !¡~YOn\~.ì'1g I II~01:Ei articula~ly desc~ibed as follQws: . 'l'hil\t þa:rt of th.e NEItNti~ and Lo·\:. 1 (NW!:¡Nt9!:t)of Secu,::l.0ll .', 'r2GI'I. nu~w, withil1. tha incorporated limits of the '.L'own of LaBttt'qe, CO~int.y of LJ.l1aoln I desc~ib~d a~ follows: BEGINNIt'lG ät a. point SãO - 34 I E, 715 as fee'!: from the nQrt.hWé:;¡t Co;¡:n~:c of said 8~otiol1 7 \'lhl,u'e fOIJnc1 iii 2" galvanized steel pipe with bra.ss Oi!il;'l inscribed "! ~26N 56/87 8l12W 1962", thence NB6° .. S5.5'E, 778.4 feet to a point on the centet'lj,ne of Ma~~Jt Lane ¡' thence S04Q H 35.S'E. 34.6 fa~t to a3/B" x 12~ steel spike¡ thence S13° - 11.S'E, 300.7 feat t~ a ~/8P X 12" steel spike, thence S30Q - Z1 ',E', 55. '] fee'l; to a 3/8" ~ 12" steel spike; thence 5140 - 21' E. 99.93 feet to il 3/8" )( 12ft steèl spike on 'the Tlorth- erly right-of-way Line of ,Sti\i:.a High\olE.\Y 23S: thence. 8750 - 39.S'W, 993.p feet along said 11Qrthe:r:ly ri~M,"'Of"we.y 1:1.~'\1!iI to .a POint; thenc~ N05° - Q7'm, 678.9 feet to ~ha POINT OF BEG!~NING; ENCOMPASSING an area of 11.48 ac~~s, more or leQs, StlI3.1EC'r to An easement. for said MarJc Ltine ;I.~entiClal with t.he Ms' ;. :I:hht:.y fee~ of the toregQifig ~~aotl 10GETHER with å ri~ht of ingress and egresa aoross M~rx La11~ dæsQ~ibe.d as follows: I , A strip of land sixty feet irt width baing pa~t of the S~SE~SW~ of Section G and the NE!.(NW~ of Sl!It::ttorl 7, T26111, R1l2W, with!n the incQrl?orø.'1.:l!'.id J,i(.i~,l~L~ of the 'ro'!m of LABa,:rc;Je t Count;y of I,incoln, with thð ae.nt4lrlii\e d¡¡1~arJ,b$¿¡ 45 fOllowSi . !3EG3:NNING at a point O\¡ the norther1-y rj.Çfht~oJ;-~ay line of State iH.gh",m.y No. 235, ~2a~ - 20'W¡ 887.18 het. from the n01:th ona-quarþ.eJ: coroner. o:ff said SßctJ.OI'I 7 whara 1:0\1nd a, 2" gcllvan;i_zac1 st.eal pj.pa. w!.t:þ b:tCls$ C:àD inçcribed "!26N R112W 1/4 S6/S7 19&2"; . _ t.hence MUD - 211W, 99.9.3 feat to a 3/9" )t 12" steal apj,J~al l thenoe t-I03° - 21'W, 55.7 feet tQ a 3/3'1 ~c 12" s1~eel $pika¡ the ")I"'''' 1H3° ~ 11.5IW; JOO.7 feet ·to tt 3/8" X 12" slèel.aJ?iJ~e; (cont.inUed) l.. Ind Titk Company Undenvritcr - çømmonweultll Land Titl. ¡lIsuranee CQJIIDnnv f"'...",,_:_~__ r.t .. VOH ~uedWo:¡ 91\!1 pUeH(O~~ Mifi:m¡i¡¡¡i¡iili.> 9fJ 9Q-ZQ-AWf Z£6-1 9819-eSl-m ......" ......... ,. ";:"¡'I'¡~,'-~U;'2~i',' ·¡'.'i"'....', "'.','<-;"':"'~';;::"~:~:'¡:i.~:,-,-~.,::,::,:,,,,::; '.'".",,:;,.=.~.,.-. '{.¡:,;:: . \ 0918065 '·[';;·'~'''I;t¡!;U;':·:,.',..' ,'¡.'-_";¡':_-,i:¡,~~==·y~:"n":,,,,,.,, :~}:::>",..:::;:>., EXHmIT "A" ('r\cgn6 \_' v' t:." Løt Four (4) of the !'¡ar~ Ad~iU(:m to 'I:.he· Town of L~\Béltg¡¡¡ (1u\catedJ of J:'eèord. in. t:he Offiòe of the Coun:!':'y Clet" " Lil\Co11"1 Cou.nty, ~1Y()n\3.11g I tl~ê):\:G àrticula~ly describ~d as follows: That þa~t ot the ~E~NW~ and ~ot 1 (NW~NW~1 of Seotioq ï, ~2aN. nl12W, withil1 tha incorporated limit~ of the Town of LaBQ~get Coùn~y of Lin~olnl described as follows: BEGINNING at a point 550 - 341 E, 115,88 feet from the northwÐ3t ~Orn~~ of said 8èQtion 7 \'lhGlre founc1 II< 2" galvanized steel pipe with brass calJ inscribed "% ~26N 56/67 8112W 1962", thenc:e Nß6° .. S5.51E, 7'lB.4 feet to a point! on 1:he canta:t'lj,ne of MaLl:JC Lane;' thence $04Q H 35.5'E. :M.6 feet t.o a 3/8" x 12\1 s'l;:eo1 spil<;$¡ This is a 1st Real Estate Mortgage recording concurrently with a 2nd Real Estate Mortgage dated May 2nd,2006 in favor of Long Beach Mortgage Company in the original amount of $23,000.00.