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HomeMy WebLinkAbout875964After Recording Retum To: 'BOOK _/~PR PAGE COMMUNITY FIRST NATIONAL Bi!&IK 200 NORTH CENTER STREET ROCK SPRINGS, WY 82901 [Spa~e .Above This Line For Recording Data] TOEBES MORTGAGE ,.om PARCEL NUIq~ER,: DEFINITIONS Words used in multiple sections of thi,,t dc~,ument are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regard:'.ng the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, wh4ch is dated SEPTEI~IBER 1.4, 2001. together with all Riders to this documeot. (B) "Borrower"is CHRISTINE A. TOEBES, A SINGLE PERSON ' Borrower is the mortgagor under this SectTrity Instrument. (C) "Lender"is COMMUNITY FIRST NATIONAL BANK Lender is a CORPORATION organized and existing under the laws of TH~ UNITED STATE OF AIVlERICA . Lender's address is 200 NORTH CENTER STREET ROCK SPRINGS,, WY 82901. Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated SEPTEMBER 14, 2001. The Note states that Borrower owes L~nde~r EIGHTY-ONE THOUSAND FOUR,HI:lqDRED EIGHTY AND 00/100 Dollars (U.S. $ 81,480.00 ) plus interest. Borrower has pro~rdsed to pay this debt in regular Periodic Payments and ~o 2ay the debt in full not later than ocToBER 1., 2031 (E) ~roperty" means the property [h~,:t is described below under the heading ;'Transfer of Rights in the Property." (F) "Learn" means the debt evidenced b,~' the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. WYOMING - Single Fa~nily - Famde Mae/Fre:ldi:; Mac UNIFORA,I INSTRUMENT Form 3051 1/01 DocuiwY1 (Page l of 12 pages). 822 G) "Riders" means all Riders to this S?}~Curity Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box~a~ applicable]: [] Adjustable Rate Rider [] Condominium Rider [] Second Home Rider [] Balloon Rider [] 'l)l,anned Unit Development Rider [] Biweekly Payment Rider [] 1-4 Family Rider [] Of:her(s) [specify] (H) "Applicable Law" means all contr{::;l:::iing applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that ha')~~, the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Pr6perty by a condominium association, homeowners association or similar organizatioa , (J) '%lectronic Funds Transfer" memu; any transfer of funds, other than a transaction originated by chepk, draft, or similar p.aper instrument, which is ini[iated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, 0r authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of~sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated.:91earinghouse transfers. (K) "Escrow Items" means those items' ~hat are described h Section 3. (L) 'fiVIiscellaneous Proceeds" means .any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance m lieu of condemnatim; or (iv) misreprese~ntations of, or omissions as to, the value and/or condition of the Property. (M) ~fiVlortgage Insurance" means insurance gotectmg Lender against the nmpayment of, or default on, the Loan. (N) 'rPeriodie Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. .... ttlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing (O) "RESPA" means the Real Estate regulation, Regulation X (24 C.P.R. Pa~dt 3500), as they might be amended from time to time, or any additional or successor legislation or regulation th~ 'igovems the same subject matter. As used in this Security Instrument, "RESPA" refers to all. requirements and. restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify ~. g a "federally related mortgage loan" under RESPA. , ~ (P) "Successor in Interest of Borrowe'~i?' means any party that has taken title to the Property, w'hether or not that party has assumed Bonower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PRC' i)ERTY This Security Instrument secures to L, imder: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the. i:?erformance of Borrower's covenants and agreements under this Security Instrument and the Note. Fo~,this put?ose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with p~:~wer of sale, the following described property located in the COUNTY (Type of RecoMing Jurisdiction) of I'.INCOLAI ' (Name of Recording Jurisdiction) LOT 2 OF THE QUARRY SUBDIVI~IION, LINCOLN COUNTY, WYOMINO AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. which currently has the address of 246 EL~ STREET [Street] KEIVR.'~RER ., ,Wyoming 8 3101 ("Property Address"). [City] . [Zip Code] WYOMING - Single Panfily - Fa~mie Mae/Fre~1die Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUIWY2 ' ~, ('Page 2 of J2 pages) Docm. m'a, v'vx 823 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. A;~ of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seized 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 INSTRUMgNT combines, uniform covenants for national use and non-uniform covenants with limited variations by juris(iiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Bc,rr0wer and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, m3 ~1 interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Seotion 3. Payments due under the Note and this ~ecurity Instrument shall be made in U.Scurrency. However, if any check or other instrument received by Lender as: p~jyment 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 f:~rtns, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check orcash~r:a' . check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, i:c?~strumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed receive6, b,~ Lender when received at the location designated in the Note or at such other location as may be designated by !;gnder in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment iF tl~e payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or pa~'tia! payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender nmy hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Sec'~.~rity Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) an-.,omlts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became One. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payt-nent fi:or:~ Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the pa=yment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outst~/nding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is tpF'lied to the tull payment of one or more Periodic Payments, such excess may be applied to any late charges due. Vt:.luntary prepayments shall beapplied~first to any prepayment charges and then aa 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 di:te .~ate, or change the amount of the Periodic Payments. 3. Funds for Escrow Items. B~.0r~ower shall pay to Lender on the day Periodic Payments are due under the Note, 'until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can 5tttain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or gr::~und rents on the Property, if any; (c) premiums for any and all insurance WYOMING - Single Family - F~mnie Mae/lereddit lVlae UNIFOR~I INSTRUMIgNT Form 3051 1101 DOOUlWY3 (Page $ of J2 pages) ~ocuim,'a .v,~,x xx/oa/aooo ' required by Lender under Section 5', :md (d) Ivlortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payri:ie~.t of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "E'.,~'cr:>w Items." At origination or at any time during the term of the Loan, Lender may require that Community A,!~.s~:aciation Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shi,~}l i:.)e an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Secti]!m. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay '~h:~:. Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for m¢.y~gr all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items 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. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed robe a covenant and agreement contained in this Security Instrument, as the phrase ¢c0venant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a: waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Iterris at any time by a notice given in accordance wit!~ Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are ther~ required under this Section 3. Lender may, at any time, colle:::t"and hold Funds in an amount (a) sufficient to perrnit Lender to apply the Funds at the time specified under RES!-!A, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amr')iuet of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or ot2~qerwise in accordance with Applicable Law. The Funds shall be held in an .~'.ktitution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender iiJ~l tm ~nsUtuuon whose deposits are so insured) or in any. Federal Home Loan Bank. Lender shall apply the Funds to p, ay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding a:3::t applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays t.~ C ~ower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is ra~:de in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Bori:ower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shal~ l!,e paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as requ:':t%d by RESPA. If there is a surplus of Funds ~>~::ld in escrow, as defined under RESPA, Lender shall a~count to Borrower for the excess funds in accordance witi:'~ RESPA. If there is a shortage of Funds held in escrow, 'as defined under RESPA, Lender shall notify Box¢owei;'. as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in ac ?:3rdance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow?i as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Le:.t~der the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthIy, payments. Upon payment in full of all s:~ms secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lertder. 4. Charges; Liens. Borrower ~,~tmll pay all taxes, assessments, charges, fines, and impositions, attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Assoc! ation Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay t):;em in the manner provided in Section 3. Borrower shall promptly discltxarge 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, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the liei~ in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those pre.;eedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien m agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that a~:,,y part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give ?orrower a notice identifying the lien. Within 10 days of the date on which WYOMING - Single Fanfily - ]?nmde Mae/Fro idle Mac UNIFORNi INSTRUMENT Fon~ 3051 1/01 DocUlWY4 ~ (Page 4 oil2 pages) DOC/JiWY~ .¥TX 11/0&/2000 that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to.i pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with ,this Loan. 5. Property Insurance. Borrcw~r shall keep the improvements now existing or hereaf[er erected on the Property insured against loss by fire, hcza~ds included within the term "extended coverage," and any other hazards including, but not limited to, earthqual< es and floods, tbr 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 seqteuces can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen ~!g Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unre~sonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood~ zcne determination, certification and tracking services; or (b) a one-time charge for flood zone determination and ~ertification services and subsequent charges each time remappings or similar changes occur which reasonabi~.y ~:~xight affect such determination or certification. Borrower shall also be responsible for the payment of any fe~i::s kmposed by the Federal Emergency Management Agency in connection with the review of any flood zone determin, ation resulting from an. objection by Borrower. If Borrower fails to maintain ~ ~y9f the coverages described above, Lender may Obtain insurance coverage, at Lender's option and Borrower's exFmse. Lenderis 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 les ser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the Cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. 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. All insurance policies required b~' Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include ai standard mortgageclause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall havi' the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender al". receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise irequired 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' shi:dl 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, any insurance proceeds, whether or not the unde~rlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restorati on 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 suck[ Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be ur. dertaken prgmptly. Lender may disburse proceeds for the repairs and restoration in a single payment or.in a s.erie:~s of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Lgw re:luifes interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest c.::: earnings on such proceeds. Fees for public adjusters, or Other third parties, retained by Borrower shall not be paid cut ?f the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economic~D' feasible or Lender's security would be lessened, the insurance proceeds shall be applied to. the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceed,, shall be applied in the order providbd for in Section 2. , If Borrower abandons the Prot:ert!,, Lender may file, negotiate and settle any available insurance claim and related m~atters. If Borrower does not re,spond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender i:3a), negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if L(~nd{:r acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's right's to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument: and (b) any other of Borrower's rights (other thaahe right to any refund of unearned premiums paid by Borrow,:~r) under all insurance policies covering the Property,. insofar as such rights WYOMING - Single Family - Falmie Mae/Freddie ~lac UNIFOFO,~I INSTRUMENT Fonn 3051 1/01 DOCU1WY5 '(Page 5 of 12 pages) are applicable to the coverage of the Prc,pcrty. Lender may use the insuranceproceeds either to repair or restore the Property or to pay amounts unpaid un&;r !:he Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shal~, o'!;cupy, establish, and use the Property as Bon-ower's principal residence within 60 days after the execution of': this Security Instrument and shall 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 shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow tt~e.'Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property front 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:, ~!orrower shall, promptly repair the Property if damaged to avoid further deterioration or damage. If insurance.(~.r icondemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall"q~e responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. ~.tender may disburse proceeds for the repairs and restoration in g single payment or in a series of progress pay~:~ei~ts as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore 'Ii~.e Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoratiorL! :, Lender or its agent may make i'e~Sonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior ,i:ifilthe improvements on 'the Property. Lender shall give Borrower notice at the time of or prior to such an interior i~ .!gsection specifying such reasonable cause. 8. Borrower's Loan Applicm:h.~n. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entlt~es acb:ng at the direction of Borrower or w~th Borrower s knowledge or cons nt gave materially false, nusleadmg, or ~na~:!curate ~nformatlon or statements to Lender (or fared to prowde Lender with material information) in connectio:a., with the Loan. Material representations include, but are not limited to, representations concerning Borrower's !:'!~',gupancy of the Property as Borrower's principal residence. 9. Protection o£ Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenantk :~md agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly af]!'~:ct Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bar!k?uptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Sei:a:~rity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender m~,~,'/do and pay for whatever is reasonable or appropriate to ,protect Lender' s interest in the Property and rights under this Security Instrument, including protecting and/or assessing the Value of the Property, and securing and/or repai~'ing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien whic]:,, has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to proiect its interest in the Property and/or rights under this Security Instrument, including its secured position in a banlffuptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, :change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code.violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lencier incurs no liability for not taking any or all actions authorized under this S ection 9. · ' Any amounts disbursed by Leu ~ier under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amo::'.nts shall bear interest at the Note rate from the date of disbursement m~d shall be payable, with such interest, up6i:, notice from Lender to Borrower requesting payment. If this Security Instrument is o:.:: a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Prope2'ry the leasehold and the fee title ~hall' not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If i~.:ender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums requl..red to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required !:y Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower :,':~as required to make separately designated payments toward the premiums for Mortgage insurance, Borrower shali'pay the premiums required to obtain coverage substantially equivalent to WYOMING - Single Family - Famfi'e MaeJFred i~.ie l~lac UNIFORM INSTRUMENT Fonn 3051 1/01 DOCU1WY6 (Page 6 of 12 pages) 8 2 7 the Mortgage Insurance previously in. ell'eot, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effe~;t,i~fr0m an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance covera1~e is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments: asl, a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwi:.i:2standing the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any L'~te:Test or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance cT:)verage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender agair., becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was r!:!quired, to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pi~y the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve,, nra Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between BorroW'er and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Se,.::ti0n 10 affects Borrower's obligation to pay interest at the rate provided in the Note. : Mortgage Insurance reimbursc-s Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Lc,~ani:as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their ;~)tal risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may. include funds obtained from Mortgage Insurance premiums). As a result of these agreeme;its,i. Lender, any purchaser of the Note, another insurer, any reinsurer, any . other entity, or any affiliate of any of t.he foregoing, may receive (directly or indirectly) amounts that derive, from (or might be characterized as) a portio~ of:Borrower's payments for Mortgage Insurance, in exchange fo~sharing or modifying the mortgage insurer's risk, or'reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in e~:ch:.;mge for a share of the premiums paid to the insurer, the arrm~gement is often termed "captive reinsurance." Furthe,~.r: (a) Any such agreements willj not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they wi,Il not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with.respect to the Mortgage Insurance under the HonmoWners Protection'Act of 1998 or any other law. These rights may include the right to receive certain di~';cl0sures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance te;?'mmated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unear':aed at the time of such cancellation or termination. 11. Assignment of Miscellane:ous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, s~zchl Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender slYdl have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property tc ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to li~e [;aid on such Miscellaneous Proceeds:, ~Lender shall not be required to pay Borrower any interest or earnings on s~xch' Miscellaneous Proceeds. If the rest0rari0n or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or nc, t then due, with the excess, if any, paid to BorrOwer. Such Miscellaneous Proceeds shall be applied in the order pro¥ided for in Section 2. In the event of a total taking, dest:Uction, or loss in value of the Property, the Miscellaneous Proceeds shall S ' be applied to the sums secured by this ~. ecmty Instrument, whether or not then due, with the excess, if any, paid to Borrower. WYOMING - Single Fanfily -FamHe Mae/Freddk Mac UNIFORM INS TRUMENT Fonn 3051 1101 DOCUIW¥7 (Page 7 of 12 pages) In the event of a partial takings: destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this S'ec:.irity Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Securitylnstrument shall be reduced by the amount of the Miscellari4,}ous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before tLC partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately befoii!} the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. ii'.: In the event of a partial takingi:idestruction, or loss in value of the Property in which the fair market value of the Property immediately before the.:partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the =.~artial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Misc~ianeous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are' :,:hen due. If the Property is abandoned ti:iy Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentencej:.offers to make an award to 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 Miscellaneous Proceeds either to restc ration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "f3pposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Bol lower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default i,f any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forN.~ture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Sectic'n 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeitJ~re of the Property or other material impairment of Lender's interest in the Property or rights under this Security:!:instrument. The proceeds of any award or claim for dan'mges that are attributable to the impairment of Lende:"s interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the stuns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower'shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not 'oe required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any rlemm~d made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third peri..ons, entitles or Successors in Interest of Borrower or in amounts less than .the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liabilley; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and i!::i, ability shall be joint and several. However, any Borrower who co-signs this Security Instrm:uent but does not execui!, the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signS, r's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the st-:i~ secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, mc 12ify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note withou, ithe co-signer's consent. Subject to the provisions of S~?ction 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrun=~nt in writing, and is approved by Leilder, shall obtain all of Borrower's rights and benefits under this Security h:~strument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrume':.t unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument :~=hall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. 'Lender' may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of)rotecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited t~?, attorneys' fees, property inspection and valuation fees. In regard to any WYOMING - Single Family - Famfie Mae/Fre~ idie Mac UNIFORM INSTRUMENT Fonn 3051 1/01 DOCUIWY8 (Page 8 of J2 pages) other fees, the absence of express authc,~!i:ty in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the ch~,~rging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applica~ble Law. If the Loan is subject to a law which sets maximumloan charges, and that law is finally interpreted so that the interest or other loan charges colle,;.ted or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge sl-:a:ll be reducecby the amount necessary to reduce the charge to the permitted limit; and (b) any sums already coller:~izd from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make l, his refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refun,'~: reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (wheth.~,,-:i or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by-!jirect payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of sucht, overcharge. 15. Notices. All notices given :~!., Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in coimection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mall or when actually delivered to Borrower's notice address ifsem by other means. Notice to any one Borrower sk.all constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address :ahall 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 reportk!g Borrower's change of address, then Borrower shall only report a change of address through that specified proced:!re. There may be only one designated notice address under this Security Instrument at any one time. Any notice ::;:i Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unles::, !Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrun:~ent shall not be deemed tchave been given to Lender until actually received by Lender. If any notice required by this ~gecurity Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corres'?nding requirement under this Security Instrument. 16. Governing Law; SeverabHity; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdicti,i;.u in which the Property is located. All rights and obligations contained in this Security Instrument are subject to ~'~.~ y requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the partk,;; 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 Al:.i.::,licable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be gi',en effect without the conflicting provision. , As used in this Security In~trument: (a) words of the masculine gender shall mcan and include correspo~lding neuter words or words oi 'the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. B0rrowler shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property ~r a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or ben~:.;'icial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, ,xmtract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of tide,by Borrc, wer at a future date to a purchaser. If all or any part of the,Property., or any Interest in theProperty is sold or transferred (or if Borrower is not a natural person and a beneficial interest !t~;t. Borrower is sold or transferred) without Lender's prior written consent, Lender may require inm~ediate paymer?,: in full of all sums secured by this Security Instrument. Howe~er, this option shall not be exercised by Lender i!',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 '::ihe date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by ';his Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may in'~oke any remedies permitted by this Security Instrument without further notice of demand on Borrower. 19. Borrower's Right to Reim,:ate After Acceleration. If Borrower meets certain conditions, Borrower' shall have the right to have enforcement :)f this Security Instrument discontinued at any time prior to the earliest of WYOMING - Single Family - Fa'male 3,{ae/li're~] r' e Mac UNIFORM INS TRUhIENT Fomat 3051 1/01 DOCU1WY9 (Page 9 o fi2 pages) (a) five days before sale of the Proper~y pursu, ant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law rr :i.ght specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security 4~nstrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this SeCurity Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants rl;r agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited ~,!o, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose ofi:i?rotecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such actionlas Lender may reasonably require to assure that Lender's interest in the Property and rights under this Securi('i! Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unci~kanged Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the folloW:ing:., forms, as selected 'ay Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check ,:!r cashier's check., provided any such check is drawn upon an institution whose deposits are insured by a federa~I agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Securit!!.' Instrument and obligations secured hereby shall remaiu fully effective asif no acceleration had occurred. Howeve:?, this right to reinstate shall not apply in the case of acceleration under Section 18. 20, Sale of Note; Change of !LOan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instr~iment) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the enti!'y (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. Ttiere also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is'a chang~ of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address 6f the new Loan Servicer, the address to which paymenta~hould be made and any other information RESPA requires ;m connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a L0a~i~ Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain wi~:h the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender:!may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a:class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the othe::~ party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borro!.ver or Lender has notified the other party (with such notice given in compliance with the requirements of ~'iection 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of sue~:h notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action' ~3an be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceler!ii, tion'and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to B¢i!iiower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action pr~kvisions of this Section 20. 21. Hazardous Substances. ,a~;; used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substance.!!', pollutants, or wastes by Environmental Law ancthe following substtmces: gasoline, kerosene, other flammable or ::~ioxic petroleumproducts, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formal::'lehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction wh(?e the Property is located that relate to health, sdety or environmental protection; (c) "Environmental Cleanu?' includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d). tn Environmental Condition means a condition that can cause, contribute to, or otherwise trigger an Environmenl ~1 Cleanup. Borrower shall not cause or ".~ermit the presence, use, disposal, storage, or release of any Hazardous SubstatTtces, or threaten to release any H ~zardous Substances, on or in thePropefty. Borrower shall not do, nor allow anyone else to do, anything affecting ii~e Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, ox ~(c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affecI:i the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the };¥operty of small quantities of Hazardous Substances that are generally WYOMING - Single Family - Fmmie Mae/Fred,'die Mac UNIFOPaM INSTRUNIENT Fonn 30511 1/01 DOCUIWY10 (Page lO of 12 pages) DOalI 1~r'/,1.. V,i~ 11/04/i1000 !' ! recognized to be appropriate to norm,~l residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in cor~.;umer products). Borrower shall promptly give.iLender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or r(:.;.}ulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. Co) any Environmental Condition, including but not limited to, any spJ!ling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition cause:liby the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Bo:e:ower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or :other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly tak~ all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligatii>n on Lender for an Environmental Cleanup. NON-UNIFORM COVENAN'TS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. :Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable L~iw provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default;. (i~) a date, not less than 30 days from the date the notice is given to Borrower, by which the default mus~': be cured; and (d) that failure to cure the default on or beh~re the date specified in the notice may result in a~celeration of the sums secured by this Security Instrument and sale of the Property. The notice shall furth,:~'::: inform Borrower of the right to reinstate after acceleration and the right to bring a court action to ass,~rt 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 pay.~:n'ent in full af all snms secured by this Security Instrument without further demand and may invoke th~?'power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all ,~xpenses incurred in pursuing the remedies provided in this Section 22, includlng~ but not limited to, reasona!:)le attorneys' fees and costs of title evidence. · If Lender invokes the powez of sale~ Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the ProPerty; if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the :manner provided in Section 15. Lender shall publish the notice of sale~ and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but n,:)t limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any exc~.,.~s to the person or persons legally entitled to it. 23. Release. Upon payment ,::~.~ all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay :-my recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law, 24. Waivers. Borrower release~ and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING - Single Family - Fam~ie Mae/Fre:klie Mac UNIFORM INSTRI~%IENT Form 3051 1/0l DOCUIWYll (Page 11 of 12 pages) DOCUi~YB - V'l~l 1110412000 0B 596' ; BY SIGNING BELOW, Borrc,~w~r accepts and agrees Lo the terms and covenants contained in this Securi[y Instrument and in any Rider executed ~y 3orrower and recorded with it. (Seal) Borrower (Seal) Bo~ow~ CHRISTINE A. TOEBES Bo~ow~ Bo~ower (Seal) (Seal) Bo~ow~ Bo~ow~ [Spact~ Below This Line For Acknowledgment] STATE OF WYOMING ;: COUNTY OF LTNCOLN The foregoing instrument was acknowle!!Sged before me by CI-{RI STIAIE A. TOEBES this 14TH day Of ~i:[,,]PTE~4BER, 2001 Witness and official seal. ~ ;., ' My Commission Expires: Februar?' 2, 2002 ' WYOMING - Single Family -Fmmle MaefFre:(die 51ac L2~qFO1L5~I INSTRUMENT Forln 3051 1/01 DOCUIWY12 (-Page 12 of 12 pages) DOC"J1WYC. YTX 11/04/3000