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HomeMy WebLinkAbout875965Return To: ~ r: c. ' ', - Wells Fargo Home Mortgage=_, Inc. If',lC30I I-.3t,,,.." ..... t;:,l 1"/ C.;LER}< 1661 EAST CAMELBACK ROAD, ~124 ' 8 7 5 9 TERRI QUINTINO 1661 EAST C~ELBACK ROAD ::~124 PHOENIX, AZ 85016 [t~p~ce Above Th~s Llne For Recording Data] ~, MORTGAGE Loan ID: 0017417175 DEFINITIONS. Words used in multiple sections 'of 'this document are defined below and other words are defined in Sections 3, 11, 13, lg, 20 and 21. C.:.~rtaln rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means !:hi,i document, which is dated September 4th,, 2001 , together with all Riders to this docum?nt. (B) "Borrower" is SCOTT B. S:PE2L and TRACY L. SPERL, husband and wife Borrower is the mortgagor under fl is Security Instrument. (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Lender is a CORPORATION organized and existing under the laws of "The State of California" WYOMING-Single Family-Fannie Mae/F:emtie Mac UNIFORM INSTRUMENT Form 3051 1/O1 (~®-6(WY) 1ooo5) /~') Paga I of 15 initials: ! ! ~,!, Lender's addressis P. O. BOX .5137 DES MOINES, IA 50306 Lender is the mortgagee under this .i!!e!:urity Instrument. (D) "Note" means the promissory npte signed by Borrower and dated September 4th, 2001 The Note states that Borrower owesi:L~nder One Hundred Twenty Nine Thousand Eight Hundred and no/100 and n~,/100 ....... Dollars (U.S. $ 129,800.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full~n0t later than October 1st, · 2031 (E) "Property" means the property,'that is described below under the heading "Transfer of Rights in the Property." :' (F) "Loan" means the debt evidence& by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums duei~nder this Security Instrument, plus interest. (G) "Riders" means all Riders to {his' Security Instrument that are executed by Borrower. The follo,wing Riders are to be executed by Borrowe? [check box as applicable]' [~ Adjustable Rate Rider [~ Condominium Rider [~ Second Home Rider ~-~ Balloon Rider ~-~ Pl~thed Unit Development Rider ~-~ 1-4 Family Rider [-~ VA Rider [] Biweekly Payment Rider [-~ Other(s) [specifyl (H) "Applicable Law" means all''` Controlling applicable federal, state and local st.atutes, regulations, ordinances and administrative rule~iz.nd orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. 'i' '~ (I) "Community Association Dues~ Fees, and Assessments" means all dues, fees, assessments; and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization.'.! ' (J) "Electronic Funds Transfer" '~ means any transfer of funds, other than a transaction originated by check, draft, or similar paper insrrament, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic'!iape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term ir,cludes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers i~ritiated by telephone, wire transfers, and automated clearinghouse transfers~ . (K) "Escrow Items" means those it~: ms that are described in Section 3. (L) "Miscellaneous Proceeds" meahs any compensation, settlement, award of damages, or proceeds paid by any third party (other than insm'ance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the ?~i~roperty; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance ,in lieu o!' condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Prope:cty. (ND "Mortgage Insurance" means'insurance protecting Lender against the nonpayment of, or default on, the Loan. . (IN) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts 'under S~ction 3 of this Security Instrument. (O) "RESPA" means the Real Esta:e Settlement Procedures Act (12 U si'c: section 2601 et seq.) and its implementing regulation, RegUlati¢n X (24 C.F.R. Part 3500), as they.might be amended from time to time, or any additional or successor 'legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPX" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~I~-6(WY) 1ooo5} page 2 o¢ ~ 5 F~~rm 3051 1/01 835 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE pROPERTY This Security Instrument secureg to,Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii!ii: the performance of Borrower's covenants and agreements under this Security Instrument and the Note. ?or:this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors ami a~Esigns, with power of sale, the following described property located in the COUNTY : of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] "LEGAL DESCRIPTION ATTACi!~tE~ HERETO AND MADE A PART HEREOF" Parcel ID Number: 12-3419-26:-4-00-021.00~C7 ~which currently has the address of 249 DOUBLEEAGLE RANCH RD [Street] THAYNE [City] , Wyoming 83127 [Zip Code] ("Property Address"): TOGETHER WITH all the irnprovements 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 b), jurisdiction to constitute a uniform s..ecurity instrument covering real property. ~ ~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as ~f011ows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the ~ri~?.cipal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges dae under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments d'~e ~inder the Note and this Security Instrument shall be made in U.S. currency. However, if any check o: ot<'~er instrument received bY Lender as under the Note or this (~)~-6(WY) (0005) Page 3 of 15 Form 3051 1/01 '8 3 Security Instrument is returned to Levi:der unpaid, Lender may require that any or all subsequent payments due under the Note and this SeC~.)iiy Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b)!'n~l~ney' order; (c) certified check, bank check, treasurer's check or cashier's check, provided any sucl'~ Check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or eni)ity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be design~.Ied by Lender in accordance with the notice provisions in Section 15. Lender may remru any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender ma!/!mcept any payment or partial payment insufficient to bring the Loan currem, 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 Payme~t 'ills applied as of its scheduled due d'ate, then Lender need not pay interest on unapplied funds. L~nde~ n)~y hold such unapplied funds until Borrower makes payment t'o 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 Borro~,iver. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note }.'~n'mediately prior to foreclosure. No offset or claim which Borrower might have now or in the future a!~ainst Lender shall relieve Borrower from making payments due under the Note and this Security Instrum~nt.,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 lLender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal :due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic ~iayment in the order in which it became due. Any remaining amounts shall be applied first to late chargei~', second to any other amounts due under this Security Instrument, and then to reduce the principal balance o~I the Note. If Lender receives a payment irom Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late ~i~large due, the payment may be applied to the delinquent payment and the late charge. If more than one P~!'.!dodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment oil'~ the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that anyl excess exists after the payment is applied to the full payment of one or more Periodic Payments, such exce:',3s may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment chcrges and then as described in the Note. Any application of payments,, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is pc, id in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the propers, y; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance, required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance: with the provisions of Section 10. These items are called "Escrow Items." At origination or at any tim,:", during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrbwer, and such dues, fees and as~egsments shall be an Escrow Itet,n. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrow~et: shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the:~unds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds fc.r any or 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 (~- Page 4 of ~5 Form 3051 1/01 6(WY) (ooo5) 837 due for any Escrow Items for whick pf.~yment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts ev!ide~tcing such payment within such time period as Lender may require. Borrower's obligation to make sucz~ payments and to provide receipts shall for all purposes be deemed 'to be a covenant and agreement contaitled: in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is 9bligated 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 Borrowdi: s?iall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the Wai{er as to any or all Escrow Items at any time by a notice given in · accordance with Section 15 and, u:i>on such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then require3 ui:.der this Section 3. Lender may, at any time, coll~ct ~i~nd hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified un4er ~RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall {?~timate the amount of Funds due on the basis of current dhta and reasonable estimates of expenditur~::s c;f future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held i.'~: ~.n institution whose deposits are insured by a federal agency, instrumentality, or entity (includinl:; Lender, if Lender is an institution whose deposits are so insured)or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender sl~,:tll not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or w,rifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement, is made in writing or Applicable Law requires interest to 3e paid on the Funds, Lender shall not be reqt~ired to pay Borrower any interest or earnings on the Funds, Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender stiall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make upthe shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with. RESPA, but in no more than 12 monthly payments. Upon payment in full of all s'.~ms secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Le~der. 4. Charges; Liens. Borrower ..,hall 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, a,:td Community Association Dues, Fees, and Assessments, if any. To the extent that these items are,Escrcw !~i::ems, Borrower shall pay them in the manner provided in SeCtion 3. Borrower shall promptly disc:':~ar::!e any lien which has priority over this Security Instrument Unless Borrower: (a) agrees in writing to li~e ~::ayment of the obligation secured by the lien in a manner acceptable tO Lender, but only so long as Bor.:ou: .~r is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of !he lien in, legal proceedings which .in Lender's opinion operate to prevent the enforcement of the lie~. while those proceedings are pending, :but only until such proceedings ar4 concluded; or (c) secures from' ?he !:mlder of the lien an agreement satisfactory to Lender subordinating the lion to this Security Instrument, If Lender determines that any part of the Property is subject to a lien which can attain priority over this 3}:ec~'rity Instrument, Lender may give Borrower a notice identifying the Initials: (~--6(WY) (ooo5} ~ag. s of ~ Form 3051 1/01 lien. Within 10 days of the date onS~!aich that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above ii,n d~is Section 4. Lender may require Borrow¢;5[to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in. c6nnection, with this Loan. S. Property Insurance. Borrcd,!er shall keep the improvements' now existing or hereafter erected on the Property insured against loss by,fire, hazards included within the term "extended coverage," and any other hazards including, but not li~i]i'ied to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained'i'n the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier pr0vldmg the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's cko~[ce, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in conriection with this Loan, either: (a) a one-time charge for flood zone determination, 'certification and tracking services; or (b) a one-time charge for flood zone deternlifiation and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by ;l:!e Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain, ~.~y of the coverages described above, Lender may obtain insurance coverage, at Lender's option and BOrrower's expense. Lender is under no obligation to purchase any particular type or amount of cover;~?. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's e!:l;4ity in the Property, or the contents of the Property,~ against any risk, hazard or liability and might proviiid greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the )'~,!urance coverage so obtained might significantly exceed the cost of insurance that Borrower could hav~ d~!btained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrowe:!~ I ~;.ecured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of d~)sk~ursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting paym~!nt All insurance policies required :'by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, saall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional !0;';s payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Boi?!)wer shall promptly give to Lender all receipts of paid premiums and renewal notices, if Borrower obtaies: any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee an:~/?r as an additional loss payee. In the event of loss, Borrowei,; shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not mad::.!: Promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, ~v, hether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds Until. Lender has had an opportunity to inspect such Property to ensure the work has been completed to Len;ler's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made ~in writing or Applicable Law requires interest to be paid on such iusurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econmnically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sum!; secured by this Security Instrument, whether or not then due, with (~-6(WY) (ooos) Page 6 of 1 s Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. - If Borrower abandons the Pro[~ierty, Lender may file, negotiate and settle any available iusurance claim and related matters. If Borrow~¢r does not respond within 30 days to a notice from Lender that the insurance carrier has offered to setlle~::a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notic!', i§ given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower thereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed?,.the amounts unpmd under the Note or thts Security Instrument, and (b) any other of Borrower's righ'~s !(other than the right to any refund of unearned premiums paid by Borrower) under all insurance poli.ci~s covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender r,:~a,:; use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Nm!! or this Security Instrument, whether or not then due. 6. Occupancy. Borrower sk..:~l!, occupy, establish, and use thc Property as Borrower's p~incipal residence within 60 days after the :esecution of this Security Instrument and shall continue to occupy the Property as Borrower's principal r ~!si,dence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, whic'h consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyo~d 'Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Pro'perry, allow the 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 fror,':, deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 thi!t repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. 'If insurance or condemnation proceeds are paid ir:; Connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing c~r ~:estoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration .... Lender or its agent may make reasonable entries upon and inspections of the Prope.rty. If it has reasonable cause, Lender may inspec~lI the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or p,t'i6:? to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Applica/i'.on. Borrower shall be' in default if, during the Loan application process, Borrower or any persons Cir entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materii, tlly false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not :limited to, representations concerning Borrower's occupancy of the Property as Borrower's pringipal rc, sid:ence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a. proceeding in bankruptcy, probate, for. condemnation or forfeiture, for enforcement of a lien which may ~ttain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has :~b~doned the Property, then Lender may do and pay for whatever is reasonable or appropriate to proteci: Lender's interest in the Property and rights under this Security Instrument, including protecting m~dlor assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable l~}~-6(WY) (ooos) Pag. 7 ot ~s Form 3051 1/01 attorneys' fees to protect its interes!? in the Property and/or rights under this Security Instrument, including its secured position in a bankrupt,~y'iproceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or hoard up doors and windows, drain water from pipes, eliminate building' or 6ther 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 Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Ler. der under this Section 9 shall become additional debt of Borrower secured by this Security Instrume~lt. :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. If this Security Instrument is io~z a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee titl~ t:o the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger m wrlt)';ng. 10. Mortgage Insurance. If h~nder required Mortgage Insurance as a condition of making th~ I~oan, Borrower shall pay the premiums r~!quired to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage r~i~-t~ired by Lender ceases to be available from the mortgage insurer that previously provided such insurance:; .;md Borrower was required to make separately designated payments toward the premiums for Mortg~.g!: Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent ~) the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrow~;rilof the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Let!ali':Jr. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue !ic. pay to Lender the amount of the separately designated payments that were due when the insurance cow~:ri,,ge ceased to be in effect. Lender will accept, use: and retain these payments as a non-refundable los~i ,reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the ~act that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any inteies~, or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Inst~i'ance coverage (in the amount and for the period that Lender requires) provided by an insurer selected b.y Lender again becomes available, is obtained, and Lender requires separately designated payments towiird the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of makin~g~he Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in ~effect, or to provide a non-refundable loss reserve, 'until Lender's requirement for Mortgage Insuranc.:~¢ ends in accordance with any written agreement between Borrower and Lender providing for such terminatic~n or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with 9ther 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 agreement's may require the mortgage insurer to make payments using any ~ource . · of funds that the mortgage insurer re, ay have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreemems, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of.!~ny of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be character:ized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifyin:~!~; the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lend~:i~ takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the a(rangement is o~en termed "captive reinsurance." Further: (a) Any such agreements Will 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 )i.rt ~.mrance, and they will not entitle Borrower to any refund. iI~}~-6(WY) (ooo5) , Page 8 of 15 Form 3051 1/01 8 41 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the I4omeowners Protection Act of 1998 or any other law. These rights may iuelude the right to receioe certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the~M0rtg~ge Insurance terminated automatically, and/or to receive a refund of any Mortgage Insuran<'e i~remiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscella'neo'us Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lex'..fle:-. If the Property is damaged, s~cl~.' 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 !0eriod, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportuni~.lly to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a singk; disbursement or in a series of progress payments as the work is completed. Unless an agreement is ima~de in writing or Applicable Law requires interest to be paid on s, uch Miscellaneous Proceeds, Lender s!mll not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the rest6rafion or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Prcceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the ex6ess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in ser~tion 2. In the event of a total taking, idestruction, or loss in value of the Property, the Miscellaneous 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. In the event of a partial taking, 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 Security Instrument immediately before the partial taking, destruction, or toss in value, :unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrum~mt, shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction:~ (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss 5n value divided by (b) the fair market value of the Property immediately before the partial takivg, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, d:estruction, or loss in value of the Property in which the fair market value of the Property immediately be:!'0re the partial taking, destruction, or loss in value 'is less than the amount of the sums secured imme. dia~ely before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise ag~,'ee in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument wt:..:ther or not the sums are then due. If the Property is abandoned ~7 Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender w'ithin 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellan::ous Proceeds either to restoration or repair of the Property or to the sums secured by this Secu~:ity Instr:ment, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous PrOceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proc6eds. ' Borrower shall be in default it' m~y action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result i~¢~ farfeiture of the Property or other material impairment of Lender's interest in the Property or rights u3:xder this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate: as provided in Section 19, by causing .the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security" Instrument. The proceeds of any a~ward or claim for damages thi~:~t are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds '~.hat are not applied to restoration or repair of the Property shall be applied in the order provided for in Se::tion 2. (~-6(WY) (00051 Page 9 o~ ~5 Form 3051 1/01 12. Borrower Not Released;: Forbearance By Lender Not a Waiver. Extcnsion of the time for payment or modification of amordza~0n of ~hc sums secured by ~his Security Ins~mem ~r~cd by Lender ~o Bo~ower or ~y Successor in In~c'~cs~ o~ Borrower shall no~ operate m release ~he liability o~ Borrower or ~y Successors in Imerest o~ Bo~Jwcr. Lender shall no~ be required m commence proceedings a~ains~ ~y Successor in Interest of Borro~¢er or to re~se to extend time for payment or otherwise modi~ amortization of the sums secured by t~is Security Instrument by reason of any dem~d made by the original Borrower or any Successors in Intere,¢t of Borrower. Any forbear~ce by ~nder in exercising any right or remedy including, without limitaffrm, Lender's accept~ce of payments from third persons, entities or Successors in Interest of Borrower ~r::in amounts less th~ the amount then due, shall not be a waiver of or preclude the exercise of ~y right o~' ~emedy. 13. Joint and Several Liabil::[~[}?; Co-signers; Succ~sors and Assigns Bound. Borrower covenants ~d agrees that Borrower's obligati~'~.~ ~d liability shall be joint ~d several. However, ~y Borrower who co-signs this Security Instrument ~::C.~ does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgagee:~ gr~t ~d convey the co-signer's interest in the Property un~er the terms of this Security Instrument; (,b) is not personally obligated to pay the sums secured by this Se~urity Instrument; ~d (c) agrees that Le:}x".er ~d ~y other Borrower c~ agree to extend, modi~, forbear or make ~y accommodations with rc~*~ard to the terms of this Security Instrument or the Note without the co-signer's consent. ~:~ ~': Subject to the provisions ~:..~?ectmn 18, ~y Successor in Interest of Borrower who assumes Borrower"s obligations under this ~;e~2:urity Instrument in writing, ~d is approved by Lender, shall obtain all of Borrower's rights ~d benefi~t:;~ ~under this Security Instrument. Bo~ower shall not be released from Borrower's obligations ~d liability~lmder this Security Instrument unless Lender agrees to such release in writing. The coven~ts ~d agree:)~.ents of this Security Instrument shall bind (except as provided in Section 20) ~d benefit the successo:~'S ~d assigns of Lender. . 14. Loan Charges. Lender ii3iay charge Borrower fees for services performed in connection with Borrower's default, for the pu~os¢.~of protecting Lender's interest in the Prope~y ~d rights under this Security Instrument, including, but: r~ot limited to, attorneys' fees, property inspection and valuation fees. In regard to ~y other fees, the abs'e:hze of express authority in this Security Instrument to charge a specific fee to Borrower shall not be constn~ed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by' this Security Instrument or by Applicable Law. If the Lo~ is subject to a law which sets maximum lo~ charges, ~d that law is finally inte~reted so that the interest or other lo~ charges collected or to be collected in co~ection with the Lo~ exceed the permitted limits, then: (a) ~y such~ lo~ charge shall be reduced by the amount necessa~ ,to reduce the charge to the permitted limit; ~d (b)~y sums already collected from Borrower which exceeded permitted limits will be re~nded to Borrower. Lender may choose to m~e this rehnd by reducing the principal owed under the Note or by m~ifi~ a direct payment to Borrower. If a re.nd reduces principal, the reduction will be treated as a par~.~al prepayment without ~y prepayment charge (whether or not a prepayment charge is provided for ~:nder the Note). Borrower's accept~ce of ~y such re.nd made by direct payment to Borrower will con:~titute a waiver of ~y right' of action Borrower might have arising out of such overcharge. 15. Notices. All notices given .by Borrower or Lender in co~ection with this Security Instrument must be in writing. Any no[me to .E~.rrower in connection with this Security Instrument shall be deemed to have been given to Borrower.whel} mailed by first class mail or when actu~ly delivered to Borrower's .. notice address if sent by other meai'~:~. Notice to ~y one Bo~ower shall constitute notice to all Borrowers · unless Applicable Law expressly r~:quires othe~ise. The notice address shall be the Property Address unless Borrower has designated a s:: ~stitute notice address by notice to Lender. Borrower shall promptly noti~ Lender of Borrower's chm~gs of address. If Lender specifies a procedure for reporting Borrower's ch~ge of address, then Borrower shall only repo~ a ch~ge of address through that specified procedure. T~re may be only one designated' notice address under this Security Instrument at ~y one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has ':~ esignated ~other address by notice to Borrower. Any notice in connection with this Security Instff~:.:aent shall not be deemed to have been given to Lender until actually received by Lender. If ~y notice ?~:jquired by this Security Instrument is also required under Applicable Law, the Applicable Law require::~ent will satis~ the corresponding requirement under this Security Instrument, ; ~ ' ~ P.~oo~s Form 3051 1/01 6IWY) (ooo~) 8 4 3 16. Governing Law~ Seve['abflity; Rules of Construction. This Security Instrument shall be governed by federal law and the l'!~w 0f the jurisdiction in which the Property is located. All rights and obligations contained in this Sec:~,.rity Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law r~dght explicitly or implicitly allow the parties to agree by' contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or cl~:mse 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~?r~vision. As used in this Security Inslrument: (a) words of the masculine gender shall mean and include corresponding neuter words or w¢:dsj of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; ired; (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrowei' shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property i$r a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means a~y }.egal or beneficial interest in the Property, including, but not limited to; those beneficial interests transferred in a bond for deed, contract for deed, installment sales contrafit or escrow agreement, the intent of which~!is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Propdrty~ or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may requital:: immediate payment in full of all sums secured by this Security Instrument. However, this option' sl~,~ll not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, i...Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 33 ~'lays from the date the notice is given in accordance with Section 15 within which Borrower must pay idl; Sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expirations, of this period, Lender may invoke any remedies permitted by this Security Instrument without further n6iice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to kaw, i enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five day~', before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such~other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. 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 ac~:eleration 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, pmpe~y inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's inmrest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may ~'easonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchang.:d Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the fc:idowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasu::eri'~ check or cashier's check, provided any such check is drawn upon an institution whose ~deposits are insm!ed by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatemem ~.'¥ Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no geceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration un{ier Section 18. 20. Sale of Note; Change' of Lc an Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security' Instrument) can be sold one or mo~e times without prior notice to Borrower. A sale might result in a .~hange in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Nc~;e and this Security Instrument and performs other mortgage loan serviding obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan SerGcer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA (~-6(WY) Iooo5) ~ ~ ; P~t~ ~ o~ ~ 5 Form 3051 1/01 requires in connection with a noticq~ ol: transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other thai'~ the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the I~!~aix Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unle?!s ?therwise provided by the Note purchaser. Neither Borrower nor Lender;m~.~y commence, join, or be joined to any judicial action-(as either an individual litigant or the member . ,:?f ! ,a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges liti~a~i, the other party has breached any .provision of, or any duty owed by reason of, this Security Instrument,i' ui:.til such Borrower or Lender has notified the other party (with such notice given in compliance with th~. iequirements: of Section 15) of such alleged breach and afforded the other party hereto a reasonable I~?ri0d after the giving of such notice to take corrective action. If Applicable Law provides a time pi:,ri0d which must elapse before certain action can be taken, that time period will be deemed to be 'reaso:?~mble for purposes of this paragraph. The notice of acceleratibn, and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 sl[',:a!l be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20I' ~i 21. Hazardous Substances. :,~As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, ke3o;;ene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and rad. ioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means .a condition that"can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrow,er shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environr~:ii:ntal Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a col~:ilion that adversely affects the value of the Property. The preceding two sentences shall not apply to ?he presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (includ!i~r~g, but not limited to, hazardous substances in consumer products). Borrower shall promp[ly give?Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any .governmenti:'[ or regulatory agency or private party involving the Property and any Hazardous Substance or Evlviron~hental Law of which Borrower has actual knowledge, (b) any Environmental Condition, inCluding"~)ut not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substanci:, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversc!y affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory ~uthority, or any private party, that an~ removal or other remediation of ~thy Hazardous Substance affectir, g the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance wit-i~ Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Clean~:,p. (~-6(WY) 10005) P~e ~ 2 o~ ~ 5 Form 3051 1/01 NON-UNIFORM COVENANT5'.'. 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 cove?~ariit or agreement in this Security Instrument (but not prior to acceleration under Section 18 unl~.ss: :Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by 5,vhich the default must be cured; and (d) that failure to cure the default on or before the date specifi~id in the notice may result in acceleration of the sums secured by this Security Instrument and sale oi!~ the Property. The notice shall further inform Borrower of the right to reinstate after acceleration ,~nd the right to bring a court action to assert the non-existence of a default or any other defense of B~rrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate Payment in full of all sums secured by this Security Im;trument without further demand and may invoke the pdwer of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect' all expenses incurred in pursuing the re~nedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and co~ts t~f 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 :,0f the Property, if different, in accordance with Applicable Law. Lender shall give notice of the s~de ~lo Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and t:.~e "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 entiiled to it. 23. Release. Upon payment C~:~ all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, .'i>ut 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 releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~-6(WY) (ooo5) Page 13 of 15 Form 3051 1 /Ol BY SIGNING BELOW, .Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Ride:r executed by Borrower and recorded with it. Witnesses: : 8~(Seal)  . -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~6(WY) Iooo51 Page 14 of 15 Form 3051 1/01 STATE OF WYOMING, I.~' ....L~ ..,~ C__~ounty ss: The foregoing instrument was ack:aowledged before me this Sept:ember ¢~1~, 2001 by SCOTT B. SPERL and TRAC~Y L. SPERL My Commission Expires: (~-6(WY) (0005) ~g. ~5 of ~5 Form 3051 1/01 SI3UTHbJEST T'I'TLE CO. F'ax :1'~'7307-877-9602 3un 15 '01 18 ;39 P. 09/10 ALTA COMMITMENT - 1982 -WY Commitment N°i: FA '/860 M scrre. I)UI' , c The land referred to in thi~ commitm~mt is situated in the State of Wyoming, County of Lincoln, and is described as follows: A portion of the SE~ 0~ Section 26, T34N RllgW of the 6th P.M., Lincoln County, Wyoming being ~ore particularly described as follows: BEGINNING at a point in! the North line of that certain par~l of land described in Exhibit "A" of Warranty Deed recorded in Book 365PR on page 4B9 of the records of the Lincoln County Clerk, said point being 776.87 feet, N $9Q53'20,, E from the Northwest corner of said parcel of land; thence runnin§ N 89Q53'20. E, along said North line 394.05 feet, more or le~, to the;ilNortheast corner of said parcel; thence S 3°11'37'' E, at'ong an gasterly line of said parcel, 325.07 feet; :i thence West 412.16 feeI~; thence North 323.80 feet~ to the POINT OF BEGINNING.