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HomeMy WebLinkAbout918504 ·.. ·"!!~f!""':~_·""t! b· .3 f J. H4.,¡ U·,''''Ù:u.it7,y· IS ·01n~ reOO!)~1í!~1 t~y Southwest Titlc CõmpsU1 s:~ t; ootæ~yoWy. C00402 c33 THE JACKSON STATE BANK & TRUST P.O. BOX 1788 JACKSON, WYOMING 83001 Hers Min #100015700066450079 LOAN NO.: 118827148 ESCROW NO.: TITLE NO.: 14754 PARCEL NO.: 12-3518-31-2-05-020.00 THIS MORTGAGE is made this 12TH day of MAY MICHAEL ANTHONY CAPPELLO AND MANDY FERRACINI, AS JOINT TENANTS MORTGAGE , 2006 ,between the Mortgagor, (herein "Borrower"), and the Mortgagee, THE JACKSON STATE BANK & TRUST, A WYOMING BANI(lNG CORPORATION existing under the laws of WYOMING P.O. BOX 1788; JACKSON, WYOMING 83001 , a corporation organized and , whose address is (herein "Lender"). WHEREAS, Borrower is indebted to Lender in the principal sum of U.S. $ 30,560.00, which indebtedness is evidenced by Borrower's note dated 1\1:A Y 12, 2006 and extensions and renewals thereof (herein "Note"), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on JUNE 01, 2021 TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the performance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in the County of Lincoln State of Wyoming: LOT 19 OF STAR VALLEY RANCH PLAT 10, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. TWO PAGE PUD RIDER ATTACHED HERETO AND MADE A PART HEREOF ~L-- RECEIVED 5/17/2006 at 4:02 PM RECEIVING # 918504 BOOK: 620 PAGE: 402 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY --------.- which has the address of Star Valley Ranch 216 Walnut Drive [City], Wyoming 83127 [Street], [Zip Code] (herein "Property Address"); TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances and rents, all of which shall be deemed to be and remain a pa11 of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinafter referred to as the "Property." Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to m0l1gage, grant and convey the Property, and that the Property is unencumbered, except for encumbrances of record, Borrower covenants that Bon-ower warrants and will defend generally the title to the Prope11y against all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree as fonows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note, 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Bon-ower shan pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full. a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) which may attain priority over this Mortgage and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium instanments for m0l1gage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shan not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender. Initials ------ WYOMING - SECOND MORTGAGE - 1/80 - FNMAlFHLMC UNIFORM INSTRUMENT Form 3851 -76(WY) (0308) ÐOCPREP SERVICES. ¡NC, FORM - MTGWY2-5401 Page 1 of 4 VMP Mortgage Solutions (800)521-7291 ORIGINAL ,:í;::~::t~~;::f;:~~;1 ;:;;:±~?(.¡¡!:!¡:¡ 1f.~g~¡;~f~~~~~;.iÍ'1':i¡· ff~'J,¡"¡1i~,t1iY¡I\ ".'~r, ~:Yb ;;;\:!~;!h;!~~~!; 0918504 '. con403 ~ If Bon'ower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of wl;icß" are ll1sured or guaranteed by a federal or state agency (including Lender if lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents, Lender may not charge for so holding and applying the Funds, analyzing said account or verifYing and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge, Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. . If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, BOlTOwer shall pay to Lender any amount necessary to make up the deficiency in one or morepaymel1ts as Lender may require. '. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Bon'ower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its· acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Bon'ower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower's covenants to make payments when due. Bon'ower shall payor cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this M0l1gage, and leasehold payments or ground rents, if any. S. Hazard Insurance. Borrower shall keep the improvements now exísting or hereafter erected on the Propeliy insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. ' The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard m0l1gage clause in favor of and in a form acceptable to Lender, Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. In the event of loss, BOlTOwer shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Property is abandoned by Bon'ower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Bon'ower that the insurance carrier offers Ito settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this M0l1gage. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this MOligage is on a leasehold, If this Mortgage is on a unit in a còndomiIiium or a planned unit development, Borrower shall perform all of BoiTower's obligations under the declaration or covenants creating or governing the condominium or planned unit development. the by-laws and regulations of the condominium or planned unit development, and constituent documents. ' 7. Protection of Lender's Security. If Borrower fails, to perform the covenants and agreements coritainedin this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to BOlTower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this M0l1gage, BQITower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with BOlTower's and Lender's written agreement or applicable law. Any amqunts disbursed by Lender pursuant tothis paragraph 7, with interest thereon, at the Note rate, shall become additional indebtedness of Bon'ower secured by this M0l1gage. Unless Borrower and Lender agree to other tenns of payment, such amounts shall be payable upon notice from Lender to BOlTower requesting payment thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ' 8. Inspection. Lènder mày make or cause to be made reasonable entries upòn and inspections of the Property, provided that Lender shall give BOlTower notice prior to any such inspection specifYing reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or paI1 thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the origirial Bon'ower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modifY am0l1ization of the sums secured by this M0l1gage by reason Of any demand made by the original BOlTower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. LOAN NO.: 118827148 Initials -76(WY) (0308) DOCPREP SERVicES. INc, FORM; MTGWf2-5401 . , ------ Page 2 af4 ORIGINAL Form 3851 jt::~*f.~:::::::;~ ... ·¡MI·i·.·.it·.',j¡l~ . 091.~:0¡~~¡fu ' ::!Ü~m~æ ~~¡mf:0¡r% 0 4 '11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Any BOlTower who co-signs this M0l1gage, but does not execute the Note, (a) is co-signing this Mortgage only to m0l1gage, grant and convey that Bon'ower's interest in the Propel1y to Lender under the terms of this Mortgage, (b) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the telms of this Mortgage or the Note without that Borrower's consent and without releasing that BOlTower or modifying this Mortgage as to that Borrower's interest in the Property. 12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Bon"ower provided for in this M0l1gage shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this M0l1gage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severability. The state and local laws applicable to this M0l1gage shall be the laws of the jurisdiction in which the Propeliy is located. The foregoing sentence shall not limit the applicability of federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this M0l1gage or the Note which can be given effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable, As used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Bon'ower's obligations under any home rehabilitatiOll, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or selvices in connection with improvements made to the Property . 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this M0l1gage. However, this option shall not be exercised by· Lender if exercise is prohibited by federal law as of the date of this M0l1gage. If Lender exercises this option, Lender shall give Bon"ower notice of acceleration. The notice shall provide a period of not less than 30 days tTom the date the 'notice is delivered or: mailed within which Bon"ower must pay all sums secured by this Mortgage. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Mortgage without further notice or demand on BOlTower: . NON-UNIFORM COVENANTS. BOlTower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the cov,enants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, riot less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach onor before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provîded in this paragraph 17, including, but not limited to, reasonable attorneys' fees. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender or Lender's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the follow~ng order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable attorneys' fees and costs of title ~vidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or persons legally entitled thereto. 18. Borrower's Right to Reinstate. Notwithstanding LeJlder's acceleration of the sums secured by this Mortgage due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this M0l1gage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this M0l1gage; (c) BOlTower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreel1lents of BOlTower contained in this M0l1gage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) BOlTower takes such action as Lender may reasonably require to assure that the lien of this M0l1gage, Lender's interest in the Propel1y and BOlTower's obligation to pay the sums secured by this M0l1gage s~1all continue unimpaired. Upon such payment and cure by BOlTower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no accéleration had occun"ed. 19. Assignment of Rents; Appointment of Receiver; Lender inPossessiQn. As additional security hereunder, BOlTower hereby assigns to Lender the rents of the Pl:opeI1y, provideàthat BOITower shall, prior to acceleratiop under paragraph 17 hereof or abandonment of tbe Property, have the right to collect and retain such rents as they become due and payable. LOAN NO.: 118827148 -76(WY) (0308) DOCPREP SERVICES. INC, FORM - MTGWY2·5401 Initials ~.----<"- Page 3 of 4 ORIGINAL Form 3851 09185UQ rnn4'5 \.... L V ~: _Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiratlón of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due, All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver'~ fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and the receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge to Bon-ower. Bon-ower shall pay all costs of recordation, if any. ' 21. Waiver of Homestead. Bon-ower hereby waives all right of homestead exemption in the Property. REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at Lender's address set f0l1h on page one of this Mortgage, of any default under the superior encumbrance and of any sale or other foreclosure action. IN WITNESS WHEREOF, Borrower has executed this M0l1gage. (Seal) -Borrower (Seal) -Borrower (Sea.l) -Borrower (Seal) -Borrower STATE OF WYOMING, The foregoing instrument was acknowledged before me this by . Michael Anthony Cappello AND Mandy Fen'acini My Commission Expires: <1. l5· ð' -76(WY} (0308) DOCPREP SERVICES, INc, FORM - MTGWY2-5401. Page 4 of 4 ORIGINAL 4,£ /' / ~ 4)" $<' ~ ./ / ...... / /-/2," ,.//, , ,/ _." ~.-. .' ':-~ ":'~'''''''1: ,,' , //, "...« ..' 'k~-? ." /,~/7 ::aY;;d¿;<- M d'F ¥, I an y < erracllu - (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower [Sign Original Only] County ss: 'J~ May 12, 2006 LklLJ R_~ ¿f JJ' ŒJ:Y-J Notary Public -.,..............................."~~._,- ASHLEE WILHITE NOTARy PUBLIC COUNTY OF ~ STATE OF LINCOlN ~ WYOMING MY SSlON EXPlR~~~~§!:,,~.E:~ 15, 2009 -.-...-..--.......--.--...- f..::::~::::::::::t::~ ~~~:~::::::~t,: : Form 3851 0°1 ~··)S;O(.\ J ~~{.:J ~.;;) (' () (' 4 !' 6 v,.:. [SPACE ABOVE RESERVED FOR RECORDER] PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 12TH day of MAY , 2006 ,and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to THE JACKSON STATE BANK & TRUST, A WYOMING BANKING CORPORATION (the "Lender") of the same date and covering the Prope]iy described in the Security Instrument and located at: 216 Walnut Drive; Star Valley Ranch, WYOMING 83127 [PropertY Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in Covenants, Conditions and Restrictions (the "Declaration"), The Property is a part of a planned µnit development known as Star Valley Ranch [Name of Planned Unit Development] (the "PUD"), The Property also includes Borrower's intèrest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses. benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the: (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association, Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yearly premium installments for hazard insurance on the Property; and LOAN NO.: 118827148 INITIALS MULTI STATE PUD RIDER - Single Family - Fannie MaelFreddie Mac UNIFORM INSTRUMENT DOCPREP SERVICES, lNC, 1\1S3]50 0235 ORIGINAL FORM 3150 9/90 Page 1 of 2 091JS504 Cor 4 (j 7 (ii) , Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage provided by the master or blanket policy. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant XOC 9. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; , (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect.. of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues, and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest !Tom the date of disbursement at the Note rate and shall be payable, with interest, upon notice !Tom Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. ~ .~~øÝ· / ~ ~? ~ð (Seal) - / -Borrower Michael Anthony CappelIlf (Seal) -Borrower (Seal) - Borrower (Seal) -Borrower LOAN NO.: 118827148 I\fULTISTATE PUD RIDER - Single Family - Fannie MaelFreddie Mac UNIFORM INSTRUMENT DOCPREP SERVICES, INC, 1\1S3150 0235 ORIGINAL FORM 3150 9/90 Page 2 of 2 '~: h~;!: ~ i:Ð:: ¡; :!~mj ¡~~ ."I./.!.I···"""·'I,¡I!! ·~~1!l~'1!h:':~iL2;:V 1:':':j:~: :t:4:1:.:.: :¡ ~~ili1:l;$!ØW~' ...