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HomeMy WebLinkAbout919209 '~mi~:: : ; ~~;!:~~:~Í:~:!:1 :::~: COO ~]\b- ,.) <J; ~. After Recording Return To: FIRST :NATIONAL BANK WEST ro rox 3110 ALPINE, WYCMING 83128 Loan Númber: 128012847 RECEIVED 6/9/2006 at 4:15 PM RECEIVING # 919209 BOOK: 622 PAGE: 706 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [~ace Prove This Une For fUordng D:rta] MORTGAGE MIN: 100015700068158902 DEFINITIONS Words used in multiple sections of this doc\.Jl1H1t are defined below and other v.ords are defined in Sections 3, II, 13, 18, 20 and 21. Certain nùes regarding the usage of \\{)[(Js used in this docutrent are also provided in Section 16. (A) ''Secwity Instmment"IreaI1S this doc\.Jl1H1t, v.hich is dated JUNE 6, 2006 , together with all Riders to this docurœnt. (B) ''Bon-ower'' is RICHARD C. HOOPES AND KATHI B. HOOPES, HUSBAND AND WIFE . ¡L Borrov.er is the rrortgagor tmder this Security Instrurrent. (q ''MERS'' is :MOrtgage Electronic Registration SysteIm, Inc, MERS is a separate corporation that is acting solely as a norninæ for Lender and Lender's successors and assigns. MERS is the mortgagee under" this Security Instnunent MERS is organized and existing tmder the law; of Delaware, and has an address and telephone nurrDer ofP.a. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) ''Lender'' is FIRST NATIONAL BANK WEST f/ Lender is a A :NATIONAL BANKING ASSCCIATION and existing tmder the law; of WYCMING Lender's address is 100 GREYS RIVER ROAD, ALPINE, WYCMING 83128 organized (E) 'Note"IreaI1S the promissory note signed by Borrov.er and dated JUNE 6, 2006 The Note states that Borrov.er o~ Lender TWO HUNDRED THOUSAND AND 00/100 Dollars (U. S. $ 200, 000. 00 ) plus interest. Borrov.er has promised to pay this debt in regular Periodic Pay¡rents and to pay the debt in full not later than JULY 1, 2036 , (F) "Properiy" IreaI1S the property that is described belowtmder the heading "Transfer of Rights in the Property. " (G) ''Loan'' IreaI1S the debt evidenced by the Note, pI us interest, any prepay¡rent charges and late charges due tmder the Note, and all sum; due tmder this Security Instrurrent, plus interest. lliITO\\ef Initials: ¡f /J- ~ \NýavtlNG--Snale Fanily-Fannie Mae/R"eddie Mac LNFœv1INSfRJMENT - MERS Form 3051 1/0r Page 1 of 14 DocMagic ~ 800-649-1362 www.c:kx:tmgc.can .' \\y.3051.rmn 0919209 000707 (II) ''Ridel'S'' rœans all Riders to this Security Instn.nœnt that are executed by Borro\\er. The following Riders are to be executed by Borrov.er [check box as applicable]: o Acljustable Rate Rider o Balloon Rider o 1-4 Family Rider o Condominium Rider ŒI Planned Unit Developrrent Rider o Bi'M'ekly Payrœnt Rider o SecondHorœRider o Other( s) [ specify] (l) '~plicabJe ÙlW" rœans all controlling applicable federal, state and local statutes, regulations, ordinances and ~nistrative rules and orders (that have the effect of law) as \\ell as all applicable final, non-appealable judicial opmlOns, (J) ''Conmnmity Association Dues, Fees, and Assessments" rœans all dues, fees, assessments and other charges that are irrp:>sed on Borro\\er or the Property by a condominium association, horœowners association or similar organization. (K) ''Electronic F\mds Transfer"rœans any transfer offunds, other than a transaction originated by check, draft, or similar paper Ïnstrum:nt, Mich is initiated through an electronic terminal, telephonic Ïnstrurœnt, cofi1)uter, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an aCCOlmt. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers, (L) "Escrow Iterœ" rœans those item; that are described in Section 3. (M) 'Mscellaneous Proceeds" rœans any corrpensation, settlerœ.nt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid mder the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condennation or other taking of all or any part of the Property; (iii) conveyance in lieu of conderrnation; or (iv) misrepresentations of, or omissions as to, the value ancVor condition of the Property. (N) "MOItgage Insurance"rœans insurance protecting Lender against the nonpayrœnt of, or default on, theLoan. (0) "Peliodic Payment" rœans the regularly scheduled aIIDmt due for (i) principal and interest mder the Note, plus (ii) any aIIDmts mder Section 3 of this Security Instn.nœnt. (P) 'RFSPA" rœans the Real &tate Settlerrent Procedures Act (12 US. C. §l601 et seq.) and its irrplerrenting regulation, Regulation X (24 C.F.R Part 35(0), as they might be arœnded ITom tirœ to tirœ, or any additional or successor legislation or regulation that governs the sarre subject matter, As used in this Security Instn.nœnt, "RESP A" refers to all requirerœ.nts and restrictions that are irrp:>sed in regard to a "federally related rrortgage loan" even if the Loan does not qualify as a "federally related rrortgage loan" mder RESPA (Q) "Successor in Interest of Borrower" rœans any party that has taken title to the Property, \\hether or not that party has assrnœd Borro\\er's obligations mder the Note ancVor this Security Instn.nœnt. lbrro\\ef Initials: f I/- 1=11- VWav1If'..K3-Snale Farrily-Pcnnie MaelFredde Mac LNF<Rv1INSTRJv1ENT - MER) Form30511/0r Page 2 of 14 DocMagic ~ 800-649-1362 www..ckx:tmgc.ccm :i \\y3051.l1111Tl ~::::II:t:~:::::::::::;' ~2!HZ~:~;:~' . ~~m1~{~lf~~~ ;~:;t~~F:;:~ ::;:;:;:;:;:t:t:;:;;:;: 0919209 C00708 TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrurœnt seclU'es to Lender: (i) the repayyrent of the Loan, and all rene\VcÙs, extensions and rmdifiartions of the Note; and (ii) the performance of Borrov.er' s covenants and agreellHlts lIDder this Security Instrurœnt and the Note, For this purpose, Borrov.er does hereby rrortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns ofMERS, mth pov.er of sale, the following described property located in the COUNTY of LINCOIN wr 29 Of~T~~~~tÏ&Næ PLAT 12 LINC8tN°~~ë&rnG ÞS DESŒIBED ON THE OFFICIAL PLAT FILE6 ON AUGUST 10l~J977 ÞS INSTRUMENT ro. 196703 OF THE RECORDS OF THE LINCOLl.\J COONI'Y CLERK \\hich currently has the address of 91 SOLITUDE CIRCLE [Street] THAYNE [City] , Wyoming 83127 ("Property Address"): [Zip Code] TCXJETHER WITH all the iIq)roverrents now or hereafter erected on the property, and all easerrents, appurtenances, and fixtures now or hereafter a part of the property. All replacellHlts and additions shall also be covered by this Security Instrurœnt. All of the foregoing is referred to in this Security Instn.urent as the "Property. " Borrov,er lIDderstands and agrees that MERS holds only legal title to the interests granted by Borrov.er in this Security Instrurœnt, but, if necessa¡y to coIq)ly mth law or custom, MERS (as norrinee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not lirrited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not lirrited to, releasing and canceling this Security Instrurœnt. BORROWER. COVENANTS that Borrov.er is lawfully seised of the estate hereby conveyed and has the right to rrortgage, grant and convey the Property and that the Property is lIDencurrbered, except for encunDrances of record Borrov.er warrants and mIl defend generally the title to the Property against all clailIB and demands, subject to any encunbrances of record TIllS SECURl1YlNSIRUMENT corrbines uniform covenants for national me andnon-uniformcovenants mth lirrited variations by jurisdiction to constitute a uniform security instnnrent covering real property. UNIFORM COVENANTS. Borrov.er and Lender covenant and agree as follo\\5: 1. Payrrmt ofPIincipaI, Interest, Escrow Item;, PI-epaynmt Omrges, and Ùlte Ouu'ges. Borrov.er shall pay \\hen due the principal of, and interest on, the debt evidenced by the Note and any prepayrrent charges and late charges due lIDder the Note. Borrov.er shall also pay fimds for Escrow Item; pursuant to Section 3. Payrrents due lIDder the Note and this Security Instrurœnt shall be made in U. S. currency. Hov.ever, if any check or other instnnrent received by Lender as payrrent lIDder the Note or this Security Instrurœnt is returned to Lender lIDpaid, Lender may require that any or all subsequent payrrents due lIDder the Note and this Security Instrurœnt be made in one or rrore of the following forms, as selected by Lender: (a) cash; (b) rroney order; ( c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution \\hose deposits are insured by a federal agency, ins1:n.ura1tality, or entity; or (d) Electronic FlIDds Transfer. Payrrents are deerred received by Lender \\hen received at the location designated in the Note or at such other location as may be designated by Lender in accordance mth the notice provisions in Section 15, Lender may return furro\\eI' Initials: ~ II 11L- WfC1v1I~nde Farrily-Fannie MaelR-edde Mac LNFœv1I \. S'fRJMENT - MffiS Form 3051 1/01' Page 3 of 14 DocMagic ~ BCXJ.<J49-1362 WW\v.cbcrragc.can .' \\ý3051.= /' 0919209 C00709 any payrrent or partial payrrent if the payrrent or partial payrrents are insuffici ent to bring the Loan current. Lender may accept any payrrent or partial payrrent insufficient to bring the Loan current, without \VcIÎver of any rights hereunder or prejudice to its rights to refuse such payrrent or partial payrrents in the future, but Lender is not obligated to apply such payrrents at the tiIre such payrrents are accepted. If each Pèriodic Payrrent is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrov-er makes payrrent to bring the Loan current. IfBorrov-er does not do so within a reasonable period of tiIre, Lender shall either apply such funds or retwn them to Borrov-er, If not applied ærlier, such funds will be applied to the outstanding principal balance under the Note irnrœdiatèly prior to foreclosure, No offset or claim Wúch Borrov-er might have now or in the future against Lender shall relieve Borrov-er from making payrrents due under the Note and this Security Instrurœnt Qr perfonning the covenants and agreerrents secured by this Security Instrurœnt. . 2. Application of Payrrmts or Proceeds. Except as otherwise described in this Section 2, all payrrents 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) am::>unts due under Section 3. Such payrrents shall be applied to each Periodic Payrrent in the order in Wúch it becære due, Any remaining anxnmts shall be applied first to late charges, second to any other am::>unts due under this Security Instrurœnt, and then to reduce the principal balance of the Note. If Lender receives a payrrent from Borrov-er for a delinquent Periodic Payrrent Wúch includes a sufficient am::>unt to pay any late charge due, the payrrent may be applied to the delinquent payrrent and the late charge, If rmre than one Periodic Payrrent is outstanding, Lender may apply any payment received from Borrov-er to the repayrrent of the Periodic Payrrents if, and to the extent that, each payrrent can be paid in full. To the extent that any excess exists after the payrrent is applied to the full payrrent of one or rmre Periodic Payrrents, such excess may be applied to any late charges due. Voluntary prepayrrents shall be applied first to any prepayrrent charges and then as described in the Note. Any application of payrrents, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the am::>unt, of the Periodic Payrrents. 3. Funds for Escrow Iterm. Borrov-er shall pay to Lender on the day Periodic Payrrents are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payrrent of am::>unts due for: (a) taxes and assessm;nts and other items Wúch can attain priority over this Security Instn.n:rent as a lien or encurrÌJrance on the Property; (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 Borrov-er to Lender in lieu of the payrrent of MOrtgage Insurance premiums in accordance with the provisions of Section 1o, These items are called "Escrow Items." At origination or at any tiIre during the term of the Loan, Lender may require that Community Association Dues, Fees, andAssessrœnts, ifany, beescrovædbyBorrov.er, and such dues, fees and assessm;nts shall be an Escrow Item Borrov.er shall proIJl)tly furnish to Lender all notices of am::>unts to be paid under this SectiOIl Borrov-er shall pay Lender the Funds for Escrow Items unless Lender \VcIÎves Borrov-er's obligation to pay the Funds for any or all Escrow Items, Lender may \VcIÎve Borrov-er' s obligation to pay to Lender Funds for any or all Escrow Items at any tiIre, Any such \VcIÎver may only be in writing In the event of such \VcIÎver, Borrov.er shall pay directly, \\hen and \\here payable, the am::>unts due for any Escrow Items for Wúch payrrent of Funds has been \VcIÎved by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payrrent within such tiIre period as Lender may require, Borrov-er' s obligation to make such payrrents and to provide receipts shall for all purposes be deernxl to be a covenant and agreerrent contained in this Security Instn.n:rent, as the phrase "covenant and agreerrent" is used in Section 9. IfBorrov-er is obligated to pay Escrow Items directly, pursuant to a \VcIÎver, and Borrov.er fails to pay the am::>unt due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such am::>unt and Borrov.er shall then be obligated under Section 9 to repay to Lender any such am::>unt. Lender may revoke the v.IDver as to any or all Escrow Items at any tiIre by a notice given in accordance with Section 15 and, upon such revoætion, Borrov-er shall pay to Lender all Funds, and in such am::>unts, that are then required under this Section 3. Lender may, at any tirre, collect and hold Funds in an am::>unt (a) sufficient to permit Lender to apply the Funds at the tiIre specified under RESP A, and (b) not to exceed the maximnn am::>unt a lender can require under RESP A Lender shall estimate the am::>unt of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable law Borro~ Initials: If fJ- -J6\{ Wfavtlt\G-Snale Fanily-Pcmie MaelFredde Mac LNF<Rv1INSTFUv18'JT - MER) Form30511/0f Page 4 of 14 DocMagic ~ 800-649,-1362 www..cbctmgc.can .' \\y3051.rmn \': .. ï:!. ".;~ t:, )·,:~:::'t;I' ..~+~~~\; ~:·,·1i"),.&~:r·..k:~ ((':':':ft~~*t~11¡ 0919209 C00710 The Funds shall be held in an institution \\hose deposits are insured by a federal agency, ~tality, or entity (including Lender, if Lender is an institution \\hose deposits are so insured) or in any Federal Harre Loan Bank. Lender shall apply the Funds to pay the Escrow Item; no later than the tirre specified tmder RESP A Lender shall not charge furro\\ef for holding and applying the Foods, annually analyzing the escrOWaccooot, or verifying the Escrow Item:;, lIDless Lender pays furrov.er interest on the Funds and Applicable Law permits Lender to make such a charge, Unless an agreerrent is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay furrov.er any interest or earnings on the F tmds. furrov.er and Lender can agree in writing, hov.ever, that interest shall be paid on the Funds. Lender shall give to furrov.er, without charge, an annual accounting of the Funds as required by RESP A If there is a surplus of Fill1ds held in escrow, as defined ill1der RESP A, Lender shall accoill1t to furrov.er for the excess fimds in accordance with RESP A If there is a shortage ofFill1ds held in escrow; as defined under RESP A, Lender shall notify furrov.er as required by RESP A, and furrov.er shall pay to Lender the armill1t necessary to make up the shortage in accordance with RESPA, but in no rrore than 12 rronthly pay¡rents, If there is a deficiency of Fill1ds held in escrow, as defined under RESP A, Lender shall notify furrov.er as required by RESP A, and furrov.er shall pay to Lender the armunt necessary to make up the deficiency in accordance with RESP A, but in no rrore than 12 rronthly pay¡rents. Upon paymnt in full of all sum; secured by this Security Instn.uœnt, Lender shall prorrptly refimd to furrov.er any Fill1ds held by Lender. 4. Omrges; liens. furrov.er shall pay all taxes, assessrœI1ts, charges, fines, and irrpositions attributable to the Property \\hich can attain priority over this Security Instn.uœnt, leasehold pay¡rents or ground rents on the Property, ifany, and Comrrumity Association Dues, Fees, and Assessrrents, if any, To the extent that these item; are Escrow Item;, furrov.er shall pay them in the manner provided in Section 3. furrov.er shall prorrptly discharge any lien \\hich has priority over this Security Instn.uœnt lIDless furro\\ef: (a) agrees in writing to the pay¡rent of the obligation secured by the lien in a manner acceptable to Lender, but only so long as furrov.er is performing such agreerrent; (b) contests the lien in good faith by, or defends against enforcerrent of the lien in, legal proceedings \\hich in Lender's opinion operate to prevent the enforcerrent of the lien \\hile those proceedings are pending, but only ill1til such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instn.uœnt. If Lender determines that any part of the Property is subject to a lien \\hich can attain priority over this Security Instn.uœnt, Lender may give furrov.er a notice identifying the lien Within 10 clays of the date on \\hich that notice is given, furrov.er shall satisfy the lien or take one or rrore of the actions set forth above in this Section 4. Lender may require furrov.er to pay a one-tirre charge for a real estate tax verification and! or reporting service used by Lender in connection \\ith this Loan. 5. Pmperty Insurance. furrov.er shall keep the irrproverrents 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 limited to, earthquakes and floods, for \\hich Lender requires insurance. This insurance shall be maintained in the armill1ts (including deductible levels) and for the periods that Lender requires, Vvhat Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by furrov.er subject to Lender's rightto disapprove furrov.er' s choice, \\hich right shall not be exercised lIDfeasonably. Lender may require furrov.er to pay, in connection \\ith this Loan, either: (a) a one- tirre charge for flood ZDlle determination, certification and tracking services; or (b) a one-tirre charge for flood ZDne determination and certification services and subsequent charges each tirre remappings or similar changes occur \\hich reasonably might affect such determination or certification. furrov.er shall also be responsible for the pay¡rent of any fees irrposed by the Federal Errergency 1\.1anagerrent Agency in connection with the review of any flood ZDne determination resulting from an objection by furrov.er. Iffurrov.er fails to mrintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and furrov.er' s expense. Lender is ill1der no obligation to purchase any particular type or armill1t of coverage. Therefore, such coverage shall cover Lender, but might or might not protect furrov.er, furrov.er's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide græter or lesser coverage than 'MS previously in effect, furrov.er ackno\\iedges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that furrov.er could have obtained. Any armunts disbursed furro\\eT hùtials: f II ~ Wfav1ll\G-Snale Farrily-Fannie MaeJFredde Mac UNlFœv1INSTFUv1ß\JT - MffiS Form 3051 1/01' Page 5 of 14 DocMagic ~ 800-649-1362 www..ckx:tragc.can .. \\ý3051.l!1lß1 091.9209 C00711 by Lender lU1der this Section 5 shall beco~ additional debt ofBorrow:Jr secured by this Sectnity Inst:rurre.nt. These aIrolU1ts shall bear interest at the Note rate rrom the date of disburserœnt and shall be payable, with such interest, upon notice rrom Lender to Borrovær requesting payrœnt. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard rrortgage clause, and shall n~ Lender as rrortgagee and! or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borro\\ef shall prorq>tly give to Lender all receipts of paid prerni um; and renewal noti ces, IfBorro\\ef obtains any fonn of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard rrortgage clause and shall narre Lender as rrortgagee and/or as an additional loss payee. In the event of loss, Borro\\er shall give prorq>t notice to the insurance carrier and Lender. Lender rœy rrnke proof of loss if not made prorq>tly by Borro\\ef. Unless Lender and Borrovær otherwise agree in writing, any insurance proceeds, \\hether or not the lU1derlying insurance 'MiS required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's sectnity is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds lU1til Lender has had an opportunity to inspect such Property to ensure the \\{)rk has been corq>leted to Lender's satisfaction, provided that such inspection shall be lU1dertaken prorq>tly. Lender rœy disburse proceeds for the repairs and restoration in a single payrœnt or in a series of progress payrœnts as the \\{)rk is corq>leted. Unless an agreerœnt is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borro\\ef any interest or earnings on such proceeds, Fees for public acljusters, or other third parties, retained by Borrovær shall not be paid out of the insurance proceeds and shall be the sole obligation ofBorrow:Jr. If the restoration or repair is not economically feasible or Lender's security \\auld be lessened, the insurance proceeds shall be applied to the sum; secured by this Sectnity Inst:rurre.nt, \\hether or not then due, with the excess, if any, paid to Borrovær. Such insurance proceeds shall be applied in the order provided for in Section 2. IfBorrow:Jr abandons the Property, Lender rœy file, negotiate and settle any available insurance claim and related matters. IfBorrow:Jr does not respond within 30 days to a notice rromLender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim The 3D-day period will begin \\hen the notice is given. In either event, or if Lender acquires the Property lU1der Section 22 or otherwise, Borrow:Jr hereby assigns to Lender (a) Borrovær's rights to any insurance proceeds in an aIrolU1t not to exceed the aIrolU1tS lU1paid lU1der the Note or this Security Inst:rurre.nt, and (b) any other ofBorro\\ef' s rights (other than the right to any reftmd oflU1earned premium; paid by Borrovær) lU1der all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender rœy use the insurance proceeds either to repair or restore the Property or to pay aIrolU1ts lU1paid lU1der the Note or this Sectnity Inst:rurre.nt, \\hether or not then due. 6. Occupancy. Borro\\ef shall occupy, establish, and use the Property as Borrow:Jr's principal residence within 60 days after the execution of this Security Inst:rurre.nt and shall continue to occupy the Property as Borrovær' s principal residence for at least one yær after the date of occupancy, unless Lender otherwise agrees in writing, \\hich consent shall not be lU1feasonably withheld, or unless extenuating cirCUll15tances exist \\hich are beyond Borrow:Jr' s control. 7. PreselVation, 'Maintenance and Protection of the Property; Inspections. Borrovær shall not destroy, damage or irq>air the Property, allow the Property to deteriorate or commit waste on the Property. "Whether or not Borro\\ef is residing in the Property, Borro\\ef shall maintain the Property in order to prevent the Property rrom deteriorating or decreasing in value due to its condition. Unless it is deterrrûned pursuant to Section 5 that repair or restoration is not economically feasible, Borro\\er shall prorq>tly repair the Property if damaged to avoid further deterioration or damage. If insurance or condel1l1ation proceeds are paid in connection with damage to, or the taking of, the Property, Borrovær shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payrœnt or in a series of progress payrœn.ts as the \\ark is corq>leted. If the insurance or conderrnation proceeds are not sufficient to repair or restore the Property, Borrow:Jr is not relieved ofBorrow:Jr' s obligation for the corrpletion of such repair or restoration. fuITo\\cr Initials: ~ IJ- L WfavtltIG-Snale Fanily-Fannie MaelFfedde Mac LNFœv1INSTFU1i1S\lT - Mffi3 Form30511/0r Page6of14 DocMagic ~ 8CJO.ô49-1362 www..cbcrraçjc.can .. \\ý3051.tmn ~ r.o';ttl;f~"'1 p tt :¡j,II·.fl'fj~·/,' t;~W~:~ :J!~!~~m~~~~j!~~f~~ 091.9209 ':~:âiÓ 712 Lender or its agent may make reasonabl e entries upon and inspections of the Property, Ifit has reasonable cause, Lender may inspect the interior of the irrproverrents on the Property, Lender shall give Borrov..er notice at the tirre of or prior to such an interior inspection specifYing such reasonable cause. 8. Borrower's Loan Application. Borrov..er shall be in default if, during the Loan application process, Borro\\ef or any persons or entities acting at the direction ofBorrov..er or with Borrov..er' s knovJedge or consent gave materially false, misleading, or inaccurate information or staterœnts 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 Borro\\ef's occupancy of the Property as Borro\\ef'S principal residence. 9. Protection of Lender"s Inten~st in the Properiy and Rights Under this Secwity Instrument. If (a) Borrov..er fails to perform the covenants and ~eerœnts contained in this Security Instrumnt, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and! or rights lll1der this Security Instrumnt (such as a proceeding in banlcruptcy, probate, for condermation or forfeiture, for enforcerœnt of a lien vJllch may attain priority over this Security Instrumnt or to enforce laW) or regulations), or (c) Borrov..er has abandoned the Property, then Lender may do and pay for \\hatever is reasonable or appropriate to protect Lender's interest in the Property and rights lll1der this Security Instrumnt, including protecting and/or 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 SUI115 secured by a lien vJllch has priority over this Security Instrum:nt; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and! or rights lll1der this Security Instrumnt, including its secured position in a banlcruptcy proceeding, Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windoW), drain water rrorn pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off Although Lender rmy take action lll1der this Section 9, Lender does not have to do so and is not lll1der any duty or obligation to do so, It is agreed that Lender incurs no liability for not taking any or all actions authorized lll1der this Section 9. Any anDlll1ts disbursed by Lender lll1der this Section 9 shall becorre additional debt ofBorrov..er secured by this Security Instrumnt. These anDlll1ts shall bear interest at the Note rate rrom the date of disburserœnt and shall be payable, with such interest, upon notice from Lender to Borrov..er requesting payrœnt. If this Security Instrurrent is on a leasehold, Borrov,er shall corrply with all the provisions of the lease. If Borrov..er acquires fee title to the Property, the leasehold and the fee title shall not rrerge unless Lender agrees to the rrerger in writing 10. Mortgage Insw-anœ. IfLenderrequired Mortgage Insurance as a condition of making the Loan, Borrov,er shall pay the premium; required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available rrom the IIDrtgage insurer that previously provided such insurance and Borro\\ef was required to make separately designated payrœnts toward the premium; for Mortgage Insurance, Borrov..er shall pay the premium; required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrov..er of the Mortgage Insurance previously in effect, rrom an alternate IIDrtgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrov..er shall continue to pay to Lender the anDlll1t of the separately designated payrœnts that v..ere due \\hen the insurance coverage ceased to be in effect. Lender will accept, use and retain these payrœnts as a non-refimdable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refimdable, notwithstanding the fact that the Loan is lÙtimately paid in full, and Lender shall not be required to pay Borrov,er any interest or earning;; on such loss reserve, Lender can no longer require loss reserve payrœnts if Mortgage Insurance coverage (in the anDlll1t and for the period that Lender requires) provided by an insurer selected by Lender again becorres available, is obtained, and Lender requires separately designated payrœnts toward the premium; for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrov..er was required to make separately designated payrœnts toward the premium; for Mortgage Insurance, Borro\\ef shall pay the premium; required to maintain Mortgage Insurance in effect, or to provide a non-refimdable loss reserve, lll1til Lender's requirerœnt for Mortgage Insurance ends in accordance with any written agreerœnt betvæen Borrov..er and Lender providing for such terrninationor lll1til termination is required by Applicable La\¥. Nothing in this Section 10 affects Borrov..er' s obligation to pay interest at the rate provi ded in the Note. Mortgage Insurance reirmurses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrov,er does not repay the Loan as agreed. Borrov..er is not a party to the Mortgage Insurance. PorrO\\ef Initials: ¡f /J- 1tti Wr'O\t1IN3-Snde Fanily-Fa1nie MaelFredde Mac LNlF<R\1INSTR1V1ENT - MER3 Form 3051 1/0r Page 7 of 14 DocMagic ~ 800-649-1362 www.rkx:rrr:Jgc.can \\)'3051.rœm 091.9209 000713 !v1Ortgage insurers evaluate their total risk on all such insurance in force tram tirre to tirre, and may enter into agreerœnts with other parties that share or m:xlify their risk, or reduce losses. These agreem::nts are on term; and conditions that are satisfactory to the rmrtgage insurer and the other party (or parties) to these agreem::nts. These agreem::nts may require the rmrtgage insurer to make payrrents using any somce of funds that the rrortgage insurer may have available (Wrich may include fimds obtained trom !v1Ortgage Insurance premiums). As a result of these agreerœnts, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) am:nmts that derive ftom (or might be characterized as) a portion ofBorro\\ef' s payrœnts for !v1Ortgage Insurance, in exchange for sharing or m:xlifying the rmrtgage insurer's risk, or reducing losses, If such agreerœnt provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangerrent is often tenred "captive reinsurance." Further: . (a) Any such agreements will not affect the alIlOlUlts that Borrower has agreed to pay for MOI1gage Insm-ance, or any other terms of the Loan. Such agreements will not increase the amnmt Bon"Ower will owe for 1\1011gage Insm-ance, and they will not entitle Bon"Ower to any reflll1d (b) Any such agreements will not affect the lights Bon"Ower has - if any - with respect to the Mortgage Instmmce lll1der the HOIœOwners Protection Act of 1998 or any other law. These lights may include the light to receive cel1aÏn disclosures, to request and obtain cancellation of the Mortgage Instmmce, to have the Mol1gage Insw-ance terminated automatically, and! or to receive a reflll1d of any Mol1gage Insw-ance premiums that were unearned at the time of such cancellation or termination. 11. Assigmœnt of Mscellaneous Pt"Oceedsj FOIfeitm-e. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such 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 shall have the right to hold such Miscellaneous Proceeds lllltil Lender has had an opportunity to inspect such Property to ensure the \\Qrk has been corrçleted to Lender's satisfaction, provided that such inspection shall be lllldertaken prorrçtly. Lender may pay for the repairs and restoration in a single disbursem::nt or in a series of progress payrœnts as the \\Qrk is coII1Jleted Unless an agreem::nt is rmde in writing or Applicable law requires interest to be pai d on such Miscellaneous Proceeds, Lender shall not be required to pay Borro\\ef any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security \\QuId be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Inst:rum:nt, v.hether or not then due, with the excess, if any, paid to Borro\\ef, Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security I:nstrurœnt, v.hether or not then due, with the excess, if any, paid to Borro\\ef. In the event of a partial taking, destruction, or loss in value of the Property in Wrich the fair market value of the Property imrrediately before the partial taking, destruction, or loss in value is equal to or greater than the armllllt of the sums secured by this Security I:nstrurœnt imrrediately before the partial taking, destruction, or loss in value, unless Borro\\ef and Lender otherwise agree in writing, the sums secured by this Security Instnrrrent shall be reduced by the armllllt oftheMÏscellaneous Proceeds rmltiplied by the following ftaction: (a) the total armllllt of the sums secured imrrediately before the partial taking, destruction, or loss in value divided by (b )the fair market value of the . Property imrrediately before the partial taking, destruction, or loss in value, Any balance shall be paid to Borro\\er. In the event of a partial taking, destruction, or loss in value of the Property in Wrich the fair market value of the Property imrrediately before the partial taking, destruction, or loss in value is less than the armllllt of the sums secured imrrediately before the partial taking, destruction, or loss in value, unless Borro\\ef and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instnrrrent v.hether or not the sums are then due. If the Property is abandoned by Borro\\ef, or if, after notice by Lender to Borro\\er that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borro\\ef 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 restoration or repair of the Property or to the sums secured by this Security Instnrrrent, v.hether Borro\\ef Initials: ~ II- 11L- Wfav1ll\G-Snae Fanily-Pcmie MaelFfedde Mac LNF<Hv1INSTR..M. 00 - MOO Form30511/0f Page8of14 DocMagic ~ 800-649-1362 www..cbcrmgc.can :t \\ý3051.1I11ffi ~~Iili~ili~ili~ '19?n9 .,...... ...... ~~mmmmlli~j t U,,"\ n ,., 14 ....' v I or not then due. "Opposing Party" rœaru; the third party that 0\\eS Borrov.er Miscellaneous Proceeds or the party against \\horn Borrov.er has a right of action in regard to Miscellaneous Proceeds. Borrov.er shall be in default if any action or proceeding, \\hether civil or criminal, is begt.m. that, in Lender's j udgrœnt, coul d result in forfeiture of the Property or other material irrpaiI1lHlt of Lender' s interest in the Property or rights lIDder this Security Instn.uœnt. Borrov.er 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 v.ith a ruling that, in Lender's judgrœnt, precludes forfeiture of the Property or other material iIq)ainrent of Lender's interest in the Property or rights lIDder this Security Instn.uœnt. The proceeds of any av.md or claim for damages that are attributable to the i111'ainrent of Lender' 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, . U. Bormwer Not Released; Forbearance By Lender' Not a Waiver. Extension of the tiIre for payrœnt or rmdifiætion of am:>rtization of the sum; secured by this Security Instn.uœnt granted by Lender to Borrov.er or any Successor in Interest of Borrov.er shall not operate to release the liability ofBorrov.er or any Successors in Interest of Borrov.er. Lender shall not be required to comrrence proceeding'5 against any Successor in Interest ofBorrov.er or to refuse to extend tiIre for payrœnt or otherwise rmdify am:>rtization of the SlID1S secured by this Security Instn.uœnt by reason of any demand made by the original Borrov.er or any Successors in Interest ofBorrov.er. Any forbearance by Lender in exercising any right or rerœdy including, v.ithout limitation, Lender's acceptance of payrœnts rrom third persons, entities or Successors in Interest ofBorrov.er or in am:>lIDtsless than the am:>lIDt then due, shall not be a waiver of or preclude the exercise of any right or rerœdy. 13. Joint and Several liability; Co-signers; Successors and Assigns Bound. Borrov.er covenants and agrees that Borrov.er' s obligations and liability shall be j oint and several. Howwer, any Borrov.er \\ho co-signs this Security Instn.uœnt but does not execute the Note (a " co-signer" ): (a) is co-signing this Security Instn.uœnt only to mJrtgage, grant and convey the co-signer's interest in the Property lIDder the term; of this Security Instn.uœnt; (b) is not personally obligated to pay the sum; secured by this Security Instn.uœnt; and (c) agrees that Lender and any other Borrov.er can agree to extend, rmdify, forbear or rmke any accorrnrndations v.ith regard to the term; of this Security Instn.uœnt or the Note v.ithout the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower \\ho assurœs Borrov.er's obligations lIDder this Security Instn.uœnt in writing, and is approved by Lender, shall obtain all ofBorrov.er' s rights and benefits lIDder this Security Instn.uœnt. Borrov.er shall not be released rromBorrov.er' s obligations and liability lIDder this Security Instn.uœnt unless Lender agrees to such release in writing. The covenants and agreerœnts of this Security Instn.uœnt shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender, 14. Loan Charges. Lender may charge Borrov.er fees for services perforrred in connection v.ith Borrov.er' s default, for the purpose of protecting Lender's interest in the Property and rights lIDder this Security Instrurœnt, including, but not limited to, attorneys' fees, property inspection and valuation fees, In regard to any other fees, the absence of express authority in this Security Instrurœnt to charge a specific fee to Borrov.er shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instn.uœnt or by AppliCÆlble La\v. If the Loan is subj ect to a law v.hich sets maxirruun loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection v.ith the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the am:>lIDt necessary to reduce the charge to the pennitted limit; and (b) any sum; already collected rrom Borrov.er v.hich exceeded permitted limits v.ill be refunded to Borrov.er. Lender may choose to rmke this refimd by reducing the principal 0\\00 lIDder the Note or by making a direct payrœnt to Borrov.er. If a refund reduces principal, the reduction v.ill be treated as a partial prepayrœnt v.ithout any prepayrœnt charge (\\hether or not a prepayrœnt charge is provided for lIDder the Note). Borrov.er's acceptance of any such refimd made by direct payrœnt to Borrov.er v.ill constitute a waiver of any right of action Borrov.er might have arising out of such overcharge. 15. Notices. All notices given by Borrov.er or Lender in connection v.ith this Security Instn.uœnt must be in writing. Any notice to Borrov.er in connection v.ith this Security Instn.uœnt shall be deerred to havebeen given to Borrov.er \\hen mriled by first class mril or \\hen actually delivered to Borrov.er's notice address if sent by other rœaru;, Notice to anyone Borrov.er shall constitute notice to all Borrov.ers unless Applicable Law expressly requires Eorro~ Inirials: ~}/.. ~ Wy'Q\I IN3--Snde Fanily-Fannie Mae/Freddie Mac LNFCRv1INSTFUv1ENT - MER> Form30511/0r Page90f14 DocMagic ~ 800-649-1362 www.:cbcrmgc.can .' \\)'3051.m>m .I 0919?09 C00715 othemise. The notice address shall be the Property Address unless Borro\\er has designated a substitute notice address by notice to Lender. Borro\\er shall proIq)tly notify Lender of Borro\\er' s change of address. If Lender specifies a procedme for reporting Borro\\er' s change of address, then Borro\\er shall only report a change of address through that specified procedme. There may be only one designated notice address t.n1der this Secwity Instnurent at anyone tiIre. 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 designated another address by notice to Borro\\er. Any notice in connection with this Security Instnurent shall not be deerœd to have been given to Lender t.n1til actually received by Lender. If any notice required by this Security Instnurent is also required t.n1der Applicable La\'{, the Applicable Law requirerœ.nt will satisfy the corresponding requirerœ.nt t.n1der this Security Instnurent. 16. Governing Law; Severability; Rules of ConstlUctÏOIL This Security Instnurent shall be governed by federal law and the law of the jwisdiction in \\hich the Property is located. . All rights and obligations contained in this Security Instnurent are subject to any requirerœ.nts and limitations of Applicable Law Applicable Law might explicitly or iIq)licitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreerrent by contract. In the event that any provision or clause of this Security I:nstrurœnt or the Note conflicts with Applicable La\'{, such conflict shall not affect other provisions of this Security I:nstrurœnt or the Note \\hich can be given effect without the conflicting provision. As used in this Security Instnurent (a) v.ords of the masculine gender shall rrean and include corresponding neuter v.ords or v.ords of the feminine gender; (b) v.ords in the singular shall rrean and include the plmal and vice versa; and (c) the v.ord "may" gives sole discretion without any obligation to take any action. 17. Bon'Ower's Copy. Borro\\er shall be given one copy of the Note and of this Security Instnurent. 18. Transfer of the Pl'Opeliy or a Beneficial Interest in Bon'Ower. As used in this Section 18, "Interest in the Property" ~ any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bondJor deed, contract for deed, installrœ.nt sales contract or escrowagreerrent, the intent of \\hich is the transfer of title by Borro\\er at a future date to a pmchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borro\\er is not a natural person and a beneficial interest in Borro\\er is sold or transferred) without Lender's prior written consent, Lender may require imœdiate payrrmt in filll of all S1..IIU) secured by this Security I:nstrurœnt. Ho\\eVer, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law If Lender exercises this option, Lender shall give Borro\\er notice of acceleration. The notice shall provide a period of not less than 30 days ITorn the date the notice is given in accordance with Section 15 within \\hi ch Borro\\er must pay all S1..IIU) secured by this Security .Instnurent. IfBorro\\er fails to pay these S1..IIU) prior to the expiration of this period, Lender may invoke any rerœdies pennitted by this Security I:nstrurœnt without further notice or demand on Borro\\ef. 19. Bon'Ower's Right to Reinstate Mter AcceIeratiolL IfBorro\\er rœets certain conditions, Borro\\er shall have the right to have enforcerœ.nt of this Security Instnurent discontinued at any tiIre prior to the earliest of: (a) five days before sale of the Property pmsuant to any po\\er of sale contained in this Security Instnurent; (b) such other period as Applicable Law might specify for the tennination of Borro\\er' s right to reinstate; or (c) entry of a judgrœnt enforcing this Security I:nstrurœnt. Those conditions are that Borro\\er: (a) pays Lender all S1..IIU) \\hich then v.ould be due t.n1der this Security Instnurent and the Note as if no accel eration had occurred; (b) cmes any default of any other covenants or agreerrents; (c) pays all expenses incurred in enforcing this Security Instnurent, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the plll'pOse of protecting Lender's interest in the Property and rights t.n1der this Security Instnurent; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights t.n1der this Security I:nstrurœnt, and Borro\\ef' s obligation to pay the S1..IIU) seemed by this Security Instnurent, shall continue t.n1changed Lender may require that Borro\\er pay such reinstaterœ.nt S1..IIU) and expenses in one or rrore of the following forms, as selected by Lender: (a) cæh; (b) rroney order; ( c) certified check, bank check, treasmer' s check or cashier's check, provided any such check is dra'Wl upon an institution \\hose deposits are insured by a federal agency, ÎI1struIœntality or entity; or (d) Electronic Ft.n1ds Transfer. Upon reinstaterœ.nt by Borro\\er, this Security Instnurent and obligations secured hereby shall remain fillly effective as if no acceleration had occurred. Ho\\eVer, this right to reinstate shall not apply in the case of acceleration t.n1der Section 18. Porro~ Initials: If I/- ~ VWavllN3-Snale Fanily-Fannie MaelR'eddie Mac LNFœv1INSTFUv1ENT - MER) Form30511/0r Page 10 of 14 DocMagic ~ 800-649-1362 www..cJocrmgc.can .~ \\y.305Lmnn ¡¡!i::~t:i',J:~~::! 1.,J.!.o!~...~;,!..;~¡," O§~:g~o9 ~:Ii!~f~m*~; . C00716 20. Sale of Note; Otange of Loan Servicel; Notice of GIievance. The Note or a partial interest in the Note (together with this Security Instn.nrent) can be sol done ofIrore tirœs without priornotice to Borro\\er, A sale might result in a change in the entity (knO'Ml as the "Loan Servicer") that collects Periodic Pét)'11'ßlts due lll1der the Note and this Security Instn.nrent and perform; other rmrtgage loan servicing obligations lll1der the Note, this Security Instn.nrent, and Applicable Law. There also might be one or rmre changes of the Loan Servicer llllfelated to a sale of the Note. If there is a change of the Loan Servicer, Borro\\er will be given written notice of the change Wrich will state the narre and address of the new Loan Servicer, the address to Wrich Pét)'11'ßlts should be made and any other information RESP A requires in connection with a notice of transfer of servicing If the Note is sold and thereafter the Loan is serviced by a Loan Servi cer other than the purchaser of the Note, the rmrtgage loan servicing obligations to Borro\\er will remain with the Loan Servi~ or be transferred to a successor Loan Servicer and are not assurœd by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borro\\ef nor Lender tmy comrœnce, join, or be joined to any judicial action (as either an individual litigant or the rrerrber of a class) that arises from the other party's actions pursuant to this Security Instn.nrent or that alleges that the other party has breached any provision of, or any duty ovæd by reæon of, this Security Instn.nrent, lll1til such Borro\\er or Lender has notified the other party (with such notice given in coIII'liance with the requirerrents of Section 15) of such alleged breach and afforded the other party hereto a reæonable period after the giving of such notice to take corrective action. If Applicable Law provides a tirre period Wrich must elapse before certain action can be taken, that tirre period will be deerred to be reæonable for purposes of this paragraph, The notice of acceleration and opportunity to cure given to Borro\\er pursuant to Section 22 and the notice of acceleration given to Borro\\er pursuant to Section 18 shall be deerred to satisfy the notice and opportunity to take corrective action provisions of this Section 20, 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazNdous substances, pollutants, or \Vc3stes by Enviromrental Law and the following substances: gasoline, kerosene, other flainmable or toxic petroleillI1 products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Enviromrental Law' rreans federal laws and laws of the jurisdiction Wlere the Property is located that relate to health, safety or enviromrental protection; (c) "Environmental Oeanup" includes any response action, renædial action, or rermval action, as defined in Enviromrental LaW; and (d) an "Enviromrental Condition" rreans a condition that can cause, contribute to, or otherwise trigger an Enviromrental Oeanup. Borro\\ef 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. Borro\\er shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Enviromrental Law, (b) Wrich creates an Enviromrental Condition, or (c) Wrich, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding ffio sentences shall not apply to the 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 rrnintenance of the Property (including, but not limited to, hazardous substances in COI1SUIrer products). Borro\\er shall proIq)tly give Lender written notice of (a) any investigation, claim, demand, laW3UÏt or other action by any governrn:ntal orregulatory agency or private party involving the Property and any Hazardous Substance or Enviromrental Law of v.hich Borro\\er has actual knovviedge, (b) any Environm::ntal Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance Wrich adversely affects the value of the Property. IfBorro\\ef learns, or is notified by any governrn:ntal or regulatory authority, or any private party, that any rerrDval or other renædiation of any Hazardous Substance affecting the Property is necessary, Bori'o\\er shall proIq)tly take all necessary renædial actions in accordance with Enviromrental Law. Nothing herein shall create any obligation on Lender for an Environm::ntal Oeanup. furro\\ef Initials: "f /I- It/i W1'av1IN3-Snale Farrily-Fannie MaelR'edde Mac LNFæv1INSTRJMENT - MOO Form 3051 1/0'1' Page 11 of 14 DocMagic ~ 13()(M49-1362 www:cJocrrsgc.can .' \\ý305l.IIml 091.9709 00071.7 NON-UNI FORM COVENANTS. Borro\\er and Lender further covenant and agree æ follow;: 22. Acceleration; ReIœdies. Lendel" shall give notice to BoI1'Ower plior to acceleration following BoI1'Owel"' s breach of any covenant or agreerœnt in this Secwity Instrmœnt (but not plior to acceleration lU1der Section 18 unless Applicable Law pmvides otherwise). The notice shall specify: (a) the default; (b) the action required to cw'e the default; (c) a date, not less than 30 days fmm the date the notice is given to BoI1'Ower, by which the default must be CWWj and (d) that failw'e to CW"e the default on 01" befom the date specified in the notice may result in acceleration of the SlllŒ secww by this Secwity Instnuœnt and sale of the Pmperty. The notice shall fw1her inform BoI1'Ower of the light to reinstate after acceleration and the tight to bting a cowi action to asseli the non-existence of a default or any other defense of Bormwel" to acceleration and sale. If the default is not cww on or befom the date specified in the notice, Lendel" at its option may requim ÏIruœdiate pay¡œnt in full of all SUß1S secured by this Secwity Instnuœnt without fwiher demand and may invoke the power of sale and any othel" mmedies pel1nitted by Applicable Law. Lender shall be entitled to collect all expenses incw1w in pW'SUÏng the mrœdies pmvided in this Section 22, including, but not limited to, reasonable attol11eys' fees and costs of title evidence. If Lender invokes the powel" of sale, Lender shall give notice of intent to foreclose to BoI1'Ower and to the person in possession of the Pmpel1y, if different, in accordance with Applicable law. Lender shall give notice of the sale to BoI1'Ower in the manner pmvided in Section 15. Lender shall publish the notice of sale, and the Propel1y shall be sold in the manner presclibed by Applicable law. Lender or its designee may plll"Chase the Pmpel1y at any sale. The pmceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, masonable attol11eys' fees; (b) to allslllŒ secww by this Secwity Instnuœntj and (c) any excess to the person or persons legally entitled to it 23. Release. Upon payrœnt of all S1.11TI) secured by this Security Instrurœnt, Lender shall release this Security Instrurœnt. Borro\\er shall pay any recordation costs, Lender may charge Borro\\ef a fee for releasing this Security Instrurœnt, but only if the fee is paid to a third party for services rendered and the charging of the fee is pennitted mder Applicable La\¥. 24. Waivers. Borro\\er releases and \Wives all rights mder and by virtue of the ho:rrestead exerrption law; of \\ýorning. Porro~ Initials: If I./. ~ w(av1ll\G-Snde Farrily-Fannie MaelR-edde Mac LNFCRv'IINSTFUvIENT - MERS Form30511/0r Page 12 of 14 DocMagic ~ 8O().Q49-1362 www..cbcrmgc.can \\)'3051.= ~';~~;l~wm~~~mv! 09' 1.9?o9 I v ".iI ( .~ n 71 8 ':.., UJ _ BY SIGNING BEWW, Borro~r accepts and agrees to the term; and covenants contained in this Security Instrurœnt and in any Rider executed by Borro~r and recorded with it. ¿¿. (þ ~-ð RICHARD C. HOOP S (Seal) - Borrov.er ~ FATIIT B. ~/ (Seal) -Borrov.er (Seal) - Borrov.er (Seal) -Borro~r (Seal) -Borrov.er (Seal) -Borro~r Witness: Witness: VWav1IN3-Snale Farrily-Falnie Mae/Freddie Mac LNFæv1INSTFUv181lT - MffiS Form30511/0r Page 13 of 14 DocMagic ~ 80()..649-1362 www.cJoaragc.can .' \\Y-1051.11l1m . û919~09 C00719 State of\\ýorring ) ) ss. ) County of LINCOLN The foregoing inst:rurn:nt \v.JS acknowedged before rœ by RICHARD C. HOOPES, KATHI B. HOOPES 1his ~,...t.- day of ~, ;2 Oð do Witness my hand and official seal. PENNY JONES COUNlY OF LINCOLN MY COMMISSION EXPIRES SEPTEMBER 18. 2007 NOTARY PUBLIC STATE OF WYOMING fÝ2. ~ if 0 Notary Public Penny Jones Print or Type Narre (Sæl) My commission expires: 9/18/07 \Nr'Q'v1I~nde Fanily-Fannie MaelFfedde Mac LNFœv1INSTRJMENT - MERS Form 30511/0f Page 14 of 14 DocMagic ~ 8O().Q49-1362 WW\¥.d:x:tmgc.can ;\ v.y.3051.III?Itl ni~i¡~~i~~¡f~¡j~~ r I.: o 091.9~~9 Loan Number: 128012847 PLANNED UNIT DEVELOPMENT RIDER TIllS PLANNED UNIT DEVELOPMENT RIDER is made this 6th day of JUNE, 2006 , and is incorporated into and shall be deerred to arœnd and supplerœnt the .Mortgage, Deed of Trust, or Security Deed (the "Security Instrurœnt") of the sarœ date, given by the lIDdersigned (the "Borro\\ef") to secure Borro\\ef's Note to FIRST NATIONAL BANK WEST, A NATIONAL BANKING ASSCCIATION (the "Lender") of the sarro date and covering the Property described in the Security Instrurrmt and located at: 91 SOLITUDE CIRCLE, THAYNE, WYCMING 83127 [Proprty Ad:Jress] The Property includes, but is not limited to, a parcel ofland irrproved with a dv.elling, together with other such parcels and certain comrron areas and facilities, as described in COVENANT'S, CONDITIONS AND RESTRICTIONS OF RECORD (the "Declaration"). The Property is a part of a planned unit developrœnt known as STAR VALlEY RANŒ [Nun: ofPlamrl Unit Thveloµrent] (the "PID"). The Property also includes Borrov.er's interest in the horreowners association or equivalent entity owning or managing the comrron areas and facilities ofthePID (the "CMners Association") and the uses, benefits and proceeds of Borrov.er' s interest, PW COVENANTS. In addition to the covenants and agreerœnts made in the Security Instrurœnt, Borrov.er and Lender further covenant and agree as follow;: A. PUD Obligations. Borrov.er shall perform all of Borrov.er' s obligations lIDder the PID's Constituent .Docmrents, The" Constituent Doo.nrents" are the (i) Declaration; (ii) articles of incorporation, trust instfurœnt or any equivalent docl.U'lYnt ilich creates the CMners Association; and (iii) any by-law; or other rules or regulations of the CMners Association. Borrov.er shall prorrptly pay, \\hen due, all dues and assessrœnts ifilJOSed pursuant to the Constituent Docl.U'lYnts. B Property Insurance. So long as the CMners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property ilich is satisfactory to Lender and \\hich provides insurance coverage in the arrolIDts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for \\hich Lender requires insurance, then: (i) Lender \V<Úves the provision in Section 3 for the Periodic Payrœnt to Lender of the yearly premium installrœnts for property insurance on the Property; and (ii) Borro\\ef's obligation lIDder Section 5 to maintain property insurance coverage on the Property is deerred satisfied to the extent that the required coverage is provided by the CMners Association policy. Borro\\ef Initials: ¡f!/- /!$ MLlTlSfATER.D RŒR-Sinale FaniI'L n. Falnie Mae/Fredde Mac LNFœv1INSTFUv18'JT Form 31501/01 Page 1 of 3 DocMaglc ~ 800-ô49-1362 www;cbcrragc.can .. U3150.rid 0919?ü9 C00721 Vthat Lender requires as a condition of this waiver can change during the term of the loan. Borrovær shall give Lender proIIlJt notice of any lapse in required property insurance coverage provided by the rmster or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to comrmn areas and facilities of the PUD, any proceeds payable to Borrovær are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrunmt, \\hether or not then due, with the excess, if any, paid to Borrovær. C. Public Uability Insurance. Borro\\ef shall take such actions as may be reasonable to insure that the CN.ners Association maintains a public liability insurance policy acceprnble in form, armlIDt, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for darrnges, direct or consequential, payable to Borrovær in connection with any conderrnation or other taking of all or any part of the Property or the comrmn areas and facilities of the PUD, or for any conveyance in lieu of conderrnation, are hereby assigned and shall be paid to Lender, Such proceeds shall be applied by Lender to the SUIIB secured by the Security Instrunmt as provided in Section 11. E Lender's Prior Consent. Borrovær 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 abandonrœnt or termination of the PUD, except for abandonrœnt or termination required by law in the cæe of substantial destruction by fire or other casualty or in the case of a talcing by conderrnation or eminent domain; (ii) any arœndrœnt to any provision of the "Constituent Docunmts" if the provision is for the express benefit of Lender; (iii) termination of professional managenmt and assl..lIIlJtion of self-managenmt of the CN.ners Association; or (iv) any action \\hich V\Ould have the effect of rendering the public liability insurance coverage maintained by the CN.ners Association unacceptable to Lender. F. Remedies. IfBorrovær does not pay PUD dues and assessrrents \\hen due, then Lender may pay them Any armlIDts disbursed by Lender lIDder this paragraph F shall becorre additional debt ofBorro\\ef secured by the Security Instrunmt. Unless Borrovær and Lender agree to other term; of payrnnt, these armlIDts shall bear interest ITom the date of disburserænt at the Note rate and shall be payable, with interest, upon notice ITomLender to'Borrovær requesting payrnnt. Borrovær Initials: /1/- ~ MU.TlSTATER..D RDER-SnQ/e Fanil'L u. Falnie Mae/R-edde Mac LNF<Rv1INSTRJv1ENT Form 31501/01 Page 2 of 3 DocMaglc ~ 8()()..ô49-1362 ~áx:rragc.can .' U3l50.rid ::f::::6 :,*~*::;::: ~!~~~:!i~:!i;:~ ~1·Ó'¡I¡'."'1' ~~~...'':J !!'l";!¡·i¡t!lt.~~~- :::1j~~:*~;r~~t~:~~1~t, 091.9~e9 ::@¡@¡j¡!1¡~;¡; C00722 BY SIGNING BELOW, Borro~ accepts and agrees to the terrrn and covenants contained in this PUD Rider. £~~ C. BOO S (Seal) -Borro~ (Seal) - Borro\\er (Seal) - Borro\\er ~~ MLlllSTATERD RDffi-Snale FaniJ'L _ _ Fannie MaelFredde Mac LNFœv1INSTRJ\t18\JT Form 31501/01 Page 3 of 3 .' llil50,rid (Seal) -Borro~ (Seal) -Borro~ (Seal) -Borro~ DocMaglc ~ 800-649-1362 www.cJocrmgc.can