HomeMy WebLinkAbout919391
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When recorded return to:
Custom Title Solutions 2352440
2550 N. Redhill Ave, 141-
Santa Ana, CA 92705 I 1.90
(800)756-3524 ext. 5545
RECEIVED 6/16/2006 at 1 :42 PM
RECEIVING # 919391
BOOK: 623 PAGE: 514
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Prepared By:
LINDA BUSH
APN- 311 B2Q'óo931l1DO
[Space Above This Line For Recording Data]
2352440
[Escrow/Closing #J
00013719400005006
[Doc ID #]
MORTGAGE
TIllS MORTGAGE is made this 24th
JONATHAN R IMHOFF, A SINGLE MAN
MIN 1001337-0001444668-9
day of MAY, 2006 , between the Mortgagor,
¡.Ie>
(herein "Borrower"), and the Mortgagee, Mortgage Electronic Registration Systems, Inc, ("MERS"), (solely as nominee for
Lender, as hereinafter defined, and Lender's successors and assigns). MERS is organized and existing under the laws of Delaware,
and has an address and telephone number of P,O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS.
3 Countrywide Bank, N.A.
A NATL. ASSN. , ("Lender") is organized and
existing under the laws of THE UNITED STATES , and has an address of
1199 North Fairfax St. Ste,500, Alexandria, VA 22314
WHEREAS, Borrower is indebted to Lender in the principal sum of V,S. $ 40, 000. 00 , which indebtedness is
evidenced by Borrower's note dated MA Y 24, 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 JULY 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 MERS
WYOMING - SECOND MORTGAGE - 1/80 - FNMA/FHLMC UNIFORM INSTRUMENT WITH MERS
. -76N(WY) (0308)
@
CHL (08/05)(d)
Page 1 of6
VMP Mortgage Solutions, Ine, (800)521'7291
Form 3851
Amended 2/01
*23991*
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(solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of
sale, the following described property located in the County of LINCOLN , State of
Wyoming:
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF.
THIS DOCUMENT is FILED FOR
RECORD BY FIDELITY NATIONAL
TITLE INS. CO, AS AN ACCOMMODATION
ONLY, IT HAS NOT BEEN EXAMINED
AS TO ITS EXECUTION OR AS TO ITS
EFFECT UPON THE TITLE.
which has the address of
157 ALPINE DRIVE, ALPINE
[Street, City]
83128-2055 [Zip Code] (herein "Property Address");
, Wyoming
TOGETIIER 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 part 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 understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Mortgage; but, if
necessary to comply with law or custom, MERS, (as nominee for Lender and Lender's successors and assigns), has the right: to
exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any
action required of Lender including, but not limited to, releasing or canceling this Mortgage,
Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and
convey the Property, and that the Property is unencumbered, except for encumbrances of record, Borrower covenants that
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances of
record.
UNIFORM COVENANTS, Borrower and Lender covenant and agree as follows:
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, Borrower shan pay to Lender
on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in fun, 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 installments for mortgage 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 shall 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.
If Borrower pays Funds to Lender, the Funds shan be held in an institution the deposits or accounts of which are insured 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.
Q -76N(WY) (0308)
@
CHl (08/05)
Form 3851
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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,
assessment." 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 instal]ments 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, Borrower shall pay to Lender any
amount necessary to make up the deficiency in one or more payments as Lender may require.
Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower 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 applicab]e 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 Borrower 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. Borrower 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 Mortgage, and leasehold payments or ground rents, if
any.
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire, hazards included within the term "extended coverage," and 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 mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to
ho]d 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, Borrower 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 Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is
mailed by Lender to Borrower that the insurance carrier offers to 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 Mortgage,
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 shal]
comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a
planned unit development, Borrower shall perform all of Borrower'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 contained in this Mortgage,
or if any action or proceeding is commenced which material]y affects Lender's interest in the Property, then Lender, at Lender's
option, upon notice to Borrower, 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 Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the
requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become
additional indebtedness of Borrower secured by this Mortgage, Unless Borrower and Lender agree to other terms of payment,
such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this
paragraph 7 shall require Lender to incur any expense or take any action hereunder,
8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that
Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in
the Property.
G -76N(WY) (0308)
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Form 3851
CHL (08/05)
Page 3 016
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DOC ID #: 00013719400005006
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 part thereof, or for conveyance in lieu of condemnation, are hereby assigned and
shaIl 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 shaIl not operate to
release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shaIl not be required to
COmmence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the Sums
secured by this Mortgage by reason of any demand made by the original Borrower 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.
11. Successors and Assigns Bound; Joint and Several Liabitity; 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. AIl covenants and agreement" of Borrower shaIl be joint and several. Any
Borrower who co-signs this Mortgage, but does not execute the Note, (a) is co-signing this Mortgage only to mortgage, grant and
convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, (b) is not personaIly 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 terms of this Mortgage or the Note without that Borrower's consent and
without releasing that Borrower 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 Borrower
provided for in this Mortgage shaIl 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 Mortgage 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 Mortgage shall be the laws of the jurisdiction
in which the Property 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 shaIl not affect other
provisions of this Mortgage 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 Jawor limited herein.
14. Borrower's Copy. Borrower shall be furnished a confonned copy of the Note and of this Mortgage at the time of
execution or after recordation hereof.
15. RehabiJitation Loan Agreement. Borrower shaIl fulfill all of Borrower's obligations under any home rehabilitation,
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 services 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 Mortgage.
However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not
less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this
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 Borrower.
NON-UNIFORM COVENANTS. Borrower 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 covenants 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;
. -76N(WY) (0308)
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CHL (08/05)
Form 3851
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(2) the action required to cure such breach; (3) a date, not 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 on or before the date specified in the notice
may result in acceleration of the sums secured by this Mortgage. The notice shall further infonn 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 pennitted by applicable law. Lender shall be entitled to
collect all reasonable costs and expenses incurred in pursuing the remedies provided 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 following order: (a) to all reasonable costs and expenses of the sale,
including, but not limited to, reasonable attorneys' fees and costs of title evidence; (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 Lender's acceleration of the sums secured by this Mortgage due to
Borrower's breach, Bon·ower 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 Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or
agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing
the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in
paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may
reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the
sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the
obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borrower
hereby assigns to Lender the rents of the Property, provided that Borrower shaJl, prior to acceleration under paragraph 17 hereof
or abandonment of the Property, have the right to collect and retain such rents as they become due and payable,
Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration 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 çhe 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's 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
Borrower. Borrower shall pay all costs of recordation, if any,
21. Waiver of Homestead. Borrower 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 hal) priority
over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any default under the
superior encumbrance and of any sale or other foreclosure action,
S -76N(WY) (0308)
®
CHL (08/05)
Form 3851
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IN WITNESS WHEREOF, Borrower has executed this Mortgage.
(SeaJ)
-Borrower
(SeaJ)
-Borrower
(SeaJ)
-Borrower
(SeaJ )
-Borrower
{Sign Original Only}
STATE m' WYO!6; {I,¡¡'!{Y¿A/ I H County ss: 5A e r;vn '" AI-!O
The foregoing instrument was acknowledged before me this ()Ît'lt4,.!j VI ~CO r;..,
by ~Oí)Cf+lJa11 R.7mht)f.{? /
My Commission Expires: /;;;LJj c¡ /00
, !jJa-khM1 ,$ð/[lttd-ú! /
Notary Public
-(JJ2.E1cµEN ~C:A6e.-AVES
. -76N(WY) (0308) CHL (08/05)
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APN Number: 37182930931900
Order No.: 235244~ -:l (' 5 2 0
EXHIBIT "A"
THE FOLLOWING DESCRIBED REAL ESTATE, SITUATE IN LINCOLN COUNTY, STATE OF
WYOMING, HEREBY RELEASING AND WAIVING ALL RIGHTS UNDER AND BY VIRTUE OF THE
HOMESTEAD EXEMPTION LAWS OF THE STATE, TO WIT;
UNIT B OF LOST ELK TOWNHOUSE ADDITION TO THE TOWN OF ALPINE, LINCOLN COUNTY,
WYOMING ACCORDING TO THAT PLAT FILED AUGUST 14, 2002 IN THE OFFICE OF COUNTY
CLERK AS PLAT NO. 191-C.
WITH THE APPURTENANCES THERETO.
HELP Preliminary Report,rdl (AL050326)
Page 3 of 9
0919391
FROM
(THU) JUN 1 2006 0: 52/ST, 0: 51/No, 6800493335 P 2
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[Spa". Abu.. Th.. Un. Fur R..unIin~ Dola)
PLANNED UNIT DEVELOPMENT RIDER
Return To:
COUNTRYWIDE HOME LOANS, INC.
MS SV-Î9 DOCUMENT PROCESSING
P.D.Box 10423
Van Nuys, CA 91410-0423
Prepared By:
TIFFANY MCCLEERY
2352440
rE~crow/Closinq II]
00013719400.005006
[Doc ID IIJ
THIS PLANNED UNTTDEVELOPMENT RIDER iN made thiN TWENTY-FOURTH day or
MA Y , 20 0 6 , and is incorporated ¡nle and shaH be deemed 10 amend and Nupplemenl the
MOl1gage, Deed or Trusl or Securily Deed (\he "SecurilY (nSlrumenl") or the same dale, given by the
undersigned (Ihe "Borrower") 10 ~CC\lre ROrrower's Note to
Countrywide. Bank, N,A.
(11Ie "Lender") or the sallll; dale and covering lhc Properly described in (he Security Instrument and localed a(:
J 57 AI,P INE DRIVE
AT~TNR, wy 83128-2055
¡Properly Addrc..)
MULllSTATE PUD RIDER· Single Family/Second Mongage
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The Properly includes. but is not limited to, a plU'ccl of land improved with a dwelling, together with other such
parcels and certain commOn ¡¡reilS and facilities. as de~cribcd in
THE COVENANTS, CONDITIONS, AND RESTRICTIONS F'HET) OF RECORD
THAT AFFECT THE PROPERTY
(the HDcdamtion"). The Property is a part of a planned unit development known as
LOST ELK TOWNHOUSE
JNMIC of PI.n.nncd Unit Dcvclopmcot]
(the "PUD"), The Properly also includcs Borrower's interest in the homeownen¡ a.,>;()Ciation or Cl.luivulent entity
owning or managing thc cummun arcus and fudlities of the PUD (the "Owners Associution") and the uses,
bcncfil~ and proceeds uf Burrower's interes!.
PUD COVENANTS. In additiun \U the covenants and agreemen!s made in the Security Instrument,
Borrower und Lender funher covenant and agree a.s follows:
A. pun ObliRatiollli, Borrower ~hall perl'onn ul1 uf Borrower's obligations under the PUD's Constitucnt
Documents. The "Constitucnt DocumenLs" are the: (i) Declaration; (ii) Hnides of incurporatiun. trust instrumem
or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rule~ or
regl,lalions of the Owners Association, Borrower shall promptly P¡¡Y, when due, a1l dues and assessments
impused pursu¡¡nt to the Constituent Documents.
B, Hazard Insurancl\. So long ¡¡s the Owners Association maintaìn~. wilh ;1 gcnerally accepled insurance
carrier. a "master" or "hlnnket" policy insuring the Properly which is satisfactory to Lender and which provides
insurance coverage in the amount.~ (including deductible levels), for che periods, and again~t los.~ hy lire,
ha7.ards included within Ihc teml "extcndcd ~'Overagc: and any other hozard~, including, hut not limited to,
earthqu!tk~s ~nd nlX>ds, for which Lendcr requires insurance. (hen: (i) Lender waives the provision in Unifurm
Covenant 2 for the mumhly payment to Lender of the yearly premium insUlllments for hazard insurance on thc
Property; ¡¡nd (ii) Born¡wer's obligation under Uniform Covenant 5 to maintain ha~.atd insurance covcrage on
the Property is deemed satisfied to the CXlCnt that thc required wveruge is provided by the Ownors Association
policy,
Whal Lender requires as a condition of this waiver can change during the tenn of the Jonn,
Borrower shall give Lender prompt notice of IUIY lapsc in requircd ha7,ard insurance coverage provided by
the master or blnJlk~l policy,
In the event of a dislriblJlion of hn7.ard insurunce proceeds in lieu of restoration or rcpair following a loss
to the Properly. or 10 common areas and facilities of the POD, any proceeds payahle 10 Borrower are hereby
assigned and shall be paid to Lender, Lender sha1l apply the proceeds to the sums secured by the Security
IlIslroment, whether or not then due, with the excess, if any. p¡¡id lu Borrower,
C. Public Lillhilily In~Uf'IIncc, Borrower shalJ take such action~ :\~ may be rCUROnnble to insure thnt the
Owners Association mainlains ¡j pllblie liability insurance policy acceptable ill fonn. all1oun~ and exlent uf
coverage 10 Lcmler.
D. Condemnation. The proceeds of ally award or claim for damages, direct or consequential, payable 10
borrower in connectiun with any condemnation or other taking of all or any part of the Property or the common
arcus and facilities of the POO. or for any convcyance in lieu or condemnution, are hereby assigned and shall he
paid [0 Lender, Such proceeds shall be applied by Lender to the slims secured by the Security IlIstrumcnt as
provided in Uniform Covenant 9.
E. Lender's Prior Consent, Borrower shall 1101, except after notice to 1.ender and with Lender's prior
written consent, either partition or suhdivide the Property or consellt 10: (i) thc ubandonment or tennination of
the PUD, except for abandonment or lcnnillatioll required by law in tbe case uf substantial destruction by fire or
other casua1ty or in the case of a taking by condemnatioll or eminent domain; (ii) any amendment to any
provision of (he "Con~lituent DocumcnL~" if Ihe provisiun is for the express benefit of Lender: (iii) tennination
Inltlal5~
.c·207R (0003) CHL (04/00) "'''1/'' 2 013 3/99
r :'ì f' r.; c'¡ 2
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·".·,·,~;···...t'·"...·.·,·,·o·".
FROM
.J,¡ O<C1;G1J
o 9 ~n .::iI..J ~j ..!L
............-.....".,.
(THU) J UN 1 2006 0: 521ST, 0: 51 /No. 6800493335 P
DOC ID t: 00013719400005006
of prorc!l.~ional managemem and a~~umpljon of ~clf·managcmcnl of the Owners A~~ocialion; or (iv) any action
which would have the effect of rendering [he public liability insurance coverage maintained by the Owncr.¡
Association unacceptable to tende
1<'. RemedÌl'll. If EorTOwer does not pay PUD dues and URseSSmenlS when due. then Lender may pay theIT1,
Any amOunts disbursed by Lender under this purdb'lilph F shall become additional debt of Burrower secured by
the SeGurity Instrument. Unlcss Burrower and Lender agree to (¡ )Ier lerros uf payment., thcse amounts shall bear
inlercst from thc date of disbur.iemcnt at the Notc rate and shall be payahle, with interest., upon nutice from
Lender to Borrower requesting paymem,
(Seal)
- Borrower
(Seal)
· ¡¡O/Tower
(Seul)
· ßO TOW~I:'
(Seal)
· ßom.lwcr
~'207R (0003)
CHL (04100)
Pago 3 01 3
':mm~]m~~~~~!f:: .
3/99
C005.23