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HomeMy WebLinkAbout919556 60472 (04 )i:;::,::j:::}",:, , :;mf*~~;~;~~j~m ~;:¡. ·~m.~.. :;:ii::.;~.;~.;;: :.; ,;:;:::~:;:::,:,·t'·O (1131 After BtrorrlingReturn To: FIRST NATIONAL BANK VÆST ro BJX3110 : ~~~8~~7 RECEIVED £/22/20064t 9:44 AM RECEIVING# 919556 BOOK: 624 PAGE: 131 ~EANNE WAGNER LINCOLN COUNTY ClERK, KEMMERER, WY I~ IilicNe ìhisDne fu 1kordng fiIta] MORTGAGE MIN: ~00015700068984927 Da:lNmONS Words 1l'5ed.in Tml1iplesections of1bis rlocm:œnt life defined below ßI1d other v.ordsllfe 1lefiru:rlin &ctions 3, 11, 13, 18, 20 ßI1d21. Certain rules ngarding1:he usage of v.ords used in 1bis rlocm:œnt lIfeßlso providedin Section 16. (A) 'SecurityJnstrune¡t"m;ms1bisdoc~11T1¥'nt, v.hid1Ís1iated JOISIE 19, 2006 , to£Pfher W1h lI1l Riders to 1bis rlocm:œnt. (B) "Bonuwer"is JOSTIN D SANDNER AND TERESA C SANDNER, BOSBAND AND WIFE, AS ~S BY:mE .EN~~~I'If<:S .Borrow::r is 1:he nmtgagor under 1bis Securi1y lnst:rurn:nt. (q 'MERS" is M»tgageEectronic Registrntion System;,.Inc. .MERS is a separate roIJJOræion that is acting .solely 118 a Tlnminæ for .I..£nda' ßI1dl.a:1der's 51]('l'f'SSOTS BI1d assigns. MERS is 1he mortgagee under this Secmity 1nstnnœot. MERSis orømi7P{i BI1d~~n£ mder1:hehms ofDela\\me, ßI1dbas mßddress æd telephoneI1UIIÌJer ofP.o. 13ox2026, :Flint, MI 48501-2026, teL (888) 679-MERS. (D) ''Iroder'' is F:rnST:NATIONAL BANK -wEST lmder is.aA :NATIONAL BANKING ASSCCIATION æd -existing 1IDdertheJav.s of VVYCMING I£nder'1) .address is ~OO GREYS RIVER ROAD, 1ill?INE, VVYCMING 83128 or.e¡mi7ffl (E) 'Note" m;ms1:he promissoIy.DOresignro by Borro\\ef ßI1d dared JOISIE 19, 2006 ìbeNote statesthat:Borrow::r ovæsImder THREE BONœED THIRTY-SIX TI1OUSAND·.AND OO/~OO Dollars (U.S. $ 336,000.00 )plusinteœst. 33orrow::r .has promised to pay 1bis ßebt in regular .Periodic .PayIœ1ts BI1d to pay íbe ßebt .in full not later 1ban JIJLY ~, 2036 . (F) "Property"m;ms1:hepropertythatis1iescribedbelowmder1be hffimTl£ 'TnlIlsfer ofRigbtsin1:heProperty." (G) 'i.oan"m;ms1:heßebt -evidenced by1beNote, plus.inre:rest, myprfPaYJm11: d1argesædlated1arges due under the Note, ßI1d lI1l5UIIE due 1IDder 1bis Securi1y Jnstrurœnt, plus interest. Wfav1IN3-Sinae Tanily-Rmie MaelFfedde Mac LNRHvIINSTH...MENT - ~ Fam30511/Df . Pßge 1 of 14 DDcMagic ~ ßlXJ.649-1362 ~dxrmdc.am :Eomm-cr 1nitia1s: :}.D 5 7tL -v.y305l1mn ~ .ø-' OS19S56 000132 (II) ''Riders'' rœans all Riders to this Security Instrurrmt that are executed by Borro\\er. The following Riders are to be executed by Borrov.er [check box as applicable]: o Adjustable Rate Rider o Balloon Rider o 1-4 Family Rider o Condominium Rider o Planned Unit DevelopIIÐ1t Rider o Biv.eekly Paym:nt Rider o Second HaIre Rider o Other(s) [specify] (I) '~plicable law" rœans all controlling applicable federal, state and local statutes, regulations, ordinances and ~nistrative rules and orders (that have the effect of law) as v.ell as all applicable final, non-appælable judicial opmlOns. (J) ''CoII1lIDJl1Ïty Association Dues, Fees, and Assessments"rœans all dues, fæs, assessrœnts and other charges that are irrposed on Borrov.er or the Property by a condominium association, honrov.ners association or similar organi23tioIl (K) ''Electronic F\mds Transfer"rœans any transfer offimds, other than a transaction originated by check, draft, or similar paper Ínst:ruIœnt, vJúch is initiated through an electronic terminal, telephonic Ïnstrurm1t, oorrvuter, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account: Such term includes, but is not limited to, point-of-sale transfers, automrted teller machine transactions, transfers initiated by telephone, wire transfers, and automrted clearinghouse transfers. (L) "Escrow Items" rœans those item; that are described in Section 3. (M) "Miscellaneous Proceeds" rœans any corrpensation, settleIIÐ1t, a\V<lfd of darrnges, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) daImge to, or destruction of, the Property~ (ii) oondermation or other taking of all or any part of the Property; (iii) conveyance in lieu of condermation; or (iv) rrisrepresentations of, or orrissions as to, the value and/or oondition of the Property. (N) ''Mortgage Instmmce"rœans insurance protecting Lender against the nonpaym:nt of, or default on, theLoan. (0) ''Peliodic Paynrot" rœans the regularly scheduled arrount due for (i) principal and interest under the Note, plus (ii) any arrounts under Section 3 of this Security Instrurœnt. (P) 'RESPA" rœans the Real Estate Settlerrent Procedures Act (12 U. s. C. §2601 et seq.) and its irrvlerrenting regulation, Regulation X (24 C. F. R Part 35(0), as they rright be arœnded rrom tiIre to tiIre, or any additional or sucœssor legislation or regulation that governs the sarro subject matter. As used in this Security Inst:rurrent, "RESP A" refers to all requirerrents and restrictions that are ifi1JOsed in regard to a "federally related rmrtgage loan" even if the Loan does not qualify as a "federally related rmrtgage loan" under RESP A (Q) 'Successor in Interest of Bon-ower" rœans any party that has taken title to the Property, \\hether or not that party has assurœd Borrov.er' s obligations under the Note and/or this Security Inst:rurrent. llirrOmJr Initials: Jù5 ~ WfQ\1It\G-Sinde Farrily-Fænie MaelFredde Mac LNFœv1INSTRJv18'JT - MffiS Form30511/0r Page 2 of 14 DocMagic emwurœ 800-849-1362 ~cbcrmgc.can \\y.J051rmn '-l:¡~i::::*::::;J::::¡ í'j'~"' "" ~.,~:~:! ~ ~m!r~f;m~~~!~~ :;;m~f;m¡~¡% QtF~~~i*!ft';;·~\.~~~1 "",,1,.,"<'11'·"'-;":' I") 3 ¡,i.i:~{~~~!~~"1i ~ 09195t~t~ TRANSFER 8F~GHTS IN THE PROPERTY This Security Instrtm:nt secures to Laider: (i) the repayrnnt of the Loan, and all renev.rus, extensions and m:xtifications of the Note; and (ii) the perfonnance of Borro\\er' s covenants and agræm:nts lIDder this Security Instrtm:nt and the Note. For this purpose, Borro\\ef does hereby rrortgage, grant and convey to MERS (solely as nominæ for Lender and Lender's successors and assigns) and to the successors and assigns ofMERS, with po\\er of sale, the following described property located in the COUNI'Y of LINCOLN rryp:: ofRerording Jurisdiction] [Nnre of Recording Jurisdiction] r.m 8 PALISADES PINES AMENDED SUBDIVISION LINCOLN COUNrY WYCMING6 ACCORDINGID THAT OF THE PIAT FIiED MAY 16, 2006' IN THE OFFICE F THE COUNTY CLERK AS PIAT 00, 81-J. v.hich c\llTently has the address of 37 ANGIE lANE [Street] ALPINE [City] , \\)roming 83128 ("Property Address"): [Zip Ox!e] TüC:ìEIHER WITII all the irq:>rovem:nts now or hereafter erected on the property, and all easerœnts, appurtenances, and fixtures now or hereafter a part of the property. All replacerœnts and additions shall also be covered by this Security Instrtm:nt. All of the foregoing is referred to in this Security Instrtm:nt as the "Property. " Borro\\ef lIDderstands arid agrees that MERS holds only legal title to the interests granted by Borro\\er in this Security Instrtm:nt, but, if necessary to corq:>ly 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 and canceling this Security Instrtm:nt. BORROWER COVENANfS that Borro\\ef is lawfully seised of the estate hereby conveyed and has the right to rrortgage, grant and convey the Property and that the Property is lIDencurmered, except for encurrbrances of reoord Borro\\ef warrants and will defend generally the title to the Property against all clairm and demands, subj ect to any encurrbrances of reoord TIllS SECURITYINSIRUMENT COrrDines unifonncovenants for national œemdnon-unifonncovenants with limited variations by jurisdiction to constitute a unifonn security instrurœnt covering real property. UNIFORM COVENANTS. Borro\\ef and Lender covenant and agræ as follow;: 1. Paynrnt of Principal, Interest, ID;crow Items, Prepaynrnt Cñarges, and Ùlte Charges. Borro\\er shall pay \\hen due the principal of, . and interest on, the debt evidenced by the Note and any prepayrnnt charges and late charges due lIDder the Note. Borro\\er shall also pay fimds for :&crow Iterm pursuant to Section 3. Payrnnts due lIDder the Note and this Security Instrtm:nt shall be made in U. S. currency. Ho\\eVer, if any check or other instrurœnt received by Lender as payrnnt lIDder the Note or this Security Instrurrent is returned to Lender lIDpaid, Lender may require that any or all subsequent paym:nts due lIDder the Note and this Security Instrurrent be made in one or rrore of the following form;, as selected by Lender: (a) cash; (b) rroney order; ( c) certified check, bank check, treasurer's check or cæhier' s check, provided any such check is dra\\n upon an institution \\hose deposits are insured by a federal agency, instrurœntality, or entity; or (d) Electronic FlIDds Transfer. Payrnnts are deerœd 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 with the notice provisions in Section 15. 'Lender may return furrO\\e1' Initials: .J D "> - \M'avllf\X3--Snde Farrily-Pcmie MaeJR-edde Mac LNFœv1INSTIUv18'JT - MffiS Form30511/0f Page 3 of 14 1!L DocMagic ~ 800-649-1362 www..ckxrragc.ccm \\ý305I.mm ... 03195.56 C00134 any pay¡rent or partial pay¡rent if the pay¡rent or partial payrrents are insufficient to bring the Loan ClllTent. Lender may accept any paym:nt or partial payI1H1t insufficient to bring the Loan ClllTent, without waiver of any rights heremder or prejudice to its rights to refuse such paym:nt or partial payrœnts in the future, but Lender is not obligated to apply such pay¡rentsat the tirre such pay¡rents are accepted. If each Periodic Pay¡rent is applied as of its scheduled due date, then Lender need not pay interest on mappli ed fimds. Lender may hold such mapplied fimds mtil Borrov.er makes payrœnt to bring the Loan ClllTent. IfBorrovær does not do so within areæonable period of tirre, Lender shall either apply such funds or return them to Borrov.er. If not applied earlier, such fimds will be applied to the outstanding principal balance mder the Note irnrrediately prior to foreclosme. No offset or claim vJllch Borrov.er might have now or in the future against Lender shall relieve Borrovær ITom making payrœnts due mder the Note and this Security Instnnrent or perfonning the covenants and agreenmts secured by this Security Instrunmt. 2. Application of Payrœnts or Proceeds. Except as otherwise described in this Section 2, all payrœnts accepted and applied by Lender shall be applied in the follo\\ffig order of priority: (a) interest due mder the Note; (b) principal due under the Note; (c) arromts due mder Section 3. Such payrœnts shall be applied to each Periodic Pay¡rent in the order in vJllch it beaure due. Any remaining arIDmts shall be applied first to late charges, second to any other arromts due mder this Security Instrunmt, and then to reduce the principal balance of the Note. If Lender receives a payrœnt ITom Borrov.er for a delinquent Periodic Payrœnt vJllch includes a sufficient arromt to pay any late charge due, the payrœnt may be applied to the delinquent payrœnt and the late charge. If rmre than one Periodic Payrœnt is outstanding, Lender may apply any payrrent received ITom Borrov.er to the repayrœnt of the Periodic Payrœnts if, and to the extent that, each payrœnt can be paid in full. To the extent that any excess exists after the payrœnt is applied to the full payrœnt of one or IIDre Periodic Pay¡rents, such excess may be applied to any late charges due. Volmtary prepayrœnts shall be applied first to any prepayrœnt charges and then as described in the Note. Any application of payrœnts, insurance proceeds, or Mscellaneous Proceeds to principal due mder the Note shall not extend or postpone the due date, or change the arromt, of the Periodic Payrœnts. 3, F\mds for &crow IteIm. Borrov.er shall pay to Lender on the day Periodic Paym:nts are due mder the Note, mtil the Note is paid in full, a sum (the "Fmds") to provide for payrœnt of arromts due for: (a) taxes and assessm:nts and other item; vJllch can attain priority over this Security Instrunmt as a lien or encwmrance on the Property; (b) leasehold payrrents or gromd rents on the Property, if any; (c) premium; for any and all insurance required by Lender mder Section 5; and (d) MOrtgage Insurance premium;, if any, or any sum; payable by Borrov.er to Lender in lieu of the payrœnt of MOrtgage Insurance premium; in accordance with the provisions of Section 10. These item; are called "&crow Item;." At origination or at any tirre during the tenn of the Loan, Lender may require thatCorrm.mity Association Dues, Fees. andAssessm:nts, ifany, beescrov.edbyBorrovær, and such dues, fees and assessm:nts shall be an &crow Item Borrov.er shall proII1Jtly furnish to Lender all notices of arIDmts to be paid under this Section. Borrovær shall pay Lender the Fmds for &crow Item; tmless Lender waives Borrov.er's obligation to pay the FUnds for any or all &crow Item;. Lender may waive Borrovær' s obligation to pay to Lender Fmds for any or all &crow Item; at any tirre. Any such waiver may only be in v.riting In the event of such waiver, Borrov.er shall pay directly, v.hen and v.here payable, the arromts due for any &crow Item; for vJllch pay¡rent of Fmds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such paym:nt within such tirœ period as Lender may require. Borrovær' s obligation to make such payrœnts and to provide receipts shall for all purposes be deerœd to be a covenant and agreenmt contained in this Security Instrunmt, as the phrase "covenant and agreenmt" is used in Section 9. IfBorrov.er is obligated to pay &crow Item; directly, pmsuant to a waiver, and Borrovær fails to pay the arromt due for an &crow Item, Lender may exercise its rights mder Section 9 and pay such arromt and Borrov.er shall then be obligated mder Section 9 to repay to Lender any such arromt. Lender may revoke the waiver as to any or all &crow Item; at any tirre by a notice given in accordance with Section 15 and, upon such revocation, Borrov.er shall pay to Lender all Fmds, and in such arromts, that are then required mder this Section 3. Ùl1der may, at any tirœ, collect and holdFmds in an arromt (a) sufficient to permit Lender to apply the Fmds at the tirœ specified mder RESP A, and (b) not to exceed the maximum arromt a lender can require mder RESP A Lender shall estimate the arrount ofFmds due on the basis of current data and reæonable estimates of expenditures of future &crow Item; or otherwise in accordance with Applicable Law Borro\\eC Initials: :s D 5 7f ~ Wv'Q\AIN3-Snae Farrily-Fcmie Mæ'R-edde Mac LNFCR\IIINSTRJv1S\JT - MER3 Form 3051 1/01" . Page 4 of 14 DocMagic emwurœ 800-649-1362 www.d:x:tmgc.ccm \\y.J05l.Imn l't~1 . ¡if ,I . ,','¡ :~~:::i:~'~~:~':" ~;'m~~~~~K :~~:!it~Ii¡;ti¡¡~·~ ~ ~i',;1 1,:fi~i'I"'~ .ii·./. _. ~~6~¡~~~ ~Ji1I;:t~1~ ~~f;~m~~~iiì_~;;1~ J;r:~m~~m1~?~: 09195;j6 C001~15 The Foods shall be held in an institution MOse deposits are insured by a federal agency, instrurœntality, or entity (including Lender, if Lendèr is an institution Mose deposits are so insured) or in any Federal HoIre Loan Bank Lender shall apply the Foods to PaY the Escrow Item; no later than the tiIre specified under RESP A Lender shall not charge Borrov.er for holding and applying the Funds, annually analyzing the escrow account, or verifYing the Escrow Item;, unless Lender pays Borrov.er interest on the Funds and Applicable Law permits Lender to rrnke such a charge. Unless an agreerœnt is made in writing or Applicable Law requires interest to be paid on the Foods, Lender shall not be required to pay Borrov.er any interest or earning; on the Foods. Borrov.er and Lender can agree in writing, hov.ever, that interest shall be paid on the Foods. Lender shall give to Borrov.er, without charge, an annual accoooting of the Foods as required by RESPA If there is a surplus of Funds held in escrow, as defined ooder RESPA, Lender shall accooot to Borrov.er for the excess funds in accordance withRESP A If there is a shortage of Funds held in escrow, as defined ooder RESP A, Lender shall notify Borrov.er as required by RESP A, and Borrov.er shall pay to Lender the arrount necessæy to rmke up the shortage in accordance with RESPA, but in no IIDre than 12 IIDnthly pay¡œnts. If there is a deficiency of Foods hel d in escrO\v, as defined ooder RESP A, Lender shall notify Borrov.er as required by RESP A, and Borrov.er shall pay to Lender the arrooot necessæy to rrnke up the deficiency in accordance with RESP A, but in no IIDre than 12 IIDnthly pay¡œnts. Upon pay¡œnt in full of all Sl1ITI3 secured by this Security In.strumnt, Lender shall prorrytly refund to Borrov.er any Foods held by Lender. 4, Ouu'ges; liens. !3orrov.er shall PaY all taxes, assessrœnts, charges, fines, and irqJOsitions attributable to the Property Mich can attain priority over this Security In.strumnt, leasehold pay¡œnts or groood rents on the Property, if any, and Community Association Dues, Fees, and Assessrœnts, if any. To the extent that these item; are Escrow Item;, Borrov.er shall pay them in the mmner provided in Section 3. Borrov.er shall prorrytly discharge any lien Mich has priority over this Security In.strumnt unless Borrov.er: (a) agrees in writing to the pay¡œnt of the obligation secured by the lien in a mmner acceptable to Lender, but only so long as Borrov.er is performing such agreerœnt; (b) contests the lien in good faith by, or defends against enforcem:nt of the lien in, legal proceeding; Mich in Lender's opinion operate to prevent the enforcerœnt of the Ii en Mile those proceedings are pending, but only ootil such proceedings are concluded; or (c) secures from the hol der of the lien an agreement satisfactory to Lender subordinating the lien to this Security In.strumnt. If Lender determines that any part of the Property is subject to a lien Mich can attain priority over this Security In.strumnt, Lender rmy give Borrov.er a notice identifYing the lien. Within 10 days of the date on Mich that notice is given, Borrov.er shall satisfy the lien or take one or IIDre of the actions set forth above in this Section 4. Lender rmy require Borrov.er to pay a one-tiIre charge for a ræl estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrov.er shall keep the irryroverœnts now existing or hereafter erected on the Property insured against loss by fire, hazards included within the tell11 "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for Mich Lender requires insurance. This insurance shall be múntained in the arrooots (including deductible levels) and for the periods that Lender requires. \\hat Lender requires pursuant to the preceding sentences can change during the tell11 of the Loan. The insurance carrier providing the insurance shall be chosen by Borrov.er subj ect to Lender's right to disapprove Borrov.er' s choi ce, Mi ch right shall not be exercised unreæonably. Lender rmy require Borrov.er to pay, in connection with this Loan, either: (a) a one- titre charge for flood zone determination. certification and tracking servi ces; or (b) a one-titre charge for flood zone determination and certification services and subsequent charges each titre remapping; or similar changes occur Mich reæonably might affect such determination or certification. Borrov.er shall also be responsible for the pay¡œnt of any fees irqx>sed by the Federal Etrergency Managerœnt Agency in connection with the review of any flood zone determination resulting from an objection by Borrov.er. IfBorrov.er fails to rmintain any of the coverages described above, Lender rmy obtain insurance coverage, at Lender's option and Borrov.er s expense. Lender is ooder no obligation to purchase any particular type or arrooot of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrov.er, Borrov.er's equity in the Property, or the contents of the Property, against any risk, hazard orliability and might provi de greater or lesser coverage than \¥<IS previously in effect. Borrov.er acknowedges that the cost of the ~urance coverage so obtained might significantly exceed the cost of insurance that Borrov.er could have obtained Any arrounts disbursed furro\\eI' Initials: 3' Þ-s ~ WfC1\1If\G-Snde Farrily-Fænie Mæ'Fredd. e Mac LNF<HJI INSTFUv1ENT - MER:> Form 3051 1/0'1' . ... Page 5 of 14 DocMagic ~ 8(J().& 9-1362 www..ctx:rmgc.can :1 '¡it , d .~ " u· ¡¡ '1 \\y.J05l.= ~) ..... J)"Ol' Qe&6 ....1 ~t.1,~. C00136 by Lender lIDder this Section 5 shall becorœ additional debt ofBorro\\er secured by this Security Instrurœnt. These arrolIDts shall bear interest at the Note rate ITom the date of disburserrent and shall be payable, \\ith such interest, upon notice ITom Lender to Borro\\er reqUesting payrrent. All insurance policies required by Lender and renev.llis of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard rmrtgage clause, and shall ruure Lender as rmrtgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renev.lli certificates. If Lender requires, Borro\\ef shall proII1'tly give to Lender all receipts of paid premiurrn and renev.lli notices. IfBorro\\er obtains any form of insurance coverage, not othernise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard rmrtgage clause and shall narm Lender as rmrtgageeand/or as an additional loss payee. In the event of loss, Borro\\er shall give proII1't notice to the insurance carrier and Lender. Lender rrny make proof of loss if not made proII1'tly by Borro\\ef. Unless Lender and BorrO\\ef othernise agree in writing, any insurance proceeds, \\hether or not the lIDderlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds lIDtil Lender has had an opportunity to inspect such Property to ensure the \\Ork has been coII1'leted to Lender's satisfaction, provided that such inspection shall be lIDdertaken proII1'tly. Lender rrny disburse proceeds for the repairs and restoration in a single payrrent or in a series of progress payrrents as the \\Ork is coII1'leted. Unless an agreetœI1t is made in Niting 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 ac:ljusters, or other third parties, retained by Borro\\ef shall not be paid out of the insurance proceeds and shall be the sole obligation ofBorro\\ef. If the restoration or repair is not economically feasibl e or Lender's security \\Owd be lessened, the insurance proceeds shall be applied to the SlIDE secured by this Security Instrurœnt, \\hether or not then due, \\ith the excess, if any, paid to Borro\\er. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borro\\er abandons the Property, Lender rrny file, negotiate and settle any available insurance claim and related rmtters. IfBorro\\er does not respond \\ithin 30 days to a notice ITomLender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim The 3D-day period \\ill begin \\hen the notice is given. In either event, or if Lender acquires the Property lIDder Section 22 or othernise, Borro\\ef hereby assigns to Lender (a) Borro\\er's rights to any insurance proceeds in an arrolIDt not to excœd the armtn1ts lIDpaid lIDder the Note or this Security Instrurœnt, and (b) any other ofBorro\\er' s rights (other than the right to any refund of lIDeamed premiurrn paid by Borro\\er) lIDder all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender rrny use the insurance proceeds either to repair or restore the Property or to pay armlIDts lIDpaid lIDder the Note or this Security Instrurœnt, \\hether or not then due. 6, Occupancy, Borro\\ef shall occupy, establish, and use the Property as Borro\\ef's principal residence \\ithin 60 days after the execution of this Security Instrurœnt and shall continue to occupy the Property as Borro\\er' s principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in Niting, \\hich consent shall not be unreasonably wthheld, or unless extenuating circurn:;tances exist \\hich are beyond Borro\\ef' s control. . 7, Preselvation, Mainterumce and Protection of the Propeliy; Inspections, Borro\\er shall not destroy, damage or iII1'air the Property, allow the Property to deteriorate or coIm1Ìt waste on the Property, Whether or not Borro\\ef is residing in the Property, Borro\\er shall maintain the Property in order to prevent the Property ITom deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not econorrically feasible, Borro\\ef shall prorrptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condermation proceeds are paid in connection \\ith damage to, or the taking of, the Property, Borro\\ef shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such pillpOses. Lender rrny disburse proceeds for the repairs and restoration in a single payrrent or in a series of progress payrrents as the \\Ork is coII1'leted If the insurance or condermation pr~ are not sufficient to repair or restore the Property, Borro\\er is not relieved ofBorro\\ef' s obligation for the coII1'letion of such repair or restoration. furrO\\ef Initials: 3 () 5 --;t¡- WY'Q\t1IN3-Snde Farrily-Fænie MaeJR-edde Mac LNFœv1INSTRJv18'IT - MOO Form30511/0f . Page6of14 DocMagic ~ 800-649-1362 www.ckx:tmgc.ccm t.I~".~.~.t.I:':~ ""'i~"~ . .~"'.I¡~ .~~,~ ij¡¡¡¡¡~~ili~~¡i: 0919;-156 coo 1 ~17 tender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the Írq)fovem:nts on the Property. Lender shall give Borrov.er notice at the hrre of or prior to such an interior inspection SpecifYing such reasonable cause. . 8, Borrower's Loan AppIic.'1tiolL Borrovær shall be in default if, during the Loan application process, Borrovær or any persons or entities acting at the direction ofBorrov.er or with Borrov.er' s knomedge or consent gave rmterially false, msleading, or inaccurate information or statem:nts to Lender (or failed to provide Lender with rmterial information) in connection with the Loan. :rvraterial representations include, but are not limted to, representations concerning Borrov.er' s occupancy of the Property as Borrov.er' s principal resi dence. 9, Pmtection of Lender's Interest in the Pmpeliy and Rights Under this Secwity Instnuœnt. If (a) Borrov.er fails to perform the covenants and agreem:nts contained in this Security Instrunmt, (b) there is a legal proceeding that mght signifi cantly affect Lender's interest in the Property and/or rights ill1der this Security Instrunmt (such as a proceeding in bankruptcy, probate, for condermation or forfeiture, for enforcem:nt of a lien v.hich may attain priority over this Security Instrum.:nt or to enforce laws or regulations), or (c) Borrovær has abandoned the Property, then Lender may do and pay for v.hatever is reasonable or appropriate to protect Lender's interest in the Property and rights ill1der this Security Instrum.:nt, 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 limted to: (a) paying any sum:; secured by a lien v.hich has priority over this Security Instrunmt; (b) appæring in court; and (c) paying reasonable attomeys' fees to protect its interest in the Property and! or rights ill1der this Security Instrum.:nt, including its secured position in a bankruptcy proceeding Securing the Property includes, but is not limted to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, elimnate building or other code violations or dangerous conditions, and have utilities turned on or off Although Lender may take action ill1der this Section 9, Lender does not have to do so and is not ill1der any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized ill1der this Section 9. Any aIIDill1ts disbursed by Lender ill1der this Section 9 shall becorre additional debt ofBorrov.er secured by this SecuritY Instrunmt. These aIIDill1ts shall bear interest at the Note rate from the date of disbursem:nt and shall be payable. with such interest, upon notice from Lender to Borrov.er requesting payrœnt. If this Security Instrum.:nt is on a leasehold, Borrov.er shall corrply with all the provisions of the lease. It Borrovær acquires fee title to the Property, the leasehold and the fee title shall not IW-ge unless Lender agrees to the rrerger in writing 10. Mortgage Insw1U1œ. If Lender required MOrtgage Insurance as a condition of making the Loan, Borrovær shall pay the premum; required to maintain the MOrtgage Insurance in effect. If, for any reason, the MOrtgage Insurance coverage required by Lender ceases to be available from the rmrtgage insurer that previously provided such insurance and Borro\\ef was required to make separately designated payrœnts toward the premum; for MOrtgage Insurance, Borrovær 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, from an alternate rrortgage insurer selected by Lender. If substantially equivalent MOrtgage Insurance coverage is not available, BorroVver shall continue to pay to Lender the aIIDill1t of the separately designated payrœnts that være due \\hen the insurance coverage ceased to be in effect. Lender will accept, use and retain these payrœnts as a non-refundable loss reselVe in lieu of MOrtgage Insurance. Such loss reselVe shall be non-refundable. notwithstanding the fact that the Loan is uItirmtely paid in fiùl, and Lender shall not. be required to pay Borrov.er any interest or eamin~ on such loss reselVe. Lender can no longer require loss reselVe payrœnts if MOrtgage Insurance coverage (m the aIIDill1t 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 Borrovær was required to make separately designated payrœnts toward the premum; for MOrtgage Insurance, Borrov.er shall pay the premium; required to múntain MOrtgage Insurance in effect, or to provide a non-refundable loss reseIVe, until Lender's requirem:nt for MOrtgage Insurance ends in accordance with any written agreem:nt betv.een Borro\\ef and Lender providing for such termination or ill1til termination is required by Applicable law: Nothing in this Section 10 affects Borrov.er's obligation to pay interest at the rate provided in the Note. MOrtgage Insurance reinDurses Lender (or any entity that purchases the Note) for œrtain)osses it may incur ifBorrov.er does not repay the Loan as agreed. Borrov.er is not a party to the MOrtgage Insurance. llirro~ Initials: :J 1?5 -rt..J- VW(~\I11N3-Snale Farrily-Pcmie MaelFfedd. e Mac LNFœv1INSTFUv1. 00- MffiS Form 3051 1/0r . Page 7 of 14 DocMagic ~ 800-649-1362 ~cJxrmgc.can \\ý3051.m>m .. ,nQ"'~9 C' c--' L:' 'V -:)' 4. <..D..1'U C00138 MOrtgage insurers evaluate their total risk on all such insurance in force from tiJre to tiJre, and rmy enter into agrærœnts \\ith other parties that share or rrodify their risk, or reduce losses. These agrærœnts are on term; and conditions that are satisfactory to the m:ntgage insurer and the other party (or parties) to these agreemnts. These agreemnts rmy require the rmrtgage insurer to make paytrents using any source of fimds that the rmrtgage insurer rmy have available (vJrich rmy include fimds obtained from MOrtgage Insurance premiums). As a result of these agreemnts, 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) armlIDts that derive from (or might be characterized as) a portion ofBorrov.er' s paytrents for MOrtgage Insurance, in exchange for sharing or rmdifying the rmrtgage insurer' s risk, or reducing losses. If such agrærœnt 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 arrangerœnt is often teI11'1rl "captive reinsurance." Further: (a) Any such agreements will not affect the amOlmts that Bon'Ower has agreed to pay for Mortgage Inswæce, or any other tern~ of the Loan. Such agreements will not increase the amount Bon'Ower will owe for Mortgage Inswæce, and they will not entitle Bon'Ower' to any refund (b) Any such agreements will not affect the rights Bon'Ower' has - if any - with respect to the Mortgage Insw-ance under' the Homeowners Pmtection Act of 1998 or any other law, These rîghts may include the rîght to receive cer1:aÎn disclosw-es, to request and obtain canœllation of the Mor1gage Insw-ance, to have the . Mor1gage Insmance terminated automatically, and/or to receive a refund of any Mortgage Inswæce premiwns that were unearned at the tirœ of such cancellation or termination. 11. Assignment of Miscellaneous Pr'Oœeds; Forfeiture_ 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 economicæly feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds lIDtil Lender has had an opportunity to inspect such Property to ensure the v.ork has been coßl)leted to Lender's satisfaction, provided that such inspection shall be lIDdertaken proßl)t1y. Lender may pay for the repairs and restoration in a single disburserœnt or in a series of progress paytrents as the v.ork is coßl)leted. Unless an agreemnt is rmde in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrov.er any interest or ærning; on such Miscellaneous Proceeds. If the restoration or repair is not economicæly feasible or Lender's security v.ouId be lessened, the Miscellaneous Proceeds shall be applied to the SUIIE secured by this Security Instrunmt, \\bether or not then due, \\ith the excess, if any, paid to Borrov.er. 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, \\bether or not then due, \\ith the excess, if any, paid to Borrov.er. In the event of a partial taking, destruction, or loss in value of the Property in vJrich the fair market value of the Property imrœdiately before the partial taking, destruction, or loss in value is equal to or greater than the armlIDt of the SUIIE secured by this Security I:nstrurœnt imrœdiately before the partial taking, destruction, or loss in value, wIess Borrov.er and Lender otherwise agræ in writing, the SUIIE secured by this Security Instrunmt shall be reduced by the armlIDt of the Miscellaneous Proceeds multiplied by the follo-wng ftaction: (a) the total armlIDt of the SUIIE secured imrœdiately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property imrœdiately before the partial taking, destruction, orloss in value. Any balance shall be paid to Borrov.er. In the event of a partial taking, destruction, or loss in value of the Property in vJrich the fair market value of the Property imrœdiately before the partial taking, destruction, or loss in value is less than the armlIDt of the SUIIE secured imrœdiately before the partial taking, destruction, or loss in value, unless Borrov.er and Lender otherwise agræ in writing, the Miscellaneous Proceeds shall be applied to the SUIIE secured by this Security Instrunmt \\bether or not the SUIIE are then due. If the Property is abandoned by Borrov.er, or if, after notice by Lender to Borrovær that the ~posing Party (as defined in the next sentence) offers to make an a\V<U"d to settle a claim for damages, Borrov.er fails to respond to Lender \\ithin 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 SUIIE secured by this Security Instrunmt, \\bether 1ft- furrom:r Initials: ..J b $' V\lYavtl~ndeFarrily-Fa1nie MaelR-edde Mac LNFCRv1INSTRJv1ENT - MER:3 Form 3051 1/01" . Page 8 of 14 DocMagic ~ f3()(M49-13ô2 W\oWI. ctx:rragc. can \\ý3051.1Il'IIl ~·'::::::::::;';;·;·iiiliJ:'for ~,', y;:\:¡, ¡.4~1 '\;'ï; !~~'~;, I¡~i~~l~:s~~~:<;'j"' :'~~N~~::;::;:::;I t!¡Í¡I.·t·'·i~.I"';~:j ¡~~~~fi~~~~ Ü'3í9;j56 C00139 or not then due. "QJposing Party" rœans the third party that ov-es furro\\er :Miscellaneous Proceeds or the party against \\hom furro\\er has a right of action in regard to :Miscellaneous Proceeds. furro\\er shall be in default if any action or proceeding, \\hether civil or criminal, is begun that, in Lender's judgrrent, could result in forfeiture of the Property or other material iIII'airrrmt of Lender' s interest in the Property or rights lIDder this Security 1nst:ruIrent. furro\\er can cure such a default and, if acceleration has occmred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgm:nt, precludes forfeiture of the Property or other rrnterial iIII'airrœnt of Lender' s interest in the Property or rights lIDder this Security 1nst:ruIrent. The proceeds of any av.md or claim for damages that are attributable to the . iIII'airrœnt 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. 12. Borrower· Not Released; Forbearance By Lender Not a Waiver. Extension of the tirre for payI1H1t or rrodification of armrtÍzatÍon of the sum; secured by this Security Instrurrent granted by Lender to furrov.er or any Successor in Interest offurro\\er shall not operate to release the liability offurrov.er or any Successors in Interest offurro\\er. Lender shall not be required to cornm:nce proceeding; against any Successor in Interest offurrov.er or to refuse to extend tirre for payI1H1t or otherwise rrodify armrtÍzatÍon ofthe sum; secured by this Security Inst:ruIrent by reason of any demmd rrnde by the original furro\\er or any Successors in Interest offurrov-er. Arrj forbearance by Lender in exercising any right or rerœdy including, without limitation, Lender's acceptance of payrœnts uom third persons, entities or Successors in Interest offurro\\er or in armlIDts less than the armlIDt then due, shall not be a waiver of or preclude the exercise of any right or rerredy. 13. Joint and Several liability; Co-signers; Successors and Assigns BomuL furro\\er covenants and agrees that furro\\er' s obligations and liability shall bejoint and several. Ho'MWer, any furro\\er \\ho co-signs this Security Inst:ruIrent but does not execute the Note (a "co-signer"): (a) is co-signing this Security Inst:ruIrent only to rmrtgage, grant and convey the co-signer's interest in the Property lIDder the term; of this Security I:nstn.rrœnt; (b) is not personally obligated to pay the sum; secured by this Security Instrurrent; and (c) agrees that Lender and any other furrov.er can agree to extend, rrodify, forbear or rrnke any acoomrmdations with regard to the term; of this Security Inst:ruIrent or the Note without the co-signer' s consent. Subject to the provisions of Section 18, any Successor in Interest of furrower \\ho ~ furro\\er's obligations lIDder this Security Inst:ruIrent in \\fÍting, and is approved by Lender, shall obtain all offurrower' s rights and benefits lIDder this Security 1nst:ruIrent. furro\\er shall not be released uomfurrov-er' s obligations and liability lIDder this Security Inst:ruIrent unless Lender agrees to such release in \\fÍtÍng The covenants and agreerœnts of this Security Inst:ruIrent shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14, loan Cbarges. Lender may charge furro\\er fees for services perform:rl in cormection with furro\\er's default, for the purpose of protecting Lender's interest in the Property and rights lIDder this Security Instrunmt, 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 Inst:ruIrent to charge a specific fee to furrov-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 Inst:ruIrent or by Applicable La\¥. If the Loan is subject to alaw\\hich sets mlXÍmumloan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in cormection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the armlIDt necessary to reduce the charge to the permitted limit; and (b) any sum; alrædy collected uom furro\\er \\hich exceeded permitted limits will be refimded to furro\\ef. Lender may choose to rrnke this refimd by reducing the principal ovæd lIDder the Note or by rroking a direct payrœnt to furrov-er. If a refimd reduces principal, the reduction will be treated as a partial prepayI1H1t without any prepayrœnt charge (\\hether or not a prepayI1H1t charge is provided for lIDder the Note). furrov.er' s acceptance of any such refimd made by direct payI1H1t to furro\\er will constitute a waiver of any right of action furrov-er might have arising out of such overcharge. 15. Notices. All notices given by furrov-er or Lender in connection with this Security Inst:ruIrent must be in \\fÍting Any notice to furrov.er in cormection with this Security Instrurrent shall be deerœd to have been given to furrov.er \\hen rmiled by first class rmil or \\hen actually delivered to furrov.er's notice ad~ess if sent by other rœans. Notice to anyone furrov.er shall constitute notice to all furrov-ers unless Applicable Lawexpressly requires IJ:Jmmer InmaJ.: J þ 5 ß . WfQ\1If\X3-Snde Farrily-Pcmie MaelFredde Mac LNFŒv1INSTR1v18\IT - MffiS DocMagic ~ 800-649-1362 Form 3051 1/0r Page 9 of 14 ] www.ctJcrmgc.can v.y3051.m>m .. ~.' 091.9;i~jt) r:·1('140 '. \.Þ l . otherwise. The notice address shall be the Property Address unless Borro~r has designated a substitute notice address by notice to Lender. Borro~r shall protq)tly notify Lender ofBorro~r' s change of address. If Lender specifies a procedure for reporting Borrov.er' s change of address, then Borrov.er shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instnnn:nt at anyone tirre. 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 Borrov.er. Any notice in connection with this Security Instnnn:nt shall not be deerred to have been given to Lender until actually received by Lender. If any notice required by this Security Instrurœnt is also required under Applicable La\v, the Applicable Law requirerœnt will satisfy the corresponding requirerrent under this Security Instrurœnt. 16. Governing Law; Severability; Rules of ConstructÏOIL This Security Inst:rurrent shall be govemed by federal law and the law of the jurisdiction in Wrich the Property is located All rights and obligations contained in this Security Inst:rurrent are subject to any requirerœnts and limitations of Applicable Law' Applicable Lawrright explicitly or itq)licitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreerœnt by contract. In the event that any provision or clause of this Security Instrum:nt or the Note conflicts with Applicable La\v, such conflict shall not affect other provisions of this Security Instrum:nt or the Note Wrich can be given effect without the conflicting provision. As used in this Security Inst:rurrent: (a) \\Ords of the masculine gender shall rrean and include corresponding neuter \\Ords or \\Ords of the feminine gender; (b) \\Ords in the singular shall rrean and include the plural and vice versa; and (c) the \\Ord "may" gives sole discretion without any obligation to take any action. . 17. Bonmvert s Copy. Borrov.er shall be given one copy of the Note and of this Security Instrum:nt. 18. Transfer of the Property or a Beneficial Interest in Bon'Ower, As used in this Section 18, "Interest in the Property" IreIDS any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installrrent sales contract or escrowagreerœnt, the intent of Wrich is the transfer of title by Borrov.er at a futtn-e date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or ifBorro~r is not a natural perSon and a beneficial interest in Borro~r is sold or transferred) without Lender's prior written consent, Lender may require i~ate paymnt in full of all sum:; secured by this Security Inst:rurrent. 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 fÌom the date the notice is given in accordance with Section 15 within Wrich Borro~r IIIDSt pay all sum:; secured by this Security Instrurœnt. IfBorrov.er fails to pay these sum:; prior to the expiration of this period, Lender may invoke any rerredies permitted by this Security Instrum:nt without further notice or demand on Borrov.er. 19. Bon'Owe.·t s Right to Reinstate After AcœJeratioIL IfBorro~r rœets certain conditions, Borro~r shall have the right to have enforceIrel1t of this Security Instrurœnt discontinued at any tirre prior to the earliest of (a) five days before sale of the Property pursuant to any po~r of sale contained in this Security Inst:rurrent; (b) such other period as Applicable Law might specify for the termination of Borro\\ef' s right to reinstate; or (c) entry of a judgrœnt enforcing this Security Instrum:nt. Those conditions are that Borrov.er: (a) pays Lender all sum:; Wrich then \\OuId be due under this Security Instrurœnt and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreerrents; (c) pays all expenses incurred in enforcing this Security Instrum:nt, including, but not limited to, reasonable attomeys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrurœnt; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrum:nt, andBorrov.er' s obligation to pay the sum:; secured by this Security Instrurœnt, shall continue unchanged Lender may require that Borrov.er pay such reinstaterœnt sum:; and expenses in one or rmre of the following fol1IE. as selected by Lender: (a) cash; (b) rmney order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is. draWl upon an institution v.hose deposits are insured by a federal agency, instrurœntality or entity; or (d) Electronic Funds Transfer. Upon reinstaterœnt by Borrov.er, this Security Instrurœnt and obligations secured hereby shall rermin fully effective as ifno acceleration had occurred Ho\\eVer, this right to reinstate shall not apply in the case of acceleration under Section 18. ~ InUiaIs: 30$ ~ VW'av1IN3-Snale Farrily-Pcmie MaelFredde Mac LNFmv1INSTRJ'v1ENT - MffiS Form 3051 1/0r . Page 10 of 14 DocMagic ~ BOO-ô49-1362 ~ctx:rragc.ccm ~l.mzm ~i~Iiri~i!lj~ ~~~~~!;f~~~¡~;~~~l;i~~ '::::;:~:~~ ~:;:::;:;:;;'~1~:¡:;~;~ C00141 .4, 9~~"C 09..5.. ,.).:}u 20. Sale of Note; Ü1ange of Loan SeIVÍcel; Notice of w;evanœ. The Note or a partial interest in the Note (together \\ith this Seeuri ty Instrurœnt) can be sold one or rrore tirœs \\ithout priornoti œ to Borrov.er. A sale night result in a change in the entity (knO'M1 as the "Loan Serviœr") that collects Periodic Payrrents due ooder the Note and this Security Instrurœnt and perform; other rrortgage loan servicing obligations ooder the Note, this Security Instrurœnt, and AppliclliJle law There also might be one or rrore changes of the Loan Serviœr unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrov.er \\ill be given written notiœ of the change \\hich \\ill state the ruure and address of the new Loan Servicer, the address to \\hich payrrents should be made and any other information RESP A requires in connection \\ith a notiœ of transfer of servicing . If the Note is sold and thereafter the Loan is serviced by a Loan Serviœr other than the purchaser of the Note, the rrortgage loan servicing obligations to Borrov.er \\ill rermin \\ith the Loan Servicer or be transferred to a successor Loan Serviœr and are not assurœd by the Note purchaser tmless otherwise provided by the Note purchaser. Neither Borro\o\ef nor Lender may COI1lI1ßlœ, join, or be joined to any judicial action (as either an individual litigant or the IreIIÌJer of a class) that arises ûom the other party's actions pursuant to this Security Instrurœnt or that alleges that the other party has breached any provision of, or any duty ov.ed by reason of, this Security Instrurœnt, ootil such Borro\o\ef or Lender has notifi ed the other party (\\ith such noti œ given in cofi1)lianœ \\ith the requirerœnts of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notiœ to take corrective action. If AppliclliJle law provides a titre period \\hich must elapse before œrtain action can be taken, that titre period \\ill be deenm to be reasonable for purposes of this paragraph The notiœ of acceleration and opportunity to cure given to Borrov.er pursuant to Section 22 and the notiœ of acceleration given to Borro\o\ef pursuant to Section 18 shall be deerœd to satisfy the notiœ and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "~dous Substances" are those substances defined as toxic or hazardous substances, pollutants, or \V<IS1:es by Environrœntallaw and the following substances: gasoline, kerosene, other flamrmble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fonmldehyde, and radioactive materials; (b) "Environrœntallaw' rreans federal law; and law; of the jurisdiction Wlere the Property is located that relate to health, safety or environrœntal protection; (c) "Environmental Oeanup" includes any response action, rernxlial action, or rerroval action, as defined in Environrœntallaw; and (d) an "Environrœntal Condition" rreans a condition that can cause, contribute to, or otheMse trigger an Envirorurental Oeanup. Borro\o\ef shall not cause or permit the presenœ, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrov.er shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environrœntallaw; (b) \\hich creates an Environrœntal Condition, or (c) \\hich, due to the presenœ, use, or release of a Hazardous Substanœ, creates a condition that adversely affects the value of the Property. The preceding mo 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 nonml residential uses and to rmintenanœ of the Property (including, but not limited to, hazardous substances in collSllIrer products). Borro\o\ef shall profi1)t1y give Lender written notiœ of (a) any investigation, claim, demand, lawt or other action by any governrœntal or regulatory agency or private party involving the Property and any Hazardous Substanœ or Environrœntallawof \\hich Borrov.er has actual knovJedge, (b) any EnvironrœntalCondition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substanœ, and (c) any condition caused by the presenœ, use or release of a Hazardous Substanœ \\hich adversely affects the value of the Property. If Borro\o\ef leæns, or is notified by any governm::ntal or regulatory authority, or any private party, that any rerroval or other rerrediation of any Hazardous Substanœ affecting the Property is necessary, Borro\o\ef shall proII1rtly take all necessary rerredial actions in accordanœ \\ith Environrœntallaw Nothing herein shall create any obligation on Lender for an Environrœntal Oeanup. llirro\\Cr Initials: -:s () S -tV ~_ VWavlll'G-Snae Farrily-Fænie MaeJR'edde Mac LNF<Hv1INSTR..M8\JT - MffiS Form 3051 1/0'" Page 11 of 14 DocMagic ~ 800-649-1362 www..cbcrragc.can ~1.111'l1l ~...~c: 031.9,.~,::J."') r""'O"42 '.. Ulj. NON-UNIFORM COVENANTS. Borro\\er and Lender further covenant and agree as follo\\S: 22. Acceleration; Rerœdies. Lender' shall give notice to BoI1'Ower plior to acceleration following BoI1'Ower's breach of any covenant or agi"eerœnt in this Secwity Instnnœnt (but not plior to acceleration under Section 18 unless Applicable law provides 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 from the date the notice is given to Borrower, by which the default nwst be cw'ed; and (d) that failw'e to CW'e the default on or befOl'e the date specified in the notice may result in acceleration of the swns secw'ed by this Security Instnuœnt and sale of the Property. The notice shall fwiher infOlID BoI1'Ower of the lightto reinstate aftel" acceleration and the light to bling a cowt action to asselt the non-e:xistence of a default or any other defense of BoI1'Ower to acceleration and sale. H the default is not cw'ed on or befoœ the date specified in the notice, Lender at its option may requiœ iIIllœdiate payment in full of all swns secw'ed by this Secwity Instnnœnt without fwthe." demand and may invoke the power of sale and any other œmedies permitted by Applicable law. Lender shall be entitled to collect all expenses incw1'ed in pursuing the œrœdies provided in this Section 22, including, but not limited to, l"e3Sonable attorneys' fees and costs of title evidence. H Lender invokes the power of sale, Lender shall give notice of intent to foœclose to BoI1'Ower and to the person in possession of the Property, if different, in accordance with Applicable law, Lender shall give notice of the sale to BoI1'Ower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Pi'Operty shall be sold in the manner presclibed by Applicable law. Lender or its designee may purchase the Pi'Operty at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all swns secw'ed by this Secwity Instnnœnt; and (c) any excess to the person or persons legally entitled to it 23. Release. Upon paynmt of all sums secured by this Security Instrurœnt, Lender shall relæse this Security Instrurœnt BorrO\\ef shall pay any recordation costs. Lender nay 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 permitted under Applicable Law . 24, Waivers. Borro\\ef releases and waives all rights under and by virtue of the horrestead exeII1Jtion laW) of\\ýoming ~ Iniûak :\ ÞS -rr~ VWQv1I~nde Farrily-Fænie Mae/R-edde Mac LNFæv1INSTRJv1ENT - MffiS Form 3051 1/0r Page 12 of 14 DocMagic ~ 800-649-1362 www.ckx:tmgc.can \\y.3051.= f:::r.:~?~~~j:;i;¡; "';"'."t:, .i~í~¡:~:1 0919C··r:·'t:> , "".] ..:,¡po ~l{~j,:1 I;.... ._;~t)i...."t '~:::~:;:;;~:~d~~:~:!' ' ~_ 0 014 3 BY SIGNING BELOW; Borrov.er accepts and agrees to the terms and covenants contained in this Security :Instrum:I1t and in any Rider executed by Borrov-er and recorded with it. (Seal) -Borrov.er (Seal) -Borrov.er (Seal) - Borrov.er 1iJ¡~ L~ SA C SANDNER Wr'avtlf\G--Snde Fanily-Fannie Mae/Freddie Mac LNF<Rv1INSTFUv18\JT - MffiS Rx-m30511/0f Page 13 of 14 \\ý3051.n1!ß1 (Seal) - Borrov.er (Seal) -Borrov.er (Seal ) -Borrov.er DocMagic ~ 800-ô49-1362 www..cbctratjc.can O· 1(À"ÍÌge' 1:-"6' .J JJ.. ..}.:) State of \\ýoming ) " ) 88_ ) C00144 "'.... County of LINCOLN s~egoing ìnstrurrent \WS acknovJedged before Ire by JUSTIN 0 SANDNER, TERESA C this 19TH day of JUNE 2006 Witness ~ hand and official seal. 1»11 NNV JONeS .OTARY PUBLIC COUNTY OF STATE 01' LINOOLN WYOMINO MY COMMI811ON EXPIRES &£PTEMSaA 15, 2fXJ1 Q~cf P . -NotæyPWIic PENNY JONES Print or Type Narre (Seal) My conmission expires: 09/18/07 \M'av1ING-Snde Farrily-Falnie MaelFredde Mac LNFœv1INSTR1v1ENf - MffiS Form 3051 1/01" .. Page 14 of 14 DocMagic ~ 800-649-1362 ~cb::tmgc.can \\y.J051.rmn i:::~!*:::f~::::::I~ l:~:t:~:::~:~J~!~~~