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After Rec:o!din.,g Retwn To:
Loan Number: 128717879
"
RECEIVED 6/23/2006 at 3:43 PM
RECEIVING # 919618
BOOK: 624 PAGE: 278
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
~ _.- ------,- - -
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[~ Þrove This Une For R3c0rdng D:ta]
MORTGAGE
/
MIN: 100015700068984901
DEFINITIONS
Words used in multiple sections of this docum:nt are defined below and other y,ords are defined in Sections 3, 11,
13, 18, 20 and 21. Certain rules regarding the usage ofy,ords used in this docum:nt are also provided in Section 16.
(A) ''Secwity Instrument"JœaI1S this docum:nt, Wrich is dated JUNE 19, 2006 , together
mth all Riders to this docunH1t.
(B) "BOITOwer" is TRISTAN B SMI'IH AND LINDSAY L. SMI'IH, HUSBAND AND
WIFE
Borro~r is the rrortgagor tmder this Security Instrurœnt.
(q 'MERS" is :MOrtgage Electronic Registration System;, Inc. MERS is a separate corporation that is acting
solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Secwity
Instnunent MERS is organized and existing tmder the law; ofDela\¥<lfe, and has an address and telephone nurrber
of p, 0. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS.
(D) ''Lender''is FIRST NATIONAL BANK - WEST
Lender is a A NATIONAL BANKING ASSCCIATION
and existing tmder the law; of WYCMll'G
Lender's address is P.O. rox 3110, ALPINE, WYCMING 83128
organized
(E) 'Note" rœans the promissory note signed by Borro\\ef and dated JUNE 19, 2006
The Note states that BorrO\\ef 0\\eS Lender CNE HUNDRED ONE 'IHOUSAND TWO HUNDRED
FIFTY AND 00/100 Dollars (U S. $ 101,250.00 ) plus interest.
Borro\\ef has promised to pay this debt in regular Periodic Payrœnts and to pay the debt in full not later than
JULY I, 2036 .
(F) "Property" rœans the property that is described belowtmder the heading "Transfer of Rights in the Property. "
(G) ''Loan''JœaI1S the debt evidenced by the Note, plus interest, any prepayrœnt charges and late charges due tmder
the Note, and all sums due tmder this Security Instrurœnt, plus interest.
Porro\\Cf Initials: ~ -L £
Wfav1ll\G-Snde Fanily-Pcmie Mæ'Fredde Mac U\lFŒv1INSTR1v1ENT - MOO
Form 3051 1/01' Page 1 of 14
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C00279
(II) 'Riders" rreans all Riders to this Security Instrurrent that are executed by Borro~r. The followng Riders are
to be executed by Borro~ [check box æ; appliq¡ble]:
ŒI Adjustable Rate Rider
o Balloon Rider
o 1-4 Family Rider
o Conoominium Rider
o Plæmed Unit Developnmt Rider
o Bi\\œkly Paynmt Rider
o Second Horre Rider
o Other( s) [ specify]
o 91.9() 1.8
(I) 'l\pplicable law" rreans all controlling applicable federal, state and local statutes, regulations, ordinances and
~nistrative rules and orders (that have the effect of law) æ; v.ell æ; all applicable final, non-appælable judicial
opmlOI1S.
(J) ''Commmity Association Dues, Fees, and Assessments" rreans all dues, fees, assessm:nts and other charges
that are in1JQSed on Borro~ or the Property by a conoominium a5S0CÏation, horœo\\ners a5S0CÏation or' similar
organization. ,
(K) ''FJectronic FUnds Transfer" rreans any transfer of fimds, other than a transaction originated by check, draft,
or similar paperÏnstrum.'nt, \\hich is initiated through an electronic terminal, telephonic in.strurœnt, corrputer, or
rmgnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an 8CCOWt. Such term
includes, but is not lirrited to, point-of-sale transfers, autormted teller rmchine transactions, transfers initiated by
telephone, wre transfers, and autormted clearinghouse transfers.
(L) "Escrow Iterm" rreans those iterm that are described in Section 3.
(M) 'Mscellaneous Proceeds" rreans any coJ11'ffiSatÏon, settlenmt, award of darmges, or proceeds paid by any
third party (other than insurance proceeds paid wder the coverages described in Section 5) for:, (i) darmge to, or
destruction of, the Property; (ii) condennation or other taking of all or any part of the Property; (iii) conveyance in
lieu of condermation; or (iv) misrepresætations of, or omissions æ; to, the value and! or condition of the Property.
(N) ''Mortgage Instmmce" rreans insurance protecting Lender against the nonpaym:nt of, or default on, the Loan.
(0) ''Periodic Payment" rreans the regularly scheduled arrowt due for (i) principal and interest wder the Note,
plus (ii) any arrowts wder Section 3 of this Security Instrurrent.
(P) "RFSPA" rreans the Real Estate Settlenmt Procedures Act (12 U. S. C. §Z601 et seq.) and its irrplenmting
regulation, Regulation X (24 C. F. R Part 35(0), æ; they might be anmded from tirre to tirre, or any additional or
successor legislation or regulation that governs the sarœ subject matter. As used in this Security Instrument,
"RESP A" refers to all requirenmts and restrictions that are in1JQSed in regard to a "federally related IIDrtgage loan"
even if the Loan does not qualify æ; a "federally related IIDrtgage loan" wder RESP A
(Q) "Successor in Interest of Bon'OWer" rreans any party that has taken title to the Property, \\bether or not that
party has assurn:;xl Borro\\eC's obligations wder the Note and/or this Security Instrument.
furro\\ef Initials: ~ -L 'b
Wl'av1IN3-Snde Farrily-Pcmie MaelR'edde Mac LNFœv1INSTR.Jv1ENT - MIR;
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TRANSFER OF RIGHTS IN THE PROPERTY
0919(-;18
000280
This Security Instrurœnt secures to Lender: (i) the repaymnt of the Loan, and all renewals, extensions and
rrodifications of the Note; and (ii) the performance of Borrov.er' s covenants and agreem:nts lIDder this Security
Instrurœnt and the Note. For this purpose, Borrov.er does hereby l1Drtgage, grant and convey to :MERS (solely as
nominee for Lender and Lender' s successors and assigns) and to the successors and assigns of:MERS, with po\-\er of
sale, the folloWng described property located in the
COUNrY ,of LINCOlN
SEE ~1)~~(1iÏ~ctiÃhACHED HEREm AND~f7~7IikoF ÞS
EXHIBIT "A".
vJrich currently has the address of
77638 HWY 89
[Street]
SM:XJr
[City]
, \\yoming
83126 ("Property Address"):
[Zip Code]
TOGETIIER WITH all the iIII>roverœnts now or hereafter erected on the property, and all easerœnts,
appurtenances, and fixtures now or hereafter a part of the property. All replacem:nts and additions shall also be
covered by this Security Instrurœnt. All of the foregoing is referred to in this Security Instrurœnt as the "Property. "
Borro\-\er lIDderstands and agrees that:MERS holds only legal title to the interests granted by Borrov.er in this Security
Instrurœnt, but, ifneœssæy to coIII>ly with 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 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 Instrurœnt.
BORROWER COVENANfS that Borro\-\er is lawfully seised of the estate hereby conveyed and has the right
to l1Drtgage, grant and convey the Property and that the Property is lIDencrnIDered, except for enclmÌ:>rances of
record Borrov.er warrants and will defend generally the title to the Property against all claim> and demands, subject
to any encurrbrances of record
TIllS SECURIIYINS1RUMENT corrbines uniform covenants for national usemdnon-uniformcovenants with
limited variations by jurisdiction to constitute a uniform secwity instruIrmt covering real property.
UNI FORM COVENANTS. Borrov.er and Lender covenant and agree as follo\\5:
1. Paynmt ofPtincipal, Interest, Escrow Items, Pt-epaynmt Omrges, and late Omrges. Borro\-\er shall
pay \\hen due the principal of, and interest on, the debt evidenced by the Note and any prepaym:nt charges and late
charges due lIDder the Note, Borro\\t'I' shall also pay fi.mds for Escrow Item; pursuant to Section 3. Payrrents due
lIDder the Note and this Security Instrurœnt shall be rmde in U. S. currency. Ho\\eVer, if any check or other
instrurœnt received by Lender as paym:nt lIDder the Note or this Security Instrurœnt is returned to Lender unpaid,
Lender rmy require that any or all subsequent paynmts due lIDder the Note and this Security Instrurœnt be made in
one or l1Dre of the folloWng forms, a<ì selected by Lender: (a) cash; (b) l1Dney order; (c) certified check, bank check,
treasurer's check or cashier's check, provided any such check is draWl upon an institution \\hose deposits are insured
by a federal agency" instruIrmtaIity, or entity; or (d) Electronic Foods Transfer.
Paym:nts are deerred received by Lender \\hen received at the loortion designated in the Note or at such other
loortion as rmy be designated by Lender in accordance with the notice provisions in Section 15. 'Lender rmy return
furro'\\ef Initials:- ~ ( .)
Wr'CMIN3-Snale Fanily-Fa1nie Mæ'R'edde Mac LNFœv1INSfFUv1ENT - MOO
Form30511/0r Page30f14
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G00281
091.961.8
any payrœnt or partial payrœnt if the payrœnt or partial paym:nts are insufficient to bring the Loan current. Lender
rmy accept any paym:nt or partial payrœnt iI1Sl.tfficient to bring the Loan clUTent, \\ithout waiver of any rights
hereunder or pr~udice to its rights to refuse such payrœnt or partial payrœnts in the future, but Lender is not
obligated to apply such payrœnts at the tiIre such payrœnts are accepted. If each Periodic Payrœnt is applied ac; of
its scheduled due date, then Lender need not pay interest on lIDapplied fimds. Lender rmy hold such unapplied fimds
until Borro\\ef makes payrœnt to bring the Loan current. IfBorro\\ef does not do so \\ithin a reasonable period of
tirre, Lender shall either apply such funds or return them to Borro\\ef. If not applied earlier, such fimds \\ill be
applied to the outstanding principal balance under the Note imrœdiately prior to foreclosure, No offset or claim
Wlich Borro\\ef night have now or in the future against Lender shall relieve Borro\\ef from making paym:nts due
under the Note and this Security Instrurrent or performing the covenants and agreerrents secured by this Security
I:nstrum:nt.
2. Application of Paynrnts or Proceeds. Except as other\\ise described in this Section 2, all payrœnts
accepted and applied by Lender shall be applied in the follov.ing order of priority: (a) interest due under the Note;
(b) principal due under the Note; (c) arrounts due under Section 3. Such payrœnts shall be applied to each Periodic
Payrœnt in the order in Wlich it becære due. Any remaining arrounts shall be applied first to late charges, second
to any other arrounts due under this Security I:nstrum:nt, and then to reduce the principal balance of the Note.
If Lender receives a payrœnt from Borro\\er for a delinquent Periodic Payrœnt Wlich includes a sufficient
arrount to pay any late charge due, the payrœnt rmy be applied to the delinquent payrœnt and the late charge. If
rmre than one Periodic Payrœnt is outstanding. Lender rmy apply any payrœnt received from Borro\\ef to the
repayrœnt of the Periodic Payrœnts if, and to the extent that, each paym:nt can be paid in full. To the extent that
any excess exists after the payrœnt is applied to the full payrœnt of one or rmre Periodic Payrœnts, such excess rmy
be applied to any late charges due, Voluntary prepaynmts shall be applied first to any prepaynmt charges and then
ac; described in the Note.
Any application of payrœnts, insurance proceeds, or :Miscellaneous Proceeds to principal due under the Note
shall not extend or postpone the due date, or change the arrount, of the Periodic Payrœnts.
3. Funds for Escrow Iterm. Borro\\ef shall pay to Lender on the day Periodic Payrœnts are due under the
Note, until the Note is paid in full, a sum (the "Funds") to provide for payrœnt of arrounts due for: (a) taxes and
assessrrmts and other iterm Wlich can attain priority over this Security I:nstrum:nt ac; a lien or encurrorance on the
Property; (b) leasehold payrœnts 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 preniums, if any, or any sums payable by Borro\\ef
to Lender in lieu of the paym:nt of .Mortgage Insurance premiums in accordance \\ith the provisions of Section 10.
These iterm are called II Escrow Iterm. II At origination or at any tiIre during the term of the Loan, Lender rmy require
that Conmmity Association Dues, Fees, and Assessrrmts, if any, be escro\\ed by Borro\\er, and such dues, fees and
assessrrmts shall be an Escrow Item Borro\\ef shall prorrptly furnish to Lender all notices of arrounts to be paid
under this Section. Borro\\er shall pay Lender the Funds for Escrow Iterm unless Lender waives Borrov.er's
obligation to pay the Funds for any or all Escrow Iterm. Lender rmy waive Borro\\ef' s obligation to pay to Lender
Funds for any or all Escrow Iterm at any tiIre. Any such waiver rmy only be in writing In the event of such waiver,
Borro\\ef shall pay directly, \\hen and \\here payable, the arrounts due for any Escrow ~term for Wlich payrœnt of
Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payrrent
\\ithin such tirre period ac; Lender rmy require. Borro\\ef' s obligation to make such payrœnts and to provide receipts
shall for all purposes be d.eerred to be a covenant and agreem:nt contained in this Security Instrurrent, as the phrase
II covenant and agreem:nt" is used in Section 9. If Borro\\ef is obligated to pay Escrow Iterm directly, pursuant to
a waiver, and Borro\\ef fails to pay the arrount due for an Escrow Item, Lender rmy exercise its rights under Section
9 and pay such arrount and BorrO\\ef shall then be obligated under Section 9 to repay to Lender any such arrount.
Lender rmy revoke the waiver ac; to any or all Escrow Iterm at any tirre by a notice given in accordance \\ith Section
IS and, upon such revocation, Borro\\ef shall pay to Lender all Funds, and in such arrounts, that are then required
under this Section 3.
Lender rmy, at any tirre, collect and hold Funds in an arrount (a) sufficient to pemit Lender to apply the Funds
at the tirre specified under RESP A, and (b) not to exceed the rmximnn arrount a lender can require under RESP A
Lender shall estirmte the arrount of Funds due on the basis of current data and reasonable estirmtes of expenditures
of future Escrow Iterm or other\\ise in accordance \\ith Applicable La\¥.
furro\\ef Initials: ~ l./$
w(av1I~nde Farrily-Pcmie Mæ'R'edde Mac LNFCRv1INSTfUoJ1ENT - MffiS
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The Foods shall be held in an institution \\hose deposits are insured by a federal agency, in.strurœntality, or
entity (including Lender, if Lender is an institution \\hose deposits are so insured) or in any Federal Horre Loan
Bank Lender shall apply the Foods to PaY the Escrow Iterm no later than the tirre specified ooder RESP A Lender
shall not charge Borrov.er for holding and applying the Foods, annually analyzing the escrOWaccooot, or verifYing
the Escrow Iterm, unless Lender pays Borro\\er interest on the Foods and Applicable Law permits Lender to rmke
such a charge. U1less an agrærœnt 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 earnings on the Foods. Borro\\er and Lender can agræ
in writing, hO\\eVer, that interest shall be paid on the Foods, Lender shall give to Borro\\er, without charge, an
annual accoooting of the Foods as required by RESP A
If there is a surplus of Foods held in escrow, as defined ooder RESP A, Lender shall aécooot to Borrov.er for
the excess funds in accordance with RESP A If there is a shortage ofFmds held in escrow, as defined ooeIer RESP A,
Lender shall notify Borrov.er as required by RESP A, and Borro\\ef shall pay to Lender the armoot neœ.ssæy to rmke
up the shortage in accordance with RESPA, but in no rmre than 12 rmnthly payrœnts. If there is a deficiency of
Foods held in escrO\v, as defined ooder RESP A, Lender shall notify Borro\\er as required by RESP A, and Borro\\er
shall pay to Lender the armoot necessary to rmke up the deficiency in accordance with RESP A, but in no rrore than
12 rronthly payrœnts.
Upon payrœnt in full of all SUIIB secured by this Security Instrurœ.nt, Lender shall proIllJtly refund to Borro\\ef
any Foods held by Lender.
4. Ouu'ges; liens. Borrov.er shall pay all taxes, assessm::nts, charges, fines, and irrpositions attributable to
the Property Wrich can attain priority over this Security Instrurœ.nt, leasehold payrœnts 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 Iterm, Borrov.er shall pay them in the manner provided in Section 3.
Borrov.er shall proIllJtly discharge any lien vJllch has priority over this Security Instrurœ.nt unless Borro\\ef:
(a) agrees in writing to the payrœnt of the obligation secured by the lien in a manner acceptable to Lender, but only
so long as Borro\\ef is performing such agrærœnt; (b) contests the lien in good faith by, or defends against
enforcerœnt of the lien in, legal procædings vJllch in Lender' s opinion operate to prevent the enforcerœnt of the lien
vJllle those procædings are pending, but only ootil such procædings are concluded; or (c) secures rrom the holder
of the lien an agræment satisfactory to Lender subordinating the lien to this Security Instrurœ.nt. If Lender
determines that any part of the Property is subject to a lien vJllch can attain priority over this Security Instrurœ.nt,
Lender Imy give Borro\\er a notice identifying the lien Within 10 days of the date on Wrich that notice is givEn,
Borro~r shall satisfy the lien or take one or rmre of the actions set forth above in this Section 4.
Lender Imy require Borrov.er to pay a one-tirre charge for a real estate tax verification and! or reporting service
used by Lender in connection with this Loan.
5. Property Insuranœ. Borro\\ef shall kæp the iIllJroverœnts now existing or hereafter erected on the
Property insured against loss by fire, hazards included within the tenn "extended coverage," and any other, hazards
including, but not limited to, earthquakes and floods, for vJllch Lender requires insurance. This insurance shall be
maintained in the armoots (including deductible levels) and for the periods that Lender requires. \\hat Lender
requires pursuant to the preceding sentences can change during the tennof the Loan. The insurance carrier providing
the insurance shall be chosen by Borro\\ef subj ect to Lender's right to disapprove Borro\\er' s choice, Wrich right shall
not be exercised tmreasonably. Lender Imy require furro\\ef to pay, in connection with this Loan, either: (a) aone-
tirre charge for flood zone determination, certification and tracking services; or (b) a one-tirre charge for flood zone
detennination and certification services and subsequent charges each tirre remappings or similar changes occur Wrich
reasonably might affect such determination or certification. furro\\ef shall also be resIxmsible for the payrœnt of
any fees iII1JOSed by the Federal Errergency :Managerœnt Agency in connection with the review of any flood zone
determination resulting rrom an objection by furro\\ef.
IfBorro\\er fails to rmintain any of the coverages described above, Lender Imy obtain insurance coverage, at
Lender's option and Borro\\eI" s expense. Lender is ooder no obligation to purchase any particular type or armoot
of coverage, Therefore, such coverage shall cover Lender, but might or might not protect Borro\\ef, furro\\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 was previously in effect. furro\\ef acknowedges that the cost of the insµrance coverage so
obtained might significantly exceed the cost of insurance that Borro\\ef could have obtained Any armoots disbursed
BJrrO\\ef hútials: ~ l <ý
VWav1IN3-Snde Fanily-Fænie MaelR'edde Mac LNFœv1INSTRJv18'JT - MERS
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000283
by Lender lIDder this Section 5 shall becorre additional debt ofBorro\\er secured by this Security Instrurœnt. These
armlIDts shall bear interest at the Note rate tromthe date of disbursem:nt and shall be payable, \\-Ìth such interest,
upon notice trom Lender to Borro\\ef 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 m:>rtgage clause, and shall nmre Lender as m:>rtgagee and/or as an
additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires,
Borro\\er shall prorrptly give to Lender all receipts of paid premium; and renewal notices. IfBorro\\ef obtains any
form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such
policy shall include a standard m:>rtgage clause and shall narre Lender as m:>rtgagee and/or as an additional loss
payee.
In the event ofloss, Borro\\ef shall give prorrpt notice to the insurance carrier and Lender. Lender may make
proof of loss if not rmde prorrptly by Borro\\ef. Unless Lender and Borrov.er otherwise 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 economical.ly feasible and Lender's security is not lessened.
During such repair and restoration period, Lender shall have the right to hold such iIlSlEance proceeds lIDtil Lender
has had an opportunity to inspect such Property to ensure the VvOrk has been corrpleted to Lender's satisfaction,
provided that such inspection shall be lIDdertaken prorrptly. Lender may disburse proceeds for the repairs and
restoration in a single payrœnt or in a series of progress payrœnts as the oork is corrpleted. Unless an agreem:nt
is made in writing or Applicable law requires interest to be paid on such insurance proceeds, Lender shall not be
required to pay Borrov.er any interest or earnings on such proceeds. Fees for public acljusters, or other third parties,
retained by Borrov.er shall not be paid out of the insurance proceeds and shall be the sole obligation ofBorrov.er.
If the restoration or repair is not economical.ly feasible or Lender' s security oouId be lessened, the insurance proceeds
shall be applied to the SUIIE secured by this Security Instrurœnt, \\hether or not then due, \\-Ìth the excess, if any, paid
to Borrov.er. Such insurance proceeds shall be applied in the order provided for in Section 2.
IfBorrov.er abancbns the Property, Lender may file, negotiate and settle any available insurance claim and
related matters. IfBorro\\er does not respond \\-Ìthin 30 days to a notice tromLender that the insurance carrier has
offered to settle a claim, then Lender may negotiate and settle the claim The 30-day period \\-Ìll begin \\hen the
notice is given In either event, or if Lender acquires the Property lIDder Section 22 or otherwise, Borro\\ef hereby
assigns to Lender (a) Borro\\er's rights to any insurance proceeds in an armlIDt not to exceed the armlIDts lIDpaid
lIDder the Note or this Security Instrurœnt, and (b) any other ofBorrov.er' s rights (other than the right to any refund
oflIDæmed premium; paid by Borro\\er) lIDder all insurance policies covering the Property, insofar as such rights
are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the
Property or to pay armlIDts unpaid 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
\\-Ìthin 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 writing, \\hich
consent shall not be W11"æsonably v.ithheld, or unless extenuating circUIIEtances exist \\hich are beyond Borro\\ef' s
control.
7. Pt-eselvation, Maintenance and Pt'Otection of the Pt'Operty; Inspections. Borro\\er shall not destroy,
damage or irrpair the Property, allow the Property to deteriorate or comrrit waste on the Property. Whether or not
Borro\\er is residing in the Property, Borrov.er shall maintain the Property in order to prevent the Property trom
deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or
restoration is not economically feasible, Borro\\ef shall prorrptly repair the Property if damaged to avoid further
deterioration or damage. If insurance or condermation proceeds are paid in cormection \\-Ìth damage to, or the taking
of, the Property, Borrov.er 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 paym:nt or in
a series of progress paym:nts as the oork is corrpleted. If the insurance or condennation proceeds are not sufficient
to repair or restore the Property, Borro\\ef is not relieved of Borrov.er' s obligation for the corrpletion of such repair
or restoration.
furro\\ef Initials: ~ { Ss
V\t{avllN3-Snde Farrily-Pcmie MaeJR"edde Mac LNFœVlINSTRlv18'JT - MffiS
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Lender 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 iIT1JroveIrents on the Property. Lender shall give Borro~ notice at the tirre
of or prior to such an interior inspection specifying such reasonable cause.
8. Borl"Ower's Loan ApplicatiOIL Borrovær shall be in default if, during the Loan appliætion process,
Borro~ or any persons or entities acting at the direction ofBorrovær or wth Borrov.er' s knovJedge or consent gave
materially false, misleading, or inaccurate information or staterœnts to Lender (or failed to provide Lender wth
material information) in connection wth the Loan. Material representations include, but are not limited to,
representations concerrúng Borrovær's occupane,y of the Property as Borrovær's principal residence.
9. Pl"Otection of Lender's Interest in the Pl"Operty and Rights Under this Secwity Instnuœnt If (a)
Borro~ fails to perform the covenants and agrOOIrents contained in this Security Instrum:nt, (b) there is a legal
proceeding that might significantly affect Lender's interest in the Property and! or rights under this Security Instrum:nt
(such as a proceeding in bankrupte,y, probate, for condermation or forfeiture, for enforcerrent of alien v.hich may
attain priority over this Security Instrum:nt or to enforce law; or regulations), or (c) Borro~ has abancbned the
Property, then Lender may do and pay for \\hatever is reasonable or appropriate to protect Lender's interest in the
Property and rights under this Security Instn.uœnt, 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 sum;
secured by a lien v.hich has priority over this Security Instn.uœnt; (b) appearing in cow1; and (c) paying reasonable
attorneys' fees to protect its interest in the Property and! or rights under this Security Instn.uœnt, including its secured
position in a bankrupte,y proceeding Securing the Property includes, but is not limited to, entering the Property to
make repairs, change locks, replace or board up doors and wndow;, drain water fi-orn pipes, eliminate building or
other code violations or dangerous conditions, and have utilities turned on or off Although Lender may take action
under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so, It is agreed that
Lender incurs no liability fòr not taking any or all actions authorized under this Section 9.
Any arrounts disbursed by Lender under this Section 9 shall becorre additional debt ofBorro~ secured by this
Security Instn.uœnt. These arrounts shall bear interest at the Note rate fi-om the date of disburseIrent and shall be
payable, wth such interest, upon notice fi-om Lender to Borro~ requesting paym:nt.
If this Security Instrurnnt is on a leasehold, Borro~ shall coIT1Jly wth all the provisions of the lease. If
Borrovær acquires foo title to the Property, the leasehold and the foo title shall not rrerge UIÙess Lender agrees to the
rrerger in writing
10. Mortgage Insluance. If Lender requiredMJrtgageInsurance as a condition of rmking the Loan, Borro~
shall pay the prerniurrn required to maintain the MJrtgage Insurance in effect. If, for any reason, the MJrtgage
Insurance coverage required by Lender ceases to be available fi-om the Irortgage insurer that previously provided such
insurance and Borro~ was required to make separately designated paym:nts toward the prerniurrn for 'Mortgage
Insurance, Borrovær shall pay the prerniurrn required to obtain coverage substantially equivalent to the MJrtgage
Insurance previously in effect, at a cost substantially equivalent to the cost to Borrovær of the MOrtgage Insurance
previously in effect, fi-om an alternate IIDrtgage insurer selected by Lender. If substantially equivalent Mortgage
Insurance coverage is not available, Borro~ shall continue to pay to Lender the arrount of the separately designated
payrrmts that være due v.hen the insurance coverage ceased to be in effect. Lender wll accept, use and retain these
paym;nts as a non-refundable loss reserve in lieu ofMJrtgage Insurance. Such loss reserve shall be non-refundable,
nomithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrovær any
interest or earnin~ on such loss reserve, Lender can no longer require loss reserve payrri:nts if MOrtgage Insurance
coverage (in the arrount and for the period that Lender requires) provided by an insurer selected by Lender again
becorœs available, is obtained, and Lender requires separately designated paym:nts toward the premiurrn for
MOrtgage Insurance. If Lender required MOrtgage Insurance as a condition of making the Loan and Borrovær was
required to make separately designated payrrmts toward the prerniurrn for MOrtgage Insurance, Borrovær shall pay
the prerniurrn required to rrnintain MOrtgage Insurance in effect, or to provide a non-refundable loss reserve, until
Lender's requirerœnt for MOrtgage Insurance ends in accordance with any written agræment betvveen Borrovær and
Lender providing for such temination or until termination is required by Applicable Law. Nothing in this Section
10 affects Borrovær's obligation to pay interest at the rate provided in the Note.
MJrtgage Insurance reirrburses Lender (or any entity that purchases the Note) for certain losses it may incur
if Borro\\eT does not repay the Loan as agreed Borrovær is not a party to the MOrtgage Insuranêe.
PorrO\\ef Initials: -:-~ ( ./ ¿r
\N'(av1ll\G-Snae Farrily-Pcmie Mæ'Redde Mac LNF<ß.AINSTRJv1ENT - Mrn3
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MOrtgage insurers evaluate their total risk on all such insurance in force from tirœ to tirre, and may enter into
agrærœnts \\ith other parties that share or m:xlify their risk, or'reduce losses. These agrærœnts are on terms and
conditions that are satisfactory to the rrortgage insurer and the other party (or parties) to these agræm:nts. These
agræm:nts may require the rrortgage insurer to make paytrents using any source of fimds that the rrortgage insurer
may have available (Wlich may include fimds obtained from MOrtgage Insurance premium;).
As a result of these agrærœnts, 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) amxmts that derive from (or night
be characterized as) a portion ofBorro~ s paytrents for MOrtgage Insurance, in exchange for sharing or m:xlifying
the rrortgage insurer's risk, or reducing losses. If such agræm:nt provides that an affiliate of Lender takes a share
of the insurer's risk in exchange for a share of the prerrium; paid to the insurer, the arrangerœnt is often terrœd
"captive reinsurance." Further:
(a) Any such agn~rœnts will not affect the am01mts that BolTOwel' has agreed to pay for Mortgage
Insw-ance, 01' any Othel'tenns of the Loan. Such agreerœnts will not increase the alIlOlmt Bonl)wer will owe
for Mortgage Insurance, and they will not entitle Bonl)wer to any reflUld
(b) Any such agreerœnts will not affect the lights BoITOwel' has - if any - with respect to the Mortgage
Insw-anœ lUlder the HOlŒOwners Protection Act of 1998 or any other law. These lights may include the light
to receive œl1:aÏn disclosures, to n~quest and obtain cancellation of the Moligage Insw"3ßce, to have the
Mortgage Insuranœ tenninated automatically, and! or to receive a reflUld of any Mol1gage Insw"3ßœ premiwns
that were lUleamed at the time of such cancellation or terminatioIL
11. Assigmnent of Miscellaneous Pmceeds; FOIfeiíw-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 feæible and Lender's security is not lessened Thning such repair and
restoration period, Lender shall have the right to hold such :Miscellaneous Proceeds until Lender has had an
opportunity to inspect such Property to ensure the oork has been corrpleted to Lender's satisfaction, provided that
such inspection shall be undertaken prorrptly. Lender may pay for the repairs and restoration in a single disburserœnt
or in a series of progress paytrents as the oork is corrpleted Unless an agrærœnt is rmde in writing or Applicable
law requires interest to be paid on such :Miscellaneous Proceeds, Lender shall not be required to pay Borro\\er any
interest or ærnings on such :Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
Lender's security oouId be lessened, the :Miscellaneous Proceeds shall be applied to the SI.1IΠsecured by this Security
Instrum:nt, \\hether or not then due, \\ith 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 sum; secured by this Security Instrurœnt, \\hether or not then due, \\ith the excess, if any, paid to
Borro\\ef.
In the event of a partial taking, destruction, or loss in value of the Property in Wlich the fair market value of
the Property imrœdiately before the partial taking, destruction, or loss in value is equal to or greater than the arrount
of the SI.1IŒ secured by this Security Instrurœnt irmœdiately before the partial taking, destruction, or loss in value,
unless Borro\\ef and Lender otherwise agræ in writing, the SI.1IŒ secured by this Security Instrurœnt shall be reduced
by the arrount of the :Miscellaneous Proceeds multiplied by the following fraction: (a) the total arrount of the SI.1IŒ
secured imœdiately 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, or loss in value. Any balance shall be paid to Borro\\ef.
In the event of a partial taking, destruction, or loss in value of the Property in Wlich the fair market value of
the Property imœdiately before the partial taking, destruction, or loss in value is less than the arrount of the SI.1IŒ
secured imrœdiately before the partial taking, destruction, or loss in value, unless Borro\\ef and Lender otherwise
agræ in writing, the :Miscellaneous Proceeds shall be applied to the SI.1IŒ secured by this Security Instrum:nt\\hether
or not the SI.1IΠare then due.
If the Property is abandoned by Borro\\ef, or if, after noti ce by Lender to Borro\\ef 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 \\ithin 30 days after the date the notiœ is given, Lender is authorized to collect and apply tþe :Miscellaneous
Proceeds either to restoration or repair of the Property or to the SI.1IΠsecured by this Security Instrum:nt, \\hether
ImO\\el" fuitials: ~ L?J
Wfav1ll\K3-Sinae Farrily-Fannie Mæ'Ffedcie Mac LNF<Rv1INSfR1v1ENr - MER3
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or not then due. "CWosing Party" rreans the third party that ov.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 crirrinal, is begun that, in Lender's
judgrœnt, could result in forfeiture of the Property or other material irrçairrn:nt of Lender' s interest in the Property
or rights under this Security I:nstrurœnt. 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 disrrissed \\ith a ruling that, in Lender's
judgrœnt, precludes forfeiture of the Property or other material irrçairrn:nt of Lender' s interest in the Property or
rights under this Security I:nstrurœnt. The proceeds of any a'Mlfd or claim for damages that are attributable to the
irrçairrnnt 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. Borrower' Not Released; Forbearance By Lender' Not a Waiver. Extension of the tiJre for payrrent or
m:xlification of arrortization of the sums secilled by this Security I:nstrurœnt granted by Lender to Borrov.er or any
Successor in Interest ofBorrov.er shall not operate to release the liability ofBorrov.er or any Successors in Interest
of Borrov.er. Lender shall not be required to comm:nce proceedings against any Successor in Interest ofBorrov.er
or to refuse to extend tiJre for payrrent or othernise m:xlify arrortization of the SUJIl') secured by this Security
I:nstrurœnt by reason of any demand made by the original Borrov.er or any Successors in Interest ofBorrov.er. Arr¡
forbearance by Lender in exercising any right or rerredy including, \\ithout limitation, Lender's acceptance of
payrrents from third persons, entities or Successors in Interest ofBorrov.er or in arrounts less than the arrount 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 Bound. Borrov.er covenants and agrees
that Borrov.er' s obligations and liability shall be joint and several. Hov.ever, any Borrov.er \\ho co-signs this Security
Instrurœnt but does not execute the Note (a" co-signer"): (a) is co-signingthis Security Instrurœnt only to rmrtgage,
grant and convey the co-signer' s interest in the Property under the tenm of this Security Instrurœnt; (b) is not
personally obligated to pay the sums secured by this Security Instrurœnt; and (c) agrees that Lender and any other
Borrov.er can agree to extend, mxlify, forbear or make any acœnmxlations \\ith regard to the tenm of this Security
Instrurœnt or the Note \\ithout the co-signer' s consent.
Subject to the provisions of Section 18, any Successor in Interest of Borrov.er \\ho assurœs Borrov.er's
obligations under this Security Instrurœnt in writing, and is approved by Lender, shall obtain all ofBorrov.er' s rights
and benefits under this Security Instrurœnt. Borrov.er shall not be released fromBorrov.er' s obligations and liability
under this Security Instrurœnt unless Lender agrees to such release in writing. The covenants and agreerœnts of this
Security Instrurœnt shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender.
14. Loan Otarges. Lender may charge Borrov.er fees for services perfoIlI'Xrl in connection \\ith Borrov.er' s
default, for the purpose of protecting Lender's interest in the Property and rights under 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
Instrurœnt or by Applicable Law:
If the Loan is subj ect to a law \\hich sets maximum loan charges, and that law is finally interpreted so that the
interest or other loan charges collected or to be collected in connection \\ith the Loan exceed the permitted limits,
then: (a) any such loan charge shall be reduced by the arrount necessary to reduce the charge to the permitted limit;
and (b) any sums already collected from Borrov.er \\hich exceeded permitted linits \\ill be refunded to Borrov.er.
Lender may choose to make this refund by reducing the principal o~ under the Note or by rrnking a direct payrrent
to Borrov.er. If a refund reduces principal, the reduction \\ill be treated as a partial prepaym:nt \\ithout any
prepayrrent charge (\\hether or not a prepayrrent charge is provided for under the Note). Borrov.er's acceptance of
any such refund made by direct paynmt to Borrov.er \\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 \\ith this Security Instrurœnt must be in
writing. Any notice to Borrov.er in connection \\ith this Security Instrurœnt shall be deerred to have been given to
Borrov.er \\hen rrniled by first class mail or \\hen actually delivered to Borrov.er's notice address if sent by other
rreans. Notice to anyone Borrov.er shall constitute notice to all Borrov.ers unless Applicable Lawèxpressly requires
PorrO\\el' Initials: ~ L Ô
Wr'av1I~nde Farrily-Pcmie MaelR'edde Mac LNFœv1IN5T'fUv1ENf - MffiS
Form 3051 1/0'1" Page 9 of 14
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otherwise. The notice address shall be the Property Address unless Borrov.er has designated a substitute notice
address by notice to Lender. Borro\\er shall profilJtly notify Lender of Borro\\er' s change of address. If Lender
specifies a procedure for reporting Borro\\er' s change of address, then Borro\\er shall only report a change of address
through that specified procedure. There may be only one designated notice address under this Security Instrum:nt
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
\\ith this Security Instrum:nt shall not be deerœd to have been given to Lender until actually received by Lender.
If any notice required by this Security Instrum:nt is also required under Applicable La\¥, the Applicable Law
requirerœnt \\ill satisfY the corresponding requirerœnt under this Security Instrum:nt.
16. Governing Law; Sevel1lbility; Rules of Constroction. This Security Instrum:nt shall be governed by
federal law and the law of the jurisdiction in vJllch the Property is located All rights and obligations contained in
this Security Instrurrent are subject to any requirem:nts and lirritations of Applicable La'N. Applicable Law night
explicitly or ifilJIicitly allow the parties to agree by contract or it rright be silent, but such silence shall not be
construed as a prohibition against agreem:nt by contract. In the event that any provision or clause of this Security
Instrurrent or the Note conflicts \\ith Applicable La\¥, such conflict shall not affect other provisions of this Security
Instrurrent or the Note vJllch can be given effect \\ithout the conflicting provision
As used in this Security Instrurrent (a) oords of the rmsculine gender shall rœan and include corresponding
neuter oords or oords of the feminine gender; (b) oords in the singular shall rœan and include the plural and vice
versa; and (c) the oord "may" gives sole discretion \\ithout any obligation to take any action.
17. Bon"Ower's Copy. Borrov.er shall be given one copy of the Note and of this Security Instrurrent.
18. Tl1lnsfer of the Pmperty or a Benefiåal Intel'eSÍ in Bon"Ower. As used in this Section 18, "Interest in
the Property" rœans any legal or beneficial interest in the Property, including, but not limited to, those beneficial
interests transferred in a oond for deed, contract for deed, installm:nt sales contract or escrowagreem:nt, the intent
ofvJllch is the transfer of title by Borrov.er at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold or transferred (or ifBorrov.er is not a
natural person and a beneficial interest in Borrov.er is sold or transferred) \\ithout Lender's prior written consent,
Lender may require imrœdiate paymnt in MI of all SI.JIl1) secured by this Security Instrurrent. Ho\\eVer, this option
shall not be exercised by Lender if such exercise is prohibited by Applicable La'N.
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 \\ith Section 15 \\ithin vJllch Borrov.er
rrust pay all SI.JIl1) secured by this Security Instrurrent. IfBorro\\ef fails to pay these SI.JIl1) prior to the expiration of
this period, Lender may invoke any renroes permitted by this Security Instrurrent \\ithout further notice or demand
on Borro\\er.
19. Bon"Ower's Right to Reinstate Mter Acœlel1ltion. IfBorrov.er rœets certain conditions, Borro\\ef shall
have the right to have enforcenrnt of this Security Instrum:nt discontinued at any tiIre prior to the ærliest of (a)
five days before sale of the Property pursuant to any po\\ef of sale contained in this Security Instrurrent; (b) such
other period as Applicable Law might specify for the temination of Borro\\er' s right to reinstate; or (c) entry of a
judgrœnt enforcing this Security Instrurrent. Those conditions are that Borro\\ef: (a) pays Lender all SI.JIl1) vJllch
then oouId be due under this Security Instrurrent and the Note as if no acceleration had occurred; (b) cures any default
of any other covenants or agreem:nts; (c) pays all expenses incurred in enforcing this Security Instrum:nt, including,
but not limited to, reasonable attorneys' 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
Instrurrent, andBorro\\er' s obligation to pay the SI.JIl1) secured by this Security Instrurœnt, shall continue unchanged
Lender may require that Borrov.er pay such reinstatement SI.JIl1) and expenses in one or rmre of the following fonm.
as selected by Lender: (a) cash; (b) mmey order; (c) certified check. bank check. træsurer' s check or cæhier' s check.
provided any such check is draWl upon an institution -ooose deposits are insured by a federal agency, instrurrentality
or entity; or (d) Electronic Foods Transfer. Upon reinstatement by Borro\\er, this Security Instrurœnt and obligations
secured hereby shall remain Mly effective as if no acceleration had occurred Ho\\eVer, this right to reinstate shall
not apply in the case of acceleration under Section 18.
lliITO\\eI' hútiaJs: ~ LC:Z;
Wr'a.1If'ß--Snde Farrily-Fa1nie MaelR-edde Mac LNFCRv1INSTRJv1ENT - MER)
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20. Sale of Note; C11ange of Loan Servicel; Notice of Q;evanœ. The Note or a partial interest in the Note
(together with this Security Instn.un:nt) can be sotd one or IIDre tirres without priornotice to Borro~. A sale night
result in a change in the entity (knoW} as the "Loan Servicer") that collects Periodic Paym:nts due tmder the Note
and this Security Instn.un:nt and perfOI1lE other IIDrtgage loan servicing obligations tmderthe Note, this Security
Instn.un:nt, and Applicable Law There also might be one or IIDre changes of the Loan Servicer tmrelated to a sale
of the Note. If there is a change of the Loan Servicer, Borro~ will be given written notice of the change vJrich will
state the narre and address of the new Loan Servicer, the address to vJrich paym:nts should be made and any other
infonmtion 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 Servicer other than the purchaser of the Note, the IIDrtgage loan servicing obligations
to Borro~ will remain with the Loan Servicer 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~ nor Lender rmy COIl1l1'filce, join, or be joined to any judicial action (as either an individual
litigant or the rrenDer of a class) that arises rrom the other party' s actions pursuant to this Security Instn.un:nt or that
alleges that the other party has breached any provision of, or any duty 0\\00 by reæon of, this Security Instn.un:nt,
tmtil such Borro~ or Lender has notified the other party (with such notice given in coII1Jliance with the requirerœnts
of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such
notice to take corrective actiOIl If Applicable Law provides a tirœ period vJrich must elapse before certain action
can be taken, that tirœ period will be deeIred to be reasonable 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~ pursuant to Section 18 shall be de.eIred 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 hazardous substances. pollutants, or wastes by Fnvirorurental Law and the following substances:
gasoline, kerosene, other flarmnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents,
materials containing asbestos or formaldehyde, and radioactive rrnterials; (b) "Fnvironnmtal Law" IreanS federal
laws and laws of the jurisdiction \\here the Property is located that relate to health, safety or envirorurental protection;
(c) "Fnvironmental Oeanup" includes any response action, rerredial action, or rerrnval action, as defined in
Fnvironnmtal LaW; and (d) an "Fnvironnmtal Condition" IreanS a condition that can cause, contribute to, or
otherwise trigger an Fnvironnmtal Oeanup.
, Borro\\er shall not cause or pennit 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 Envirorurental Law, (b) vJrich creates an
Fnvironnmtal Condition, or (c) vJrich, due to the presence, use, or release of a Hazardous Substance, 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 normal residential uses and to rrnintenance of the Property (including, but not limited to,
hamdous substances in consurrer products).,
Borro\\er shall prorqJdy give Lender written notice of (a) any investigation, claim, dermnd, lawsuit or other
action by any goverrnrental or regulatory agency or private party involving the Property and any Hazardous Substance
or Environnmtal Law of vJrich Borro\\er has actual knomedge, (b) any Environnmtal 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 vJrich adversely affects the value of the
Property. IfBorro~ learns, or is notified by any governm:ntal or regulatory authority, or any private party, that
any rerrnval or other rerrediation of any Hazardous Substance affecting the Property is necessary, Borro~ shall
proII1Jdy take all necessary rerœdial actions in accordance with Environnmtal Law Nothing herein shall create any
obligation on Lender for an Environnmtal Oeanup.
I"
BoITO~ Initials: ~ l :is
w{Qv1I~nde Farrily-Fcnnie MaelFfedde Mac LNFœv1INSTRlv1ENf - Mffi:3
Form 3051 1/0r . Page 11 of 14
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NON-UNIFORM CQVe-JANTS. Borro\\er and Lender further covenant and agroo as follow;:
22. Acceleration; ReIœdies. LencJer shall give notice to Bol1"Ower prior to acceleration following
Bol1"Ower's breach of any covenant 01' agreerœnt in this Secwity Instnuœnt (but not prior to acceleration under
Section 18 unless Applicable ÙIW provides othelwise). 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 BoI1"Ower, by
wlúch the default IIDJSt be au-ed; and (d) that failw-e to au-e the default on or before the date specified in the
notice may result in acceleration of the S1.IIm secm-ed by this Security Instrument and sale of the Propel1y. The
notice shall furthel'infonn BolTOwer of the right to l"eÍnstate after acceleration and the light to bring a court
action to assert the non-existence of a default or any othel'defense of Bol1"Ower to acceleration and sale. IT the
default is not au-ed on 01' before the date specified in the notice, Lender at its option may requÏl-e inuœdiate
payment in full of all S1.IIm secw-ed by this Secwity Instnuœnt without fwiher demand and may invoke the
power of sale and any other remedies permitted by Applicable ÙIW. Lender shall be entitled to collect all
expenses incurred in pursuing the reIœdies provided in this Section 22, including, but not limited to, reasonable
attomeys' fees and costs of title evidence.
IT Lendel' invokes the powel' of sale, Lender shall give notice of intent to foreclose to Bol1"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 Bol1"Ower in the manner provided in Section 15. Lender shall publish the notice of sale, and the
Property shall be sold in the manner prescribed by Applicable ÙIW. Lender or its designee may purchase the
Propel1y 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 attomeys' fees; (b) to all S1.IIm secm-ed by this Security
Instrunrnt; and (c) any excess to the person or persons legally entitled to it.
23. Release. Upon paym;nt of all sum; secured by this Security Instrurœnt, Lender shall release this Security
Instrum:nt. Borro\\er shåll pay any recordation còsts.Lender may charge Borro\\er a foo for releasing this Security
Instrum:nt, but omy if the foo is paid to a third party for services rendered and the charging of the foo is permitted
under Applicable Law
24. Waivers. Borro\\er releases and waives all rights under and by virtue of the horœstead exeIt1Jtion laws
ofW)roming
C00289
furro\\er Initials: ~ ~ ..l~
\N(avllN3-Sinde Farrily-Pcmie MaelR'edde Mac LNFœ.A 1NSTRJv100 - MER>
Form 3051 1/0r Page 12 of 14
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BY SIGNING BELO\v,furro'MY accepts and agrees to the term; and covenants contained in this Security
Instrurm1t and in any Rider executed by furrov.er and recorded with it.
~g~ (&W)
'IRISTAN B SMITH -furrov.er
~~Jr4J-
Y L.
(Seal)
-furro'MY
(Seal)
-furrov.er
(Seal)
-furro\\ef
(Seal)
-furrov.er
(Seal)
-furro\\ef
Witness:
Witness:
WfCXv1If\G-Snae Farrily-Rmie MaelFredde Mac lJ\IFœv1INSTFUv1ENT - MER3
Form 30511/0r Page 13 of 14
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0919618
C00291
State of \Worring
)
.) ss.
)
County of LINCOIN
The foregoing instrurœnt was acknovJedged before Ire by TRISTAN B SMITH, LINDSAY
L. SMITH
this /9~ dayof ~. 20~
Witness my hand and official seal.
PENNY JONES .OTARY PUBLIC
COUNTY OF 'STATE OF
LINCOLN ' WYOMING
1.4." COMMISSION EXPIRES SEPTEMBER 18. 2007
¡;¡¿r~ /
NotaIy Public
ANA/v ~Nð~ '
I Print or Type Narœ
(Sæl)
'MY commission expires:
9-//-01
Wfav1ll\G-Snde Farrily-Pcmie Maell1'edde Mac LNF<Rv1INSTRJv100 - MffiS
Form 3051 1/0r Pdge 14 of 14
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Exhibit A
File 601061S44i Description
C00292
O~J19(;1S
The land referred to in this document is situated in the State of Wyoming, çounty of Lincoln. and is
described as follows: .
,,'
I
That pari of GLO Lot 3 of Section 5tTow~sbl~30 North, R.3.nge 118 W~d otthe 6th P.M.,
l.inçoln County7 Wyoming it being the intent to more correctly describe 2. part of that tract of
record in the Office of the Clerk of Lincoln Couuty in Book 444PR on page 554 as follow,=
BEGINNING at a MAG-nail on tbe west line of said GLO Lot 3, South 00°15' 13" :east, 245.93
feet from the: northwcst corner thereof;
Thence North 8bo55'25" East, 163.20 f'èet to a point on the east lint ofsaid tract;
Thence South OOC)15'13" East) 147.62 feet, along said east line of 1!>2¡d tract;
Thence Soutb 87°38'36" West, 163.11 feet, nlong the soutb line of Sâíd tract, to a point marked
by ~ hole chiseled ån a concretegntter on the west lìne of said GLO Lot 3;
Thence N 00015'13J' West, 140.57 :Cee~ along the west line of said GLO Lot 3, to the MAG-
NAIL OF BEGINNING.. ' .
Initials ~
Initials 1 <x
/
C00293
0:91961.8
Loan Number: 128717879
FIXED/ADJUSTABLE RATE RIDER
(UOOR One-Year Index (As Published In The Wall Street Journal)-
Rate Caps- Ten-Year Interest Only Period)
TIllS FIXED/ADJUSTABlE RAJE RIDER is made this 19th day of
JUNE, 2006 , and is incorporated into and shall be deerred to am:nd
and supplenmt the ~rtgage, Deed of Trust, or Secwity Deed (the II Secwity Instrunmt") of the sære date
givm by the undersigned (IBorro\\eI'") to secure Borro\\eI" s Fixed! Adjustable Rate Note (the "Note") to
FIRST NATIONAL BANK-WEST
("Lender")
of the sære date and covering the property described in the Secwity Instrunmt and loaned at:
77638 HWY 89, SMOOT, WYOMING 83126
[Pro¡xrty MIress)
TIlE NOIE PROVIDES FOR A aIANGE IN BORROWER'S FIXED INfERFSf
RATE TO AN ADJUSTABLE INfERFSf RATE. TIlE NOIE LIMrrSTIIE
AMOUNf BORROWER'S ADJUSTABLE INfERFSf RATE CAN aIANGE AT
ANY ONE TIME AND TIlE MAXIMUM RATE BORROWER MUSf PAY.
ADDmONAL COVENANTS. In addition to the covenants and agreem:nts rmde in the Security
Instrunmt, Borro\\eI' and Lender further covenant and agree as follow;:
A. ADJUSTABLE RATE AND MONTHLY PA YM ENT CHANGES
The Note provides for an initial fixed interest rate of 6.125 % The Note also provides
for a change in the initial fixed rate to an adjustable interest rate, as follO\w:
4. ADJUSTABLE I NTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Oumge Dates
The initial fixed interest rate I wll pay wll change to an adjustable interest rate on the 1st
day of JULY, 2011 , and the adjustable interest rate I wll pay may change
on that day every 12th rronth thereafter. The date on \\hich my initial fixed interest rate changes to an
adj ustable interest rate, and each date on \\hich my adj ustable interest rate could change, is called a II O1ange
Date. "
(B) The Index
Beginning wth the first O1ange Date, my adjustable interest rate mIl be based on an Index. The
"Index" is the average of interbank offered rates for one-year U. S. d:>llar-denorrinated deposits in the
London market ("LIBOR"), as published in The Wall Street Journal. The rrost recent Index figure available
as of the date 45 days before each O1ange Date is called the "Currmt Index. II
Borro\\eI' Initials: ~7 L <6
MLLllSTATERXfÐ'AOJUSTAB..EAATERŒR- V\SJ Ole-Yea UEI:R
Ten-Yea Interest O1Iy Feiocl
Snge Farrily,- Fernie Mae MOORED If\JSTR.Jv1ENr
Form 3153 2/06 Page 1 of 4
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091961.8
C00294
If the Index is no longer available,·the Note Holder mll choose a new index that is based upon
conpn-able information. The Note Holder mll give Ire notice of tlùs choice.
(q Calculation of Otanges
Before each Change Date, the Note Holder mll calculate my new interest rate by adding
'IW) AND 250/1000 percentage points ( 2.250 %)
to the Current Index. The Note Holder mll then round the result of tlùs addition to the nearest one-eighth
of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, tlùs rounded armunt
mll be my new interest rate until the next O1ange Date.
The Note Holder \\ill then determine the armunt ofmy rronthly payrœnt. For payrœnt adj\.lStIrH1ts
occurring before the First Principal and Interest Payrœnt Due Date, the armunt of my rronthly payrœnt mll
be sufficient to repay all accrued interest each rronth on the unpaid principal balance at the new interest rate.
If I make a voluntæy payrœnt of principal before the First Principal and Interest Payrœnt Due Date, my
payment armunt for subsequent payrœnts mll be reduced to the armunt necessary to repay all accrued
interest on the reduced principal balance at the CtllTent interest rate. For payrœnt adj\.lStIrH1ts occurring on
or after the First Principal and Ipterest Payrœnt Due Date, the armunt of my rronthly payrœnt mll be
sufficient to repay unpaid principal and interest that I am expected to O\\e in full on the Maturity Date at the
ClUTent interest rate in substantially equal payrœnts.
(D) Units on Interest Rate Otanges
The interest rate I am required to pay at the first Change Date mll not be græter than
11.125 % or less than 2.250 %. Thereafter, my adjustable interest rate mll never
be increased or decreased on any single O1ange Date by rrore than 'IW) AND 000/1000
percentage points from the rate of interest I have been
paying for the preceding 12 rronths. My interest rate mll never be græter than 11. 125 %.
(E) Effective Date of Otanges
My new interest rate mll becoIre effective on each Change Date. I mll pay the armunt of my new
rronthly payrœnt beginning on the first rronthly payrœnt date after the O1ange Date until the armimt of my
rronthly payrœnt changes again
(F) Notice of Otanges
Before the effective date of any change in my interest rate and/or rronthly payrœnt, the Note Holder
mll deliver or mail to Ire a notice of such change. The notice mll include information required by law to
be given to Ire and also the title and telephone mmDer of a person -000 mll ansv.er any question I may have
regarding the notice.
(G) Date of First PJincipal and Inteœst Payrœnt
The date of my first payrœnt consisting of both principal and interest on tlùs Note (the "First Principal
and Interest Payrœnt Due Date") shall be that date \\hich is the 10th anniversary date of the first payrœnt
due date, as reflected in Section 3(A) of the Note.
Borro\\eT Initials: ~ L <6
MLLl1SfATEAXID'ADJUSTABERA.TERDER- V\SJ Ole-Yea- UB:R
Tm-Yea-Interest O1Iy Period
Snge Farrily,- Fernie Mæ MCDA8:> INSTR.MENT
Form 3153 2/06 Page 2 of 4
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B. TRANSFER OF THE PROPERTY OR A æNEFlCIAL INTEREST IN OORROWffi
1. Until Borrov.er's initial fixed interest rate changes to an acljustable interest rate lIDder the term; stated
in Section A above, Uniform Covenant 18 of the Security Instrurœnt shall read as follows:
Transfer of the Propeliy or a Beneficial Interest in Bon'Ower. As used in this Section
18, "Interest in the Property" rreans any legal or beneficial interest in the Property, including,
but not linited to, those beneficial interests transferred in a bond for deed, contract for deed,
installnmt sales contract or escrow agreem:nt, the intent of \\hich is the transfer of title by
Borro\\-ef at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold or transferred (or
if Borro\\-ef is not a natural person and a beneficial interest in Borro\\-ef is sold or transferred)
without Lender' sprior \\fÍ tten consent, Lender rmy require iIl1l1lXliate paynmt in full of all SlJI11S
secured by this Security Instrurœnt. 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 accelèration. The
notice shall provide a period of not less than 30 days &om the date the notice is given in
accordance with Section 15 within \\hich Borro\\-ef must pay all SlJI11S secured by this Security
Instn.mmt IfBorro\\-ef fails to pay these SlJI11S prior to the expiration of this period, Lender rmy
invoke any rerredies permitted by this Security Instrurœnt without further notice or demand on
Borro\\-ef.
2. When Borro\\-ef's initial fixed interest rate changes to an acljustable interest rate lIDder the term; stated
in Section A above, Uniform Covenant 18 of the Security Instrurœnt described in Section Bl above shall
then cease to be in effect, and the provisions of Uniform Covenant 18 of the Security Instrurœnt shall be
anmded to read as follows:
Transfer of the Propeliy or a Beneficial Interest in BoI1'Ower. As used in this Section
18, "Interest in the Property" rreans any legal or beneficial interest in the Property, including,
but not linited to, those beneficial interests transferred in a bond for deed, contract for deed,
installnmt sales contract or escrowagreem:nt, the intent of \\hich is the transfer of title by
Borro~ at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold or transferred (or
ifBorro\\-ef is not a natural person and a beneficial interest in Borro\\-ef is sold or transferred)
without Lender's prior \\fÍtten consent, Lender rmy require iIl1l1lXliate payrœnt in full of all SlJI11S
secured by this Security Instrurœnt. . Ho\\eVer, this option shall not be exercised by Lender if
such exercise is prohibited by Applicable Law Lender also shall not exercise this option if (a)
Borro\\-ef causes to be subnitted to Lender information required by Lender to èvaluate the
intended transferæ as if anew loan \\ere being made to the transferæ; and (b) Lender reasonably
detemines that Lender's security will not be iIq)aÍred by the loan assun¢on and that the risk
of a breach of any covenant or agreem:nt in this Security Instrurœnt is acceptable to Lender.
To the extent permitted by Applicable La\¥, Lender rmy charge a reasonable fæ as a
condition to Lender' s consent to the loan asstuI1Jtion. Lender also rmy require the transferæ to
sign an assun¢on agrænmt that is acceptable to Lender and that obligates thetransferæ to keep
all the pronises and agreem:nts made in the Note and in this Security Instrurœnt Borro\\-ef will
Borro\\ef Initials: ___ þ- L7ó
MLlllSTATERXED'ADJUSTAB.EAATERŒR- W3J Ole-Yea- UOCR
Ten-Yea-Inta-est O1ly Fèriod
Snge Farrily,- Fa1nie Mae MCDRID INSTR.lv1ENT
Form 3153 2/06 Page 3 of 4
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C00296
0919f;:1.8
continue to be obligated under the Note and this Security Instrument unless Lender releases
Borrovær in ooting
If Lender exercises the option to require irnœdiate paym:nt in full, Lender shall give
Borrovær notice of acceleration. The notice shall provide a period of not less than 30 days ITom
the date the notice is given in accordance wth Section 15 \\-ithin vJrich Borrovær rrust pay all
sum; secured by this Security Instnurent If Borrov.er fails to pay these sum; prior to the
expiration of this period, Lender may invoke any reIredies pemitted by this Security Instrutrent
wthout fi.n1:her notice or demmd on Borrovær.
BY SIGNING BELO\v, Borrovær accepts and agrees to the terrm and covenants contained in this
Fixed! Acljustable Rate Rider.
~~43~{~)
TRISTAN B SMI'IH -Borrov.er
~l~ (~)
L - - y -: . -Borr""",
(Sæl)
-Borrovær
(Sæl)
-Borrov.er
(Sæl)
-BoItovær
(Sæl)
-Borrov.er
MLLllSTATERXID'ADJUSTAaEAATERŒR- VISJ Ole-Yea- UB:R
Ten-Yea-Interest Ol/y FUiod
Sn~e Fanily,· Fcnnie Mae MOORED INSTFUv1ENT
Form 3153 2/06 Page 4 of 4
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