HomeMy WebLinkAbout919713
r'Oln~c
\~, \ ' \J '-'0
/:þ F-'
After Recording Return To:
FIRST NATIO:NAL BANK - WEST
P.O. EOX 3110
~~~~~8~å9~~4
RECEIVED 6/27/2006 at 1:23 PM
RECEIVING # 919713
BOOK: 624 PAGE: 598
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
[~ace Pbove This Une For Fè:ording Data]
{l
MORTGAGE
If
1/
{~
i¡'
I
MIN: 100015700067797130
DEFINITIONS
Words used in multiple sections of this docmrent are defined below and other v.ords are defined in Sections 3, 11,
13, 18, 20 and 21. Certain rules regarding the usage of v.ords used in this docmrent are also provided in Section 16.
(A) 'Secmity Instrwœnt"treans this docmrent, \Wch is dated JUNE 19, 2006
with all Riders to this docmrent
(B) ''BolTOwel'''is MONICA A. MASON A MARRIED PERSON
, together
Borrov.er is the IIDrtgagor under this Security Instrurrent
(q "MERS" is Mortgage Electronic Registration Systerrn, 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 Secmity
Instl1Inmt. MERS is organized and existing under the law; of Delaware, and has an address and telephone number
ofP.a. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS.
(D) ''Lender'' is FIRST NATIO:NAL BANK - WEST
Lender is a A NATIO:NAL BANKING ASSCCIATION
and existing under the law; of WYCMING
Lender's address is P .0. EOX 3110, ALPINE, WYCMING 83128
organized
(E) 'Note" treans the promissory note signed by furrov.er and dated JUNE 19, 2006
The Note states that Borrov.er O\\e:ì Lender TWO HONORED TWENTY-SIX THOUSAND AND
00/100 Dollars (U. S, $ 226,000.00 ) plus interest.
furrov.er has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than
JULY 1, 2021 .
(F) "Property" treans the property that is described below under the heading "Transfer of Rights in the Property. "
(G) ''Loan'' treans the debt evidenced by the Note, plus interest, any prepayrnent charges and late charges due under
the Note, and all SIJlTE due under this Security Instrument, plus interest.
furrO\\ef Initials: ~
VWQVII~ngle Famly-Fannie MaelR"eddie Mac UNlFœv1INSTR.JMJ3'.JT - MER)
Form 30511/0,- Page 1 of 14
DocMagic ~ 80().649-1362
www.cJocrmrjc.can
\\y.3051!l11l.11
O:919~?jl.:3
(. .'Ì. r t':
'.' \) . \J R 9
(II) "Riders" rreans all Riders to this Security Instrutrent that are executed by Borrovver. The foIlo\\Ú1g Riders are
to be executed by Borrov.er [check box as applicable]:
D Adjustable Rate Rider
D Balloon Rider
D 1-4 Family Rider
D CondorriniumRider
ŒI Planned Unit Developrrent Rider
D Bi~y Payrrent Rider
D Second Hotre Rider
D Other(s) [specify]
(I) ''Applicable law" rreans 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-appealable judicial
OpInIOns,
(J) ''Comnnmity Association Dues, Fees, and Assessnrnts" rreans all dues, fees, assessrrents and other charges
that are imposed. on Borrovver or the Property by a condorrinium association, homeowners association or similar
organization.
(K) ''Electronic Funds Transfer"rreans any transfer of funds, other than a transaction originated by check, draft,
or sinilar paper instrurrmt, vJrich is initiated through an electronic terminal, telephonic instrwrent, coI11>uter, 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 linited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by
telephone, wre transfers, and automated clearinghouse transfers.
(L) ''Eßcrow !term" rreans those item; that are described in Section 3.
(M) "Mscellaneous Proceeds" rreans any compensation, settlerrmt, award of damages, or proceeds paid by any
third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or
destruction of, the Property; (ii) conderrnation or other taking of all or any part of the Property; (iii) conveyance in
lieu of conderrnation; or (iv) misrepresentations of, or onissions as to, the value and/or condition of the Property.
(N) 'Mortgage Inswmce" rreans insurance protecting Lender against the nonpayrrent of, or default on, the Loan.
(0) "Pe.iodic Payment" rreans the regularly scheduled arromt due for (i) principal and interest under the Note,
plus (ii) any arromts mder Section 3 of this Security Instnnrent.
(P) 'RESPA" rœans the Ræl &tate Settlerrmt Procedures Act (12 U. S. C. §Z601 et seq.) and its implerrmting
regulation, Regulation X (24 C. F. R Part 3500), as they night be amnded from titre to titre, or any additional or
successor legislation or regulation that governs the sarro subject matter. As used in this Security Instrurrent,
"RESP A" refers to all requirements and restrictions that are imposed in regard to a "federally related rmrtgage loan"
even if the Loan does not qualify as a "federally related rmrtgage loan" tmder RESP A
(Q) ''Successor in Interest of Borrower" rœans any party that has taken title to the Property, Wlether or not that
party has assurœd Borrovver' s obligations mder the Note and/or this Security Instnnrent.
llirro~ Initials: ~
WfavllNG-Single Farrily-Fannie MaelR-eddie Mac UNIFæv1INSTRJ1V100 - MER)
Form 3051 1/01 Page 2 of 14
DocMagic ~ 8O().ô49-1362
www..r:kJcrrs{jc.can
\W3051.rmn
f~"rÌ.\"¡¡ ~~~ -
,t} ...]1 ..4... ~J
rnr6"O
',,' u \.
TRANSFæ OF RIGHTS IN THE PROPERTY
This Security Instrurrent secures to Lender: (i) the repayrrent of the Loan, and all renewals, extensions and
rmdifications of the Note; and (ii) the performance of Borro\\ef' s covenants and agreerœnts under this Security
.Instrurœ.nt and the Note, For this purpose, Borro\\ef does hereby IIDrtgage, grant and convey to MERS (solely as
noninee for Lender and Lender's successors and assigns) and to the sucϓSOrs and assigns ofMERS, with po\\ef of
sale, the following described property located in the
COUNTY of LINCOIN
rr of Recording Jurisdiction] [Nmre of Recording Jurisdiction]
wr 51 OF~RATER CANYON ESTATES UNIT:NO. 4 LINCOIN COUNTY,
WYCMING AS DESŒIBED ON THE OFFICIAL PIAT THEREOF.
Wrich currently has the address of
482 W. ELKHORN DRIVE
[Street]
THAYNE
[City]
, \\yorning
83127 ("Property Address"):
[Zip Code]
TOOEIHER WITH all the improvetre!1ts now or hereafter erected on the property, and all easerrmts,
appurtenances, and fixtures now or hereafter a part of the property. All replacerrents and additions shall also be
covered by this Security Instrurrent. All of the foregoing is referred to in this Security Instrurrent as the "Property. "
Borro\\ef understands and agrees that MERS holds only legal title to the interests granted by Borro\\ef in this Security
.Instrurœ.nt, but, if necessary to comply with law or custom, MERS (as noninee 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 .Instrurœ.nt.
BORROWER COVENANTS that Borro\\ef is lawfully seised of the estate hereby'conveyed and has the right
to IIDrtgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of
record Borro\\ef warrants and will defend generally the title to the Property against all claims and demands, subject
to any encumbrances of record
TIllS SECURITYINSIRUMENT combines uniform covenants for national useandnon-uniformcovenants with
limited variations by jurisdiction to constitute a uniform security instruIœnt covering real property.
UNI FORM COVENANTS. furro\\ef and Lender covenant and agree as fo11oW3:
1. Paynmt of Principal, Interest, Escrow Items, Prepay¡œntOIarges, and Late OIarges. Borro\\ef shall
pay Wien due the principal ot: and interest on, the debt evidenced by the Note and any prepayrrent charges and late
charges due ooder the Note. Borro\\ef shall also pay fmds for Escrow Item; pursuant to Section 1 Payrrents due
ooder the Note and this Security .Instrurœ.nt shall be made in U. S, currency. Ho~er, if any check or other
instrunmt received by Lender as payrrmt ooder the Note or this Security .Instrurœ.nt is returned to Lender oopaid,
Lender may require that any or all subsequent payrrents due ooder the Note and this Security .Instrurœ.nt be made in
one or IIDre of the following forms, as selected by Lender: (a) cæh; (b) IIDney order; (c) certified check, bank check,
treasurer's check or cashier's check, provided any such check is drawn upon an institution Wiose deposits are insured
by a federal agency, instrurrentality, or entity; or (d) Electronic Foods Transfer.
Payrrmts are deernrl received by Lender Wien 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~ Initials:.
VWav1ING-Sinale Famly-Fannie Mae/Freddie Mac UNlFœv1INSTRJv1ENT - MffiS DocMagic ~ 8()(µj49-1362
Form 3051 1/0'1' Page 3 of 14 www..cixrragc.can
\W3051.111ll11
d1'U\'l' O,~;ï"î1'l-
I.J ,.....1 ~~J'. .4¡1U
C00601
any payrœnt or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender
may accept any payment or partial payrrent insufficient to bring the Loan current, without waiver of any rights
hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not
obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of
its scheduled due date, then Lender need not pay interest on unapplied funds, Lender may hold such unapplied funds
lIDtil Borro\\eI" makes payment to bring the Loan current. IfBorro\\eI" does not do so within a reasonable period of
tÌ1re, Lender shall either apply such funds or return them to Borro\Wr. If not applied œrlier, such funds will be
applied to the outstanding principal balance lIDder the Note irnrediately prior to foreclosure. No offset or claim
Wrich Borro\\eI" night have now or in the future against Lender shall relieve Borro\\eI" from making payments due
lIDder the Note and this Security Instrument or performing the covenants and agreerrents secured by this Security
Instrument.
2. Application of Payments 01' Proceeds. Except as otherwise described in this Section 2, all payments
accepted and applied by Lender shall be applied in the following order of priority: (a) interest due lIDder the Note;
(b) principal due lIDder the Note; (c) arrnlIDts due lIDder Section 3. Such payments shall be applied to each Periodic
Payment in the order in Wrich it becarre due. Any remaining arrnlIDts shall be applied first to late charges, second
to any other arrnunts due lIDder this Security Instrument, and then to reduce the principal balance of the Note.
If Lender receives a payment from Borro\\eI" for a delinquent Periodic Payment Wrich includes a sufficient
arrnlIDt to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If
rmre than one Periodic Payment is outstanding, Lender may apply any payment received from Borro\\eI" to the
repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that
any excess exists after the payment is applied to the full payment of one or rmre Periodic Payments, such excess may
be applied to any late charges due, VollIDtary prepayments shall be applied first to any prepayment charges and then
as described in the Note.
Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due lIDder the Note
shall not extend or postpone the due date, or change the arrnunt, of the Periodic Payments.
3. Funds for FsCI'OW Items. Borro\\eI" shall pay to Lender on the clay Periodic Payments are due under the
Note, lIDtil the Note is paid in full, a sum (the "FlIDds") to provide for payment of arrnlIDts due for: (a) taxes and
assessments and other item; Wrich can attain priority over this Security Instrument as a lien or encumbrance on the
Property; (b) leasehold payments or grolIDd rents on the Property, if any; (c) premium; for any and all insurance
required by Lender lIDder Section 5; and (d) Mortgage msurance premium;, if any, or any sum; payable by Borro\\eI"
to Lender in lieu of the payment of Mortgage msurance premium; in accordance with the provisions of Section 10.
These item; are called "Escrow Item;," At origination or at any time during the term of the Loan, Lender may require
thatCommmity Association Dues, Fees, and Assessments, if any, beescro~byBorro\\eI", and such dues, fees and
assessnmts shall be an &crow Item Borro\\eI" shall prorrptly furnish to Lender all notices of arrnlIDts to be paid
lIDder this Section. Borro\Wr shall pay Lender the FlIDds for Escrow Item; tmless Lender waives Borro\\eI"' s
obligation to pay the Funds for any or all Escrow Iterm, Lender may waive Borro\\eI"' s obligation to pay to Lender
FlIDds for any or all Escrow Iterm at any time. Any such waiver may only be in writing In the event of such waiver,
Borro\\eI" shall pay directly, \\hen and \\here payable, the arrounts due for any Escrow Iterm for Wrich payment of
Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment
within such time period as Lender may require. Borro\Wr' s obligation to make such payments and to provide receipts
shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase
"covenant and agreerrent" is used in Section 9. IfBorro\Wr is obligated to pay &crow Iterm directly, pursuant to
a waiver, and Borro\\eI" fails to pay the arrnlIDt due for an &crow Item, Lender may exercise its rights under Section
9 and pay such arrount and Borro\\eI" shall then be obligated lIDder Section 9 to repay to Lender any such arrolIDt.
Lender may revoke the waiver as to any or all Escrow Iterm at any time by a notice given in accordance with Section
15 and, upon such revocation, Borro\\eI" shall pay to Lender all Funds, and in such arrnlIDts, that are then required
lIDder this Section 3.
Lender may, at any time, collect andholdFlIDds in an arrnunt (a) sufficient to permit Lender to apply the FlIDds
at the time specified lIDder RESP A, and (b) not to exceed the maxirrnun arrnlIDt a lender can require lIDder RESP A
Lender shall estimate the arrount ofFlIDds due on the basis of current data and reasonable estimates of expenditures
of future Escrow Iterm or otherwise in accordance with Applicable Law;
Borro\\eI' Initials: ~
Wfav1ll\G-Sinale Farrily-Fannie Mae/Freddie Mac l..NIF<ßv1INSTR..JMENT - Me5 DocMagic ~ 800-649-1362
Form30511/0r Page 4 of 14 www:.cixml!ic.can
\W3051.111/111
,T\ '0\1' '![J' I"'J~" "'"
I'J.JI "~»' ~)) i ,,:~,d
COC602
The Funds shall be held in an institution v.hose deposits are insured by a federal agency, instrurœntality, or
entity (including Lender, if Lender is an institution v.hose deposits are so insured) or in any Federal Hotre Loan
Bank. Lender shall apply the Funds to pay the Escrow Item:; no later than the titre specified under RESP A Lender
shall not charge Borrovær for holding and applying the Funds, annually analyzing the escrow account, or verifying
the Escrow Iterm, unIæs Lender pays BorroV\ef interest on the Funds and Applicable Law permits Lender to make
such a charge. Unlæs an agreement is made in writing or Applicable Law requires interest to be paid on the Funds,
Lender shall not be required to pay BorroV\ef any interest or earning:; on the Funds. BorroV\ef and Lender can agree
in writing, hOV\eVer, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an
annual accounting of the Funds as required by RESPA
If there is a surplus of Funds held in escrO\v, as defined under RESP A, Lender shall account to Borrovær for
the excess funds in accordance withRESP A If there is a shortage of Funds held in escrO\v, as defined under RESP A,
Lender shall notify BorroV\ef as required by RESP A, and BorroV\ef shall pay to Lender the arrount necessary to make
up the shortage in accordance with RESPA, but in no rrDfe than 12 rmnthly payrœnts. If there is a deficiency of
Funds held in escrow, as defined under RESP A, Lender shall notify BorroV\ef as required by RESP A, and BorroV\ef
shall pay to Lender the arrount necessary to make up the deficiency in accordance with RESP A, but in no rmre than
12 rmnthly payrœnts.
Upon payrrent in full of all surm secured by this Security Inst:rumnt, Lender shall prorrptly refund to BorroV\ef
any Funds held by Lender.
4. (barges; liens. Borrovær shall pay all taxes, assessrœn.ts, charges, fines, and impositions attributable to
the Property vJrich can attain priority over this Security Instrurrent, leasehold payrœnts or ground rents on the
Property, if any, and Comrmmity Association Dues, Fees, and Assæsnmts, if any. To the extent that these item:;
are Escrow Iterm, Borrovær shall pay them in the manner provided in Section 3.
BorroV\ef shall prorrptly discharge any lien vJrich has priority over this Security Inst:rumnt unIæs BorroV\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 BorroV\ef is performing such agreenmt; (b) contests the lien in good faith by, or defends against
enforcerrent of the lien in, legal proceeding:; vJrich in Lender's opinion operate to prevent the enforcerrent of the lien
vJrile those proceeding:; are pending, but only until such proceeding:; are conclu~ or (c) secures from the holder
of the lien an agreement satisfactory to Lender subordinating the lien to this Security Inst:rumnt. If Lender
determines that any part of the Property is subject to a lien vJrich can attain priority over this Security Inst:rumnt,
Lender may give BorroV\ef a notice identifying the lien. Within 10 clays of the date on vJrich that notice is given,
BorroV\ef shall satisfy the lien or take one or rmre of the actions set forth above in this Section 4.
Lender may require Borrovær to pay a one-titre charge for a real estate tax verification and/or reporting service
used by Lender in connection with this Loan.
5. Propeliy Insurance. Borrovær shall keep the irrproverrmts now existing or hereafter erected on the
Property insured against loss by fire, hawds included within the term "extended coverage," and any other hazards
including, but not limited to, earthquakes and floods, for Wrich Lender requires insurance. This insurance shall be
maintained in the arrounts (including deductible levels) and for the periods that Lender requires. \\hat Lender
requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing
the insurance shall be chosen by BorroV\ef subj ect to Lender's right to disapprove Borrovær' s choice, Wrich right shall
not be exercised unreæonably. Lender may require BorroV\ef to pay, in connection with this Loan, either: (a) a one-
titre charge for flood zone determination, certification and tracking services; or (b) a one-titre charge for flood zone
determination and certification services and subsequent charges each titre remapping:; or similar changes occur Wrich
reæonably might affect such determination or certification. BorroV\ef shall also be responsible for the payrrent of
any fees ifilJOsed by the Federal Errergency Managenmt Agency in connection with the review of any flood zone
determination resulting from an objection by BorroV\ef.
If Borrovær fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at
Lender's option and BorroV\ef' s expense. Lender is under no obligation to purchase any particular type or arrount
of coverage. Therefore, such coverage shall cover Lender, but might or might not protect BorroV\ef, BorroV\ef's
equity in the Property, or the contents of the Property, against any risk, hawd or liability and might provide greater
or lesser coverage than was previously in effect. BorroV\ef acknowedges that the cost of the insurance coverage so
obtained might significantly exceed the cost of insurance that BorroV\ef could have obtained. Any arrounts disbursed
llirrower Initials: ~
VWavllNG-Single Farrily-Fannie MaelR-eddie Mac UNlFœv1INSTRJMENT - MOO DocMagic ~ 800-849-1362
Form 3051 1/0í Page 5 of 14 www..ci:x:nÐgc.can
\\y.3051.l11I1II
n'n"~ O'""'¡·'¡¡ ":¡,
~t~P t...1J ~m,,-JP ~~.. 4ø~
n '"', ,... 6 (' 3
.) ut II
by Lender mder this Section 5 shall becorre additional debt ofBorro\MY secured by this Security Instrurrerlt. These
arIDmts shall bear interest at the Note rate ITom the date of disburserœnt and shall be payable, wth such interest,
upon notice ITom Lender to Borro\MY 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 llDrtgage clause, and shall mum Lender as llDrtgagœ and/or as an
additional loss payœ. Lender shall have the right to hold the policies and renewal certificates. If Lender requires,
Borro\MY shall prorrptly give to Lender all receipts of paid premiUIIE and renewal notices. IfBorro\MY obtains any
form of insurance coverage, not othe.wse required by Lender, for damage to, or destruction of, the Property, such
policy shall include a standard llDrtgage clause and shall mum Lender as llDrtgagœ and/or as an additional loss
payœ.
In the event of loss, Borro\MY shall give prompt notice to the insurance carrier and Lender. Lender may make
proof of loss if not made proII1Jtly by Borro\MY. Unless Lender and Borro\MY otheI'\.\ise agrœ in writing, any
insurance proceeds, \\hether or not the mderlying 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 mtil Lender
has had an opporttmity to inspect such Property to ensure the 'M)rk has been completed to Lender's satisfaction,
provided that such inspection shall be mdertaken promptly. Lender may disburse proceeds for the repairs and
restoration in a single payrœnt or in a series of progress payrœnts as the 'M)rk is completed. Unless an agrœrœnt
is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be
required to pay Borro\MY any interest or earning; on such proceeds. Fees for public acljusters, or other third parties,
retained by Borro\\er shall not be paid out of the insurance proceeds and shall be the sole obligation ofBorro\MY.
If the restoration or repair is not economically feasible or Lender's security \\Quid be lessened, the insurance proceeds
shall be applied to the stlIΠsecured by this Security Instrum;nt, \\hether or not then due, with the excess, if any, paid
to Borro\MY. Such insurance proceeds shall be applied in the order provided for in Section 2.
If BorroV\ef abandons the Property, Lender may file, negotiate and settle any available insurance claim and
related matters. IfBorro\MY does not respond within 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 30-day period will begin \\hen the
notice is given. In either event, or if Lender acquires the Property mder Section 22 or otheI'\.\ise, BorroV\ef hereby
assigns to Lender (a) Borro\MY's rights to any insurance proceeds in an arIDmt not to exceed the anDmts mpaid
mder the Note or this Security Instrurrent, and (b) any other ofBorro\\er' s rights (other than the right to any refund
ofmæmed premiUIIE paid by BorroV\ef) mder 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 arIDmts mpaid mder the Note or this Security Instrurrent, \\hether or not then due.
6. Occupancy. Borro\MY shall occupy, establish, and use the Property as Borro\MY's principal residence
within 60 days after the execution of this Security I:nstrurrent and shall continue to occupy the Property as BorroV\el" s
principal residence for at least one year after the date of occupancy, unless Lender othe.wse agrees in writing, Wrich
consent shall not be unræsonably withheld, or unless extenuating circurmtances exist Wrich are beyond Borro\\er' s
control.
7. Pl"eselVation, Maintenance and Protection of the Propel1y; Inspections. BorroV\ef shall not destroy,
damage or impair the Property, allow the Property to deteriorate or coIm1Ìt waste on the Property. Whether or not
BorrQV\ef is residing in the Property, BorroV\ef shall maintain the Property in order to prevent the Property from
deteriorating or decreasing in value due to its condition. Unless it is deternined pursuant to Section 5 that repair or
restoration is not economically feasible, BorroV\ef shall promptly repair the Property if damaged to avoid further
deterioration or damage. Ifinsurance or condemnation proceeds are paid in connection with damage to, or the taking
of, the Property, Borro\MY shall be responsible for repairing or restoring the Property only if Lender has released
proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payrœnt or in
a series of progress paytrents as the \\Qrk is completed. If the insurance or condemnation proceeds are not sufficient
to repair or restore the Property, Borro\MY is not relieved ofBorro\\er' s obligation for the completion of such repair
or restoration.
fu=~: ~tlW
VWavtlNG-Sngle Farrily-Fannie Mae/Freddie Mac UNlFCRv'IINSTRJJv100 - Mm3
Form 3051 1/0í Page 6 of 14
DocMagic ~ 800-649-1362
www.dJctmgc.can
\\y.3051.rrJll11
"j"~.' ,~,n C<l~';.J,o('¡ ';J.'
U..J:' ,~·9 .!.~1f '. J:Lü
r^/"'''''''4
~ ~. ".~ ~
.~' \) \ V
Lender or its agent may make reasonable entriæ upon and inspections of the Property. Ifit has reasonable cause,
Lender may inspect the interior of the improverrents on the Property. Lender shall give Borro~ notice at the tirre
of or prior to such an interior inspection specifying such reasonable cause.
8. BolTOwer's Loan Application. Borro~ shall be in default if, during the Loan application process,
Borro\\er or any persons or mtitiæ acting at the direction ofBorro~ or withBorro~' s knowedge or consent gave
materially false, misleading, or inaccurate information or statemnts to Lender (or failed to provide Lender with
material information) in connection with the Loan. Material representations include, but are not limited to,
representations concerning Borro~' s occupancy of the Property as Borro\\er's principal residence.
9. Pr-otection of Lender's Intel'est in the Pr-operty and Rights Under this Security Instnmmt If (a)
Borro\\er fails to perform the covenants and agreerrents contained in this Security Instrurrent, (b) there is a legal
proceeding that might significantly affect Lender's interest in the Property and! or rights under this Security Instrurrent
(such as a proceeding in bankruptcy, probate, for condermation or forfeiture, for enforcerrent of a lien Wrich may
attain priority over this Security Instrunmt or to enforce laws or regulations), or (c) Borro\\er has abandoned the
Property, thm Lender may do and pay for \\hatever is reasonable or appropriate to protect Lender's interest in the
Property and rights under this Security Instrunmt; 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 sums
secured by a lien Wrich has priority over this Security Instrunmt; (b) appearing in court; and (c) paying reasonable
attorneys' fees to protect its interest in the Property and! or rights under this Security Instrunmt, including its secured
position in a bankruptcy proceeding Securing the Property includæ, but is not limited to, entering the Property to
make repairs, change locks, replace or board up doors and windows, drain water :ITom pipes, eliminate building or
other code violations or dangerous conditions, and have utilitiæ turned on or off Although Lender may take action
under this Section 9, Lender doæ not have to do so and is not under any duty or obligation to do so. It is agreed that
Lender incurs no liability for not taking any or all actions authorized under this Section 9.
Any armunts disbursed by Lender under this Section 9 shall bocorre additional debt ofBorro~ secured by this
Security Instrunmt. Thæe armunts shall bear interest at the Note rate :ITorn the date of disburserrmt and shall be
payable, with such interest, upon notice :ITom Lender to Borro~ requesting payrrent.
If this Security Instrunmt is on a leasehold, Borro~ shall coI1.1Jly with all the provisions of the lease. If
Borro~ acquiræ fee title to the Property, the leasehold and the fee title shall not rrerge unless Lender agrees to the
rrerger in writing
10. Mortgage Insurance. If Lender required MortgageInsurance as a condition of making the Loan, Borro~
shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage
Insurance coverage required by Lender ceasæ to be available :ITom the IIDrtgage insurer that previously provided such
insurance and Borro~ was required to make separately designated payrrents toward the premiums for Mortgage
Insurance, Borro~ shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage
Insurance previously in effect, at a cost substantially equivalmt to the cost to Borro\\er of the Mortgage Insurance
previously in effect, from an alternate IIDrtgage insurer selected by Lender. If substantially equivalent Mortgage
Insurance coverage is not available, Borro~ shall continue to pay to Lender the armunt of the separately dæignated
payrrents that ~e due \\hen the insurance coverage ceased to be in effect. Lender will accept, use and retain thæe
payrrents as anon-refundable loss ræerve in lieu of Mortgage Insurance. Such loss ræerve shall be non-refundable,
notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borro~ any
interest or eamin~ on such loss ræerve. Lender can no longer require loss ræerve paymnts if Mortgage Insurance
coverage (in the armunt and for the period that Lender requiræ) provided by an insurer selected by Lender again
becoIl1æ available, is obtained, and Lender requiræ separately designated paymnts toward the premiums for
Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borro~ was
required to make separately designated payrrents toward the premiums for Mortgage Insurance, Borro~ shall pay
the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss ræerve, until
Lender's requirerrent for Mortgage Insurance ends in accordance with any written agreerrent betv.œn Borro~ and
Lender providing for such termination or until termination is required by Applicable La\¥. Nothing in this Section
10 affects Borro~' s obligation to pay interest at the rate provided in the Note.
Mortgage Insurance reimbursæ Lender (or any mtity that purchasæ the Note) for certain lossæ it may incur
ifBorro\\er doæ not repay the Loan as agreed Borro~ is not a party to the Mortgage Insurance.
furrower Illitials:1lliM.
VWavllNG-Single Fanily-Fannie Mae/Freddie Mac UNlFœv1INSTRJMENT - MER3
Form 30511/0í Page 7 of 14
DocMagic ~ 80().649-1362
www.OOctmgc.can
v.yJ051.1mn
{1¡'-;:Yii ~l.ì\""·I"¡j<
...../. ~--. 4J//r':\..}~ ."! ~;1~,,:~
r'1C6C"5
'.,; t..., f
~rtgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into
agreerœnts wth other parties that share or lIDdify their risk, or reduce losses. These agreerrmts are on term:; and
conditions that are satisfactory to the lIDrtgage insurer and the other party (or parties) to these agreerœnts. These
agreerœnts may require the lIDrtgage insurer to make payments using any source of funds that the lIDrtgage insurer
may have available (\\hich may include funds obtained from Mortgage Insurance premium;).
As a result of these agreernnts, 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) armtmts that derive from (or might
be characterized as) a portion ofBorro\\eI" s payments for Mortgage Insurance, in exchange for sharing or lIDdifying
the lIDrtgage insurer's risk, or reducing losses. If such agreerœnt provides that an affiliate of Lender takes a share
of the insurer's risk in exchange for a share of the premium; paid to the insurer, the arrangerrmt is often termed
"captive reinsurance." Further:
(a) Any such agreements will not affect the amounts that BoITOWer has agreed to pay for Mortgage
Insurance, or any other telms of the Loan. Such agreements will not increase the amount Borrowel' will owe
for MoI1:gage Insurance, and they will not entitle BolTOwel' to any refund
(b) Any such agreements will not affect the rights BoI1'OWel' has - if any - with respect to the Mortgage
InsW'3Ilce under the Homeowners Protection Act of 1998 01' any other law. These rights may include the right
to receive cel1aÎn disclosw"eS, to request and obtain cancellation of the Mortgage Insurance, to have the
Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage InsW'3Ilce pœmiUlIlS
that weœ uneal11ed at the time of such cancellation or tennination.
11. Assignment of Mscellaneous Proceeds; Foñeiture. All Miscellaneous Proceeds are hereby assigned to
and shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property,
if the restoration or repair is economically feasible and Lender's security is not lessened During such repair and
restoration period, Lender shall have the right to hold such Miscellaneous Proceeds tmtil Lender has had an
opportunity to inspect such Property to ensure the oork has been completed to Lender's satisfaction, provided that
such inspection shall be tmdertaken promptly. Lender may pay for the repairs and restoration in a single disburserrent
or in a series of progress payments as the oork is co111Jleted Unless an agreerrent is made 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 earning') on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
Lender's security oould be lessened, the Miscellaneous Proceeds shall be applied to the sum; secured by this Security
Instrurrent, Wlether or not then due, wth the excess, if any, paid to Borro\\eI'. 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 Instrurrent, Wlether or not then due, wth the excess, if any, paid to
Borro\\eI'.
In the event of a partial taking, destruction, or loss in value of the Property in \\hich the fair market value of
the Property immediately before the partial talång, destruction, or loss in value is equal to or greater than the armtmt
of the sum; secured by this Security Instrurrent immediately before the partial taking, destruction, or loss in value,
tmless Borro\\eI' and Lender otherwise agree in writing, the sum; secured by this Security Instrument shall be reduced
by the armtmt of the Miscellaneous Proceeds Irultiplied by the follow.ng fraction: (a) the total armtmt of the sum;
secUredirrnrediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the
Property irrnrediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borro\\eI'.
In the event of a partial taking, destruction, or loss in value of the Property in \\hich the fair market value of
the Property irrnrediately before the partial taking, destruction, or loss in value is less than the armtmt of the sum;
secured irrnrediately before the partial taking, destruction, or loss in value, unless Borro\\eI' and Lender otherwise
agree in writing, the Miscellaneous Proceeds shall be applied to the sum; secured by this Security Instrument Wlether
or not the sum; are then due.
If the Property is abandoned by Borro\\eI', or if, after notice by Lender to Borro\\eI' that the Opposing Party (as
defined in the next sentence) offers to make an award to settle a claim for damages, Borro\\eI' fails to respond to
Lender wthin 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 sum; secured by this Security Instrument, Wlether
Porrower Initials: .~
VWav1II'G-Snale Farrily-Fannie Mae/Freddie Mac LNFœv1INSTRJMENT - MER> DocMagic ~ 800-649-1362
R>rm30511/0r Page 8 of 14 www..dJcnB{;c.can
\W3051.J11'l11
,H, 'rs (' 6
~-..I ~j , .
,r~''ll\AHO.l''''l<i .'-.f'
':' ,jl t.]} ~Clr.>t.'» ~ 4¡'~ ~.....~
or not then due. "Opposing Party" rreans the third party that 0\M:1S Borro~ Miscellaneous Proceeds or the party
against \\horn Borro~ has a right of action in regard to Miscellaneous Proceeds.
Borro~ 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 impairrrmt of Lender' s interest in the Property
or rights under this Security Instrument. Borro~ can cure such a default and, if acceleration has oCClllTed, reinstate
as provided in Section 19, by causing the action or proceeding to be dismissed with a nùing that, in Lender's
judg¡rent, precludes forfeiture of the Property or other material impail11'lIlt of Lender's interest in the Property or
rights under this Security Instrument. The proceeds of any a\Vclfd or claim for damages that are attributable to the
irrpail11'lIlt of Lenderl 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; Forbeanmce By l.ende.' Not a Waiver. Extension of the tllre for payrrent or
rrodification of armrtization of the sum; secured by this Security Instrument granted by Lender to Borro~ or any
Successor in Interest ofBorro~ shall not operate to release the liability ofBorrO\~r or any Successors in Interest
ofBorro~. Lender shall not be required to comrrence proceedings against any Successor in Interest ofBorro~
or to refuse to extend tiIre for payrrent or otherwise llDdifY armrtization of the sums secured by this Security
Instrument by reason of any demand made by the original Borro~ or any Successors in Interest ofBorro~. Any
forbeID"ance by Lender in exercising any right or rerœdy including, without limitation, Lender's acceptance of
paynmts from third persons, entities or Successors in Interest ofBorro~ or in armunts less than the armunt then
due, shall not be a waiver of or preclude the exercise of any right or rerœdy.
13. Joint and Several liability; ~signers; Successors and Assigns Bound. Borro~ covenants and agrees
that Borro~r' s obligations and liability shall be joint and several. Ho~, any Borro~r \\ho co-signs this Security
Instrument but does not execute the Note (a" co-signer" ): (a) is co-signing this Security Instrument only to llDrtgage,
grant and convey the co-signer' s interest in the Property under the terms of this Security Instrument; (b) is not
personally obligated to pay the sum; secured by this Security Instrument; and (c) agrees that Lender and any other
Borro~ can agree to extend, llDdifY, forbeID" or make any accormmdations with regard to the terms of this Security
Instrument or the Note without the co-signer' s consent.
Subject to the provisions of Section 18, any Successor in Interest of Borrower \\ho asSUIreS Borro~'s
obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all ofBorro~r' s rights
and benefits under this Security Instrument. Borro~r shall not be released fromBorro~' s obligations and liability
under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreerœnts of this
Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender.
14. Loan Ouu-ges. Lender may charge Borro~ fees for services perfonn:rl in connection with Borro~' s
default, for the purpose of protecting Lenderl s interest in the Property and rights under this Security Instrument,
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 Instrument to charge a specific fee to Borro~ 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
Instrument or by Applicable law
If the Loan is subject to alawWrich 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 with the Loan excœd the permitted limits,
then: (a) any such loan charge shall be reduced by the armunt necessary to reduce the charge to the permitted limit;
and (b) any swrn already collected fromBorro~ Wrich excœded permitted limits will be refimded to Borro~.
Lender may choose to make this refimd by reducing the principal 0\Wd under the Note or by making a direct payrrent
to Borro~. If a refimd reduces principal, the reduction will be treated as a partial prepayrrent without any
prepayrrent charge (\\hether or not a prepayrrent charge is provided for under the Note). Borro~' s acceptance of
any such refimd made by direct payrrent to Borro~r will constitute a waiver of any right of action Borro~r might
have arising out of such overcharge.
15. Notices. All notices given by Borro~ or Lender in connection with this Security Instrument must be in
writing. Any notice to Borro~ in connection with this Security Instrument shall be deemed to have been given to
Borro~ \\hen mailed by first class mail or \\hen actually delivered to Borro~' s notice address if sent by other
rreans. Notice to any one Borro~ shall constitute notice to all Borro~s unless Applicable Law expressly requires
Borrower Initials: ~
w(O\/1ING-Sngle Fanily-Fannie MaelR"eddie Mac UNlFæVlINSTRJMENf - MER) DocMagic ~ 8{)().849-1362
Form 3051 1/01 Page 9 of 14 WWIov.d:x:tm :jc.can
\\)0051.man
,~r~:ß l.;S(~> Ji.d
(, '''I On -, 7
··...u lOU
othemise. The notice address shall be the Property Address unless Borro~ has designated a substitute notice
address by notice to Lender. Borro~ shall proIqJtly notifY Lender of Borrovær' s cbange of address, If Lender
specifies a procedure for reporting Borro~' s change of address, then Borro~ shall only report a cbange of address
through that specified procedure. There may be only one designated notice address ooder this Security Instrurœnt
at any one titre. 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 Borrovær. Any notice in connection
wth this Security Instrurœnt shall not be deemed to have been given to Lender ootil actually received by Lender.
If any notice required by this Security Instrurœnt is also required ooder Applicable Lavv, the Applicable Law
requirenmt wll satisfY the corresponding requirerrent ooder this SecLirity Instrurœnt.
16. Governing Law; Severability; Rules of Constrnc1ioIL This Security Instrurœnt shall be governed by
federal law and the law of the jurisdiction in WIich the Property is located All rights and obligations contained in
this Security Instrurœnt are subject to any requirerœrrts and limitations of Applicable La~ Applicable Law might
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 agreement by contract. In the event that any provision or clause of this Security
Instrurœnt or the Note conflicts wth Applicable Lavv, such conflict shall not affect other provisions of this Security
Instrurœnt or the Note WIich can be given effect wthout the conflicting provision.
As used in this Security Instrurœnt: (a) oords of the masculine gender shall mean and include corresponding
neuter oords or oords of the feminine gender; (b) oords in the singular shall mean and include the plural and vice
versa; and (c) the oord "may" gives sole discretion wthout any obligation to take any action.
17. Bon-ower's Copy. Borro~ shall be given one copy of the Note and of this Security Instrurœnt.
18. Transfer of the Property or a Beneficial Inten~t in BoI1'Owel·. As used in this Section 18, "Interest in
the Property" means 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, instalhrent sales contract or escrow agreement, the intent
of Mich 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 ifBorrovær is not a
natural person and a beneficial interest in Borro~ is sold or transferred) wthout Lender's prior written consent,
Lender may require iII111Ediate payrrmt in full of all SUl11) secured by this Security Instrurœnt. Hovæver, this option
shall not be exercised by Lender if such exercise is prohibited by Applicable La~
If Lender exercises this option, Lender shall give Borro~ 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 wthin WIich Borro~
must pay all SUl11) secured by this Security Instrurœnt. IfBorro~ fails to pay these SUl11) prior to the expiration of
this period, Lender may invoke any rerredies permitted by this Security Instrurœnt wthout further notice or demand
on Borro~.
19. Bommer's Right to Reinstate Artel' AcceleratioIL IfBorro~ rreets certain conditions, Borro~ shall
have the right to have enforcerœnt of this Security Instrurœnt discontinued at any titre prior to the earliest of: (a)
five days before sale of the Property pursuant to any po~ of sale contained in this Security Instrurœnt; (b) such
other period as Applicable Law might specifY for the temination ofBorro~' s right to reinstate; or (c) entry of a
judgrœnt enforcing this Security Instrurœnt. Those conditions are that Borrovær: (a) pays Lender all SUl11) WIich
then oouId be due under this Security Instrument and the Note as if no accel eration had occurred; (b) cures any default
of any other covenants or agreements; ( c) pays all expenses incurred in enforcing this Security Instrurœnt, 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 ooder this Security
Instrurœnt, andBorrovær' s obligation to pay the SUl11) secured by this Security Instrurœnt, shall continue oochanged
Lender may require that Borrovær pay such reinstatenmt SUl11) and expenses in one or rmre of the following fonn;,
as selected by Lender: (a) cash; (b) rmney order; (c) certified check, bank check, treasurer's check or cæhier' scheck,
provided any such check is draWl upon an institution v.hose deposits are insured by afederal agency, instrurœntality
or entity; or (d) Electronic Foods Transfer. Upon reinstatenmt by Borrovær, this Security Instrurœnt and obligations
secured hereby shall remain fully effective as if no acceleration had occurred Hovæver, this right to reinstate shall
not apply in the case of acceleration under Section 18.
Borro\\er Initials: '11LtM..
WfavtlNG-Sngle Farrily-Fannie Mae/Freddie Mac UNlF<HJIINSTRJMß\JT - MER)
Form30511/0f Page 10 of 14
DocMagic ~ 800-649-1362
www..cJt:x:rmgc.can
\W3051.!IJlIl1
,r'.\,n-;¡ ~D.\~'^ì; "ì
~tj._]'~~~ . 4k.....
r~ ,-.
~" 'f6 8
... \j . . .
20. Sale of Note; O1ange of Loan Service.'; Notice of Grievance. The Note or a partial intere:;t in the Note
(together with this Security Instnnrent) can be sold one onroretirres without priornotice to Borro~. A sale might
result in a change in the entity (lmOWl as the "Loan Servicer") that collects Periodic Payrrents due under the Note
and this Security Ins1:rurre.nt and perfonm other rrmtgage loan servicing obligations under the Note, this Security
Instnnrent, and Applicable Law: There also might be one or lTDre changes of the Loan Servicer unrelated to a sale
of the Note. If there is a change of the Loan Servicer, Borro~ will be given written notice of the change vJllch will
state the narre and address of the new Loan Servicer, the address to vJllch payrrents should be made and any other
information RESP A requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter
the Loan is serviced by aLoan Servicer other than the purchaser of the Note, the rmrtgage loan servicing obligations
to Borro~ will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed
by the Note purchaser tmless otherwise provided by the Note purchaser.
Neither Borro~ nor Lender may conm:nce, join, or be joined to any judicial action (as either an individual
litigant or the rrember of a class) that arises rrom the other party's actions pursuant to this Security Ins1:rurre.nt or that
alleges that the other party has breached any provision of, or any duty ovæd by reason of, this Security Instrurœnt,
until suchBorro~ or Lender has notified the other party (with such notice given in compliance with the requiren:mts
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 action. If Applicable Law provides a tiIre period vJllch l1UISt elapse before certain action
can be taken, that tiIre period will be deerœd to be reasonable for purposes of this paragraph The notice of
acceleration and opportunity to cure given to Borro~ pursuant to Section 22 and the notice of acceleration given
to Borro~ pursuant to Section 18 shall be deerœd 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 Enviromrental Law and the following substances:
gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents,
materials containing asbestos or formaldehyde, and radioactive materials; (b) "Enviromrental Law' rœans federal
law; and law; of the jurisdiction \\here the Property is located that relate to health, safety or enviromrental protection;
(c) "Environmental Oeanup" include:; any response action, rerredial action, or renDval action, as defined in
Enviromrental Law; and (d) an "Enviromrental Condition" rœans a condition that can cause, contribute to, or
otherwise trigger an Enviromrental Oeanup.
Borro\\er shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances,
or threaten to release any Hazardous Substances, on or in the Property. Borro~ shall not do, nor allow anyone else
to do, anything affecting the Property (a) that is in violation of any Environmental LaW; (b) vJllch creates an
Enviromrental Condition, or ( c) vJllch, due to the presence, use, or release of a Hazardous Substance, create:; a
condition that adversely affects the value of the Property. The preceding tv.o 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 use:; and to maintenance of the Property (including, but not limited to,
hazardous substances in consumer products).
Borro~ shall promptly give Lender written notice of (a) any investigation, claim, demand, laVvSuit or other
action by any goVernImltal or regulatory agency or private party involving the Property and any Hazardous Substance
or Enviromrental Law of \Mrich Borro~ has actual know edge, (b) any Enviromrental 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 pre:;ence, use or release of a Hazardous Substance vJllch adversely affects the value of the
Property. IfBorro~ learns, or is notified by any goVernImltal or regulatory authority, or any private party, that
any renDval or other rerrediation of any Hazardous Substance affecting the Property is necessary, Borro~ shall
promptly take all necessary rerœdial actions in accordance with Enviromrental Law: Nothing herein shall create any
obligation on Lender for an Enviromrental Cleanup.
llirro~ Initials: ~
w(avllNG-Snale Famly-Fannie MaelR"eddie Mac UNlRHA 1NSTRXv1ß\JT - Mffi3
Form 3051 1/0r Page 11 of 14 .
DocMagic ~ 800-649-1362
www..ctx:rmgc.can
Vij.3051.rmn
,I "\ «( .~ ~ìI <tL\\....', ,'~i "¡'
~tJ} ,.:J¡ ~l:I~ ~ ~~\":'t
r,'1r!f'\cg
'. \} 0 l ¡
NON-UNIFORM COVENANTS. Borro~ and Lender further covenant and agree as follow;:
22. Acceleration; Rerœdies. Lender shall give notice to Borrower plior to acœJeration following
Borrower's breach of any covenant or agreenmt in this Secwity Instnmmt (but not plioI' to acceleration under
Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action
œquired to cm"e the default; (c) a date, not less than 30 days fmID the date the notice is given to Borrower, by
which the default nmst be CI.IfOO; and (d) that failure to cm"e the default on or befol"e the date specified in the
notice may result in acceleration of the SUßl'i secured by this Security InstnulEnt and sale of the Propeliy. The
notice shall further infOlm BolTOwer of the right to reinstate after acceleration and the light to bring a comi
action to assert the non-existence of a default or any other defense of BolTOwer to acceleration and sale. If the
default is not cured on or befOI"e the date specified in the notice, Lender at its option may requil"e immediate
payI1Ðlt in full of all SllIm secured by this Secmity Instrunmt without further demand and may invoke the
powel' of sale and any other I"emedies pennitted by Applicable Law. Lender shall be entitled to collect all
expenses incun'ed in pm'Suing the l"erœdies provided in this Section 22, including, but not limited to, I"easonable
attol11eys' fees and costs of title evidence.
If Lender invokes the power of sale, Lendel'shall give notice of intent to foreclose to BolTOWer and to the
peloson in possessiòn of the Pmperty, 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
Propeliy shall be sold in the mannel' presClibed by Applicable Law. Lender or its designee may purchase the
Propeliy 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 attol11eys' fees; (b) to all SllIm secm'ed by this Security
InstnlllEnt; and (c) any excess to the person or persons legally entitled to it
23. Release. Upon paynmt of all sum; secured by this Security Inst:ruIrent, Lender shall releæe this Security
Instrurrmt Borro~ shall pay any recordation costs. Lender may charge Borro~ a fee for releasing this Security
Instrurrmt, but only if the fee is paid to a third party for servioos rendered and the charging of the fee is permitted
under Appliœble Law:
24. Waivers. Borro~ releases and waives all rights under and by virtue of the horœstead exemption law;
of%,oming.
furrO\\ef Initials:~
WfavllNG-Sngle Farrily-Fannie MaelR"eddie Mac Ul\BFœv1INSTRJMENT - MER)
Form 3051 1/0í Page 12 of 14
DocMagic ~ 800-649-1362
www.d:x:nsgc.can
\W3051.11IlIl1
n,'U\-~ Qt;J<¡ "~
~l' r-,.lJ ,{jnr.'\-J': ....),J~~.....
r·I"\f'\·r.-rr 0
:... U t· tJ .1 .
BY SIGNING BELOW, BoITo~r accepts and agrees to the tenns and covenants contained in this Security
Instrurœnt and in any Rider executed by BoITo~r and recorded with it.
-1M~ (~)
MONICA A. MASON -BoITo~r
(Seal)
-BoITo~r
(Seal)
-BoITo~r
(Seal)
-BoITo~r
(Seal)
-BoITo~r
(Seal)
-Borro~r
DocMagic ~ 8O<M49-1362
www..ckx:tmfic.can
VWav1ING-Single Farrily-Fannie Mae/Freddie Mac UNIFrnVlINSTRJMENT - MffiS
Form 30511/01 Page 13 of 14
Wj!lJ51.1111111
.' L'l.l'"'1-1\ <.~~
, .'. ~, , '!II '~':â ,;';:-.JI ' ...~j'""):
~,\\:j~'" .
State of vvyorning
0t\''-'''''1.':1
'-' ut b
County of LINCOlN
)
) ss.
)
The foregoing instruIrent \WS acknow.edged before Ire by MONICA A. MASON
this 19th
day of JUNE 2006
Witnæs my harid and official seal,
MOTARV PUBLIC
PENNY JONES . STATE OF
COUNiY OF wYOMING
LINCOLN
) MV COMMISSION EXPIRES SEPTEMBER 18,2007
Qr~~PtIDliC
PENNY JONES
Print or Type Name
(Seal)
.J\iJy conrnission expires: 09/18/07
\M'av1ING-Sinale Farrily-Fannie Mae/Freddie Mac UNlFœv1INSTRJM8'JT - Mffi3
Form 3051 1/0'1' Page 14 of 14
DocMagic ~ B()().Q49-1362
www..rJocrragc.can
\\y.3051.1mn
{¡,\q~~. .." J
~.~, 'OR;'> ......~ ~J~ ~. ...i.~
Loan Number: 128409904
PLANNED UNIT DEVELOPMENT RIDER
1HIS PLANNED UNIT DEVELOPMENf RIDER is made this 19th day of
JUNE, 2006 , and is incorporated into and shall be deerœd to arœnd and
supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrurrent") of the saIre date,
given by the undersigned (the "Borro~") to secure Borro~' s Note to FIRST NATIONAL
BANK - WEST, A NATIONAL BANKING ASSOCIATION
(the "Lender") of the sarro date and cowring the Property OO;cribErl in the Security Instrurrmt and local:oo at:
482 W. ELKHORN DRIVE, THAYNE, WYŒ1ING 83127
[Pro¡:x:rty Address]
The Property includes, but is not limited to, a parcel ofland iIllJroved with a dvælling, together with other
such parcels and certain corruron areas and facilities, as described in
COVENANTS, CONDITIONS AND RESTRICTIONS OF RECORD
(the "Declaration"). The Property is a part of a planned unit developrrent knOWl as
STAR VALLEY RANŒI
[N!IIre of Planned Unit :D:veloprrent]
(the "PUD"). The Property also includes Borro~' s interest in the hOIl1OOWlers association or equivalent
entity owring or managing the corruron areas and facilities of the PUD (the "ÜW1ers Association") and the
uses, benefits and proceeds of Borrovær' s interest.
PUD ffiVENANfS. In addition to the covenants and agreerrents made in the Security Instrurrent,
Borro~ and Lender further covenant and agree as follows:
A. PUD Obligations. Borro~ shall perform all of Borro~' s obligations under the PUD's
Constituent Docurrents. The" Constituent Docurrents" are the (i) Declaration; (ii) articles of incorporation,
trust instrurrent or any equivalent docwrrnt \\bich creates the ÜM.ers Association; and (iii) any by-laws or
other rules or regulations of the ÜM.ers Association. Borro~ shall prorrptly pay, Wlen due, all dues and
assessrœnts imposed pursuant to the Constituent Doctnœnts.
B Property Insurance. So long as the ÜW1ers Association maintains, with a generally acceptoo
insurance carrier, a "master" or "blanket" policy insuring the Property \\bich is satisfactory to Lender and
\\bich provides insurance coverage in the armunts (including deductible levels), for the periods, and against
loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but
not limited to, earthquakes and floods, for \\bich Lender requires insurance, then: (i) Lender waives the
provision in Section 3 for the Periodic Payment to Lender of the yearly premium instal1rrents for property
insurance on the Property; and (ii) Borro~' s obligation under Section 5 to maintain property insurance
coverage on the Property is deerœd satisfied to the extent that the required coverage is provided by the
ÜM.ers Association policy.
Borro~ Initials: .1illL11l
MULTlSTATERJD RlŒR-Snale Fan:iJL_ __
Fannie Mae/Freddie Mac UNlFCRvIINSTRJM8'JT
Form 3150 1/01 Pdge10f3
DocMaglc ~ 800--649-1362
WWI.v. c:b:trsdc.can
lk3150.rid
¡ ·')1"'.(:'.,1' 2
'+" \J l v
.f'Ü~i O~;i¡:t~j
\\.JJ.-:JIJO!.öMlJ
r ·ll'" tR·: 3
'~. \.1 V .1
What Lender requires as a condition of this waiver can change during the term of the loan.
Borro\\ef shall give Lender proII1Jt notice of any lapse in required property insurance coverage provided
by the rmster or blanket policy.
In the event of a distribution of property insurance proceeds in lieu of restoration or repair following
a loss to the Property, or to comrmn areas and facilities of the PUD, any proceeds payable to Borro\\ef are
hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the
Security Instrurre.nt, Wlether or not then due, with the excess, if any, paid to Borro\\ef.
C. Public Uability Insurance. Borro\\ef shall take such actions as may be reasonable to insure
that the Oooers Association maintains a public liability insurance policy acceptable in form, am:>uot, and
extent of coverage to Lender.
D. Condemnation. The proceeds of any award or claim for damages, direct or consequential,
payable to Borro\\ef in connection with any condennation or other taking of all or any part of the Property
or the comrron areas and facilities of the Pill, or for any conveyance in lieu of conderrnation, are hereby
assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the
Security Instrurre.nt as provided in Section 11.
E Lender's Prior Consent. Borro\\ef shall not, except after notice to Lender and with Lender's
prior written consent, either partition or subdivide the Property or consent to: (i) the abandoI1ll.Hlt or
termination of the Pill, except for abandoI1ll.Hlt or termination required by law in the case of substantial
destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any
amendrœnt to any provision of the "Constituent Docurœnts" if the provision is for the express benefit of
Lender; (iii) termination of professional managerrent and assurq:>tion of self-managerœnt of the Oooers
Association; or (iv) any action wnch oould have the effect of rendering the public liability insurance
coverage maintained by the Oooers Association unacceptable to Lender.
F. Remedies. IfBorro\\ef does not pay PUD dues and assessrœ.nts Wlen due, then Lender may pay
them Any armunts disbursed by Lender under this paragraph F shall becorœ additional debt of Borro\\ef
secured by the Security Instrurre.nt. Unless Borro\\ef and Lender agree to other terms of payrœnt, these
armunts shall bear interest ftom the date of disbursem.:nt at the Note rate and shall be payable, with interest,
upon notice ftom Lender to Borro\\ef requesting payrœnt.
Borro\\ef Initials: ø
MULTlSTATEFlD RŒR-Si!Jgl~J~anjl'L_ ___
Fannie MaeJFredcie Mac LNFCHJIINSTRJMENT
Form 3150 1/01 Page 2 of 3
DocMagic ~ 800-649-1362
www;cJoc:nsgc.can
illl50,rid
d l\ ~Q,\'1; '0 ~r;, ';1 ':~
GJ t.::; ~::I~Y to od't.;t \.....1'
n ,'ì 0 ~ ., 4
..... \) ,. V 1
~!.
BY SIGNING BELOW; BorroV\er accepts and agrees to the term; and covenants contained in this PUD
Rider.
jAj~&Æ)
MONICA A. MASON -Borro~
(Sæl)
-Borro~
(Seal)
- BorrOV\ef
(Seal)
-Borro~
,
(Seal)
- BorrOV\ef
(Seal)
-BorroV\er
MULllSfATERJD Rcm-sng~-'~anij'L.. .> >
Fannie Mae/Freddie Mac UNFCHIIINSTRJlVlOO
Form 3150 1/01 Page30f3
DocMBglc ~ 800-649-1362
www:c:b:rrsgc.can
t.k3150.rid