HomeMy WebLinkAbout919933
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After Recording Return To:
FIRST "NATIONAL BANK WEST
EO POX 3110
~INE~~8~5ðf~6
RECEIVED 7/3/2006 at 4:04 PM
RECEIVING # 919933
BOOK: 625 PAGE: 488
JEANNE WAGNER
,LINCOLN COUNTY CLERK, KEMMERER, WY
[~ N:xNe This Une For R3c0rdng cata]
MORTGAGE
MIN: 100015700069206742
DEANITlONS
Word; used in multiple sections of this OOc1.JI1H1t 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 OOc1.JI1H1t are also provided in Section 16.
/
'. l ,
(A) "SecurityInstnuœnt"rreansthisdocurœnt, Wrichisdated JUNE 30, 2006 ,together
\\ith all Riders to this docurœnt.
(B) "Bon-ower" is STACEY G SHERMAN AND DEAN E SHERMAN , WIEE &
HUSBAND
Borro~ is the rmrtgagor under this Security lnstrurm1t.
(q 'MERS" is ~rtgage Electronic Registration System;, Inc. MERS is a separate corporation that is acting
solely as a norrinee for Lender and Lender's successors and assigns. MERS is the mortgagee lUlder this Security
Instnuœnt. MERS is organized and existing under the law; ofDe1aVv3fe, and has an address and telephone nurrher
ofP,o. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS.
(D) ''Lender'' is FIRST "NATIONAL BANK WEST
Lender is a A "NATIONAL BANKING ASSCCIATION organized
and existing under the law; of WYCMING
Lender's address is 100 GREYS RIVER ROAD, ALPINE, WYCJ.1IN3 83128
(E) ''Note'' rreans the promissory note signed by Borro\\er and dated JUNE 30, 2006
The Note states that Borro\\er 0\\eS Lender NINETY-SIX THOUSAND AND 00/100
Dollars (0. S. $ 96, 000. 00 ) plus interest.
Borro\\er has prorrised to pay this debt in regular Periodic Payrrmts and to pay the debt in filll not later than
JULY 1, 2036 .
(F) ''Property'' rreans the property that is described below under the heading "Transfer of Rights in the Property. "
(G) I 'Loan" rreans the debt evidmced by the Note, plus interest, any prepayrrmt charges and late charges due under
the Note, and all surm due under this Security lnstrurm1t, plus interest.
furro\\cr Initials: ~ S ¡l.5'
W(Qv1IN3-Snae Farrily-Fæníe Mae/Fredde Mac U\lFCH..1INSTRJv1ENf - MffiS
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(II) ''Riders'' rreans all Riders to this Security Instrurœnt that are executed by Borro\\er, The following Riders are
to be executed by Borro\\er [check box as applicable):
o Adjustable Rate Rider
o Balloon Rider
o 1-4 Fanily Rider
o Condorrinium Rider
o Plarmed Unit Developrrent Rider
o Bi\\eekly Payrœnt Rider
o Second Harre Rider
o Other(s) [specify]
(I) '~plicable law" rreans all controlling applicable federal, state and local statutes, regulations, ordinances and
administrative rules and orders (that have the effect of law) as \\ell as all applicable final, non-appealable judicial
oplmons,
(J) ''COmmmity Association Dues, Fees, and Assessments"rœans all dues, fees, assesstm1ts and other charges
that are irq:>osed on Borro\\ef or the Property by a condorrinium association, horra:mners association or sirrilar
organizatiOll
(K) ''Electronic Funds Transfer"rreans any transfer offì.mds, other than a transaction originated by check, draft,
or sirrilar paper instruImlt, v.hich is initiated through an electronic terminal, telephonic instruImlt, coII1Juter, or
rrngt1etic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term
includes, but is not lirrited to, point-of-sale transfers, autorrnted teller rmchine transactions, transfers initiated by
telephone, wire transfers, and autorrnted clearinghouse transfers.
(L) "Escrow Items" rreans those item; that are described in Section 3.
(M) ''Miscellaneous Proceeds" rreans any coIIpn'>ation, settlerœnt, award of darmges, or proceeds paid by any
third party (other than insurance proceeds paid under 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 conderrnation; or (iv) rrisrepresentations of, or omissions as to, the value and/or condition of the Property.
(N) ''Mortgage Ins1U'ance"rreans insurance protecting Lender against the nonpayrœnt of, or default on, theLoan.
(0) "Peliodic Payrrrnt" rreans the regularly scheduled arrount due for (i) principal and interest under the Note,
plus (ii) any arrounts under Section 3 of this Security Instrurœnt.
(P) "RESPA" rreans the Real Estate Settlerrent Procedures Act (12 U. S. C. §2601 et seq.) and its iII1Jlerœnting
regulation, Regulation X (24 C. F. R Part 3500), as they might be amnded ITom tirre to tirre, or any additional or
successor legislation or regulation that governs the sarre subject rrntter. As used in this Security Instrurœnt,
"RESP A" refers to all requirerœnts and restrictions that are irq:>osed in regard to a "federally related IIDrtgage loan"
even if the Loan does not qualify as a "federally related IIDrtgage loan" under RESP A
(Q) "Suc~or in Interest of BolTOwer" rreans any party that has taken title to the Property, \\bether or not that
party has assuIred Borro\\ef' s obligations under the Note and/or this Security Instrurœnt.
Eorrooor Initials: 0ß S ¡J ¿ 5'
w(OVIII\G-Snde Farrily-Pcr'rie MaelFfedde Mac LNFœv1INSTR1v1ENr - MER3
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0313333
TRANSFffi OF RIGHTS IN THE PROPERlY
CQ0490
This Security Instnnœnt secures to Lender: (i) the repayrœnt of the loan, and all renewals, extensions and
rrndifications of the Note; and (ii) the perfommce of Borrov.er' s covenants and agreemnts under this Security
Instnnœnt and the Note. For this purpose, BorroV\er does hereby rrortgage, grant and convey to MERS (solely as
nominee for Lender and Lender's successors and assigns) and to the successors and assigns ofMERS, with poV\er of
sale, the following described property located in the
COUNI'Y of Lll.JCOIN
rr ofRe.cording Jurisdictioo] [Nnre of Recording Jurisdiction]
THE EAST~, BEING THE EASTERLY 70 EEET, OF rms 1.~2 AND 3 AND
THE NJRTHERLY EDUR EEET OF rm 4 OF BICCK 5 IN THE .uuRVIEW
ADDITION 10 THE 'IOíVN OF:KEl-MERER LINCOIN COUNI'Y WYCMING AS
DESCRIBED ON THE OFFICIAL PIAT TfIERÊÖF. IESS AND'EXCEPr THE IAND
CONrAINED IN QUI'I'CI..AJM DEED RECORDED JUNE 10, 1997 IN EOJK 398PR
ON PAGE 123 OF THE RECORDS OF LINCOlN COUNI'Y CLERK.
vJrich ClllTently has the address of
1437 2ND WEST AVE
[Strœt]
:KEl-MERER
[City]
, \\yorning
83101 ("PrOperty Address"):
[Zip O:Jœ
TOGETIIER WIlH all the irrprovem:nts now or hereafter erected on the property, and all easerœnts,
appurtenances, and fixtures now or hereafter a part of the property. All replacerœnts and additions shall also be
covered by this Security Instnnœnt. All of the foregoing is referred to in this Security Instnnœnt as the "Property. II
BorroV\er understands and agrees that MERS holds only legal title to the interests granted by Borrov.er in this Security
Instnnœnt, but, if necessaIy to corrply with law or custom, MERS (as nominee for Lender and Lender's successors
and assigns) has the right: to exercise any or all of those interests, including, but not linited to, the right to foreclose
and sell the Property; and to take any action required of Lender including, but not linited to, releasing and cæceling
this Security Instnnœnt.
BORROWER COVENANTS that Borrov.er is la\\Æully seised of the estate hereby conveyed and has the right
to rrortgage, grant and convey the Property and that the Property is unencurrtered, except for enc\JIIÌ)rances of
record Borrov.er WllTants and will defend generally the title to the Property against all claims and demands, subject
to any enc\JIIÌ)rances of record .
lHIS SECURITYINSTRUMENT corri>ines unifonncovenants for national Œe mIXXl-unifonncovenants with
linited variations by jurisdiction to constitute a unifonn security instrurm1t covering real property.
UNI FORM COVENANTS. BorroV\er and Lender covenant and agree as follow;:
1. Pay¡œnt ofPiincipal, Interest, &crow Iterœ, Prepay¡œnt Ouu-ges, and Late Ouu-ges. BorroV\er shall
pay \\hen due the principal of, and interest on, the debt evidenced by the Note and any prepaynmt charges and late
charges due under the Note. BorroV\er shall also pay funds for Escrow Items pursuant to Section 3. Paynmts due
ooder the Note and this Security Instnnœnt shall be mille in U. S. ClllTency. Ho\\eVer, if any check or other
instrurm1t received by Lender as paynmt ooder the Note or this Security Instnnrent is returned to Lender oopaid,
Lender may require that any or all subsequent payrœnts due ooder the Note and this Security Instnnrent be rmde in
one or rrore of the following form;, as selected by Lender: (a) cash; (b) rroney order; (c) certified check, bank check,
treæurer's check or cashier's check, provided any such check is draWl upon an institution \\hose deposits are insured
by a federal agency, instrurœntality, or entity; or (d) Electronic Foods Transfer.
Payrœnts are deerœd received by Lender \\hen received at the location designated in the Note or at such other
location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return
furro\\ef hritials: 0~ ~ .þ £:.)'
W(aJllt--G-Sinde Farrily-Pcnnie Mæ'Fredcie Mac LNFœv1INSTFUv1ENT - M~
Form 3051 1/0f Page 3 of 14
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O~19933
000491
any payrrent or partial payrrent if the paymnt or partial payrrents are insufficient to bring the Loan current. Lender
rmy accept any payrrent or partial payrœnt insufficient to bring the Loan clUTent, without waiver of any rights
heramder or pr~udice to its rights to refuse such payrrent or partial paymnts in the future, but Lender is not
obligated to apply such payrœnts at the tirre such payrrents are accepted. If each Periodic Payrrmt is applied as of
its scheduled due date, then Lender need not pay interest on lIDapplied fimds. Lender rmy hold such unapplied fimds
lIDtil Borrov-er InÙ<espayrrent to bring the Loan current. IfBorrov-er does not do so within a reasonable period of
tirre, Lender shall either apply such funds or return them to Borrov.er. If not applied earlier, such fimds will be
applied to the outstanding principal balance under the Note imœdiately prior to foreclosure. No offset or claim
vJrich Borrov.er night have now or in the future against Lender shall relieve Borrov.er rrom rroking payrrents due
under the Note and this Security Instrurœnt or performing the covenants and agræm:nts secured by this Security
Instrurœnt.
2. Application of Pay¡œnts or Proceeds. Except as otherwise described in this Section 2, all payrrmts
accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note;
(b) principal due lIDder the Note; (c) armlIDts due under Section 3. Such payrrents shall be applied to each Periodic
Paymnt in the order in Wilch it becaJre due. Any rermining armunts shall be applied first to late charges, second
to any other armunts due under this Security Instrurœnt, and then to reduce the principal b~ance of the Note,
If Lender receives a payrœnt rrom Borrov.er for a delinquent Periodic Payrœnt Wilch includes a sufficient
armunt to pay any late charge due, the payrœnt rmy be applied to the delinquent payrrentand the late charge. If
rmre than one Periodic Payrœnt is outstanding, Lender rmy apply any payment received rrom Borrov-er to the
repayrœnt of the Periodic Payrœnts if, and to the extent that, each payrrmt can be paid in full. To the extent that:
any excess exists after the payrœnt is applied to the full payrrent of one or rmre Periodic Payrœnts, such excess rmy
be applied to any late charges due. Vohmtary prepayrœnts shall be applied first to any prepayrœnt charges and then
as described in the Note.
Any application of payrœnts, insurance proceeds, or Mscellaneous Proceeds to principal due under the Note
shall not extend or postpone the due date, or change the armlIDt, of the Periodic Paymnts.
3. Flmds for &crow Iterm. Borrov.er 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 armlIDts due for: (a) taxes and
assessrœnts and other item; Wilch can attain priority over this Security Instrurœnt as a lien or encurrÌ>rance on the
Property; (b) leasehold payments or grolIDd rents on the Property, if any; (c) premiwn; for any and all insurance
required by Lender under Section 5; and (d) M>rtgage Insurance premium;, if any, or any sum; payable by Borrov.er
to Lender in lieu of the paymnt of Mortgage Insurance premiwn; in accordance with the provisions of Section 10,
These item; are called "&crow Item;." At origination or at any tirre during the tenn of the Loan. Lender rmy require
that Com:rumity Association Dues, Fees, and Assessrœnts, if any, be escro\\ed by Borrov-er, and suCh dues, fees and
assessrœnts shall be an &crow Item Borrov.er shall prorrptly furnish to Lender all notices of armunts to be paid
lIDder this Section Borrov-er shall pay Lender the Funds for &crow Item; uruess Lender waives Borrov.er's
obligation to pay the FlIDds for any or all &crow Item;. Lender rmy waive Borrov.er' s obligation to pay to Lender
FlIDds for any or all &crow Item; at any tirre. Any such waiver rmy only be in witing. In the event of such waiver,
Borrov-er shall pay directly, \\hen and \\here payable, the armunts due for any &crow Item; for Wilch payrœnt of
FlIDds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such paymnt
within such tirre period as Lender rmy require. Borrov.er' s obligation to make such payrœnts and to provide receipts
shall for all purposes be deerœd to be a covenant and agreerœnt contained in this Security Instrurœnt, as the phrase
"covenant and agreem:nt" is used in Section 9. IfBorrov-er is obligated to pay Escrow Item; directly, pursuant to
a waiver, and Borrov-er fails to pay the armlIDt due for an &crow Item, Lender rmy exercise its rights under Section
9 and pay such armunt and Borrov.er shall then be obligated lIDder Section 9 to repay to Lender any such armlIDt.
lender rmy revoke the waiver as to any or all &crow Item; at any tirre by a notice given in accordance with Section
15 and, upon such revocation, Borrov.er shall pay to Lender all FlIDds, and in such armlIDts, that: are then required
under this Section 3.
Lender rmy, at any tirre, collect and hold Funds in an armlIDt (a) suffici ent to permit Lender to apply the F lIDds
at the tirre specified under RESP A, and (b) not to exceed the ImXÍmum armlIDt a lender can require lIDder RESP A
Lender shall estiImte the armlIDt ofFlIDds due on the basis of current data and reasonable estiImtes of expenditures
of future &crow Item; or otherwise in accordance with Applicable Law.
furro\\ef Initials: Sfö~
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,
WYavtll\G--Sinae Farrily-Pcnnie MaelFfed<ie Mac LNFœv1INSTR1v1ENT - MffiS
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0919933
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The Fmds shall be held in an institution v.hose deposits are insured by a federal agency, instn.Jrm1tality, 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 Fmds to pay the Escrow Iterm no later than the tirre specified mder RESP A Lender
shall not charge furro~ for holding and applying the Fmds, armually analyzing the escrowaccomt, or verifying
the Escrow Iterm, unless Lender pays furro~ interest on the Fmds and Applicable Lawpemits Lender to rrnke
such a charge. Unless an agreerœnt is rmde in writing or Applicable Law requires interest to be paid on the Fmds,
Lender shall not be required to pay furro~ any interest or ærning; on the Fmds. furro~ and Lender can agræ
in writing, hO\\eYer, that interest shall be paid on the Fmds. Lender shall give to furro~r, without charge, an
armual accomting of the F mds as required by RESP A
If there is a surplus ofFmds held in escrov¡, as defined mder RESPA, Lender shall accomt to furro~r for
the exœss funds in accordance with RESP A If there is a shortage ofFmds held in escrov¡, as defined mder RESP A,
Lender shall notify furro~ as required by RESP A, and furro\\er shall pay to Lender the aITDmt n~ to rrnke
up the shortage in accordance with RESPA, but in no IIDre than 12 IIDnthly payIm1ts. If there is a deficiency of
Fmds held in escrov¡, as defined mder RESP A, Lender shall notify furro~r as required by RESP A, and furro~
shall pay to Lender the aITDmt necessary to rrnke up the deficiency in accordance with RESP A, but in no IIDre than
12 rronthly payrrents.
Upon payrrent in full of all sum; secured by this Security Instrurm1t, Lender shall profI1)tly refund to furro\\ef
any Fmds held by Lender.
4. 01arges; liens. furro\\ef shall pay all taxes, ~ts, charges, fines, and ifI1)Ositions attributable to
the Property v.hich can attain priority over this Security 1nstrurm1t, leasehold payIm1ts or gromd rents on the
Property, if any, and Cormmity Association Dues, Fees, and Assessrœnts, if any. To the extent that these item;
are Escrow Iterm, furro~ shall pay them in the rmnner provided in Section 3.
furro~ shall profI1)tly discharge any lien v.hich has priority over this Security Instrurm1t unless furro\\ef:
(a) agrees in writing to the payIm1t of the obligation secured by the lien in a rmnner acceptable to Lender, but omy
so long as furro\\ef is perfoming such agreerœnt; (b) contests the lien in good faith by, or defends against
enforceITffit of the lien in, legal proceeding; v.hich in Lender s opinion operate to prevent the enforceITffit of the lien
v.hile those proceeding; are pending, but only mtil such proceeding; are concluded; or ( c) secures ITom the hol der
of the lien an agrærrent satisfactory to Lender subordinating the lien to this Security 1nstrurm1t. If Lender
determines that any part of the Property is subject to a lien v.hich can attain priority over this Security Instrurœnt,
Lender ImY give furro\\ef a notice identifying the lien Within 10 days of the date on Wrich that notice is given,
furro\\er shall satisfy the lien or take one or IIDre of the actions set forth above in this Section 4.
Lender ImY require furro\\ef 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 Insurance. furro\\ef shall keep the ifI1)roverœnts now existing or hereafter erected on the
Property insured against loss by fire, hazards included within the tenn "extended coverage," and any other hawds
including, but not limited to, ærthquakes and floods, for v.hich Lender requires insurance. This insurance shall be
maintained in the aITDmts (including deductible levels) and for the periods that Lender requires. What Lender
requires pursuant to the preceding sentences can change during the tenn of the Loan. The insurance carrier providing
the insurance shall be chosen by furro\\ef subj ect to Lender s right to disapprove furro\\ef' s choice, v.hi ch right shall
not be exercised unræsonably. Lender ImY require furro~ to pay, in connection with this Loan, either: (a) a one-
tirre charge for flood zone detemination, certification and tracking services; or (b) a one-tirre charge for flood zone
determination and certification services and subsequent charges each tirre rermpping; or similar changes occur v.hich
reasonably might affect such detemination or certification. furro\\ef shall also be responsible for the payrrent of
any fees ifI1)Osed by the Federal Errergency Managerœnt Agency in connection with the review of any flood zone
determination resulting ITom an objection by furro\\ef.
Iffurro\\er fails to maintain any of the coverages described above, Lender ImY obtain insurance coverage, at
Lender's option and furro~' s expense. Lender is mder no obligation to purchase any particular type or artDmt
of coverage. Therefore, such coverage shall cover Lender, but might or might not protect furro\\ef, furro\\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 '\WS previously in effect. furro~r ackno\\ledges that the cost of the insurance coverage so
obtained might significantly exceed the cost of insurance that furro\\er could have obtained Any artDmts disbursed
furro\\ef Initials: :lQ.¡ ~ ¡J? 5
Wfav1II\G-Snde Farrily-Famie Mae/Fredde Mac LNFCRv1INSTR.MENf - MER>
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by Lender under this Section 5 shall becorre additional debt ofBorro\\ef secured by this Security Instrurnnt. These
arrounts shall bear interest at the Note rate ITom the date of disburserœnt and shall be payable, \\ith such interest,
upon notice ITom Lender to Borro\\er requesting payrœnt.
All insurance policies required by Lender and rene\VtÙs of such policies shall be subject to Lender's right to
disapprove such policies, shall include a standard rmrtgage clause, and shall narre Lender as rmrtgagee and/or as an
additional loss payee. Lender shall have the right to hold the policies and rene\VtÙ certificates. If Lender requires,
Borro\\ef shall proII1'tly give to Lender all receipts of paid premium:; and rene\VtÙ notices. IfBorro\\er obtains any
form of insurance coverage, not otherwise required by Lender, for darmge to, or destruction of, the Property, such
policy shall include a standard rmrtgage clause and shall narre Lender as rmrtgagee and/or as an additional loss
payee,
In the event of loss, Borro\\er shall give proII1't notice to the insurance carrier and Lender. Lender rmy rmke
proof of loss if not rrnde proII1'tly by Borro\\er. Unless Lender and Borro\\er otherwise agree in writing, any
insurance proceeds, Wlether or not the lll1derlying insurance was required by Lender, shall be applied to restoration
or repair of the Property, if the restoration or repair is econorrically feasible and Lender's seclUÌ.ty is not lessened.
During such repair and restoration period, Lender shall have the right to hold such insurance proceeds lll1til Lender
has had an opportunity to inspect such Property to ensure the \\{)rk has been coII1'leted to Lender's satisfaction,
provided that such inspection shall be lll1dertaken proII1'tly. Lender rmy disburse proceeds for the repairs and
restoration in a single payrœnt or in a series of progress payrœnts as the \\{)rk is coII1'leted. Unless an agreerœnt
is rrnde in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be
required to pay Borro\\ef any interest or earning; on such proceeds. Fees for public adjusters. or other third parties.
retained by Borro\\er shall not be paid out of the insurance proceeds and shall be the sole obligation of&rro\\ef.
If the restoration or repair is not economically feasible or Lender's security \\{)uld be lessened, the insurance proceeds
shall be applied to the sum; secured by this Security Instrurnnt, Wlet:her or not then due, \\ith the excess, if any, paid
to &rro\\ef. Such insurance proceeds shall be applied in the order provided for in Section 2.
If Borro\\ef abandons the ProPerty, Lender rmy file, negotiate and settle any available insurance claim and
related Imtters. IfBorro\\ef does not respond \\ithin 30 days to a notice ITom Lender that the insurance carrier has
offered to settle a claim, then Lender rmy negotiate and settle the claim The 3O-day period \\ill begin Wlen the
notice is given. In either event, or if Lender acquires the Property lll1der Section 22 or otherwise, &rro\\ef hereby
assigns to Lender (a) Borro\\ef'S rights to any insurance proceeds in an amnmt not to exceed the arrolll1ts lll1paid
lll1der the Note or this Security Instrum::nt, and (b) any other ofBorro\\ef' s rights (other than the right to any refimd
of unearned prerrium:; paid by Borro\\er) under all insurance policies covering the Property, insofar as such rights
are applicable to the coverage of the Property. Lender rmy use the insurance proceeds either to repair or restore the
Property or to pay arrolUltS unpaid lUlder the Note or this Security Instrurnnt, Wlet:her or not then due.
6. Occupancy. Borro\\ef shall occupy, establish, and use the Property as &rro\\er's principal residence
\\ithin 60 days after the execution of this SeclUÌ.ty Instrurnnt and shall continue to occupy the Property as Borro\\ef' s
principal residence for at least one year after the date of occupancy, lHÙess Lender otherwise agrees in writing, Wrich
consent shall not be unreasonably \\ithheld, or lHÙess extenuating cirCUIIEtances exist Wrich are beyond &rro\\er' s
control.
7. Preservation, Maintenance and Protection of the Propel1y; Inspections. &rro\\ef shall not destroy,
damage or iII1'air the Property, allow the Property to deteriorate or comnit waste on the Property. \\11ether or not
Borro\\er is residing in the Property, Borro\\er shall rrointain the Property in order to prevent the Property ITom
deteriorating or decreasing in value due to its condition Unless it is determined pursuant to Section 5 that repair or
restoration is not economically feasible, Borro\\ef shall proII1'tly repair the Property if darmged to avoid further
deterioration or damage. If insurance or condermation proceeds are paid in connection \\ith damage to, or the taking
of, the Property, Borro\\er shall be responsible for repairing or restoring the Property only if Lender has released
proceeds for such purposes. Lender rmy disburse proceeds for the repairs and restoration in a single payrœnt or in
a series of progress payrœnts as the \\{)rk is coII1'leted. If the insurance or condermation proceeds are not sufficient
to repair or restore the Property, Borro\\er is not relieved ofBorro\\er' s obligation for the coII1'letion of such repair
or restoration
Eorro\\er Initials: Sb ~
,á5
VWavllt\G-Snde Fanily-Famie Mæ'Fredde Mac LNFCRv1INSTFUv1ENT - MffiS
Form30511/0r Page60f14
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0319333
(00494
Lender or its agent rmy make reasonable entries upon and inspections of the Property. If it has reasonabl e cause,
Lender rmy inspect the interior of the i~roverœnts on the Property. Lender shall give Borrov.er notice at the tirre
of or prior to such an interior inspection specifying such rea:;onable cause.
8. Borrower's Loan Application. Borrov.er shall be in default if, during the Loan application process,
Borrov.er or any persons or entiti es acting at the direction ofBorrov.er or with Borrov.er' s knowedge or COIlSEnt gave
rrnterially false, misle&ling, or inaccurate inforrmtion or statem:nts to Lender (or failed to provide Lender with
rrnterial inforrmtion) in connection with the Loan. :Material representations include, but are not limited to,
representations concerning Borrov.er' s occupancy of the Property as Borrov.er's principal residence.
9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a)
Borrov.er fails to perform the covenants and agreern:nts contained in this Security Instn.nœnt, (b) there is a legal
proceeding that might significantly affect Lender's interest in the Property and! or rights mder this Security Instrurrent
(such as a proceeding in bankruptcy, probate, for conderrnation or forfeiture, for rnforcerœnt of a lien v.hich rmy
attain priority over this Security Instn.nœnt or to rnforce law; or regulations), or (c) Borrov.er has abanooned the
Property, then Lender rmy 00 and pay for Matever is reasonable or appropriate to protect Lender's interest in the
Property and rights mder this Security Instrurœnt, including protecting and!or assessing the value of the Property,
and securing and! or repairing the Property. Lender's actions can incl ude, but are not limited to: (a) paying any S\.JIl'E
secured by alien v.hich has priority over this Security Instn.nœnt; (b) appearing in court; and (c) paying reasonable
attorneys' fees to protect its interest in the Property and! or rights mder this Security Instn.nœnt, including its secured
position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to
make repairs, change locks, replace or board up doors and winoow;, drain water ITom pipes, elirrinate building or
other code violations or dangerous conditions, and have utilities turned on or off. Although Lender rmy take action
tmder this Section 9, Lender does not have to 00 so and is not mder any duty or obligation to 00 so. It is agreed that
Lender incurs no liability for not taking any or all actions authorized mder this Section 9.
Any anDtmts disbursed by Lender mder this Section 9 shall becorre additional debt ofBorrov.er secured by this
Security Instrurœnt. These anDmts shall bear interest at the Note rate from the date of disbursenH1t and shall be
payable, with such interest, upon notice from Lender to Borrov.er requesting payrœnt.
If this Security Instn.nœnt is on a leasehold, Borrov.er shall co~ly with all the provisions of the lease. If
Borrov.er acquires fœ title to the Property, the leasehold and the fœ title shall not rrerge unless Lender agrees to the
rrerger in writing.
10. Mortgage Insurance. If Lender required rvbrtgageInsurance as a condition of rrnking the I...oan, Borrov.er
shall pay the premium; required to maintain the rvbrtgage Insurance in effect, If, for any reason, the rvbrtgage
Insurance coverage required by Lender ceases to be available from the rmrtgage insurer that previously provided such
insurance and Borrov.er was required to make separately designated payrrmts to\VcU'd the premium; for Mortgage
Insurance, Borrov.er shall pay the premium; required to obtain coverage substantially equivalent to the l\1)rtgage
Insurance previously in effect, at a cost substantially equivalent to the cost to Borrov.er of the l\1)rtgage Insurance
previously in effect, from an alternate rmrtgage insurer selected by Lender. If substantially equivalent l\1)rtgage
Insurance coverage is not available, Borrov.er shall continue to pay to Lender the anDtmt of the separately designated
payrrmts that v.ere due Men the insurance coverage cæsed to be in effect. Lender will accept, use and retain these
payrrmts as a non-refundable loss reseIVe in lieu ofl\1)rtgage Insurance. Such loss reseIVe shall be non-refundable,
notwithstanding the fact that the Loan is ultirrntely paid in full, and Lender shall not be required to pay Borrov.er any
interest or earning; on such loss reserve. Lender can no longer require loss reserve payrœnts ifrvbrtgage Insurance
coverage (in the anDtmt and for the period that Lender requires) provided by an insurer selected by Lender again
becorœs available, is obtained, and Lender requires separately designated payrrmts to\VcU'd the premium; for
M:>rtgage Insurance. If Lender required M:>rtgage Insurance as a condition of rmking the Loan and Borrov.er was
required to make separately designated payrrmts to\VcU'd the premium; for rvbrtgage Insurance, Borrov.er shall pay
the premium; required to rrnintain M:>rtgage Insurance in effect, or to provide a non-refì.mdable loss reserve, mtil
Lender's requirerœnt for rvbrtgage Insurance ends in accordance with any written agrœrœnt bet\\æ1 Borrov.er and
Lender providing for such temination or mtil termination is required by Applicable Law: Nothing in this Section
10 affects Borrov.er's obligation to pay interest at the rate provided in the Note.
rvbrtgage Insurance reirmurses Lender (or any entity that purchases the Note) for certain losses it rmy incur
if Borrov.er does not repay the Loan as agreed Borrov.er is not a party to the M:>rtgage Insurance.
furro\\ef Initials: S ç." S
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VWav1ING-Snde Farrily-Fcnnie Mae/Fredde Mac LNFœv1INSTFUv1ENT - MERS
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Nbrtgage insurers evaluate their total risk on all such insurance in force rrom tirre to tirre, and rmy enter into
agrærœnts \\ith other parties that share or rmdifY their risk, or reduce losses. These agræm:nts are on teflTI) and
conditions that are satisfactol)' to the rrDrtgage insurer and the other party (or parties) to these agrærœnts. These
agrærœnts rmy require the rrDrtgage insurer to rrnke payrœnts using any source of funds that the rrDrtgage insurer
rmy have available (Wrich rmy include funds obtained rromMOrtgage Insurance prerrilIm).
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, rmy receive (directly or indirectly) arrmmts that derive rrom (or might
be characterized as) a portion ofIbrro\\er' s payrœnts for MOrtgage Insurance, in exchange for sharing or rmdifying
the rrDrtgage insurer' s risk, or reducing losses. If such agrærœnt provides that an affiliate of Lender takes a share
of the insurer's risk in exchangeJor a share of the premilIm) paid to the insurer, the arrangerœnt is oftoo terrœd
"captive reinsurance." Further:
(a) Any such agreerœnts will not affect the amounts that BolTOwer has agreed to pay for Mortgage
Insw"3I1~ or any other terms of the Loan. Such agreerœnts will not increase the amount Bon1>wer will owe
for M0I1gage Insurance, and they will not entitle BolTOwer to any refund
(b) Any such agreerœnts will not affect the rights Bon1>wer has - if any - with respect to the M0I1gage
Insm"3I1ce under the Horœowners Pmtection Act of 1998 or any other law. 1òese rights may include the right
to receive certain disclosures, to request and obtain cancellation of tl1C M0I1gage Insurance, to have the
MOrtgage Insm"3I1ce tenIÎnated automatically, andlor to receive a refund of any MOrtgage Insurance premiwns
that were unearned at the tirœ of such c.'U1ce1lation or termination.
11. Assigmœnt of Miscellaneous Proceeds; Foñeiture. All Miscellaneous Proceeds are hereby assigned to
and shall be paid to Lender.
If the Property is daJrnged, 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 until Lender has had an
opportunity to inspect such Property to ensure the oork has hem corrpleted to Lender's satisfaction, provided that
such inspection shall be undertakoo prorrptly. Lender rmy pay for the repairs and restoration in a sing! e disburserœnt
or in a series of progress paym:nts as the oork is corrpleted. ruess an agreerœnt is rmde in writing or Applicable
Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Ibrrov.er any
interest or earnings 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 sum:; secured by this Security
In.struIm1t, \\bether or not thoo due, \\ith the excess, if any, paid to Ibrro\\er. Such Miscellaneous Proceeds shall
be applied in the order provided for in Section 2.
In the evoot of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be
applied to the SlIm) secured by this Security In.struIm1t, \\bether or not then due, \\ith the excess, if any, paid to
Ibrro\\ef.
In the event of a partial taking, destruction, or loss in value of the Property in Wrich the fair rrmket value of
the Property i!1ll11:;Xfiate1y before the partial taking, destruction, or loss in value is equal to or greater than the arIDæt
of the sum:; secured by this Security In.struIm1t imœdiately before the partial taking, destruction, or loss in value,
unless Ibrrov.er and Lender otherwise agree in writing, the sum:; secured by this Security In.struIm1t shall be rérluced
by the arIDæt of the Miscellaneous Proceeds multiplied by the following rraction: (a) the total arIDæt of the sum:;
secured i!1ll11:;Xfiately before the partial taking, destruction, or loss in value divided by (b) the fair rrmket value of the
Property irrnnxliately before the partial taking, destruction, or loss in value. Any balance shall be paid to &rro\\er.
In the event of a partial taking, destruction, or loss in value of the Property in Wrich the fair rrmket value of
the Property irrnnxliately before the partial taking, destruction, or loss in value is less than the arIDæt of the SI.IITE
secured i!1ll11:;Xfiate1y before the partial taking, destruction, or loss in value, unless &rro\\ef and Lender otherwise
agree in writing, the Miscellaneous Proceeds shall be applied to the sum:; secured by this Security Instnnœnt \\bether
or not the sum:; are then due.
If the Property is abandoned by Ibrro\\ef, or if, after notice by Lender to Ibrro\\ef that the Q:>posing Party (as
defined in the next sentooce) offers to rrnke an award to settle a claim for daJrnges, Ibrro\\er fails to respond to
Lender \\ithin 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous
Proceeds either to restoration or repair of the Property or to the sum:; secured by this Security Instnnœnt, \\bether
furro\\ef hùtials: S~~ ~
Wiav1IN3-Snde Fanily-Falnie MaelFfedcie Mac LNFrnv1INffiRJv1ENT - MER:;
Form 3051 1/0"" Page 8 of 14
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0919933
(00496
or not then due, II QJposing Party" Iœal1S 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.
Borro\\er shall be in default if any action or proceeding, \\hether civil or criminal, is begtm that, in Lender's
judgrrent, could result in forfeiture of the Property or other Iroterial irrpaimmt of Lender' s interest in the Property
or rights lffider this Security Inst:rum:nt. Borrov.er can cure such a default and, if acceleration has OCCtnTed, reinstate
as provided in Section 19, by causing the action or proceeding to be dismissed \\ith a ruling that, in Lender's
judgrrent, precludes forfeiture of the Property or other Iroterial irrpaimmt of Lender' s interest in the Property or
rights lffider this Security Inst:rum:nt. The proceeds of any award or claim for darmges that are attributable to the
irrpaimmt of Lender' s interest in the Property are hereby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the
order provided for in Section 2.
12. Bon-ower Not Released; Forbearance By Lender Not a Waiver. Extension of the tirre for payrrmt or
mxiification of armrtization of the sum; secured by this Security Inst:rum:nt granted by Lender to Borrov.er or any
Successor in Interest ofBorrov.er shall not operate to relæse the liability ofBorrov.er or any Successors in Interest
of Borrov.er. Lender shall not be required to COlll1'Iffice proceeding; against any Successor in Interest ofBorrov.er
or to refuse to extend tirre for payrrmt or otherwise rrodify armrtization of the SllI'Πsecured by this Security
Inst:rum:nt by reason of any demmd rmde by the original Borrov.er or any Successors in Interest ofBorrov.er. Any
forbearance by Lender in exercising any right or rerredy including, \\ithout lirritation, Lender's acceptance of
payrrmts fi-orn third persons, entities or Successors in Interest ofBorrov.er or in armlffits less than the armlffit then
due, shall not be a *1Ìver of or preclude the exercise of any right or rerredy,
13. Joint and Several liability; Co-signers; Successors and Assigns BolUld Borrov.er covenants and agrees
that Borrov.er' s obligations and liability shall be joint and several. Ho\\eVer, any Borrov.er \\ho co-signs this Security
Inst:rum:nt but does not execute the Note (a" co-signer"): (a) is co-signing this Security Inst:rum:nt omy to IIDrtgage,
grant and convey the co-signer's interest in the Property lffider the terrœ of this Security Instrurœnt; (b) is not
personally obligated to pay the sum; secured by this Security Inst:rum:nt; and (c) agrees that Lender and any other
Borrov.er can agree to extend, rrodify, forbear or Imke any accomrmdations \\ith regard to the terrœ of this Security
l:nstn.u1ß1t or the Note \\ithout the co-signer' s consmt.
Subject to the provisions of Section 18, any Successor in Interest of Borrov.er \\ho asswres Borrov.er's
obligations lffider this Security Inst:rum:nt in writing, and is approved by Lender, shall obtain all ofBorrov.er' s rights
and benefits lffider this Security Inst:rum:nt. Borrov.er shall not be released fi-ornBorro\\er' s obligations and liability
lffider this Security Inst:rum:nt unless Lender agrees to such relæse in writing The covenants and agreeJmlts of this
Security Inst:rum:nt shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender.
14. Loan Omrges. Lender rmy charge Borro\\er fees for services perforrred in connection \\ith Borrov.er' s
default, for the purpose of protecting Lender's interest in the Property and rights lffider this Security Inst:rum:nt,
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 lnstrurrent to charge a specific fee to Borrov.er shall not be construed
as a prohibition on the charging of such fee. Lender rmy not charge fees that are expressly prohibited by this Security
lnstrurrent or by Appliæble La\¥.
If the Loan is subject to a law vJ1ich sets rrnxirnnnloan 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 armlffit necessary to reduce the charge to the permitted lirrit;
and (b) any sum; already collected fi-ornBorrov.er vJ1ich exceeded permitted limits \\ill be refunded to Borro\\er.
Lender rmy choose to Imke this refimd by reducing the principal 0\\00 lffider the Note or by rmking a direct payrrmt
to Borro\\er, If a refund reduces principal, the reduction \\ill be treated as a partial prepayrrmt \\ithout any
prepayrrmt charge (\\hether or not a prepayrrmt charge is provided for lffider the Note). Borrov.er's acceptance of
any such refimd rmde by direct paymnt to Borrov.er \\ill constitute a *1Ìver of any right of action Borro\\er might
have arising out of such overcharge.
15. Notices. All notices given by Borro\\er or Lender in connection \\ith this Security lnstrurrent ß1JSt be in
writing. Any notice to Borrov.er in connection \\ith this Security Inst:rum:nt shall be deerœd to have been given to
Borro\\er \\hen rrniled by first class rrnil or \\hen actually delivered to Borro\\er's notice address if sent by other
Iœal1S. Notice to anyone Borrov.er shall constitute notice to all Borro\\ers unless Appliæble Lawexpressly requires
furro\'.er Initials: :!J ~ ::s plE5
VWav1If'ß-Sinde Farrily-Fcnnie MaeJFfedde Mac LNFCRvIINSTRJv1ENT - MOO
Form 3051 1/0'1' Page 9 of 14
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\\ý3051.1l1I1I1
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0919933
COC497
otherwise. The notice address shall be the Property Address mIess Borrov.er has designated a substitute notice
address by notice to Lender. Borro\\ef shall pro1q)tly notifY Lender of Borrov.er' s change of address. If Lender
specifies a procedure for reporting Borrov.er s change of address, then Borrov.er shall only report a change of address
through that specified procedure. There rmy be only one designated notice address under this Security Instn.uœnt
at anyone tiIre. Any notice to Lender shall be given by delivering it or by rroiling it by first class rrnil to Lender's
address stated herein unless Lender has designated another address by notice to Borrov.er. Any notice in connection
with this Security Instn.uœnt shall not be deerred to have been given to Lender until actually received by Lender.
If any notice required by this Security Instn.uœnt is also required under Applicable Law, the Applicable Law
requirerœnt will satisfy the corresponding requirerœnt under this Security Instn.uœnt.
16. Goveming LaW; Severability; Rules of Construction. This Security Instn.uœnt shall be governed by
federal law and the law of the jurisdiction in vJllch the Property is located. AIl rights and obligations contained in
this Security Instrurœnt are subject to any requirerœnts and lirritations of Applicable Law Applicable Law might
explicitly or i1q)licitly allow the parties to agree by contract or it might be silent, but such silence shall not be
construed as a prohibition against agreerrmt by contract. In the event that any provision or clause of this Security
Instrurœnt or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security
Instnnrent or the Note vJllch can be given effect without the conflicting provision.
As used in this Security Instn.uœnt: (a) W)rŒ of the rrnscuIine gender shall rrean and include corresponding
neuter W)rds or W)rds of the ferrinine gender; (b) W)rds in the singular shall rrean and include the plural and vice
versa; and (c) the W)rd "rmy" gives sole discretion without any obligation to take any action.
17. Bon"Ower's Copy. Borro\\ef shall be given one copy of the Note and of this Security Instn.uœnt.
18. Transfer of the Property or a Beneficial Interest in Bon"Ower. As used in this Section 18, "Interffil: in
the Property" rœans 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, installrrmt sales contract or escrowagreerœnt, the intent
of vJllch 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 Interffil: in the Property is sold or transferred (or ifBorrov.er is not a
natural person and a beneficial interffil: in Borrov.er is sold or transferred) without Lender's prior witten consent,
Lender rmy require il11lrediatepayrrmt in full of all SlIm) secured by this Security Instrurœnt. Hov.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 Borrov.er notice of acceIeration. The notice shall provide a
period of not less than 30 days from the date the notice is given in accordance with Section 15 within vJllch BorrO\\ef
must pay all SlIm) secured by this Security Instn.uœnt. Iffurrov.er fails to pay these Sl1IŒ prior to the expiration of
this period, Lender rmy invoke any renmies permitted by this Security Instn.uœnt without further notice or demmd
on furro\\ef.
19. Bon1>wer's Right to Reinstate After Acceleration. IfBorrov.er rœets certain conditions, furrov..er shall
have the right to have enforcem:nt of this Security Instn.uœnt discontinued at any tiIre prior to the earliffil: of (a)
five days before sale of the Property pursuant to any pov.er of sale contained in this Security Instrurœnt; (b) such
other period as Applicable Law might specifY for the tenrination offurrov.er' s right to reinstate; or (c) entry of a
judgrrent enforcing this Security Instnnrent. Those conditions are that furro\\ef: (a) pays Lender all Sl1IΠvJllch
then W)uId be due under this Security Instrurœnt and the Note as if no acceleration had occurred; (b) cures any default
of any other covenants or agreerrmts; (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 interffil: in the Property and rights lIDder this Security Instn.uœnt; and (d) takes such
action as Lender rmy reasonably require to assure that Lender's interest in the Property and rights lIDder this Security
Instnnrent, and Borrov.er' s obligation to pay the SlIm) secured by this Security Instrurœnt, shall continue lIDchanged.
Lender rmy require that Borrov.er pay such reinstaterœnt Sl1IŒ and expenses in one or rmre of the following form;,
as selected by Lender: (a) cash; (b) rmney order; (c) certified check, bank check, treæurer' s check or cashier's check,
provided any such check is draM upon an institution v.hose deposits are insured by a federal agency, instrurœntality
or entity; or ( d) Electronic F lIDds Transfer. Upon reinstaterœnt by Borrov.er, this Security Instrurœnt and obligations
secured hereby shall rerrnin fully effective as if no acceleration had occurred. Hov.ever, this right to reinstate shall
not apply in the case of acceleration under Section 18.
furrO\\ef Initials: Sb ~ Þ?ij'
WiQv1ING-Snde Farrily-Fcnnie MaelFredde Mac LNFœv1INSTRJv1ENT - MER>
Form 3051 1/0'1' Page 10 of 14
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Cor498
20. Sale of Note; Oumge of Loan Servicer, Notice of Gtievanœ. The Note or a partial interest in the Note
(together mth this Security Inst:rurœnt) can be sold one or rmretirres mthout prior notice to Borrov.er. A sale might
result in a change in the ffitity (knov.n as the "Loan Servicer") that collects Periodic Paym:nts due wder the Note
and this Security Instrurœnt and perform:; other rmrtgage loan servicing obligations wder the Note, this Security
Instrurœnt, and Applicable Law. There also night be one or rmre changes of the Loan Servicer unrelated to a sale
of the Note. If there is a change of the Loan Servicer, Borrov.er mIl be giVffi writtffi notice of the change \\hich mIl
state the narre and address of the new Loan Servicer, the address to \\hich paym:nts should be rrode and any other
inforrrn1Ìon 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 rmrtgage loan servicing obligations
to Borrov.er mIl remrin mth the Loan Servicer or be transferred to a successor Loan Servicer and are not 8SSI.1Ired
by the Note purchaser UIÙess othef\.\ise provided by the Note purchaser.
Neither Borrov.er nor LEnder rrny COITIm1ce, join, or be joined to any judicial action (as either an individual
litigant or the rrerrDer of a class) that arises £rom the other party's actions pursuant to this Security Instrurœnt or that
alleges that the other party has breached any provision of, or any duty 0\\00 by reason of, this Security Inst:rurœnt,
wtil such Borrov.er or LEnder has notified the other party (mth such notice givffi in cofi1)liance mth the requirerm1ts
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 tirre period \\hich InJSt elapse before certain action
can be taken, that tirre period mIl be deemrl to be reasonable for purposes of this paragraph. The notice of
acceleration and opportunity to cure givffi to Borrov.er pursuant to Section 22 and the notice of acceleration givffi
to Borrov.er pursuant to Section 18 shall be deerred to satisfY the notice and opportunity to take corrective action
provisions of this Section 20.
21. Hazardous Substances, As used in this Section 21: (a) "Hamoous Substances" are those substances
defined as toxic or hazaroous substances, pollutants, or \\aStes by Fnvirol1IIIDtal Law and the following substances:
gasoline, kerosene, other tlamrnble or toxic petroleum products, toxic pesticides and herbicides, volatile solvffits.
materials containing asbestos or formaldehyde, and radioactive materials; (b) "Fnvirol1IIIDtal Law' rreans federal
law; and law; of the jurisdiction \\here the Property is located that relate to health, safety or ffivironrœntal protection;
(c) "Fnvironmental Oeanup" includes any response action, rerredial action, or rermval action, as defined in
Fnvirol1IIIDtal Law; and (d) an "Fnvirol1IIIDtal Condition" rreans a condition that can cause, contribute to, or
othernise trigger an Fnvirol1IIIDtal Oeanup.
Borrov.er shall not cause or permit the presence, use, disposal, storage, or release of any Hamoous Substances,
or threatffi to release any Hazaroous Substances, on or in the Property. Borrov.er shall not 00, nor allow anyone else
to 00, anything affecting the Property (a) that is in violation of any Fnvironrœntal Law; (b) \\hich creates an
Fnvirol1IIIDtal Condition, or (c) \\hich, due to the presence, use, or release of a Hamoous Substance, creates a
condition that adversely affects the value of the Property. The preceding t\\o sentffices shall not apply to the
presence, use, or storage on the Property of S11ElI quantities ofHazaroous Substances that are gffierally recognized
to be appropriate to normal residential uses and to mlÌntenance of the Property (including, but not limited to,
hazaroous substances in consurœr products).
Borrov.er shall profi1)tly give LEnder writtffi notice of (a) any investigation, claim, demand, lav.suit or other
action by any gOVeI11Im1tal or regulatory agfficy or private party involving the Property and any Hazaroous Substance
or Fnvirol1IIIDtal Lawof \\hich Borrov.er has actual knovJedge, (b) any Envirol1IIIDtal Condition, including but not
limited to, any spilling, leaking, discharge, release or threat of release of any Hazaroous Substance, and (c) any
condition caused by the presence, use or release of a Hazaroous Substance \\hich adversely affects the value of the
Property, IfBorrov.er learns, or is notified by any govel'I1Im1tal or regulatory authority, or any private party, that
any rermval or other rerrediation of any Hazaroous Substance affecting the Property is neœssazy, Borrov.er shall
profi1)tIy take all neœssazy rerredial actions in accordance mth Envirol1IIIDtal Law. Nothing herein shall create any
obligation on LEnder for an Fnvirol1IIIDtal Oeanup.
furro\\er Initials: t~ ~ ߣ
WfQv1INS-Snde Farrily-Famie MaelFfedde Mac LNFœv1INSl1Uv18\lT - MERS
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NON-UNIFORM COVENANTS. Borro\\ef and Lender further covenant and agree as follo\\S:
22. Acceleration; Rerœdies. Lender shall give notice to Bon-ower prior to acceleration following
BorTOwer'S breach of any covenant or agreement in this Secwity Ins1nuœnt (but not prior to acceleration WIder
Section 18 unless Applicable Llw provides otherwise). The notice shall specify: (a) the default; (b) the action
required to ClU"e the default; (c) a date, not less than 30 days from the date the notice is given to Bon-ower, by
which the default IIIJSt be cured; and (d) that faillU"e to ClU"e the default on or befoœ the date specified in the
notice may result in acceleration of the sums seclU"ed by this Secmity Instnllœnt and sale of the Property. The
notice shall fw1ber inform Bon-ower of the right to l'eÎnstate after acceleration and the right to bring a cotni
action to assert the no~stence of a default or any other defense of Bolrower to acceleration and sale. If the
default is not cwro on or befoœ the date specified in the notice, Lender at its option may requiœ inuœdiate
pay¡œnt in full of all sums seclU"ed by this Secwity Instnllœnt without fw1her demand and may invoke the
power of sale and any other œmedies permitted by Applicable Llw. Lender shall be entitled to collect all
expenses incrU1ro in pursuing the œrœdies provided in this Section 22, including, but not lirrited to, reasonable
attorneys' fees and costs of title evidence.
IT Lender invokes the power of sale, Lender shaD give notice of intent to foreclose to Bon-ower and to the
pel'Son in possession of the Pr-operty, if different, in accordance with Applicable Llw. Lender shall give notice
of the sale to Bolrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the
Pr-operty shall be sold in the manner pl'escribed by Applicable Llw. Lender or its designee may purchase the
Property at any sale. The pl-oceeds of the sale shall be applied in the following order: (a) to all expenses of the
sale, including, but not limited to, œasonable attorneys' fees; (b) to all SWIlS secwro by this Secmity
Ins1nuœnt; and (c) any excess to the person or persons legally entitled to it
23. Release. Upon payrœnt of all SUßE secured by tlús Security Instrurœnt, Lender shall releæe tlús Security
Instrurœnt. Borro\\ef shall pay any recordation costs. Lender rmy charge BorroMf a fee for releasing tlús Security
Instrurœnt, but only if the fee is paid to a tlúrd party for services rendered and the charging of the fee is pemitted
lD1der Applicable Law:
24. Waivel'S. BorroMf releases and \V<Ùves all rights lD1der and by virtue of the horœstead ex:errption la\\S
of wyoming.
furro\\ef fuitials: $ S ¿fJE 5'
Wiav1If'.G-Snae Farrily-Falnie MaelFredcie Mac LNFCRv1INSTRJv1ENf - MER)
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BY SIGNING BELO\V, Borro\\ef accepts and agrees to the term; and COVffiaI1ts contained in this Security
Inst:rurœnt and in any Rider executed by Borro\\er and recorded vith it.
()tß.0 ~ b SJ;1.W'VJ~)
STACEY G HERMAN -Ibrro\\er
(Seal)
-Borro\\ef
(Seal)
-Ibrro\\er
Witness:
ffi!4 ¿.5 L#C?P'1 (Seal)
!FAN E SHERMAN -Ibrro\\ef
(Seal)
-Borro~
(Seal)
-Barro\\er
Witness:
WYOv1IN3-Sinde Farrily-Fa1nie MaeJFfedde Mac LNFœv1INSTR1v1B\JT - MER:>
Form 3051 1/0'1' Page 13 of 14
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0919933
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State of \\ýorring
County of
LINCOLN
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The foregoing in.strurrent was acknovJedgecl before Ire by STACEY G SHERMAN, DEAN E
SHERMAN
this
30TH
day of
JUNE ,
2006
Witness my hand and official sæl.
q
(Seal)
My commission expires:
[0-;)- -«7
'1;'N'A, NèY·$¡:A¡;':C.~'D,· ~\;01'Ä,'RY PÜ8lICJ'" ')
COON1Y Of STATE (J
LINCOlN i: J WYQII'IG
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My COI1\!T1¡~siûo Eni'òs _,_
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WYUv111\X3-Snae Farrily-Fænie MaeJFredde Mac LNFCRv1INSTRJv11Nf - MER3
Form 3051 1/0f Page 14 of 14
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